18 May 2008 12:33 AM:
Org, bank valuations have their use as they are at the moment the only benchmark one can use. A bank will lend you a percentage against that valuation, but not a percentage of what an owner is askeg for a property - big difference here to the UK or Ireland, but my thinking is they will start to cahnge to a comparison system - in the UK years ago the same scams were possible with people gaining finance for more than the actual purchase prices. Its pretty much stopped now unless you use a crooked broker, lawyer and agent together, and even then its not that easy any more.
Rixxy, thanks for the reply. What if a purchaser was misrepresented into buying a propery which literally drops 100,000 euros in one year from the bank valuation? Over here in England now a widely used and advertised property company called Inside Track has gone bust due to well over-valued valuations and low rental capacity/prices which were not covering mortgage repayments. The purchasers are now suing the company.
Thread:
Is there VALUE in the Costa de Sol Market?
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