blue med investment

Hi,

      We are thinking of buying in Mojon hills and have come across a company called Blue med investments who are offering bank repossessed property at truly ridiculously low prices.

They are advertising on various property sites including rightmove but as the old adage is" what seems too good to be true, usually is" we wonder if anyone knows anything about this company or has had any dealings with them.

                                 Thankyou, silverwedding

Hi,

 

We have just bought a two bed villa with them. Hope to complete in a couple of weeks. It took ages to get the mortgage descision through but finally looks good.

They are a little slow in responding to emails but stick with them as they do get there in the end.

Looked at the ads. Confused like you. Are you sure these are not just the deposit amounts to take over an existing mortgage? Typically in MH a two bed goes aroumd 160,000 and a three bed closer to 200,000.

Guy

I assume you are reffering to the adverts that are quoting around 12,500 euros...

This is the cost of the fees involved with the purchase based on a purchase price as below. The reason they are slightly lower than normal is because they are on a subrogation mortgage and therefore the tax rate charged is 1% less.

We have purchased at 159,500 and for that had a few extras thrown in.

It may not be the bargain of the century but for a new build with those views we think it is worth it.

Hi,

  Thank You for your responses, obviously we did not expect to walk away with a brand new villa for 12,500 but found the ads were not very clear on the exact price, and quite misleading.

We had looked at the same properties on other websites and noticed the difference which is why we were questioning the authenticity of Blue med.

As we would not require a mortgage perhaps this is not the best company to deal with.

                                      silverwedding

The company is fine. It has connections with the original developer.Am sure  they would sell one without a mortgage. On the other hand there are other agents with other resale properties on the development also.

Guy

Hi,

 

Blue Med Investment is run by the son (Julio) of the developer so they are probably the best people to contact with regards an offer.

We have just completed (at last) on a 2 bed Penthouse, we used an agent who was fantastic, but also had a lot of dealings with Julio too who was great. 

The agent we used was Peter Birkett of Property Repossessions Spain, give him a call on 01684 893838.  I am not sure if he has any left, but it is worth a phone call.

Best wishes,

Emma.

Just out of interest how long did it take from start to finish?

3 months ish!!!

 Hi whiteman / webworx

I'm just about to complete on a property with Blue Med. Do you guys use PALS as your lawyers for the transaction? I wonder if I could ask you a few questions about the Spanish bank account if so as I am struggling to get the answer I want out of them.

Thanks!

Jon

Yes, we used PALS too, Julios choice I presume.

Where have you bought?

What is your query, if I can help I will?!

Emma

 Hey Emma, thanks for the quick reply.

I've bought at El Cabo in La Azohia, just around the bay from Mojon, right on the beachfront which is super exciting!

So if you used PALS and Julio's team, I'm assuming this process was the same for you and I'm just double/triple checking because I am about to transfer a huge amount of money over:

PALS have set up a bank account for me / my mortgage at Cajamurcia bank and have asked me to transfer all the tax, fees and expenses to this account. But the only confirmation I have of this account is a plain letter without a letterhead or anything official like that. No info on how to access the account via online banking or anything like that so just making sure its all legit

So I guess my two main questions that I'm trying to get an answer on are is this just how it is with the bank, no fancy welcome packs etc like we'd expect in the UK. And can you access your account via internet banking now? I just think it would be a nightmare to manage things from the UK without local internet banking!

Thanks for your help on this!

PS, how are you finding having a property in Mazarron bay after what seems more than a year and a half? Do you rent yours out or just use it yourself?

Yes, Cajamurcia have Internet banking. You get a 'pack' from the branch with access numbers etc. I have an app on my iPhone and iPad too. Email Amelia at the bank, she speaks English but is not very prompt in replying, 4Y1@cajamurcia.com.

I got a mortgage statement before we signed, but not much else if I remember rightly.

I would call PALS as a lot of them speak English and discuss your fears before you send money.

Our mortgage was a 100% deal so we didn't have to send lots of money over.

We absolutely love it, and unfortunately do have to rent it out, I wish we didn't!

Please do your own checking, and get everything you are promised IN WRITING.

Hope this is of some help!!

Emma

 Hey Emma, this is great advice, thanks so much! Makes me feel more at ease.

How are rentals going for you guys? I'm planning to (also begrudingly!) rent mine out too. I guess its a shame to have such lovely properties standing empty without anyone enjoying them!

Yes, rentals going ok, only had one lot of damage in two years so I shouldn't complain.

Also, having tenants is good for security, it's better than them been left empty!

Good luck, ask all your questions and don't sign until you are happy.

La Azohia is beautiful, we couldn't afford there!!

Emma

 Thanks again for all your input! Yes, I think tenants is a good idea but luckily I will only be doing holiday rentals so I get to use it with my family as well!

Sorry, by tenants, I mean holiday rentals!! I hope u enjoy your little piece of Spain!

Em

Hi Jonin60seconds

Can highly recommend another company which has some attractive apartments in Mojon Hills too.

Try their homepage www.solhuse.com

Their office is located down town Puerto de Mazarron on Av. del Doctor Meca (behind the old Atlantia office).  It has a large yellow sun in the front window.

It has a danish owner with very qualified spanish/english assistants.

We bought through them a penthouse in phase 3 B in 2009. Now we love it even more.

Top3

 

This message was last edited by top3 on 12/09/2012.

This message was last edited by top3 on 12/09/2012.

 Thanks, yeah I did check out Solhuse when I was looking around, seem like a pretty good company. I just went with the one that had the property I wanted!