Purchasing bank repossessed penthouse

Hi

We have visited a bank repossessed penthouse in Manilva and the bank have accepted our offer, the development is completely owned by the bank and has approx 9 blocks with approx 24 dwellings per block. The development is gated and completed however looks unoccupied we have been told that some other units have been sold. could someone please advise on the following

1.  If only a few units are sold how will the continued upkeep of the buildings and surrounding gardens be maintained

2. If the bank sold the bulk of the remaining units to a property management company could they increase the community fees to whatever they want, also could they sell other units as time share ?.

3. We have been told that the community are looking at putting a swimming pool on the site .

Any advise will be much appreciated on the above or other possible pitfalls that we are unaware of

Thanks

Ron

Q1 It wont

Q2 Yes

Q3 Highly Unlikely

Basically you are throwing your money away and will have many problems / sleepless nights etc 

Manilva Casares and Duquesa somewhat are higher risk purchase areas but an agent wont tell you this

PM me and I can share our experiences 

Rod

Walk away don't buy on any site that has  not been completely finished the bank will not complete the site they aren't builders they financed the builders that have gone bust the site will have to be maintaned by the owners if you do go ahead with the purchase make sure you have a water meter and electricity meter fitted before you hand any money over.

Thank you for getting back to me, we were worried about the proposed purchase as it was going to take all of our retirement fund. From what you have said we will not proceed, your advice has been extremely helpful many thanks for taking the time to share your experience.

Ron & Sylvia 

".....if you do go ahead with the purchase ...."

DON'T

Rent somewhere nice, & enjoy your retirement without the stress and worry.  

As Roberto said always rent before you buy Spain is full of pit falls Spanish builders and local government is just so corrupt with one Mayor coming out of prison and another mayor going in usually for taking back handers of of corrupt builder's .for illegal planning permission on green belt land these properties are then sold on to unsuspecting buyer's only and then demolished by the government with no compensation been made to the purchaser .

Better off buying a few of those £1 houses in L8 

Hi,...

 Please don´t buuuyyyyy.... I am spanish and I had a really bad experience for buying like you try to do in The Arenal golf in Benalmadena...

and was there living by my self only and lounly totally ,

with no electricity at all  in the  comunity areas...

not parking in g¡ the garage becaurse nothing works with out electricity, nothing at all,

deat for 4 years  and not pool aveable......

so please just see my experience wich is not the only one there and better rent a long term rental in any area before you buy for all the rest of your life.... and maybe don't  make the biggers mistake. for any more cuestions for and any help your need about this...my  experience or paper work with this tipe of properties just give me a call and I will avice you all my best my ** EDITED - Against forum rules **  my name is Anna

This message was last edited by Annaluz on 26/02/2016.

This message was last edited by Annaluz on 26/02/2016.

Ron and Sylvia, a sensible decision not to buy but do go and experience the Spanish lifestyle. Rent for 6 months and see how you get on. Spain is not for everyone but 6 months should give you enough time to get a feel for the place.

Enjoy and good luck!

1.  If only a few units are sold how will the continued upkeep of the buildings and surrounding gardens be maintained

Basically they wont be

2. If the bank sold the bulk of the remaining units to a property management company could they increase the community fees to whatever they want, also could they sell other units as time share ?.

Yes they could and probably will. It will be in their interests so to do

3. We have been told that the community are looking at putting a swimming pool on the site .

Promises, promises are easy to say but much more difficult to achieve. They will be asking the owners to foot the bill.

Any advise will be much appreciated on the above or other possible pitfalls that we are unaware of

Ask the bank if you can rent. Buying locks you in to all the difficulties that lie ahead. Communities on the floor usually takes years and years to recover and their only source of financial support is the exisiting owners. Unless you want to be a pioneer, have limitless energy and are determined to contribute to the regeneration of a basket case development dont buy. If you rent you can look around for a better prospect at your own pace. Spain is awash with rental properties both bank and private.

Ron PM me you may still be able to live your dream 

Thanks Rod