Its hard to explain and harder to understand.
There are many people who bought away from the southern COAST of spain that had no problems.
But when you have a problem in spain it can turn up many years later.
So everything was fine and they didnt get ripped off.
On UK tv several years ago all the tv programs were about moving to spain for a btter life and everyone was talking about buying in spain.
It was a feeding frenzy.
A real estate agent in murcia told me he was getitng 50 leads a week through his website and people were sending him 50k just to get in on the boom and make some of this money.
Sending 50k for a piece of land with a promise to buy a house that was going to be built.
These people were greeedy and took a risk. They lost.
Lots of people were just plain stupid and were complete fools in a goldrush.
Others were just plain foolish taking mortgages based on the fact that they would buy a property offplan for a low price with a mortgate they could never afford with a low 2 year payment holiday but it didnt matter because like everyone else they would sell the property before the payments went to high and cash in.
The banks would lend whatever you wanted and it was standard to overvalue and give you more than you needed.
When you have a tiny problem in spain like one piece of paperwork you need to get you can go to many different offices to speak to lots of different people who shrug their shoulders and we are now seeing people trying to get one single document for 7 years.
People took things at face value and when they got paperwork they assumed it was all legal.
They never thought that a corrupt government official would be rubber stamping things because his brother owned the development.
But when you go to check on paperwork in spain you can go to 4 different offices on 4 different days and they will say its fine.
The official will just flick it back and you and say NO PROBLEM.
But when you ask for a signed letter saying its fine from them they just shrug.
On the 5th day in the 5th day another official will refuse to accept the paperwork because its incorrect.
You need go head to head a few time trying to sort a problem in spain to really understand it.
Also debts in spain just build up on your property without anyone telling you.
It is your reponsibility to find out if you have a debt but how can you chase up on something that you may have or may not have that you dont know what it is if you dont know whether you have it.
So it could be said the other 75% that didnt get ripped off could possibly because they havent tried to sell yet.
I am not biased and i just say what i see.
Thread: Is It The Corrupt System or Misguided Naive Buyers ??