12 Aug 2011 4:59 PM:
bob: claiming that a bank will only give a mortgage on fully legal properties is wrong.
There are plenty of buyers on Trampolin Hills for example, who have mortgages on unbuilt houses, on land the developer doesn't own & with no building licenses in place, yet various banks have given out mortgages.
In one case a mortgage was given to 2 separate buyers of the same property, paid out to the developer who then gave the keys to the first couple to turn up! The 2nd buyer who arrived to collect the keys lost out.
The house is illegal, the development is illegal & the bank guarantees are fake!
No matter how careful you are, no matter how many checks you make, even if your property is 100% legal, a political decision can be taken years later to make your place illegal & you will lose out & you will not be paid any compensation.
Thread:
Is It The Corrupt System or Misguided Naive Buyers ??
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