Business Premises

Having read all the views and opinions of the people below especially those who do not hold out much hope for Finca Parc, should we then offer the developer less than the original price considering the current climate generally and also the state of sales on the development of Las H at present. There is I think a term called 'gazundering' the opposite to gazumping. It basically means - and please correct where I am wrong - that you offer less than the original price ie. an Esther was £169,900 and at present CAM bank have valued them at euros 206,470.32 roughly £208,000 sounds ok but CAM bank are tied up big time with Cleyton Ges and they need people to complete, however what if they are not currently valued at that by another bank. I wonder what would be the case if they are only, say for example, worth £150,000 lovely place but quite far inland and no amenities on site for quite some time it appears from what I am reading then people would not need a mortage based on 169,900 but only 150,000 which saves quite a lot of money and borrowing. Then what if everyone on phase 1 got together and agreed to offer less for the model whatever they would really be in trouble, as say for instance they would not be able to complete on any property and they so desparately need that to happen, have a think worse case is that everyone complete's on the current CAM bank valuation and it would be interesting to here if anyone has had any other valuation from any other bank or surveyor representing a bank for a current mortgage application. I love the development and every faith in it and have done since the beginning and yes have one on the first phase, however I read in the FT and Guardian last few months that gazundering is the name of the game today as all property agents and sales companies really deter you from doing it and strongly advise against it as it goes exactly against everything they are about, and that is selling. Come on you lot! Wake up and smell the coffee we Brits have had a huge bashing in Spain these last couple of years with people's homes taken back etc. united we stand and united we WIN!!! Debbie
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An interesting message.
We are looking at the subrogation mortgage with CAM bank which appears to be economical in fees.
We already have an account with Banco Halifax Hispania and I did chat to them about a mortgage.
Their fees included 400 € for a valuation and also 400-500 € for a representative from the bank to attend the notary. Fees were coming out around 7500 €.
As reagards what they would lend it was strictly what was on the contract that we were paying - not including taxes.
60% of that valuation was the maximum we could mortgage.
So I did not particularly wish to pay out a valuation fee - a second opinion you might say!
I agree with your point about CAM and Clayton Ges but at least CAM are one of the largest banks in Spain.
Perhaps everyone is a bit world weary with the long wait and the market downturn. I probably wish I had never heard of Finca Parcs.
In the 4 years we have waited we could have sold our original house in Spain and be in a villa enjoying life instead of worrying about property downturns.
LAS H. is lovely  BUT!
AnnaB

Im sorry, maybe I am in a minority at the moment but i am actually pleased with my house and the price ive paid, why would we want to knock down the price i cant see where that would get anyone, plus what happens if the builder doesnt want to play ball and walks away from the project, where does that leave all of us that actually does want to complete and live there.  Excuse me for being curious but why on earth have you reserved a property somewhere you clearly do no want to live ?  Bernice it comes across to me that you have clearly got yourself into something you can no longer afford, did you not consider this possibility when you reserved a property, or where you one of those investors looking to make a quick buck and it has now backfired, I know there are plenty of those on the site.  I have to admit that living over here for a number of years I notice how much us brits moan and groan all the time when things are not going our way, and why is it we always feel that the Spanish builders are the rouges. On another note, suely we are not just talking about the cost of houses here, what about everything else involved, infrastructure and facilities surely that also has to be taken into consideration.  Did you not sign a legal contract as well ? So clearly I for one are interested in this hair brain idea of yours and actually find your comment very irritating.  I appreciate everyone has the right to air there views that this one really takes the biscuit for me. Living in Spain a keeping up with all the local and national news, what you are suggesting could take years and years to resolve and then I cant see it going your way anyway.  I think what you are suggesting is very shakey gound.   Chingo

SORRY THAT SHOULD READ I AM NOT INTERESTED IN THIS IDEA,

I think i have to agree with you chingo, Having signed a contract for the villa  this idea could backfire badly leaving us with no home and also no returned deposit, you run the risk of loosing more with the lost deposit that you would gain in trying to knock money off the property, then your left with nothing!!!! apart from a headache and a severe dent in the wallet. Also you need to remember that we are not dealing with the americanised lapdog called Britain where if anyone cries enough they get their own way. Thats why im jumping the already doomed ship that is the uk.

Sorry i'm not up for it either.

This seems like a crazy dangerous idea to me. I agree with Kram and Chingo on this one. Many of us have been in this for a long time and even with the latest slump we are still paying less than the current valuations. Many of us have purchased for a change of life style not just for investment, I do feel slightly sorry for those that had hoped to make some money out of this, but at the end of the day life is a gamble and I am sure we would not be having all of this negative reactions directed at the builder , bank and developer if things where still booming, high exchange rates and inflated prices made by those looking to make quick easy profit. I am in this for the long term so sure it is still the right thing for me. The UK is just doom, gloom, disgusting weather, yob culture, tax tax tax and more tax, every day more and more depressing news. What is there to look forward too I ask myself, nothing springs to mind !!!

This is not something I would support sorry, I think you would be asking for trouble with this idea.   

Alex

No - Definitely something I would not support and not an idea Cleyton Ges or the CAM bank need to hear at this stage of the game!

Anyone who genuinely wants this development to succeed should realise an idea, such as this, could be a serious threat to the completion of the project.

Gosh Jeff we do agree with everyone on this, it sounds a really mad thing to be doing at this stage in the proceedings we have been treated very well by the developer and think this would really upset them if they were to hear about this. We are also looking to complete on our property in the near future, this daft idea could ruin it for everyone.!!

So NO we would not support this ridiculous idea either.

Just a little word of caution also, I hope you have not used your real name  Bernice or Debbie,  if you have I would delete the posting  quickly to save face,  I know at least three agents that take a regular look at this site and Im sure if they see this they will be on the phone first thing monday morning to the developer in spain.  I agree that as a former poster has said freedom of speech ect,  but this is just madness in our opinion so lets hope the that finca parcs are not made aware of who you are, otherwise you will not be winning any favourite client of the year award  !!!

Hi All,   Only a woman could come up with a mad idea like this and has obviously not put any thought into this at all.  

So that is another NO from me as well, and Im not sorry its a BAD idea.

Palo

Hi Everyone,  I cant see what everyone is commenting about on here its not making a lot of sense to me !!   am I missing someting important here that I should know about  ?  Toddie

Just some mad brain idea someone tried to cook up without putting a lot of thought into it. It seems to have been removed now just leaving all of the comments behind so i can see why you maybe confused toddie.  I have printed off a copy as i wanted to show the builder what they are up against but it seems that everyone else on here are just as much against the mad idea as me so i will hold off at the moment as i cant see that it would do anyone any good making it public. lets just hope that nobody connected to any of the companies involved with fincaparcs have seen this thread im sure that the office is closed on saturdays. lets hope so anyway.   Chingo

 sorry toddie it is still here the very first posting on this thread so take a look quick i would think if this person has any brains they will remove the comments before they receive any backlash.

Another NO from me, I also think it is a bad idea.

Bernice with an idea like that you should be working for Mr Brown

Let's have some perspective here please. Firstly, the 'Gazundering' comment posted outlines a move in current market practice and is also well documented in property and financial journals.

Secondly, if the likes of Chingo and Palomino fully understood the message trying to be conveyed rather than posting offensive comments such as only a woman could come up with this, (how insulting is that!!) then they would realise that the posting is informative and advises of  market intelligence rather than a war cry.

This is a forum site and therefore all views particularly relating to market practice, and significant relevant areas such as price, risk, and financing need and should be posted because they are in everyone's interest. Now, wether people have the 'balls' and/or ability to persue such a strategy is a different thing but let's get one thing straight here, the developers are the party with the greatest exposure to risk because of the level of borrowing from the bank to complete the site.  The posting is therefore not 'Mad' and the various responses also shows me why so many purchasers are prepared to put up with the incredibly long delay ect.  So, Chingo and others perhaps it took a woman to shake up your little world here. The Finca Parcs scheme is a good and innovative scheme, I have purchased in phase one but I certainly feel that now is the time for all purchasers to wake up and realise that their is a lot of negotiating power available to you and make sure that you get exactly what you want!!

Don't be frightened to push here,  the developers still have extensive work to undertake prior to delivering a completed phase one. Will you be in your phase one pool by christmas?  Don't know, you tell me!!

Hi David welcome to our forum, its always good to see new posters joining in.  Just wondering whether you have contacted the builder direct about this issue, it would be interesting to know what they have to say about it.

I see we are going to be neighbours soon, all being well we should be in our pools for xmas, although I would recommend a dry suit as it can be a bit nippy in the water that time of year. 

Chingo

A re-negotiation of the price sounds like a good idea. New buyers are in effect being given a discount @ 1.40, as are those that are prepared to move from the later phases to phases 1& 2. Me thinks Cleyton Ges are desperate to get some money in urgently!!.


This message was last edited by tenerife on 8/7/2008.

So, has anbody actually contacted the devoloper about this idea? If so, what did they say?