Legal tip 538. I am doing something crazy this summer

 Legal tip 538. I am doing something crazy this summer 
25 May 2011 @ 19:49 

Maria,

Does this mean fast tracking by the Banks for only those willling to do deals , whilst those who have been waiting for years for their appeals to be heard and awaiting recompense as per their successful judgements against developers, (and who have since been advised to follow the BG claim route), will be side tracked by the Banks, against whom you are also making claims (collective bank guarantee claims)?

If this is the case then this would be quite a worrying development for those who wish to receive speedier recompense via the Bank claim route rather than do a deal with those Banks who failed to follow the law........  lets hope that your actions do not further compromise those who prefer recompense! How do you envisage this will pan out?

 No ads: it will not be the case. Please do not worry.

Different people: different circumsntance: different possibilities :different solutions

I fear that this is exactly what will happen Maria, and that the Banks will refuse to honour their obligations or become obstructive for those unwilling to do deals.

I sincerely hope that I am proved wrong on this.......

Hi Maria and Ads - I can understand both points of view here.  I think people who do not want to go down this route could be very anxious that this would be a further excuse for delay from the banks.

I also have a number of concerns about the proposal itself:

• firstly, would you ever get the thing off the ground?  The banks are so chaotic that I doubt they could deal with linking a client, to whom they owed money, to the same client trying to buy one of their repossessions.  We completed today on a bank repo and it has been a nightmare, as one part of the bank doesn't talk to the other, and no-one at the bank seemed to have a clue what to do next.  This was a very straightforward purchase, but they made it into something incredibly complex and it has taken months, when it should have been a few weeks.
• add to that, Maria, even if you got an agreement with a specific bank over a specific client, you may need to negotiate all over again with the local people, as I believe that each local manager has autonomy and can veto a decision made by another manager elsewhere. 
• then you have the problem of choosing the property and ensuring they don't artificially inflate the price as they have a  "captive" client - perhaps it would be better to choose the property first - at the advertised price - and then talk about deducting the money owed?  However, you then risk losing that property while they try to get their heads around the matter.

Maria, if you can make this work, it would be good for some people.  Sorry if I sound very negative, but we are agents for several banks and they are generally unco-ordinated and unhelpful.  However, do let us know if you can make it happen.

I particularly agree with Claire's last point. What would the property value be based on prior to the discount being applied? Bank Valuation? Outstanding mortgage amount?

I was involved in a similar offer from an agent working with banks. I think the uptake was nil, as all the properties offered, after subtracting lost deposits from the asking price, were still way above current market prices.

This will only work if there is some real transparancy here, with property prices being based on real selling prices in the same areas.

Dave

I hope and trust that Keith will do all in his power as per his petition recommendations to ensure that fast tracking applies to ALL claims against the Banks, and that any attempt by the Banks to obstruct recompense as per legal judgements will be highlighted in the media. No longer should we stand idly by and watch, as Banks remain unaccountable for these transgressions, playing a system of INDEFINITE delays under a justice administrative system in disarray. 

How potential purchasers can consider purchasing in Spain is (sadly) beyond me, so long as these abuses and rights issues remain unresolved. The Spanish Government are failing in their duty to uphold the law, which places everyone at risk, should they ever require consumer protection to be enacted in Spain.

I'm sorry Maria, although your intentions may be honourable, these risks need to be identified and resolved by the Spanish Government before encouraging purchase in Spain, and everyone should be pressuring the Government to focus on the heart of the problem, which is to provide a justice system in place that upholds the law in a fair and responsible timely manner, to recognise citizens rights and to ensure compensation (whether this be via the Banks or Government) for those whose rights have been abused .........

So long as the status quo remains, we need to come together on this, to make the Banks truly accountable via swift recompense, and also ensure that those denied of their rights in Spain will be protected. Clients should not be pressured by the Banks into quick fix solutions, under fear that by not “dealing”, they might be overlooked or obstructed. You only have to look to the recent history of events and behaviour by the Banks and Ruth's petition, to understand our concerns in this regard.

 Let´s try, let´s see... step by step