El Salvador is the smallest country in mainland Central America, with borders nest to Guatemala to the west, Honduras to the north and east and The Pacific Ocean to the south.
The capital city of El Salvador is San Salvador, and as a country El Salvador has undergone many changes in recent years, with safety and security as a priority for nationals and non-nationals.
With more confidence in El Salvador, the real estate markets have seen an increase in tourism, greater interest from foreign or international real estate investors, which have improved the general outlook of the real estate market in El Salvador.
Popular areas of El Salvador with International Buyers - investment or personal use, listed by owner, for sale by real estate agent and for rent:
Foreclosure real estate in El Salvador refers to properties that are being sold because the owner has defaulted on their mortgage, and have stopped making loan payments. Once this occurs, the lender, often a Bank, then starts a legal process to repossess and sell the property to recover the unpaid loan balance.
Foreclosure is a legal process where a lender takes ownership of a property after the borrower fails to make mortgage or loan payments.
Properties that didn't sell at a foreclosure auction, and are then owned by the bank or lender, known as REO (Real Estate Owned).
If the the owner is behind on payments, this is called pre-foreclosure, but the property hasn't been taken back yet, but the property could be sold as a short sale through a real estate agent.
Properties that are up for 'Auction' are sold at a public auction, and to the highest bidder during the Auction procedure.
Then, if the property doesn't sell at auction, it then becomes "real estate owned" by the lender, usually again a bank which leads to the property being sold through Real Estate Agents.
Investors and individual private buyers look at foreclosures for many reasons including that the property is often below market value, could be flipped or rented out for profit, or the property can if required be renovated to increase the value.
El Salvador foreclosure real estate listings can can come with benefits and risks to the real estate investor, and are usually sold as seen, and could come with a situation where the purchase need repairs.
Also, the foreclosure process can involve more paperwork, there may be title issues, unpaid liens, plus foreclosures (like auctions) often require full payment on purchase.
How to buy, sell or rent properties in El Salvador:
