SARCO

 Get used to it  and protect yourself , dump the agent .Get a litigation lawyer not the same lawyer who was dealing with your purchase .They will most likely be conveyencing you need a different kind of legal advice now .

 Hi

Ignore your agent. there are some parts of what you are saying that are true but they are being taken out of context.

san jose did not have enough money to pay for everyone's bank guarantees. Instead they provided many agents with an intention to provide a bank guarantee. This is something very different. the first thing I suggest you do is confirm that you have an actual bank guarantee and that the agent has not just given you a copy of a document saying that there is an intention to give you one. the document should be headed AVAL/ AVALAN and should mention you by name, your passport number and the amount of money you have paid in. It should then be signed by a particular bank. If you have this then you should get your money back as it is the bank which must pay. san jose's liquidity is therefore not the barrier to this but the reason why it can happen.

If you have been misled, as many others have, into believing that you have a bank guarantee when you do not then unfortunately you may lose all or elements of your deposit. You must get a proper lawyer. Are you registered as a creditor in the process already? If not then the deadline has passed and unfortunately you will receive  a very poor deal indeed. If you are then you need to be advocating that your position be privaleged not ordinary. This is the only real thing you can do to try and protect your interests.

Hope this helps

ok...for anyone still in doubt, I have extracted an article which clearly portrays what is happening in the Spanish Construction industry - you've heard it all before but we'll say it again so here goes (i've highlighted some really important parts - those doubters please take note). Although this is relating to one of San Jose's peer, it gives clear indication and advise on what they are facing.

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• Reality, it's happening across the whole Spanish Construction Industry and not a 'one-off' with San Jose. From small to multi-nationals are being hit hard with profits and income down by 30%+
• Spanish Government is not bailing out the industry like speculation would have you believe
• Corruption is rife throughout the industry (alledgedly if anyone wants to sue)
• There is no planned reverse of the situation for the immediate future
• Spain is in as much recession as what UK is going through and it plans to get worse
• Ask yourself the question - what assets have San Jose sold so far

As i mention, this article is by no means directly in relation to San Jose's current situation but gives clear insight into what is happening with the industry in general.

darren

 thanks Darren

the only thing I would contradict you on is your submission that you made a personal mistake. In hindsight none of us would have bought here but you signed a contract, hired a lawyer and thought you had a bank guarantee. You hired professionals to do a professional job. Our only combined mistake is that we thought that THEY would do it.

I know you put a lot of effort into your new life at santa ana and have lost more than most. I wish you the best and sincerely hope that you see all or part of your money returned to you

And by the way..........everyone has a right to post to the contrary and i look forward to reading any 'official' report that clearly states Spain and in particularly the building market are NOT in recession and would make a worthwhile investment

D&M

Hi Darren and others

Good to read so many informative posts.  Here's my latest offering, from the Kyero website:

A huge personal thanks to everyone that has recently posted.  It has bought about logic, fact and realism to the forefront once again.  It must seen, to some, that they are repeating themselves and have done for months , but many logged off a while ago.  This helps everyone enormously to get back to basics and what is happening NOW.

I assume there is no one in any doubt whatsoever about the state or potential financial situation in the near future of this Company or doubt the facts of the spanish market place  coastal/inland from people with no hidden agendas.  I certainly dont.  

Its a bloody mess and no mistake.  Many people have tried their hardest to warn us and get expert legal advice and not to listen to any spin from this Company/co horts.  We have to listen to our Legal bods and not a Company who have tried to deceive us throughout this whole sorry situation and its vital that we now share what we feel we can in terms of their litigation advice.

Anyone logging on now can get some solid, structured help, if indeed we can do anything at all.

Sal

Sue

Again another good informative response. In debate, what the Government figures fail to show and calculate are the majority of properties which are under-valued over here to avoid tax surcharges. For example, a €200,000 villa being sold for recognised €160,000 and the remainder in 'brown envelopes'. If true calculations were made of property valuations and sales, then the expectant 15% slump becomes reality. I suspect these figures are a 'guess-timate' of true property prices and falls.

But it just re-iterates even the Government haven't a clue...so how do they expect anyone else to..........viva pure speculation, wins every time.

d

Hi all.

I have just noticed a posting at 8-28am this morning on the Latest Blog Posts, another large developer Masdevallia have gone into Administration and Herrada del Tollo are also briefly mentioned.

These are but a few of the many i fear. Going down like 9 pins now.

            Bob.                Also notice estate agents closing as well, with one near the 24 hour shop in La Zenia. No buyers! No business!

Hi All,

I would first like to inform you that the weekly update report has now been sent out to the SARC membership and will be on the website ASAP. If through any web problems it is delayed I will get it placed on to this strand.

Regarding the reasons for want your house, I thought that we had dealt with this back late May earlt June and I am surprised that it requires further explantation. Put it quite simply for those of us without BGs having the company go into liquidation is of no help to us what so ever. I have taken advice from a chartered accountant and European finance Director of a large trans national company and his professional opinion, given freely, was that if the company goes down we would be lucky to get any significant amount of money back. Let us not forget that the money is not there to pay purchasers back and that it would take time to realise assets in  a depressed market.

So those of us without BGs the best result for us is SADM being refinanced and us getting our properties, which we can sell if we wish at a latter date. Property is a long term investment and there may be short term issues but even at the current prices SADM is cheaper than el Castillo at Jumilla. Also lets not forget that the coastal market is an over built and predominantly unattractive expat non spanish speaking jungle , which is not attractive to the local property purchasers. Thus, its price structure depends on the vaguries of expats and not a local demand led market. SADM on the other hand is inland and has around 45% of its purchasers as Spanish Nationals and is not so dependant upon expats plus it is an entirely different market for mthe coast.

If SADM does get refianced and goes ahead then those who want their properties can complete their purchase, which will put money into the company and enable it to repay those who want there money back. I personally think that this is quite obvious and a sensible approach to a messy and very emotive problem.

So I still maitain that getting your house is the best aim for most purchasers, many of whom can not afford lenghty and costly court cases and require a positive conclusion asap. 

Wishing you all the best and s positive outcome what ever you wish it to be.

I WANT MY HOUSE

Tony R17 18 

Tony,

Just read your latest report to SARC and think you should check your dates according to my calender  29th is a Saturday and not a Monday also would like to take issue with the following statement taken from your reported weekly update!

It was stressed again that the administrators have stated that purchasers who have their contracts terminated will be made normal creditors and not gain special or privileged status.

It is not up to the administrators to decide the status of purchasers but the JUDGE, once again your report is manipulating the facts to suit.  This is only one of the statements in your report that I disagree with but since you never reply with straight answers will not waste my time listing the rest.

No wonder Yoanna thinks it's a pleasure contacting you because you take every thing SJ/HdT tell you as gospel.  Suggest you check not only the dates but the facts before you post

Tony what total tosh. I understand because you have no other choice it would be best if your house could be built but please can we have some reality !!!!!!!

"45% Spanish nationals" my rear end !!!!!! “If SADM does get refunding” changed your tune Tony a while back it was when not if! " non Spanish speaking jungle   " lets have you reply in Spanish then you  monkey !

Do the people you have taken advice from have a crystal ball ,the economic situation in Spain re the housing market is unique no one can presume to know the outcome given the global influences ,have you perhaps misinterpreted what they said again . If refinancing was at all  possible  and sustainable it would have come by now.Tosh Tosh and more Tosh as usual

.

JA,

 Martin is your solictor and he has a copy of the creditor list and it was ages ago we all found out about 45% of the purchasers being Spanish. This was confirmed by Linda Needham .Obviously you have selective memory. As for refinancing any deal takes time to negotiate and my solicitor/barrister adviced me that it could take about 6 months, when I saw him back in August.

Arelne, well done in spotting the date/day and the reason is.................the date for  the  inform to be handed in was changed by the administrators and we adjusted the date in the report but missed the day.  As for the rest of your comments I am not surprised by them, you can lead a horse to water but you can not make it drink. It is up to you and others what you do but try to make a rational choice rather than one based on rumour or anger.  The key thing that you are missing is the report goes in next week and so we will soon all know what the state of play is with SADM and have the choice as to whether to have our properties or our money back in instalments over a period of time. I would only caution you that if you do not have a BG please think carefully before you commit yourself to any course of action. 

I wish you all well and a positive outcome

I WANT MY HOUSE

Tony R17 18

Tony,

Thanks for your comments but again you dodge the issue and do not answer, it is not up to the administrators to decide whether we become priveleged creditors but the JUDGE.

 It is he who will decide how and when we get our money back and my choice is very rational nor is based on either rumour or anger but on the advice from the lawyer who represents me who provides me with facts! not half truths and suppositions.

It is quite obvious that SJ do not want us to be classed as priveleged creditors, I asked  you once before in a previous posting and you did not answer how do you know for certain that there is no money to repay us, other than the information provided to you by SJ? of course they are going to say there is no money they need to convince us that we can still have our houses. They do not want us to have our money back It's much better in their pocket.

Reading the report on the SARC website seemed like the same old spin from SJ things are moving just wait another few months wait wait wait! UNBELIVEABLE not one sustainable fact just more spin.

I would suggest you take some of your own advice and be very cautious and protect yourself from the same old lies and misinformation.

I hope you won't be too disappointed when the report is finally presented to the court.

Me IWMMB or the directors of SJ jailed for fraud they took my money under false pretences by promising me that my deposit was safe and covered by bank guarantees THEY LIED!

Arlene

 Tony this is unsubstantiated Tosh. As for the part about lawyers. Heed my warning Tony and think twice before trying to infer that solicitors are misleading their clients. It is you that is doing just that. Weall all very happy with the advice we are getting. It seems that you and Brian and several other are the ONLY people not approaching the judge.

NO ONE IS LISTENING TO YOU TONY!!!!!!!!!!!!!!!!!!!!!!!!!!!! WE WILL ALL SUE

To state that no evidence regarding re-financing has been evident is not not sharing information. It is sharing factual information. despite requests from numerous lawyers san jose have shown not one shred of evidence that there is any serious offer on the table.

As or your comment that all owners will be ordinary not privaleged. This is not up to the administrators or san jose to decide it is up to the judge. Is there a purpose to showing us a legal comment made by Yoanna? I have had many dealings with Yoanna in the past. She is corporate and will stick to the san jose line. She has no issue in taking instructions to break the law if advised by san jose to do so. I know from personal experience. Why would you expect Yoanna to say anything different than what san jose want her to say and why would anyone take a shred of notice of her.

I can quote you cases where owners have been granted privaleged status Tony so that blows yours and Yoannas legal emails out of the water. If she doesnt read this tell her to stick it from me!!

tell them all to stop taking a power trip. the administrators and Yoanna effectively work for san jose. the person making the decision is the judge. I await to hear from him.

Hi

Tony

I challenged you from the last report, you said a few weeks till the re-financing was in place............im not reading this latest report because it will be a load of rubbish.

Lets stick with what you have said before for a second.................from your info before the re-financing will be completed by 1st December

You say that even the latest report has the best bits to follow next week?....is it like jam tomorrow?

What stage is this ere re-financing at me old................give your sermon on the mount a bit of credence......tell everyone when the money is going into re-financing...........what date is it happening.

Do something positive instead of prancing round the stage like a magician about to pull a rabbit out of a hat, but not actually getting on with it................just pracing around

Thanks for the info Tony, a really interesting read.

it is very thoughtful of you to share what information you are managing to get and gives me a chance to speak with my solicitor on new issues.

once again many thanks and keep up the good work.

Hi Tony, I have of course read your latest Report and there is one thing I would like to have clarified.  I think its important , and Im sure you would have asked such an obvious question but ive never seen you write it on behalf of SJ/DhT or Almu.  In the miracle that this refinancing to continue building does happen as she says (imminently I believe) at the original price with a few little tit bits added for our small inconvenience.  A Bank Guarantee would be issued wouldnt it??  One  that is signed  by a Bank , valid and could have no excuses not to pay out should this happen in the new time frame of 18-20 months.  No one in their right mind would give up any legal rights and be placed in this line of 'ordinary creditor' should they let you all down again.  Basically no one would seriously  consider trusting these people again or have a crystal ball as to the future econonic climate in two years time. Would they? 

You would want a Bank Guarantee BEFORE agreeing to anything else with them wouldnt  you??  If ive missed it can you cut and paste the relevent statement on the matter.

Sal

I don't know about anyone else but I would be very wary of any BG now form any off plan develpoer never mind SJ /HdT .Many of us got one first time round, lawyers checked them both in Spain and in the UK and all seemed well with the BGs .However many many people are sitting with valid BG s and are having to pay good money after bad to activate them and get the banks to pay up .I for one would not want to take the chance again .How will people who proceed with the purchase if given the chance (a very big if in my opinion ) know for sure the BGs issued second time around will be of any use should things go wrong again  . It is a shame Tony/SARC never seem to ask the right questions when they have Almu's ear or is the answer the new BGs issued will be fine because Almu says so .She has told me my BG is good for years yet I have not had a penny back therefore why would any one want to trust her second time round .Was it not Almu's job to secure and issue BGs in the good old  days .I think she may have missed her performance target by around 75% . Never mind I am sure she will get it right next time round perhaps it was just a blip  !!

Julie Ann - Almu probably spends 75% of her time either "having lunch on our money, getting drunk, lieing, thinking up new lies,  or creating babies" hence only 25% performance.