Bankia Sells Squattered Houses

7/03/2014 – El Mundo

Flat of 68 m2, 3 bedrooms and a bathroom. Clothesline, hall and a balcony. A four-floor building, without an elevator, situated in the Vicalvaro district in Madrid. Bankia is the owner and sells the property for €64.000 after a 40% price slash. The only drawback is that the flat is inhabited by squatters and the future buyer will have to throw them out.

Bankia has just put on sale a lot of 300.000 dwellings with almost 50% discounts, among which there are both squattered and walled-up properties. The bank does not hide the information and carelessly publishes all the details on its real estate managment webpage. (…).

When it comes to the state of a squattered flat, Bankia does not mention possible damage or hidden defects and only guarantees an official document that would name the future purchaser to demand their property, that is why the price is so low.

Within the said package, also walled-up properties are being found. Another offer published by Bankia states this clearly and moreover, the bank is not feeling obliged to lift the blockade up, let alone letting the future buyer in. (…).

El Mundo investigated other real estate selling websites, however none of them presented such sheer honesty about the state of the items on sale. For instance, Servihabitat of CaixaBank allows to exclude property without option to visit it. According to consulted financial sources, there are indeed banks possessing squattered houses, however they do not sell them deliberately.

“Sometimes a buyer is interested in a property considered empty but at arrival it turns out that someone is illegally living there” and, sadly, the problem is very difficult to control.


Original article: El Mundo (Marisa Recuero)

Translation: AURA REE