Wednesday, May 30, 2007:As you may know from a previous thread in another section I am needing to sell the property due to an Investment opportunity I have at work.
I have asked many agents and they tell me it really is not the right time to sell as prices have fallen, although they do expect a sharp recovery in 12 Months.
I genuinly cannot wait this long and really do want to avoid any extra costs that I will incur due to the fact that when I complete I will need a Mortgage and you probably all know the added costs that a Mortgage bring - at the end of the day these places are bargains (Mar Y Sol - Formentera Del Segura) if you are going to live there or can afford to sit on the Investment for a couple of years - neither of which suits me anymore.
I bought for 106,000, the vat on this is 7,420 therefore bringing the purchase price to 113,420
At the outset I paid a deposit (not including the crazy fee I paid Palmera Properties) of 14,552
This leaves a balance of 98,868 or £67,000 in English Money
The 14,552 euro deposit I paid is of course only part of the costs I have incurred so far - Including paying my lawyer up front! I am offering this apartment to anyone who wishes to buy now i.e. before I complete (aparently due end June/July) for £5,000 this will give me back only a third of what I have already spent but would enable me to avoid having to take out a Mortgage and look to Let the property.
To put it in perspective this would mean someone would get this apartment, fully furnished and ready for possession in a Month or so for around £72,000 taking advantage of what I have already paid and the excellent exchange rate that is currently available.
Also my Lawyer has done a lot of the legal work and would be happy to do the work needed for anyone buying off me at this stage for a discount.
I would be grateful for any advice
I look forward to anyone that can help.
Thanks
Jason
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