Spanish Property Insight › Forums › Spanish Property Forums › Spanish Real Estate Chatter › Spain and UK seem to be competing for biggest fall in ’09 › Reply To: Spain and UK seem to be competing for biggest fall in ’09
Properties auctioned by the Courts remain unsold. The auctions are held in an informal meeting room of the Court. Rarely more than two people turn up. Sometimes owners of the property attend, crying and pleading for more time to pay. They can discharge the debt right to the last minute if they pay arrears and court costs.
Banks wait 3 months before starting legal proceedings. State that it is different from 1993 as whole new blocks are going for auction and all were overvalued.