walking away

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11 Oct 2008 12:00 AM by gmk Star rating. 7 forum posts Send private message

having visted our soilittors (els) last week  in spain and been told their is no chance of our money back or re negoiting a better price or deal with smd i think we are going to have to walk away from this devolpment as i m not going to find approx 170 k sterling more 250 k in total for a property worth problay right now half of that.  some people are persuing their deposits back threw the courts but ive been told this is costly and time comsuming
i spoke to one guy who is doing this.because it puts the property in a state of probate so to speak and whilst this is going to court the devolper can not sell that property from under him and it gives the client more time  to re access or complete when the euro weakens or the market picks up both of which i dont think are going to happen any time soon also he could not tell me with any certainty how much this was going to cost 
what a complete mess
if any body wants to take over my contract for a reduced figure please contact me


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12 Oct 2008 7:13 PM by keithf Star rating. 12 forum posts Send private message

GMK....i'm in exactly the same boat. Seriously considering walking away and writing off the deposit. 

The way things are going I could potentially buy the same apartment for less that what I owe currently so you would think that the developers would realise this and then sort out a deal.




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