Frequently Asked Questions
We are happy to discuss openly with you any part of our business or the purchase process.
Why is it such a good time to invest?
What do you recommend my investigation/viewing/purchasing timescale should be?
Why buy property through Deal Hunter?
How can Deal Hunter offer such great deals?
Why don’t you promote 'bank repossessed' properties?
In a largely unregulated industry how do we know we can trust Deal Hunter?
Can I come over and view your deals for myself?
What if I need a mortgage?
What is the general procedure when buying a Spanish property?
What are the costs incurred when buying a property in Spain?
What documentation is required when buying a property in Spain?
Where can I find independent legal advice?
Why is it such a good time to invest?
Spain has long been a favourite location for second homes and investments particularly with buyers from the UK, Ireland and northern Europe. After incredible price rises over the last 10 years, the Spanish property market, along with other European markets, has experienced a downturn. Now for the first time in many years, top quality properties in top quality areas along the coast are available to a wider section of buyers due to massive reductions. Experts believe that recent significant infrastructure investment - particularly in road and rail communication – and continued buoyant tourism figures will mean that investors now entering the Spanish market have avoided the negative falls and can expect excellent returns over the next 5/10 years.
What do you recommend my investigation/viewing/purchasing timescale should be?
We strongly recommend that once you have made the decision to invest and undertaken your initial research that you make a date and book your viewing trip without too much delay. Due to the nature of the products that we are able to offer i.e. Genuine bargains, distressed sales, heavily discounted properties some with pre-arranged mortgages up to 100%, top quality products in sought after locations - these deals are 'hot-property' and are selling out despite the media 'doom and gloom' stories.
Where we are promoting a number of properties within a development the time scale to sell out could be weeks rather than days, however for an individual one off deal it is not unusual for us to book a viewing trip, take a deposit and sign the reservation contract within 7-10 working days.
Why buy property through Deal Hunter?
Deal Hunter have operated in the Spanish property sector for many years so we have seen the good, the bad and the ugly ! We hold a unique position within the market as one of the few genuine 'Discount Property Brokers or Discount Property Finders'. Most agents will try and sell you property that they themselves have listed locally but this will restrict your options and potential. We have an open book on an area stretching from Costa Del Sol to Costa Blanca North and have cherry picked the best of the best for you.
Here at Deal Hunter there are no hidden costs or extras as the price is the price, in fact we are one of the few brokers able to offer FREE VIEWING TRIPS for successful purchases. We offer complete peace of mind as members of the AIPP Association Of International Property Professionals.
All our deals are 100% real and 100% up to date as our web site is updated on a regular basis.
How can Deal Hunter offer such great deals?
We don’t run expensive offices, have a big sales team or hold lavish exhibitions to entice our clients, these luxuries have to be paid for and despite what you might read, the only way to pay for them is to increase prices. We took a decision some years ago to use the most powerful and cost effective vehicle for promoting our business 'the internet’ ensuring that we can continue to offer our clients the best deals without the additional costs that others incur.
Deal Hunter have been based in Spain for many years now and so occupy a privileged position as an observer of the property market here. Our reputation and expertise in property investment has led to approaches by reputable developers who have high quality properties at unbeatable prices.
Deal Hunter has been offered numerous developments at well below market value, but we have been shrewd in only offering the most desirable deals as we are fully aware that these are difficult times and that our clients are more demanding than ever.
Why don’t you promote Bank Repossessed properties?
In a nutshell because they are not always what they first appear to be.
They often come with much 'hidden baggage' that makes an initial bargain not so. We have found from experience that the best genuine repossessions don’t get past 'prying eyes and shrewd internal investors’ at the bank and after all if they were that good why were they not SOLD on the open market. Many Spanish Banks have created there own Estate Agents so you will start to see most Estate Agents offering these 'exclusive and great repossessions' so beware !
Can I come over and view your deals for myself?
Of course, we recommend that you do. The only way for you to really appreciate the quality, value for money and beauty of the locations on offer is to come and see it for yourself. We understand that previous stories of hard sell and dusk till dawn viewings make the thought of such trips a little uncomfortable but don’t worry, with Deal Hunter your trips are relaxed affairs, we realise you have a lot to take in and will surely retain a lot more if you are relaxed and content.
In a largely unregulated industry how do we know we can trust Deal Hunter?
You rightly point out that 'Overseas Property' is a largely unregulated business and sadly, too often people fall foul of unprofessional and unscrupulous agents who can simply trade as they please to with no rules or regulations in place. To enable Deal Hunter to offer its clients greater piece of mind and confidence in using our services we are long serving members of industry regulators AIPP The Association of Overseas Property Professionals - www.aipp.org.uk
We are proud to have become full members of the AIPP and follow closely the rules and guidelines laid out in their own Code Of Conduct.
One optional tool for clients is that they can log complaints with the AIPP as form of recourse for rogue members.
What if I need a mortgage?
One of the major plus points when choosing to invest through Deal Hunter ‘genuine distressed developer' properties is that they often come with an option to take on the existing 'developer mortgage agreements' providing an interesting, quicker and cheaper option to a new mortgage. With Bank and Developer equally motivated to sell and significantly improve the sales process they generally include a high LTV mortgage with reduced set up costs and better rates.
New mortgages are available from a range of Spanish and international banks based here in Spain including familiar names such as Barclays, Halifax and Lloyds TSB. Lenders generally offer 70% loan-to-value (subject to status) and we can recommend Spanish mortgage experts based here in Spain that can advise you about the best value loans to suit your personal plans. It is worth remembering that more often than not you will get a better deal from an existing developers mortgage.
What is the general procedure when buying a Spanish property?
The general process for buying a Spanish property is as follows:
The buyer pays a reservation fee, usually between €3,000 and €6,000, which allows the property to be taken off the market and reserved in the buyer's name.
The buyer must obtain the foreigner's identification number (Número de Identificación de Extranjero/NIE); this process can be completed in person in Spain or by 'power of attorney' to a representative, normally taken care of by your lawyer.
Both parties sign an option to purchase and at this point a pre agreed deposit is paid (deposit not to be confused with reservation fee). If required, a mortgage application is made at this point. Where we have a distressed sale that includes a mortgage deal option then a decision in principle can be reached within 48/72hrs. Completion of the purchase and the signing of the title deeds are carried out at the notary’s office where the buyer or bank pays the outstanding purchase price and receives the keys to your new property !
What are the costs incurred when buying a property in Spain?
Costs usually amount to between 11% or 12% of the purchase price of the property and include:
Buyer pays 8% VAT (known as IVA in Spain). This increased in July 2010 from 7%.
Stamp duty of between 0.5% and 1% is payable.
Notary fees and land registry fees are fixed by law and based on a sliding scale ranging from 0.5% and 2%.
Legal fees are between 0.75% and 1%.
What documentation is required when buying a property in Spain?
The most important document is evidence of identification, usually your passport, and your foreigners identification number (NIE). All buyers named on title deeds must provide this identification.
If you require a mortgage, you will also need to provide the following:
Names and identification documents for all mortgage applicants
Proof of employment
Proof of annual earnings - you will need to provide your P60 or audited accounts for the last 2 years if self-employed
Details of current monthly outgoings, including mortgages and loans, credit card payments etc
You will almost certainly be asked to provide current Bank statements
Where can I find independent legal advice?
Deal Hunter strongly suggests that you take independent advice from lawyers. We recognise that not all of our clients will have 'reliable contacts' to call on and so we are happy to recommend tried and trusted English-speaking lawyers, who have wide expertise of the property conveyance process in Spain.
If you have any other questions that you would like us to answer then please feel free to email or call us.
We are happy to discuss openly with you any part of our business or the purchase process.
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