My Offer has been accepted

I don't know who said I lost my Villa I certainly did not ..... But many of the Villas  on Camposol are. Lying derelict as many have been built on land that Masa did not even own and are now left to fall down many Villas are completely Finnish  but have no pavements or road's I am one of the lucky ones my pavements and roads are complete...... the now defunct builders Masa that went in to Bankruptcy protection only 2 years back that built the site of 4,500 properties have been taken to court but say they have no money left either to Finnish the site or refund the people they fraudulently sold Villas to .apparently it will cost according the council €15 million    to complete the part of the site with no Finnish roads or pavement's this is why the council will not adopt Camposol but the council still demand IBI €450 per year per Villa for a site they will not maintain in anyway. How does that saying go  I remember now .(THIS IS SPAIN).

Yes Tadd it is the point that I am trying to make, people unfortunately are tainted by their oen experiences, don't live here permantely, don't work in the industry and of course don't understand the way that the market has changed for off plan properties, for the better

There are now 70% fewer developers compared to 10 years ago and although the Costa Blanca South is booming this isn't the same in places like Almeria, Costa Blanca North or the Costa Del Sol

Most of the buyers are not British, mainly people from Belgium, Norway and Sweden, they estimate close to 70% of buyers currently, people happy to buy off plan

My challenge remains about current stories and yes Ads has some excellent advice, equally the good agents want ongoing good business, not a quick hit, mortgages up, sales numbers up, buyer numbers up

Windtalker MASA built these propertes in 2007 and sold them over the same period, this is history as I am trying to explain and people were treated badly and badly advised by lawyers that MASA sent them to

You didn't lose your villa but complained heavily how much money you would lose if you sold it, bought for €185k, now worth €125k, this is only a loss when yiu have to sell

As I keep sayimg show me a p[roblme with a CURRENT constructor not one where the properties were built and sold 9 years ago, that is history, have you actually visited Camposol recently, I have things are improving there, nothing like 4500 properties have gone to court as you claim

As I say your attitude is very negative and unfortunatley you are not aware of the CURRENT situation in Spain

Masa did not stop selling Villas on Camposol in 2007 they where still selling villas up to 2014  ....and I hope the next time you sell someone a dream villa in Spain for €185,00 that they can expect to loose a substantial amount when they sell .....my Villa completed with pool cost in 2007 €212,000 (£144,000 )I was told my Mercers estate agent I can expect offers of around €125,000 if I sell  buy the time I pay fees and tax I will be lucky if I come out with €110,00 approximately £93,000  you can do the sums ,and to say I know nothing about Spain is very condescending as I fly over every 6 weeks throughout the the year.and I always leave the rose tinted glasses back in the UK to say I don't know what's going on in Spain is just a stupid remark to make.

Please explain what your personal circumstances and the money that you may lose have to do with the CURRENT situation with new build properties 

Sorry you are isolated living on camposol and you know vey little about what is happening in the real world and your posts are tainted by your own personal experiences, when is the last time you left Camposol

These properties were built in 2007, before the new laws and with all of the bad press people still bought them, why, any lawyer would have seen that there were of First Occupany Licenses

You happily paid the asking price and I expect that you have enjoyed the property, in a different post you say it cost 185k, property prices everywhere go up and down, why didn't you get valuations from multiple agents, prices are increasing on camposol right now

I would NEVER advise somebody to buy as an investment, the market is still too volatile, don;t rely on rental income, buy a place to use and enjoy

Where are the hundreds of threads that you quote regarding current issues

As I keep saying please find me press on current new build problems, that was the contents of my response based on issues with purchasing in Spain, the topic of my response

This message was last edited by inspectahomespain on 01/03/2017.

inspectahomespain Why do developers require 40% - 50% up front if they have no access to it? Why not 10%?

Because they need commitment as much from the client that they won't walk away and beacuse the banks loan against the deposits, so they won't perhaps finance to 40% but possible 20%-30% of the money paid by buyers

The least that I have known a developer take, where the buyer is having a mrotgage, is 25% up front plus IVA, balance agian on completion

http://www.theolivepress.es/spain-news/2015/11/11/new-law-in-spain-offers-fewer-safeguards-for-off-plan-property-buyers/

inspectahomespain beacuse the banks loan against the deposits,

How can the banks loan against deposits that are neither theirs or the builders.

Isn’t this money held in a separate secure independent client account. What happens if the client goes bankrupt or dies?.

The bank will take no risk on loosing it's own. Money they are basically acting a a third party between you and the builder .......if the builder ask you for 50% up front before the building starts you pay this 50%  through your lawyer to the bank when the building starts the builder will ask for stage payments from the bank as the building work progresses the bank will only lend the builder money up to the value of your deposit in your account if you pull out or die or the builder goes in to bankruptcy protection before the project is Finished the only looser is you the bank has not used its money to fund the project it used yours and what you will also find that the land the building is on has a separate loan on it so you loose again.... If you do manage to get your project Finished the Lawyer you use will check that the builder has not taken any loans out on the land and that the people that built the house and supplied the.materials to the builder got paid if the builder has not paid in full any outstanding money owing on your project the people /suppliers will have taken out Denouncer's against the project these Denouncer's must be cleared by the builder or the Denouncing party will come after you to pay the outstanding dept.(THIS IS SPAIN)

windtalker So my off plan deposit is not in a secure client account and the bank just gives it to the builder? That sounds a bit risky.

Yes it is very risky ...but not half as risky as when you use to give the money to the builder direct........ the so called law law was brought in to protect the bank's as the bank's would not lend to builder's of off plan developments as the risk of loosing the banks money were to high.....thousand's of people buy off plan all you have to do is make sure the project gets Finnish and keep your fingers crossed and hope that the builder's don't go bankrupt the likely hood of the builder going bankrupt is slim as long as the buyers are queuing up to put their deposits down ..if the buyers stop coming then you can bet your boots the builder will file for bankruptcy protection this sort of thing also happens rarely in the UK .but it is rife in Spain.

Maybe a silly question but what's the rush to buy off plan after the past issues.  

If your buying a property why not leave it until its almost finished and then make an offer and buy it with full legal assistance, bank mortgage in place and your own peace of mind.

leave the off plan and speculative buying to the ones with the capital and risk acceptance.   If the housing was mainlybuilt in the  exchange at completion method wouldnt it be much simpler and safer?  Wouldn't it also be better for builders who get greedy (after all they may be good at building but pretty poor at banking and business from the experiences we have seen)

It is a pity that it seems that the majority of contributors to this forum seem these days to be anti Spain so here we go again

The majority of the larger and successfull builders, who have weathered the storm and are still around, don't need the bank funding and nowadays it is rare t see a site with the banks bramding or even offering a builders mortgage, taking over a mortgage that the developer had taken out with the bank

All deposits are held in a suspense account, it is the only way that a bank guarntee can be issued

Where did I say ANYWHERE that a builder is asking for 50% up front, before they start building, staged pay,ments vary by builder

Please somebody show me a development anywhere, started in the last 3 yaers, that hasn't been finished, show me  a posting, an article, a tweet, carrier pidgeon message, anything, there have been hundreds of new off plan properties where owners have completed 2015 to date, with NO PROBLEMS, hundreds of new finished projects, Oasis Beach 9 completed projects

Now yes you need to have a good lawyer but why would you pay any money without gettimg a receipt, our process is all payments go to the lawyer who does the transfers and get the certificates, it works, even the initial reservation deposit

Yes the article is correct, you should NEVER pay any deposits till the initial construction licence is issued, yes get receipts and yes the lawyers will check that there are no debts on the property or land at the time of completion, not if the materials are paid for, same as with buying a resale property, question what's changed

FOLLOW THE RULES SIMPLE

Quite hard to understand why anyone would buy something they don't see on the day, they go into any electrical store to look at a new TV to buy for 500 / 600 ish and wouldn't dream of buying it if they couldn't see it, yet gladly buy a house they can't see, isn't built yet, after looking at a colourful picture of what it is supposed to look like, for many thousands, then complain like mad if they get ripped of.

The problem is that the properties simply are not left and the ones that don't sell at the end are normally in the wrong place, North facing, or ground floor in the corner, for example El Raso Contrimar, top floors only 2 left of the 70 units, 85% sold to Belgiums, French and Scandis

On the new build off plan the developers don't discount or take offers

The ability to flip a property, sell it prior to completion and make a profit is returning, a couple of agents have started doing this, not for the faint hearted

Most of these places have showhouses or you can visit another site that is COMPLETED so that can see the build quality layout etc

It is when they have an onsite showhouse that prices increase and units sell, typiically British people will not buy without seeing a finished property, these are typically volume builders

inspectahomespain beacuse the banks loan against the deposits,

How can the banks loan against deposits that are neither theirs or the builders.

Isn’t this money held in a separate secure independent client account.

Inspectahomespain I am not anti Spain but I don't like unscrupulous builders or banks were ever they come from it is true what you say a few of the big builders have survived ...believe it or not so did MASA that built Camposol and many other sites throughout Spain  and left them unfinished owing millions in Dept ...What Masa did was the same as all of the other big builders did .....All large companies have sister companies that are run under another name  in MASA's case that name was Justio Milano builders what Masa did quite legally was transfer all the Dept's that Masa had to Justio Milano the sister company and them put them (JS) in to Bankruptcy protection  leaving Masa dept free.... I cannot spell to save my life but have been running two very successful businesses for over 30 years both of my businesses are directly connected to to building industry but this sort of thing happens in all business sectors the only looser  is the man in the street.the fat cat will always survived.

On the subject of newbuilds and off-plan being "snapped up" by Belgians, French, Scandinavians, etc but not Brits.......I would put it down to the Brits having had such a rough time with crooked Spanish developers, builders, banks, lawyers, estate agents, town halls, etc, that it is a case of once bitten twice shy.

The leitmotif of EyeOnSpain alone is the tens of thousands of Brits who were defrauded. There are other similar sites devoted to this recurrent theme. There is a high degree of awareness in UK that the Spain has lovely people, great climate, good food, etc ,  but totally corrupt and crooked, so it is unsurprising that there is this distrust and that so many posters are "anti-Spain"..

I wonder whether the Belgians, French & Scandinavians are as aware of the historical problems, which might explain their eagerness to still buy off plan.