Re: Re: Walk Away

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Anonymous
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Just Frank wrote:
With all the negative reports about pending falling prices, corruption and demolitions in Spain
Will people just walk away and loose their deposits when the legal status of ther property is sorted and they have to complete with poor exchange rates,more diifficulty in getting credit and the over all down turn in the enconomy includig the U.K

People will walk away if:

– they want to stay in the property but can buy from the same developers a property for a price which is lower than their price by an amount larger than the deposit.
– they want to stay in the property but can buy from other developers a property for a price which is lower than their price by an amount larger than the deposit.
– they bought the property as an investment and the current cost of the property is lower than their price by an amount larger than the deposit.

The only questions are:
– who will take the loss? Can they come after their properties in UK, Germany, Holland, etc?
– what is the procedure for a short sale in Spain?

IN USA many are leaving the keys on the table and running.