San Jose into liquidation.

Totally deluded tosh  Tony  ! Why would any of us want  to dance wi the deil  !

JA,

it is a shame that you are such a selfish person. It is not tosh to enquire if others have organised themselves and offer to support for fellow purchasers on other developments.

 IWANT MY HOUSE AND A POSITIVE OUTCOME FOR ALL

All the best to all

Tony

HERE HERE TONY

Hi Sterling long time no hear.  Hope you are well and life is treating you well. 

Chrissie

I was Talking to a bank Director i know yesterday and he mentioned the San Jose Fiasco.

He is under the impression the the development will go ahead on the information he has.

He told me that the administrator are in the process of finding backers to complete the project,apparently the project is being offered around at a considerably reduced price.

He mentioned that all parties involved in the project,i.e. the Ayuntamiento,Mayor,locals are very keen for the urbanisation to continue and prosper.

I found this quite encouraging,i hope the mechanics of the project can be completed although maybe in this climate they will have to curb the plans slightly for the original 12,000 homes.

I hope this offers some light ro some of the people involved...............

I also think it will go ahead, I just hope you will be treated fairly then and before then.

Georgia

Thank you very much for this information it is much appreciated.  It is a very long wait we are having and I dont know whether you have looked in on the Off Plan forum for santa ana, it has got so rediculous to communicate on there that I have given up completely with it.  There is a very negative crowd on there that are spoiling anything that is posted so I am really grateful for your informative message.

Yours very gratefully

Chrissie

Chrissie

I am not involved in any respect as regards San Jose nor completely up to date with the situation but as a general observation……& no lecture intended!!!!

It is very difficult for buyers in this type of situation to take a pragmatic view as all the sentiments about corrupt or non corrupt agents, lawyers Town Halls and developers etc tend to take priority over ‘ accepting the reality of the situation’ then ‘ dealing with the reality’

Everyone needs good legal advice and if the lawyer you dealt with on purchase does not react to your concerns then find another [there is one who posts on this site who may help]…no messing about!

As a buyer you have only one priority: that is the protection of your money

Waste of time complaining now about the ‘ dream promised’….all effort on the money aspect!

Many will be surprised to know, or accept the fact, that it happens in UK…..we are in the worst economic climate since the 70’s [ one example is inner city apartments in UK and we may yet see the second largest house builder in UK go into administration with thousands of sold part built houses- hope not but it did happen in the 70’s!!!]

It does make sense for likeminded pragmatic buyers whose only interest is to protect their money to get together in either one or several consortiums to deal with your interests in the administration

Share the costs and share the worry and perhaps a touch more influence on events

The banks will in general take the route that is in their own interest[surprise, surprise just like UK!!] ……….. but if a’build out’ is the best way for them to achieve that then that is what they will do.

 It may involve a sale to a new developer consortium or even the original developers in a different name- we call it a phoenix situation in UK

Does not matter, all that does is that you either get your money back or a property for your money on a finished development

And administrations take time….sometimes a very long time to sort out

Build outs are usually relatively quicker

Those with bank guarantees should just go down that route ASAP and no messing from the lawyers or banks

I am talking about general principles in these situations and, I regret, from personal experience [yes got caught out but now fortunately resolved]

Any issues re illegal and corrupt practices should of course be pursued [better as a group] but that is the secondary issue

It is never nice being caught in a financial problem [Northern Rock!! Halifax/RBS shareholder  and most UK shareholders have probably lost 30/40% in the value of their shares in the last 12 months……Woolworths 100% !!]

Elsewhere on EOS I have been criticised for ‘ my pragmatic approach’…..I suppose it is just one view of someone who ‘ has seen it all before’…been around a long time!!!

And I still think that 2009 for those looking for a life style purchase is a good time to buy!….all these type of problems are now easily avoided

One example: get your BG simultaneously on paying money over…..yes you can get this in Spain as in UK….it is a modern trading economy!

Hi Chrissie,

De nada,i wish you all the best,i hope this news brings some optimism to the situation,i don't look in on the development forums as i don't see how bickering helps anyone.

Good luck.

Brian-Your quote "It is a modern trafing economy"....some days i really think we are living in the stone age here, i suppose it equals out the good bits though...

Some good points though....

Shame about Woolies, i suppose if they can go then there may be trouble ahead for many more...

La Manga club are in administration now as well....

Georgia and Brian

How very refereshing to be answered.  I take on board the pragmatic view of Brian and yes I believe I do have a good lawyer but unfortunately I find it very difficult to communicate my worries and fears to my lawyer.  I dont have a Bank Guarantee and I believe I was not taken care of by the agent and then by the original recommended lawyer.  I think it is a disgrace how I have been treated and I dont know where this is going to end.  Its just over 2 years now and at the time I had complete faith that I had chosen a  good builder. I believe that the builder has unfortunately had many battles over this and I cannot point the blame at any one group but I dont mind saying that my little dream is being spoilt as the weeks and months go by.  I like the spanish people and I did work with a spanish professor for 6 years, he had a great mind but often he could not see the wood for the tree's we made a good pair.

Sorry to speak of my feelings openly but it is so nice to feel that I am amongst friends on this particular thread of the forum.

Many thanks  Chrissie

Chrissie

I agree with everything you say.......but.........you do have to move on 

With a bit of luck you may eventually get something in Spain

Try and be pragmatic......pehaps it was easier for me as property as been my business...it is hard

If you would like to talk things through get in touch

Hey,

Why are the positive posting being forced down the thread?

KR
Tony

Brian

I have a feeling that I am going to have to have some lessons from you.  Its a real tonic to have nice conversation and yes I agree I do have to be more pragmatic its just that some days (like this one) I need someone to tell me out loud that its all gonna be OK. I may take you up on your offer of talking things through.

Thanks

Chrissie

Tony thanks for the info we needed some good news lets hope we see more positive postings in the next couple of weeks 

keep up the good work malcolm and linda ................we still want our house  

Tony ?

Hi All,

this was posted on the SARC website back in July 2008 and may be of interest and relevant now.

Thoughts on Purchasers Options

The meetings that SARC attended and are reported upon the SARC website have given some cause for deep thought as to outcomes for purchasers at SADM.
Several key points have been noted that impact upon the decisions to be made regarding whether to continue with the purchase or to stay as a creditor and try to regain the money paid.

It can be seen clearly in the report that the deposits, although auditable and appropriately accountable are not all sitting in a ring fenced client account. This is information was given with some discomfort by SJ/HDT but we needed to know the truth regarding the position of the deposits. When we attended the meeting we were not sure either way regarding the existence of a client account, as there had been two mutually contradicting postings on the EOS forum. We sought to clarify this and in doing so found that only a small proportion of the funds are kept in an account linked to bank guarantees.

Therefore, we are very concerned that if purchasers decide to try to get their deposits back that several factors need to be considered:
􀀢 Only a small proportion of clients money is in a clearly identified account
􀀢 Money can only come from the company trading out of difficulty or through liquidation of the company.
􀀢 If agreement can be made with creditors regarding debts the company can carry on trading.
􀀢 Liquidation of the company would take time and in the current economic climate not realise intrinsic value of assets.
􀀢 Staff, Government, Court/Administrators, Banks come before purchasers in line of payment.
􀀢 Any interest or compensation claim would come at the end of the line of payouts and as such is highly unlikely.

Taking these points into account we cannot see how it can benefit any purchasers to go down the route of trying to get back their money. We understand the wish to protect your investment in your property/ies but believe that going down the legal route will have small return, cost money and have lots of stress. As of yet no one has been able to give a good reason how it is beneficial to try to get your money back!

If on the other hand we support the continuation of SADM and we take up the offer to continue to purchase we can have, although it may have been delayed, our property. This is a much clearer and by far a better outcome for most if not all of SADM purchasers. It has been made clear to us that SADM is a legal development; the licences are there, the water is there, and that the location is desirable and not part of the coastal property bubble.

It would therefore, seem prudent for all purchasers to actively seek to get SADM built and ensure that liquidation of the company does not occur. We may not be happy with the situation that we find our selves in caused, primarily by the credit crunch and banks, but we can try to ensure that our money is safe by getting SADM built.

With regard to solicitors it is essential to realise that if you decide to continue with your purchase the legal fees should be less and thus there could be a conflict of interests. Think very carefully about what you want and what is best for you, not your legal representative who is getting paid. If you do decide to continue with your (the purchase of your property) property, it would be a good idea to ask about a reduction in your legal costs, as you will not be going through a protracted legal procedure. Why for example pay 10% of your deposit if you are not pursuing a claim through the Courts?
23 July 2008 SARC Admin.

Why do you persist in talking such rubbish. Tosh Tosh and more Tosh .For God sake man read the inform .

Julie Anne,

Why do you bother with this forum? You clearly always oppose any comments that are posted here!! And in quite an abbrasive manor I might add

Sterling if your life savings had been stolen by a crooked spanish builder and corrupt legal system you may not write such crap

Sterling can we assume from your comment that you actually believe the SARC opinion on  purchaser,s options ? Please enlighten us .Would you really trust this company again and give them more money ?  Perhaps we should all fire our legal eagles and listen to  the expert advice and opinions of yourself and SARC Regards JA