About to buy

Hi Seamas

Welcome to the site.  I really wish I'd had access to a forum like this when we first bought.  There is so much help and information from members that you should be able to find out everything you need to know.  I know some of the stories and people's experiences are terrible, but some people also have very happy experiences.  The beauty of this site is that you get them all and can use the info where it applys to your own situation.

Try looking in the off-plan development forum to meet other buyers at your development.  Good luck and I hope your plans go well.

Hi Seamas, welcome. What's your development called ? As ******** said there could well be a development forum for yours.

Have you an independant lawyer (very VERY important) too ? Do let us know.

Right Seamas, click on blue link & go register free with your development forum, ok ?

Hacienda Taray

Do not use Medsea's recommended lawyer, be firm if they are rather insistent. Members here can advise on one. How much have you paid already, if you don't mind saying.

Seamus

Do yourself a big favour and negotiate a big, and I mean big discount. You need to do this inorder to protect yourself from the coming crash in prices. The problem at the moment for those who are not in the industry is that the price crash going on is largely invisible. By this I mean there is a huge cartel of property business, banks, developers, agents etc who don't want you to see what is going on. Asking prices may not have fallen much, but selling prices have crashed by 30-50% unless the buyer is naieve.

Be tough and negotiate hard or you will end up getting stuffed. If they are not interested in your offer go somewhere else, there is so much supply in Spain and little if any buyers, its a disaster waiting to happen. Most two bed apartments are unsellable even at 50% reduction.

Also do yourself a favour and look at the broader picture. Check out the coming credit crunch thread, look at the date of the first post and see how correct I was as it all unfolds. I wrote about this before the crisis in the stockmarket or Northern Rock etc. Property world wide is a bubble waiting to burst, the UK and Spain look particularly vulnerable. Once prices are way down in the UK, Spain will be sunk.

If you ever want or are forced to sell ie illness etc anything could happen, you may find you can't move without cutting your buying price by 30% and that does not include all the costs of buying tax etc which are considerable.

Check out the US market, the most sophisticted and rich country in the world. A jumbo loan ie expensive property is now $400k, thats 200,000UK pounds, and for that you likely get 5beds 2 garages, land and a detached property to boot, in a country where you can earn a decent wage.

Here in Spain salaries are 1300euros a month if you can get a job. Few young people can afford a house. House prices to wage ratios are the HIGHEST in the world. Please do some research and buy something worth the money. Also don't be fooled by rental income, even the bulls on here accept its not viable.

GOOD luck you will need it.

Seamus

Open your eyes, see the Property Bargain thread here, and see that property currently is almost unselable despite lower prices and giveaways like rent paid upfront. Sellers are desperate. Look at the property for sale section on here, it keeps getting bigger, no buyers get the hint?

What property do you have TJ?

Hi Seamus

I don't I rent. For two very important reasons.

Firstly I would need to be here for a good year to get a feel for prices, locations etc, and secondly and more importantly I think now is a terrible time to buy. I will wait until it all goes pear shaped which I do not think will be too long.

To give you an idea of how badly prices are out here, I can rent a really nice house for 500euros, it would cost me double that a month to buy it, and I would have all the hassle and expense of looking after it. Plus I have the flexibility being new to Spain to take my time and get to know the market.

I think a w/e inspection trip, fully paid for by the developer about sums this market up. If people are stupid enough to buy a faceless box in the sky, that probably cost the developer 30,000 euros to put up, of which there are literally millions on the mkt, on the basis of a 3 day visit, what can I do. My efforts here are wasted.

It is the best possible example of a "fool and his money is easily parted" and will go down in history along with the tulip bubble. I will go on record as saying that many of these millions of apartments will be unsellable at any price. Lets see.

I am trying to do you a favour here. Pls talk to as many people as you can and start doing some research. In a year or two I promise you, you will get double the property for your money. Once a few large banks start going bust it will all be over. See the Telegraph article today on the Credit crunch thread.

Hello Seamos:

                           The only thing that I can tell you is that TARAY has been a very solid company for many years in the area, they are not the kind of promoter who began five years ago and they think they are Kings of the world.

                            Many promotions around San Javier and La Manga have been built by TARAY succesfully. It does not mean, as you have been told, that you shouldn´t be careful about bank guarantees, prices, etc, your anvantage is that TARAY will be provide your guarantees more easily. Many other thinks would need a look in the contract, take care and look for a solicitor as they say really independent.i

                          We get lot of complains from people that have used solicitors "in dependent" on a different interest of thier client. It is hard to say but it is true.

Hello Seamos:

                           The only thing that I can tell you is that TARAY has been a very solid company for many years in the area, they are not the kind of promoter who began five years ago and they think they are Kings of the world.

                            Many promotions around San Javier and La Manga have been built by TARAY succesfully. It does not mean, as you have been told, that you shouldn´t be careful about bank guarantees, prices, etc, your anvantage is that TARAY will be provide your guarantees more easily. Many other thinks would need a look in the contract, take care and look for a solicitor as they say really independent.i

                          We get lot of complains from people that have used solicitors "in dependent" on a different interest of thier client. It is hard to say but it is true.

Copied from this very forum

maria l de castro can you please advise me.? ive already wrote a post on here concerning repossesion. ill just remind you, ,, i own a hose outright, no mortgage, two years ago i bought another one with a 100% mortgage, i owe 217000, the house is only now worth about 178000,  im finding it hard to pay the mortgage as it has gone up so much, no one explained to me i was on a three year tier system, so it has gone up evry year, then with  the intrest hike,need i say more?? yes i know ive been a bloody fool but i thought i would be able to rent it out all year......not!!!   i expect there is hundreds in this position and the banks must be quite embarresed about the amount of reposessions. my quetion is, if i sell my home i own outright and send the money back to uk will they chase it up? what would happen if i done a runner? like lots of people i know have,  how can i get out of this?  i never thought i would find myself in this possition at my age, im so upset it has come to this, ive never done anything criminal, but i find the banks here very rude and not at all understanding, what woild happen if i just gave the keys back? can someone legal answer this as ive seen similar quetions on other forums so it must effect a lot of people, thats the only thing that keeps me going, knowing there are others in the same boat