Spanish Property Horror Stories and How to Keep Away From Them
There have been a number of different cases where buyers have unfortunately fallen into Spanish property horror stories that could have been avoided, had professional Spanish mortgage advice been sought during the purchase process.
Here are some Spanish property horror stories and how to avoid them.
The development company went bankrupt as the development neared completion, even with couples buying homes in the new neighborhood. To avoid losing their property to the bank, the couple was encouraged to complete the purchase. The deed was changed into their name but the outstanding mortgage was left payable to the bank rather than agreed or transferred to their name.
Due to a court order issued by the bank for repossession of the property, the couple was unable to obtain their mortgage while paying more than €50,000 to that bank at 18% interest over a period of two years in order to postpone legal action but they were still not able to get the mortgage because of the property lien.
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. Since the property had been registered as real estate without a structure on it, the local government refused to converse with the new homeowner.
In one case a man travelled to Spain at his own expense to view property that was supposed to be a great deal. Anyone who has ever bought property or a house knows what a hair raising experience it can be, well just imagine if you think you have everything in order just to find out that half of the property you are wanting to purchase is not even registered legally. You are back to the drawing board.
Another fellow had put several deposits towards an off plan estate in a town he knew very well. The first developer went into bankruptcy during the construction phase, but another developer took it over and then failed to complete it. 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 International Mortgage Solutions that is on working solely on the buyer, you will avoid all problems before hand since you are getting the right advice upfront. Many property buyers should consider hiring professional help when it comes to home contracts, since you can avoid all of the stress and avoid these problems as mentioned in the previous stories.
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