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El blog de Maria

Your daily Spanish Law reporter. Have it with a cafe con leche.

Legal tip 425. On how united they are when forgetting about consumers
10 January 2011 @ 09:47

Ibex Banks and Saving Banks have around 60.000 houses on sale, according to Expansión.
Some of the offered units by Banks are actually developers´properties. Banks are interested on these sales so developers can pay up their debts with them. As interested as if the units were their own....which actually are.
No surprise if Banks are making offices, websites and financiation ( sometimes of the100% ) available to developers so they can sell their stock. A clear sign of how them two were together in the market: these products are actually commun products of the two. In a too high grade and number, the two made their businesses without the necessary respect towards buyers´ interests, money and savings: an insane market driven by compullsive financers.
According to Consultors  Acuña y Asociados there is still a 20% price fall to come in 2011.  More than this is needed if they want to sell. The price reduction process is quite simple, much more simple than what banks and developers portray: they just need to forget about the old standards of ego-gains they have been miss-enjoying  to the cost of ordinary people´s savings and dreams. They need to turn to PEOPLE. That simple.
Good personalist philosophers for Banks please... urgently! One per branch.
In the legal aspect: no wonder, consumers need to be strong and active in these scenario, both as prospective buyers and also as owners of  buying rights on these units.
As owners of buying rights on these units, if you have a contract which has not been cancelled, I would advise you to make clear what your position is, with the help of a lawyer, in order to prevent your money is just swallowed by them and the house of your contract is sold to someone else without due respect to your existing rights.

As a possible buyer, do not rush in to purchase attracted by the incredibly low price and have your lawyer checking on the legals and a surveyor taking a look on the building conditions. 

Balcon in Guadix, Granada. By Manuel M. Ramos at

Like 0


Sandra said:
10 January 2011 @ 15:00

I am afraid the banks will leave everything too late.
Like an over-ambitious vendor they will not accept that supply and demand dictate the value of a property and, if they do not apply common sense to the situation,the whole house of cards they created in the 'Boom' years is about to collapse spectacularly.
The misery they have caused, and are continuing to cause , by their outrageous greed and arrogant treatment of the consumer will not be easily forgotton or swept under the carpet. They should be shamed and ashamed that thousands of EU retirees are left with no alternative but to resort to petitions and expensive court cases in order to get back money that is rightfully theirs.
Those who have funds tied up and are at the mercy of these tangled court cases cannot get their lives back until they get justice and sadly ,because of their ages and the slow Spanish justice system, some may never live to see a favourable outcome.
Well said Maria!

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