22 Jan 2009 4:41 PM:

 Thanks for that, is that from legal sources and if so what would be time frame?

Community thread: Anyone opted out?

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22 Jan 2009 11:30 AM:

 Sorry Tim, About the pools. I've been told the end of May but I'll believe it when I see it! The 20-30%. I bought mine for around €235,000.

The majority of property in Spain has dropped in price due to the recession, Murcia is still very popular with the locals but the forecast is for

house prices to drop in value. With the Euro at its current state the UK buyers  will be holding off from purchasing and the Spanish buyers will

also be getting very nervous and hold for a reduced price.

Three options:

1. Buy the house and hope to rent for 4 years until the value returns.

2. Buy the house and try and sell it asap

3. Fight the contract.

Cheers, Steve

Community thread: Anyone opted out?

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22 Jan 2009 11:09 AM:

 I signed my contract in april 2007 and the house was due for completion may 2008. Part of the reason for the delay was the building of the infrastructure, ie sewage, roads, water etc. The local planners wanted all of the infrastructure in first which held him up. This is what I've heard but it could be a smoke screen to cover the 6 month get out clause! Unfortunately the legal system is not like the UKs and I think it could be a case of just how much we are willing to lose, to break even will be a miracle,

Its amazing how quickly the want the deposit but you become the leper when you want it back!

Community thread: Anyone opted out?

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21 Jan 2009 10:30 PM:

 Cheers Tim, I'm checking with a solicitor next week to see if I have an option but I'm not holding out much hope as the contracts seem to be stacked in the developers favor. Plus the developer was or is a Lawyer!!! He wont drop the price either as it wouldn't be fair on people who have already bought.

I'm due to have the final documents to sign next week but once we sign I hear we could be down 20 or 30% of the original value.

Not the best start to owning a property in Spain.

Community thread: Anyone opted out?

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21 Jan 2009 12:00 AM:

 Trying to find out how difficult it is to get out of the contract. I've been told it can take up to 2 years with a loss of 50% of you're

initial money. The contract has a clause that states you can opt out with no loss if the builder exceeds the 6 months after completion date.

Cheers, Steve

Community thread: Anyone opted out?

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