We know someone who bought a 1 bed apt. on golf course in CDS about 5 years ago, were told it was a bargain as prices had dropped a third or so, so worth buying at 162k euros, mind you awful build quality. Overvalued by Bank for mortgage purposes too. We advised ‘don’t buy’ but they din’t listen, and, also told someone else not to buy 2 years ago on same development, now both sets have lost so much money effectively. 😯
Just heard it’s now going on market at 85k euros, any such equity now lost, and whether this sounds right, but it has to be advertised for sale for 2 months before the Bank takes it over and I suppose it will end up in the Bad Bank.
Presumably original Bank will try and go after the original buyer who has no assets in the UK we are told :wink:, however the original Bank is guilty of over-valuing and could be sued, so becomes very complicated.
If this is typical then I can only see Sareb reducing prices further of their toxic assets and impacting on the general market 🙄