Greetings all, well we are in tenerife at the moment relaxing in the sun for the next month, taking in the scenery round about etc... whilst here we have been looking at various property newspapers etc, see what the prices and accomodations are like etc and a question popped into my head recently....Maybe some of you can help andwer this one?

you know how in the UK there are property auctions?, well do the banks in tenerife do same with repossesions etc? I am keen to get a property here but really want to explore all options for purchasing. Obviously getting a cheap enough property somewhere nice is my aim so any other useful information will of course be appreciated

cheers in advance
PETER

there is a tenerife auction site.you can bid on line,not sure about the banks though,sorry.

Sounds a bit dodgy in Spain you buy the property and any debts that go with it, need to do a lot of work prior to the auction.

If you go through to this website you will find various links to auctions in Spain (including one in Tenerife).

With regard to buying directly from banks, I think you really need to be careful - because my experience so far is that you are not getting the rock-bottom price you expect. I was offered some BBVA properties in Santa Cruz as subastas - but knew the actual building and could tell the prices were higher than the purchase price a few years ago, even though I was assured these were repossessions (in fact, they were not, rather the resale of RIC properties BBVA had invested in for tax breaks five years ago).

On one link from the website above, I followed through Caja España to a 2nd hand property in Palm Mar - Las Olas (still in construction) and the price was more than you could buy it now from the developers' sales office.

I think you will find that it is only those in the know (and with good connections) who manage to pick up the bargains from the banks.

Absolutely, and not just debts ... as I understand it, one buys a property "as seen", with no chance to check out even if it's legal.

I thought that the property auction thing in Tenerife was tried and wasn't a success.

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I think that's correct Janet. I seem to remember they tried a few but sold none as they all failed to meet the reserve.

Even though it now advertises as on 'on line' auction in fact all the properties are available for sale at the same price elsewhere on their (and other peoples) website