The Mortgage and Property Shop - Info Centre - Repossession Property Deals
Bungalow | Denia - Property details - Reference: R12
Move in for only 22.000 € |
Call Now (0034) 96 50 50 200 |
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Click on the small images to enlarge    |
| Bedrooms: 2 | Plot size: 100 | |
| Bathrooms: 1 | Built size: 62 | Pool: no |
Description:
A lovely bungalow five minutes walking distance to the beach with sea views. Finished to a high standard sky TV great investment, holiday home. The bungalow has long term tenant paying 600 per month.
Purchasing Information:
| Value of property | 220.000 | € |
| Actual price of property | 184.000 | € |
Comparison of costs
COSTINGS of buying as normal sale
| 7% IVA (TAX) | 12.880 | € |
| 1.6% notary & land registry fees | 2.944 | € |
| Est. 1% legal fees | 1.840 | € |
| Est. 2% mortgage arrangement fee | 3.680 | € |
| Total | 21.344 | € |
| PLUS – 30% deposit for mortgage | 55.200 | € |
| Complete buying costs | 76.544 | € |
Should you wish to take advantage of the 4 year, delayed option to buy, there are many benefits to you:
- No large deposits required therefore, no need to lose any money through unfavourable exchange rates.
- No need to attempt obtaining a mortgage in a time when banks are not lending easily.
- Buy at well below the market value.
- Buy yourself time to assess the market. As you are buying in 4 years time you are able to watch the market and sell at your leisure when market prices rise. This way you ensure your maximum profit.
- Win/win situation for buyers and vendors that need out of the property.
- Legal procedure inscribed in the land registry and notarized.
- You have full rights to the property for 4 years to: live in, rent or sell on.
COSTINGS with delayed option to buy
| Value of Property | 220.000 | € |
| Actual price | 184.000 | € |
| Outstanding mortgage amount | 164.000 | € |
| (Monthly mortgage payments) | 1.215 | € |
As you can understand, an individual cannot buy this property directly from a bank. Due to the Mortgage and Property Shops long standing relationships with the banks and with their law companies relationships with the banks, they are able to obtain this property from the bank before it goes to court at the mortgage debt price. The Mortgage and Property Shop charge a fee of 5% of the value of the property or 20.000 € (whichever is the greater).
| Buying costs / fees | 20.000 | € |
| Estimated notary fees | 2.000 | € |
Total Initial Costs needed for delayed payment option
22.000 €
After this, the only payment would be your monthly mortgage – 1.215 €
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