08 Dec 2011 10:11 PM:

Hi JJ,

Many thanks for the info given. I guess considering how much the prices have dropped a few people saw some light at the end of the tunnel and decided to cancel the contract with Programa instead of paying the asking price. The prices have gone down about 35-40% and now you can get a 4 bedroom house for about 200-220.000 depending on the size of the garden or the location. I kow the apartments started from 90.000 but they were the 2 bedroom ones. And now the VAT is 4% and not 8% at least until the end of the year but the new goverment said they will continue with the reduced VAT for new properties. The only problem is that because the price has gone down a lot, they give you the house the way it is, I mean, if there is something missing or broken, we will have to fix it.  We are looking at the first phase.

We have been looking at the houses since July and we have been waiting to see if the price dropped . I also spoke to the bank manager a few times and tried to put the price down but he said the price wasn't going to go down further unless they were not selling at all and they seem to be selling, slowly, but they are selling. I think a few people have already tried by the comments the bank manager mentioned. I don't think they will manage to get rid of all the properties even though they are giving all kind of facilities with the mortgage ( you can finance it up to 100% and with a special mortgage rate) butd not sure what will happen next if they don't sell them but let's see.

It is just a scary time to get into the property market specially in Spain as the housing price seems to be dropping and the situation in Europe is not the best either. Anyway, we have big decisions to make, either we wait to see if the prices drop but we might miss out on the specific properties we want or we get one with a lot of damages.

Many thanks for the info.

xxx M

Community thread: Recovery Of Deposit & Legal Fees

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07 Dec 2011 10:41 PM:

Hi

We are thinking about buying a house in Vista Hermosa. We have actually been looking for a while now (about 5 months) and we have been up there and seen a lot of houses already. We were called last week to tell us that a house had become available with a bigger garden. When we went there we also found that in total 3 houses had become available in the same street which were not available when first went to look at the properties. They told us the houses had been reserved a long time ago and that the purchase had fallen down but couldn't give us more details as they didn't know.

I would like to ask you if it is not too much, the reason why you backed out at the end and in which bases you could cancel the purchase. Have you heard bad things about the house?? We really like the houses and the area but we are also scared as we have heard a few things, specially when it comes to humidity. I was talking to a neighbour  and he told me he had not had any problems with the house so far.

Many thanks,

Maria

Community thread: Recovery Of Deposit & Legal Fees

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