Spanish Property Horror Stories Can Be Evaded With This Information.
Posted by Foreclosure Prevention in Real EstateIt is possible that experienced Mortgages in Spain advice sought during the initial purchase process could have prevented a number of different cases in which buyers have fallen into Spanish property nightmares.
Here are some Spanish property horror stories and how to avoid them.
When a development was being built, a couple bought a home there only to find that shortly before the development was finished, the development company went bankrupt. The couple was advised to complete the purchase to keep the property from belonging to the bank. Even though they had the deed transferred to their name, the unpaid mortgage still was payable to their bank, instead of being transferred.
A family lost their home to the bank and couldn’t get it back even with a huge loan.
One woman bought a fully licensed property before a road was constructed on more than one third of her Rustica land, and she was only paid a small amount of compensation for her loss. Because the property was registered as land alone and not as property containing a home, the regional government would not even communicate with the new owner of the home.
One gentleman visited Spain at his own cost to look at a resale property that appeared to be an excellent value. He ended up spending visit costs, reservation fees and lawyer fees in addition to time and effort only to find out that he could not get the mortgage loan that he needed, and that more than half of the property he was purchasing was not actually legally registered land which meant he could not obtain the mortgage.
A another gentleman who was familiar with the village that he was looking into investing a house into, place down deposits on the off plan property. During the construction phase, the first developer went bankrupt, spawning yet another developer that never even finished the project. The project is still on permanent hold because the project does not meet the current five year build plan for the area and there is no full license and planning granted to the owner or the builder.
When you are working with a company such as IMS Marbella that is on working solely on the buyer, you will avoid all problems before hand since you are getting the right advice upfront. If the property buyers in the stories mentioned above had sought professional help before they signed on any dotted lines, they could very well have avoided all of this stress completely, because an unbiased professional company providing buying assistance would have clued them in to the potential of issues.
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