Bank auctions

Hi I've just got conformation that I can buy my house on m11/5 off the bank for the 38000 euros

which is what I owed on the original purchase has anyone else had any joy with there's 

or any info on how the bank auctions went on if they've had them. also has the golf course been bought by anyone yet thanks for any info Gary and Julie 

gazzap,   from whom have you got your confirmation???  I thought that the administrators dealing with the bancruptcy owned all the unsold properties....or am I getting this wrong??                                                                                            

John H 

Hi retired the bank owns the property but  bbva have been speaking to my solicitor

and that's how I can purchase it for basically what I owed on the property 

Gazzap,

Sounds like your's is the first bit of positive news to come form this Procobar/Masa ripoff!!

Are you going to take them up on their offer?

Have you seen your old property also..We paid a visit to the one we nearly bought sooooooooolong age and it was a complete wreck!! from the outside and I fear that the inside would be no better

Retired ( and should have been happily resident in Spain)

Hi Gazzap, Did you mean you could purchase the property for 33,000 euros the amount you still owed or THE AMOUNT YOU HAD ALREADY PAID. Surely you don't want to buy the property for the full price of the house which I believe was about 170,000 euros in 2006. Or do you mean you can buy the house for the 38,000 euros you paid as deposit. The houses  are in such a state now they really have not a great value in today's house market.

Hi m11 I can purchase the property for the outstanding 38000 euros which I owed on the property 

I payed 90000 pounds straight away within 3  month of original deposit  in 2006 when exchange rate was good thinking I was clever 

so basically I'd be paying exactly what I should have which was 165000 euros 

I'm waiting for my solicitor which could be ages to ask various question to the bank about certificates  state of the property etc  taxes  and will they take less but it looks like I can have it at the price I agreed at worse. But obviously it won't be finished   Or probably have any fittings in it or furnished     But still haven't decided what to do  cos when you weigh it all up.  Taxes   Surplies.   Furniture.   Solar panels.  Bathrooms and kitchen.   Garden.  Is it worth it as I've no faith  in Spain anymore.  And lost  my mojo for it  but we'll see   

Hi m11 I can purchase the property for the outstanding 38000 euros which I owed on the property 

I payed 90000 pounds straight away within 3  month of original deposit  in 2006 when exchange rate was good thinking I was clever 

so basically I'd be paying exactly what I should have which was 165000 euros 

I'm waiting for my solicitor which could be ages to ask various question to the bank about certificates  state of the property etc  taxes  and will they take less but it looks like I can have it at the price I agreed at worse. But obviously it won't be finished   Or probably have any fittings in it or furnished     But still haven't decided what to do  cos when you weigh it all up.  Taxes   Surplies.   Furniture.   Solar panels.  Bathrooms and kitchen.   Garden.  Is it worth it as I've no faith  in Spain anymore.  And lost  my mojo for it  but we'll see   

Hi Gazzap , this does not sound straight up to us. Firstly Procobar definitely went into administration for the astronomical sum of 64' Million Euro. And several banks were involved as far as we know. Also the insolvency system is not to desimilar to here in the UK so a straight forward transaction with a bank seems unlikely unless ALL the creditors involved etc. etc. have been finalised, so there may still be muddy Spanish water here. Also  (in the present market. ) if you have already paid 90k Euro this is definitely more than the property is worth even if it was in its finished state minus any white goods.

The bank/administrator should be giving you a reduction to take the property on

Hi m11.  The bbva owns our property the courts have given them permission to sell the house to me it might be more than than it's worth today but either way I kiss my 90k that's pounds . Good buy. So I now look on it as a 38000 euro property I won't be deciding what to do till our solicitor get back to us they may let us have it for less 

when I was there in May last year I went and looked at the property from outside and didn't look in bad condition unlike 

some others near by.   inside might be bad but that's what my solicitor is trying to find out as the bank has inspected it inside .There's still the habitation certificate that's not in place which is why we haven't got it in the first place 

we will have to see what happens but as you no the Spanish system does realise the concept  of time and money so this could still go on a while   Also how do they intend to auction them off without habitation Certs maybe they can push these through before selling  but I'm not getting my hope up about any of it.   

When we come over for 3 months we hope to do our best to claim our property which we have paid in full for but still have no title deeds thanks to our lawyer.

Hi Gazzap

I see you have paid a large amount in deposits, but I wouldn't use this as justification for carrying on and paying more to buy the property unless you are sure it is going to be a good investment.

We have been stung by purchasing a property which is now unsellable and unrentable, and only just habitable as we have gas and electricity connected.  Basic services were, unknown to us, never finished (water and sewerage) so we can't contract for water and the licence is probably going to be annulled by the court.  Yet the financing bank has several of the apartments (repossessions) advertised for sale on its website and I have no doubt would not hesitate to sell them on to an unsuspecting buyer.

I wouldn't spend another penny without going to look at the place myself and seeing the inside as well as the outside, as well as making sure that you can contract for electricity and water (and gas if appropriate).  Any development with unsold properties is a big target for thieves after scrap and goods to resell and it has been a big problem where our apartment is. We are lucky to have someone local, English, who is looking after ours. Two apartment buildings nearby have been totally gutted while the buyers and prospective buyers are left with nothing.  We have met and made friends with many great Spanish people locally, but everyone we have dealt with who worked for the developer, the bank, the lawyer, anyone offering to do rentals, have been nothing but sharks.

Sorry I don't know anything about Sierra Golf and whether people are already living there, but after our own experience I can only advise extreme caution.  If I could turn back the clock, I would be asking my lawyer about claiming my deposit back from the bank under Ley 57/68.  Maria de Castro on this forum has plenty of knowledge on the subject if your lawyer doesn't have the expertise.  Maria will quickly tell you that the bank is not worried about protecting your interests, only in recouping as much of the developer's debt as they can.  Have you considered the real future of the development and whether it is ever realistically going to be a decent prospect for living in or selling on? What is going to happen to the properties nearby which are in bad condition? How many properties were never sold and will remain on the bank's books indefinitely like so many others in Spain?

You are right to ask yourselves all those questions, and a few more besides.  But I hope it works out for you, whatever you decide to do.

Having bought a property on SG last year to live here permenantly I have heard many stories of the people who were treated in such an awful manner and the amounts of money they lost.

However, whilst there are still many issues (such as the golf course closing) the community is quite strong, lovely people, I have no doubt some who would sell-up and move, but for the most part things are fine.  All utilities etc., are here and people get on with their lives and many looking after areas of the estate.  It is clear that quite a number of properties have been bought (7 since we have been here) with new people arriving, so things are moving in the right direction.  The more people here the better the estate will be.

I am not wearing rose tinted glasses here and those tainted by the awful things they endured over the past 7 years or so will tell you different things.  We love it, and the more people here the better it will be.

do the properties that have just been sold and indeed yours have habitation certificates and title deeds .i know that a lot of properties dont and still have many issues ,are the roads and public areas being maintained has the council taken it over. It has been afew years scince i was there and there was many eyesore properties there then but great news if things are lookig up and good luck to you for the future bubbles53  

All the properties that have been sold have all the legal documents and are all connected (legally) to services.  The habitation certs and escrituras that were not issued were related to a very specific area of the estate.  The vast vast majority of houses are and always were legal.  As regards roads etc they are looked after BUT the boulevard and a few other areas need finishing, so the place when driving in does look unkempt.  

Far from the perfect utopia of lush play areas and well maintained public gardens a number of unfinished properties around the edge of the estate and scruffy areas where houses were going to be built are an eyesore but the estate is still a nice place to live.  Plenty of undisturbed walks with the dog and open countryside.  Just to note the bank has been around and audited all the empty properties.  They have all been made vacant so it will be interesting to see what they are planning to do.

Myself and Susan are coming over to sierra golf early next month to try and get our title deeds even though we paid for our town house in full by ourselves i do hope the bank isnt going to sell our house as the builder still has a mortgage on it.so the bank still has the deeds only in Spain.. in Scotland the solicitor would end up in jail that acted on our behalf.

Looking forward to spending some time in our house.

Hi Buchan, I really hope things work out for you.  I have heard many of the stories of how people were treated.  You're right the solicitor would be in jail anywhere else.  I don't know what is happening to the houses only hear say which isn't worth taking notice of.  May be others on here may have heard from the banks????

Good luck and I hope you get what is rightfully yours

Hi,

Its good that this is being discussed, I was begining to wonder if it was just a couple of us that had been given a raw deal. I signed a contract and paid a large some of money for my property on M11 also, but in 2009 went to see a solicitor NBA  and left there office's confident that they would get my money back... So 6 years later and with little or no communication since 2010 I am still in the same position, I did register as a creditor with the auditors, but not heard anything from them... And then I thought maybe if they are auctioning  these off, they will at least give me the opportunity to purchase my original property, after all, like most people I would very much like to see Sierra Golf work out.

I have emailed and left telephone messages with NBA and again for over a year nothing heard...I dont understand it, because i too signed a contract with them to pay for fees through the stages of getting my original deposit back.

It seems from this forum that people are still wanting to make the move, so why dont they see this, by re-negotiating the original contracts, that would be fair on everyone, and it would stimulate interest in the area and help with the economy.and everyone wins...

I went through ATLAS international to purchase the property and they are as illusive as the solicitor, can never get hold of them, they dont reply to emails, even from there head office...

Anyway good luck everyone, lets keep this debate open, hopefully more people will join it and maybe someone will have a break through, that we all might benefit from.

Regards..

I

I contacted the administrators yesterday and this is there reply

"The property will be auctioned next Tuesday in the judicial portal
 electronic in Block 19, code 047 272 auction, auctions along with other
 homes.

 To purchase housing should contact the tenderer
 thereof.

 Without further ado, a cordial greeting."

So I guess that is it, Classed as an ordinary creditor,not likely to get anything back, and not a chance of seeing if I can make an agreement with them.

Interesting that on the main eyeonspain web page,there is a discussion of getting monies back by the use of supreme court rulings law lay 57/68, it seems there has been some success... Interested to see if any one else has had any come back from the administrators.

One these houses are auctioned they have finally stolen our homes. Thieves, con men, crooks. They should all be in jail.

The result iof many of these auctions is that the propertes actually don't sell because the reserve prices are so high