of course local agents will demonise the banks initiative to offload what they have taken back from developers; the fact is that the banks have reduced the prices on all units between 20 and 70% from the previous asking prices…. there are great deals to be had in many parts of catalunya and Madrid; not to mention the costas……
Whilst i previously said the banks don’t work with the Brit agents some are collaborating with local Spanish established agents who are selling up a storm…… (I’m talking about Marbella costa) –
regards crytalising a loss, the banks are starting to write off amounts (%) that are not realistically recoverable. What they are also going to do to “help” owners who cant pay is do a partnership mortgage (ie we’ll reduce mortgage by 40% for a share in your property. This allows the debtor to stay in the home and pay a manageable amount…….. Socialism a la Zapatero !!