10 July 2009:
Hi Members,
I was sent this email and the selling agent tells me that this price is for any floor any block.
"BRAND NEW 2-BED APARTMENTS ON THE COSTA DEL SOL AT A HUGELY DISCOUNTED PRICE AND WITH FINANCE IN PLACE TOO!
APARTMENTS WERE ORIGINALLY PRICED AT €240,000 UPWARDS, BUT WHEN THE DEVELOPER EXPERIENCED SOME PROBLEMS, THE FINANCING BANK TOOK THEM ON. NOW WE HAVE A NUMBER OF THESE SUPERB APARTMENTS FOR SALE AT THE STAGGERING BARGAIN PRICE OF ONLY . . .
€170,000!
ALL APARTMENTS HAVE A BANK SUBROGATION MORTGAGE ATTACHED, ALL YOU HAVE TO PAY ARE THE COSTS APPROXIMATELY 10%
Plus small 5% finders fee to the lawyer.
THE RESERVATION DEPOSIT IS €3,500! - AND COMPLETELY REFUNDABLE"
This is the example he sent me
The sale price is 170k euros
You pay 10% closing costs 17,000 euros
5% finders fee to solicitors 8,500 euros
Total cash outlay 25,500 euros or roughly 22,000 sterling
You take on the existing mortgage which would run at about 425 euros/month
I already have 1 apartment (still waiting on the road) in phase 1 (top floor) bought November 2003 - I would be interested in any feedback/thoughts. At the time of talking to the agent there was 18 apartments to begin with. There was 9 left including 1 ground floor in block 4 with a large garden area.
Lily
This message was last edited by lilyjones on 10/07/2009.
This message was last edited by lilyjones on 10/07/2009.
This message was last edited by lilyjones on 10/07/2009.
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