It's Starting!!!!

Hi All

Just had an e mail today trying to flog me Spanish property. Like to keep up with what's happening with the market.

As I scrolled down splashed across the properties were BANK REPOSESSIONS!  The prices are slashed (according to them) with no offers. Now when we buy property in Spain we are always warned that any debt on the property will follow on to purchaser. Not sure if this is relevant to the reposessions but something that buyers might have to be aware of as it seems a different ball game in Spain.

it must be heartbreaking for the vendors seeing their hopes and dreams  being marketed like this. Or is it just a ploy to get potential buyers interested enough to start viewing? Sorry, ever the sceptic.  .  To me the prices they have "slashed" don't look cheap and if they are saying no offers because of the status of the properties then they are on to a winner as they will expect the asking price. First time i have seen marketing strategy like this but guess it's a way of drumming up business. Just thought I'd put my view across.

You wonder how many of these are actually new empty properties that cannot be sold.

Certainly there is an air of pessimism from some locals who are fearing that the cash cow days are nearing an end.

Thanks Tish,

Just had to do some comparables too to see if they really offering the bargain of a lifetime to insuspecting buyers. (It was the no offers bit that caught my attention) as far as I can see they aren't "cheap" so they would be onto a winner by insisting that no offers would be acceptable. Good marketing ploy me thinks!!!

I can't believe how many bad experiences are filtering through via the forum these days. We bought ours when it was almost finished so could have the advantage of standing in it, choosing tiles etc and seeing for ourselves what the surrounding outlook was. Last year there were some beautiful townhouses being built across the way but when we went back later on in the year apartments had been built bang in front of them!!! Overlooking and shading their gardens. So I think that another tip for buying off plan is to get the surrounding proposed building plan. The sales girl on site said there were to be townhouses to be built over the road from us but when I checked the plan it says apartments. (Not that it would affect us anyway) But just goes to show what they say is not always the truth????  .

We are just going through the same problem.

Our property is due for completion in the next few months.

We heard rum ours of a rubbish dump being proposed for the area and made enquiries through legal reps and the agents to be told that it was an old proposal and that it would not be allowed as it was illegal.

Well this week an annoucement has been made for what they are describing as a 'mega' rubbish dump only 1 mile fom the village centre.

We are so upset that we are pulling out of the deal.

Hi AJ

Must be a real dilemma for you I know. About a year ago there was a proposal for a landfill site near a prestigious development in Cardiff which resulted in the properties there being very difficult to sell. Obviously when it came up on searches the buyers didn't want to know!!! Now, after numerous resident meetings, petitions etc. it transpires that it will not be going ahead and a week after the announcement on front page of the papers we sold 5 properties in a week. I think, AJ, that it is something you should seriously think about and maybe there is somewhere to check it out more in depth. As I say, I am talking about UK and what I know but not sure about the procedures in Spain. I expect georgia and Maria will be back on the forum in the week so maybe they can give you the best advice, I'm not an expert in Spain so wouldn't want to advise just give you my experience here.

Appreciate the thoughts, unfourtunately,  I have just made another payment which I am in the process of stopping, so I cannot afford to wait.

We don't want to be constantly worrying about if it is going to happen or not, and lose more money.  As you detailed, if it happens, and the signs are now very strongly that it will, then the future resale does not look good, never mind the health concerns.

AJ.

Hi AJ

I'll pm you.

Apols for moving away from the main issue.

The behaviour of the agents is evidently misleading and deserves to be exposed so that buyers are fully aware of the investment value of their properties.

I have seen other comments on this site which tend to suggest that the days of buy now I have several other people interested are disappearing as more and more people understand the the price increases experienced ove the past few years appear to be well and truly over. 

Here here AJ

Well with the help of forums like this maybe we can all help eachother in some way as it is not a war against agents just, as you say the unscrupulous ones that as the market tightens will stop at nothing to get a sale. I'm getting it over here with them but luckily we have a good reputation and are recommended by word of mouth which speaks volumes. So I just watch the fly by nights close down. Good luck AJ and keep in touch.

I didn't realise that you were an agent Gina, may I ask with whom?

Snap AJ

I was just editing my post to ask you about the area you were referring to.

I'm not a Spanish agent I'm in Cardiff, why do you know it?

Hi Gina,

The area I was referring to is around Torrevieja/Orihuela.

As regards Cardiff, only a little bit.

Almost got a shuddering feeling I was talking to an Atlas rep!

As for having a blonde moment....what's that like !

AJ

AHA

I thought you might of that's why I mentioned in my earlier post that the development was in Cardiff LOL.

I would love to be an agent in Spain but would be very choosy who I worked for, then again they probably couldn't afford me .

Hi AJ,

I presume you are talking about the proposed landfill at Torremendo??

This has been a bone of contention for a few years now and your agent would have known about this.

Whethere it will happen who knows but it is looking like it is the favourite site at the moment,this an area of natural beauty and you are right will do nothing to promote the area or the local housing market.

Gina-any time you fancy a move to warmer climes there is a job here for you........

Us good guys have to stick together...

Georgia

Candyfloss and Aj, you are correct with regards to repossessions. We do not touch them as they seem cheap but if the price is below the mortgage outstanding then this will need to be paid by the new owners to gain full title to the property. Also there would likely be community fees outstanding, electricity bills and maybe other loans, so be very very careful.

Good repos tend to pass to bank employees, notaries, friends etc so only the stuff no one wants comes out the other end!

Its for that reason I concentrate on properties BEFORE the banks get hold of it, when dealing with an owner who has to sell and threfore clear title is always given.

There are several agents trying this tactic, including one other supposed auction house who charge for the list of repos which are coming up in various courts through the land. These lists can be obtained for free if you know where to go, but as I said, repos in Spain are totally different from repos in the UK and should not be touched unless you know what you are doing!

Ps - the prices arent good either!

Bumped it up for you San Miguel as there is quite a lot of discussion on your query of bank reposessions in case you had lost it.

Cheers