Spanish Property Insight › Forums › Spanish Property Forums › Homes for Sale by Owner (FSBO) And Rentals › RE: HELP! WE NEED TO SELL OR LOSE OUR DEPOSIT?
- This topic has 17 replies, 9 voices, and was last updated 16 years, 10 months ago by Anonymous.
May 14, 2006 at 4:50 pm #51812
Hi, We need to sell our appartment which is due for completion in early 2007. We were told 20% deposit was fine, now they want the other 10% which we don’t have. We are selling cheap just to get our money back if anyone is interested? Please contact me if you need further information, Derby 01332 368803. Dabs[/b]
May 14, 2006 at 7:56 pm #62160
sorry to hear of your predicament. I hope you can sort it out!
You may want to post some details about the apartment, ie, location, development name, developer, amenities and number of bedrooms etc.
You’ll be likely to get more interest then.
May 15, 2006 at 11:04 am #62164
The development is on the prestigious sea front development at Arenal Golf 2000 in Benalmadna. There are 4 phases being built, Phases 1,2,3 are complete and Phase 4 isready early next year.
Our investment is on Phase 4 with sea and golf views. The development is very exclusive and has lots of ammenities.
18 hole golf course, mature gardens, communel pools, underground parking, 2 medical centres or hospitals, secure entry to development for residents only.
Our appartment is a first floor, 2 bed, 2 bathroom, fully fitted with all appliances, marble floors, marble tilling in bathrooms, air con, fire doors, alarm system, safe, utility room, all white goods new.
When we invested in spain February last year we were persueded to invest our equity in two off plan investments by Ron Perry who works for Andalucian Dream Homes in Fuengirola.
He said, sell before completion on both and with the profit buy your dream house!
We have lost our 10% deposit on Phase 1, because it completed and no buyer was found. I may need your help or advice on this matter?
Phase 4 was 30% deposit, but we only had 20% and ADH Spain said that was ok. NOW the developer wants the other 10% or he will take our investment and deposit.
Our solicitor is from Lawyers of Spain, Clara Del Ozero. who was reccomended inhouse by ADH Spain.
If you can help in any way please contact me please as this is killing my partner.
Dabs 01332 368803
May 15, 2006 at 12:43 pm #62166
This sounds appalling. 😈 😈
Post for help on the main forum. Drakan, Cesar or Maria, who are good independent lawyers may be able to give you some advice.
It sounds like you desperately need some good independent advice on the options available to you quickly. These agents are getting away with all sorts and messing up peoples lives. I am so sorry you have found yourself in this situation. 😥
Surely, your lawyer should never have let you sign a contract without paying the full deposit, knowing that the developer may be able to call for that full deposit at any time. Shocking.
Have you tried the eyeonpain website. It has a section for people who want to sell on before completion.
I wish you the very best of luck.
May 15, 2006 at 5:43 pm #62169
I would have to agree with Wigan Girl here, of course being a Wigan Lad, I would never disagree with a Wigan Girl anyway.
Post your story on the main forum, and see who can suggest any help.
One thing does stand out as a common recurring problem for many people is that your lawyer is recomended by ADH.
The lawyers on the main forum may well be able to suggest a legal recourse for this, but I would not be too optimistic about this.
If it was me, I would be going straight for ADH with all adverse publicity guns blazing (or threats there of) e.g Watchdog, Internet Forums etc.
Hope things turn out ok in the end for you
May 15, 2006 at 6:01 pm #62170
I don’t think a lawyer can help with this as you entered into the contracts, suppose you don’t have anthing that ADC said in writing? Your only option is to try and sell it on (not easy).
May 16, 2006 at 9:27 am #62182
Katy, these people are waaay too clever to put ANYTHING in writing. It’s difficult getting a signed receipt for cash paid to some lawyers! When you confront them with “….but you said….” they look at you as though you have just landed from Mars!!! These agents are con merchants of the highest degree! They should have a health warning slapped on them. 😈
May 16, 2006 at 9:43 am #62183
Yes, don´t believe a word that Andalucian Dream homes tells you. I was sold off plans too with the promise that they would sell them for me before completion. They told me this was the place to invest the boom is continuing, fantastic investment a simple hassle free to make an impressive return HA what a joke!! Now they don´t want to know, as simple as that. I am really sorry for your sitiuation and I wish I could help,but finding myself in a similar situation. The only thing we can do is to expose this kind of unethical business to as many as possible and hope less people will get fooled. Good luck and I hope things will turn out o.k for you.
May 16, 2006 at 11:32 am #62184
Many of the agents were saying this a few years ago (maybe they still are) a bit like buy one get one free. There are a lot of people here stuck with 2 apartments as the typical spiel was “If you buy 2 you can sell one, earn at least 30% profit and it will almost pay for the other” A lot of retirees are in the position of having an extra apartment that they cannot sell or rent.
Suprisingly there are still some people buying off-plan, don’t they read the forums or the newspapers.
May 17, 2006 at 7:46 pm #62219
Hi Katy, I don´t think it is that easy and who would even think about looking for forums when you are faced with a confident salesman that is going to take care of everything. Yes, maybe I was naive and did not stop to think, but it was all very convincing. It is so easy to be wise after the event. I find myself very lucky, albeit a bit late for me, to have found this forum. I wish I had had contact with everybody here when I bought off plans. The newspapers, I feel, only skimms over certain areas and don´t give enough information to go by. Watchdog and bbc news 24 for instance could have highlighted the problems more. Claire has been a great spokes woman for us, but hardly got the chance to say what she wanted.But we will keep fighting, and it is comforting to be part of this forum and I am very glad I have found it.
May 17, 2006 at 7:59 pm #62221
Hi, what I was trying to say that people are still buying off-plan right now according to forums they are still going on inspection trips with dodgy agents. I know it was different before, the same newspapers who are now reporting the scams were the ones who were giving wonderful write-ups as to the profit to be made. I don’t think you were at all naive, just the people who are now entering into contracts these last few months.
May 17, 2006 at 8:05 pm #62222
As you say had this forum been in existence in 2003, we most certainly would not be in the position we are in now…FOR SURE!!! Most of what I said on News 24 was cut. I had lunch with my friend today who came to the Radio station when I did an interview for them. She said that compared to that the News 24 did not get to the nitty gritty of the situation. Unfortunately, I have no say as to what was shown. I think probably the press is a better media as no time limit is on it. Marks article in the Sunday Times was much more comprehensive even though we could not name names.
All these unscrupulous people will get their comeuppance sometime! Hopefully sooner rather than later.
May 17, 2006 at 8:14 pm #62224
They never seem to get their comeuppance in spain, they lurk around living off their fat profits, protected by their well paid lawyers and emerge when the next property boom arrives. I have noticed this week that new expensive looking brochures are all around the coast for AIFOS, hello, weren’t the directors arrested the other week 😯
May 17, 2006 at 8:45 pm #62227
What famous face is on this months cover.? 🙄
May 22, 2006 at 11:34 am #62309Fuengi (Andrew)Participantdabstheleo wrote:Hi, We need to sell our appartment which is due for completion in early 2007. We were told 20% deposit was fine, now they want the other 10% which we don’t have. We are selling cheap just to get our money back if anyone is interested? [/b]
Is that what it says on the OFFER & DEPOSIT form? The payment structure should be clearly outlined there.
May 23, 2006 at 11:59 am #62346
Hello, Anyone want a bargin 2 bedroom near to completion early next year, appartment in Benalmadna, costa del sol. Spain?
I had to give my job up as i was run over at the Fire Service. As i am now on disability i cannot make the other payment of 10% so we are in a tricky position and may lose all our deposit!
Anyone intrested please give me a post, or feel free to call me for more information. Derby 01332 368803
Thank you Dabs & Maureen[/b]
May 23, 2006 at 1:10 pm #62354Fuengi (Andrew)Participant
can you gove more info?
square meterage, location, etc…
June 1, 2006 at 1:38 pm #62530
Best to get the contract you entered into checked by an INDEPENDENT lawyer to see if there is any way to delay payments or exit your contract.
My advice would be to list it with as many agents as possible (yes I know there are commissions involved but sometimes thats what helps push the sale) – at the end of the day most agents work on a “no sale no fee” basis so even if they don’t sell it then it has cost you nothing. Ensure that you don’t sign an “exclusive” agreement as you need to maximise exposure to increase your chances of sale.
I used to work for a real estate company called “Spanish Living Group” – despite no longer working for them I always found them to be professional and ethical. I hesitate to recommend anyone as I’ve never been on the client side so if anyone has had negative dealings with them then they can add to this forum. I know that they were recently looking for resale properties on this development so it might be worth contacting them.
Agents should still be interested in listing this development as it is in a good location – nr. all amenities, good long-term rental prospects (not sure on the short term but Benalmadena is a tourist resort so it does stand a chance.
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