Awarded Assets | Bank Auctions
At Tierra del Sol Real Estate we have a wide list of Foreclosed Properties and Bank Auctions.
If you're looking for a good opportunity to buy property in Costa Rica, bank foreclosures and repossessed properties can be an attractive option. Here we present many options for houses, apartments , lots , and commercial properties available through banks in Costa Rica. Discover how you can take advantage of these opportunities to find your dream property or acquire investment properties.
House – Cariari, Heredia
Lomas de Cariari, La Asunción, Belén, Heredia, 40703, Costa Rica View Property
House - La Unión, Cartago
Resid. Monserrat, San Juan, La Unión, Cartago, 30303, Costa Rica View Property
House - Cerro Colón
Cerro ColónCondominium, Santa Cecilia, Colón, Mora, San José, 10701, Costa Rica View Property
House – The Assumption of Belén
Bosques de Doña Rosa, La Asunción, Belén, Heredia, 40703, Costa Rica View Property
House - Guachipelín, Escazú
Guachipelín, San Rafael, Escazú, San José, 10203, Costa Rica View Property
House - Brasil, Alajuela
Brazil, Alajuela, Canton of Alajuela, Alajuela, 20101, Costa Rica View Property
House – San Miguel, Naranjo
San Miguel, Canton of Naranjo, Alajuela, 20602, Costa Rica View Property
Biamonte - Coronado residential house
Urb. Biamonte, San Isidro, Canton of Vázquez de Coronado, San José, 11101, Costa Rica View Property
Casa - Brasil de Mora
Cond. Piamonte, Colón, Canton of Mora, San José, 10701, Costa Rica View PropertyWhat is the difference between bank auctions and bank foreclosed properties?
Bank foreclosures are properties that are in the process of being seized by the bank due to non-payment of a mortgage loan. These properties are sold at a judicial auction, and the sale price is usually lower than the market value. The problem with buying through this method is that you must purchase the properties without being able to visit or inspect them since they are still in the possession of a third party. Furthermore, you must have all the money available, as financing is not an option. Finally, even if you win the auction, it is possible that the judge, even after you have deposited 100% of the property's value, may declare the process null and void, and your money will be returned months later without any interest.
On the other hand, bank-owned properties are those acquired by the bank after the owner defaulted on their mortgage. These properties are sold directly by the bank through authorized providers such as Tierra del Sol Bienes Raíces and are typically priced lower than market value. A key advantage is that you can visit and inspect these properties before purchasing. Another significant benefit is that these properties are often financeable, usually with preferential banking terms such as no appraisal fee, no disbursement commission, and better interest rates. In some cases, even higher loan-to-value ratios are available, reaching up to 104% of the property value plus all closing costs .
Why is it better to buy foreclosed assets from banks than bank auctions?
While bank foreclosures may seem like a good opportunity to buy a property at a lower price, they can also be much riskier. In a public auction, there may be other buyers interested in the same property, which can drive up the sale price. Furthermore, the property may have legal or structural issues that aren't disclosed at the auction. On the other hand, bank-owned properties are sold directly by the bank, meaning there's no competition from other buyers and the purchase process is more transparent and straightforward. Additionally, the bank typically conducts a appraisal before listing it for sale, which drastically reduces the risk of encountering legal or structural problems after the purchase, as the appraisal details any such issues the property may have.
From which banks can you find foreclosed properties or bank auctions on our website?
On our website, you can find foreclosed properties from Costa Rica's leading private banks, such as BAC, Davivienda, Banco General, Promerica, Lafise, and BCT, among others.
In the past, our office worked with state-owned banks like Banco Nacional, Banco Popular, and Banco de Costa Rica , but these have since discontinued their programs for selling foreclosed properties through third parties. Explore our options and find the property you're looking for at a discounted price. We have houses, apartments, lots , and commercial properties in all four provinces of the Greater Metropolitan Area (GAM): Alajuela, San José, Heredia, and Cartago.
Care to take into account when purchasing foreclosed assets from banks
When purchasing bank auctions in Costa Rica, it is important to take into account some precautions to avoid future problems. First, when you buy a bank auction, remember that you are buying the property with all the problems or debts it carries. These can be condominium fee debts, municipal tax debts, among others. This does not happen when you buy foreclosed assets from banks, since in these properties the banks make sure to deliver the properties to you with all these factors up to date.