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Spanish Property Finders

I came across Spanish Property Finders and Developers after going to Spain on many occasions chasing the return of my deposits on some failed off-plan developments. I found that you can get some good deals in Spain right now due to the adverse market conditions. I was representing our Action Group seeking the return of our deposit funds through Spanish Solicitors when I came across some spanish real estate deals that we could have only dreamed of when we put our deposits down on our off-plan properties. I asked the Action Group if anyone was still interested in buying in Spain and 25% of them said they were, especially since there are some good deals around right now. This blog gives some of the information I have been obtaining to pass on to our Action Group members.

The Hidden Danger in a 100 % Mortgage Deal
02 February 2011 @ 09:04

The idea of NOT having to put a deposit down on the purchase of some Spanish property is surely quite attractive. So what is lurking beneath the surface I wonder? Well for sure where there is big money deals there are potentially some traps set for us! I don’t think many of us would trust the Spanish systems anymore following many of us losing deposits on off-plan property deals in recent years! Once bitten twice shy as the saying goes.
 
On the other hand there will surely be some genuine deals out there which would be a shame to look over with this view. So the trick really is how do we find out what is the real deal!
 
As an example of a specific situation I was called to go see one of these 100 percent mortgage deals. In fact it was the crème of such deals in that I was told that the legals were also covered by the mortgage including taxes! So this would really be a very low money down deal.
 
Well everything looked OK on the surface and even many extras were included in the deal that would mean that even fitting out the apartment would be cheap to do because of fully fitted equipment in the kitchens and fitted wardrobes to the rooms. Even a marble surface for eating from meant that there was not need to buy a dining table.
 
However on checking with local agents it was clear that the property was overpriced for the current market even though it was significantly discounted from the original marketed prices. This still might work for some who don’t have deposit money (or who have lost ii on other deals that have gone bad in the past without bank guarantees). But the thing to realise is that you will need to hold on to it for much longer than other ‘genuine’ price discount deals before the property can be sold again for a profit or you stand to make a loss if sold in the medium term.
 
P.S. Check out my sister blog by clicking the link on the right of the screen under ‘Interesting Links’


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