When it comes to buying property in Portugal, it's a good idea to look into all the options on the market, including bank repossessions in Portugal. This type of property is usually advertised by banking institutions on real estate portals such as idealista or in partnership with a real estate agency. From bank repossessions in the Algarve, Porto, the Silver Coast and beyond, this can be a great way to find bargain property for sale in Portugal. We explain everything, and show you our selection of repossessed property for sale in Portugal from 30,000 euros.
Buying repossessed property: advantages and disadvantages
The purchase of a property that is owned by the bank can be advantageous, but everything depends on the situation. If we look at the side of advantages, banks grant the client more advantageous mortgage conditions, which may include, for example, the exemption of initial commissions and even an increase in the amount financed. Without a doubt another advantage is the price, since you will often find this type of property for sale at cheaper, more affordable prices, and it can be a good opportunity for those who want to buy a cheap villa for sale in Portugal, for example.
On the other hand, in the field of disadvantages, the choice is limited to the offer made available by the bank. To add to this,repossessed properties can be in poor condition, not to mention hidden costs, such as unpaid fees, that could crop up.
Where to find repossessed property for sale in Portugal
You can find several opportunities of bank owned properties for sale on real estate portals such as idealista or even on the bank's website in some cases. Some of the most popular banks and real estate agencies that sell repossessed property in Portugal are:
- Santander
- Montepio
- Crédito Agrícola
- Remax
- Whitestar Properties
Before making a decision to buy a bank repossession in Portugal, it is advisable that you do your research, evaluate all scenarios and find the most advantageous solution for you. The rest of the process is similar to buying a traditional house: discover the house of your dreams, visit it, sign the deed and make it your own!
Repossessed property for sale in Portugal on idealista
If this is an option that has caught your attention, check out our selection of more than 100 repossessed houses, flats and villas for sale from 30,000 euros and, who knows, you might just be luckly and find your dream home in Portugal.