COSTAS PROPERTY SHARKS ON THE PROWL

HI ALL.

THE MAIL TODAY FEATURES AN ARTICLE REGARDING NEW PROPERTY

SHARKS THAT ARE MOVING TO THE SPANISH COSTAS TRYING TO SELL ULTRA

CHEAP PROPERTIES , SOME FOR AS LOW AS 38 GRAND MARK FOR CASH , NO QUESTIONS

ASKED FOR UNSUSPECTING POTENTIAL BUYERS, MOST PROPERTIES HAVING

BEEN REPOSESSED BY THE BANKS.BUT THERE IS THE STING APPARENTLY

MOST HAVE NO PLANNING PERMISSION AND ANYONE WHO FALLS FOR THIS

WILL SEE NO PROPERTY AND DEFINITELY NO MONEY BACK.IT ALSO SAYS

THAT BANKS ARE DESPERATELY TRYING TO OFLOAD AS MANY PROPERTIES

AS POSSIBLE WITH THE COLLUSION OF THOSE SHARKS,

SO BEWARE,AND AS THEY SAY IF ANYTHING IS TOO GOOD TO BE TRUE 

IT ALMOST CERTAINLY IS..I WOULD ADD BY SAYING THIS.ALTHOUGH IT

SEEMS TO BE A BUYERS MARKET DUE TO THE BETTER RATE OF EXCH

THAT CURRENTLY PREVAILS AND TO THE MASSIVE DROP OF HOUSE

PRICES FROM THEIR HEIGHT OF 2007,IT STILL IS A MINEFIELD WELL WORTH

STAYING CLEAR OFF ESPECIALLY IN TROUBLED SPAIN. I FOR ONE WOULD

OPT FOR THE LONG TERM RENTAL MARKET ONLY, AND IF THE GOING GOT

BAD I COULD B.......R  OFF WITH NO LOSS.

REGARDS

P.S THE ARTICLE IN THE MAIL IS AN EYE OPENER WELL WORTH A READ. 

Hi Herby...

Can you give us a web lead so that we can read the article for ourselves?  I don't seem to be able to locate the article you've mentioned so I must be looking in the wrong place.  Thanks!

If you go to the money page of the Daily Mail it will be on that page. Read it this morning!!

Patricia

Thanks Pat and Roy!

Sorry...that should have read 'Thanks, Patricia!'

I've just read the ariticle and it gave me a sick feeling in my stomach....but I'm really not surprised to know that there are more sharks (the same sharks as before?) out there trying to sell off Spanish property that the unwitting buyer will never be able to use legally.  I suppose it was bound to happen, since the Spanish government has been so slow (uninterested?) in getting these properties bulldozed or, at the very least, finished off and made legal as social housing.

Unless potential buyers are as well-informed as those that subscribe to sites like this one, I can see another round of Spanish property corruption adding to the devastation already caused by the previous, ongoing, saga.

An estate agent friend of ours today told us that the property market in the UK is still going down in price and the market isn't really expected to pick up for at least the next five years.  I can't believe that this scenario won't be played out in the Spanish property market, too...and given that Spanish property is not seen to be such a 'sound' investment as that in the UK, any property bought in Spain must be seen as a long-term purchase.  Not for the first time do I admit my feeling of utter relief that we managed to sell our Spanish property just as the market was taking a nosedive.  We were lucky.

HI ALL

TO CONFIRM, FEATURE APPEARED IN WED'S. DAILY MAIL MONEY MAIL SECTION PAGE 37 TO BE PRECISE.

RGDS

http://www.thisismoney.co.uk/money/holidays/article-2175013/Return-Costa-property-sharks-flogging-timeshares-youll-use-villas-planning-permission.html?ito=feeds-newsxml

Interesting up to a point - but nothing really new and also gave bad advice.  At one point the article suggests that any buyer check out permissions with the local townhall.  That's not good advice.  The problem with some purchases has been that the local town halls gave permission outside their remit and the regional government belatedly said "no" and demanded that the dwellings were bulldozed.

Also there was no mention of the need to see a Habitation certificate.  

I do wish these writers would reduce the drama and pretty pictures and increase the factual content.

Hi Keith,

Does the British Embassy or any citizens advisory agency provide any register of unscrupulous companies based on existing evidence to date? If not, surely it would be advantageous to do so and thereby protect citizens from abusive practice?

Sometime back (2006) there was a Spanish register that identified company names unauthorised to provide Bank Guarantees and also unauthorised insurance brokers in Spain

(http://www.spanishpropertyinsight.com/forums/viewtopic.php?f=2&t=537&start=0&view=print) , although it was not an exhaustive list. The original list seems to have disappeared hence my reference back to the Spanish Property Insight forum.

Is it too much to expect that a similar Spanish register might exist for unscrupulous law firms and resale agents that give Spain a bad name?

 Here we go again, another property swindle story, for crying out loud shall we treat all potential buyers as if they have no sense at all? Rock bottom prices with no questions asked?  anybody who approaches the process of buying with this kind of attitude is bound to fall foul of some chancer, sooner or later. Someone suggested the banks are in collusion with these criminals, I would say there is probably some merit in that statement, seems to me many bankers are morally corrupt these days, basically on par with loan sharks, and the "Im allright Jack" brigade, oh and don't forget my bonus!

Common sense dictates if you want to take advantage of the current low property prices this is best achieved by dealing with an old established property agent, not some be-suited shark who "asks no questions" An old adage, but non the less very relevant, if something seems too good to be true, IT USUALLY IS !

Finally on the thorney question of rent or buy, best advice, please yourself, after all, you are a a grown up, but two things occur to me, 1, when the market improves, which it will, (although none of us know how long it will take) all that rent you have paid has gone into the pocket of some private landlord, and then if you decide to buy, you will pay a much enhanced price. If landlords don't buy properties you can't rent them. 2, will prices get any lower? well maybe some might, especially big villas,(normally bought by City types, and Bankers on huge bonuses) but modern resale apartments, fully furnished, in well established communities and totally 100% legal, being sold for 40 to 55000€ I simply cannot see these properties ever going down in value. Oh and by the way these are very suitable for those folk who would sooner rent than buy , so here is an opportunity to become one of those landlords  I spoke about.

This reply, although a little tongue in cheek, is really aimed at the inexperianced potential buyer, I still maintain, when buying in Spain  if you do your homework and take proper advice, and pre -arrange viewings with an old established agent, you will have no problems, and get yourself a real bargain. John Scott.

Good call boyjohn!  I'm happy to buy next year as we're going to live there and hopefully for a long time so eventually the prices may creep back up.  If they don't I will paid a low amount for my property so I won't lose and in anycase I will have investments in place to provide me with an income wherever I may end my days!