Spanish Property Insight › Forums › Spanish Property Forums › Real Estate Topics, News & Discussion › Woman ruined by Spanish property crash wins compensation › Re: Re: Woman ruined by Spanish property crash wins compensation
The situation now for former British and other residents who bought in Spain during the boom are miserable. Their options are limited because they cannot sell their properties against drastic institutional sales reduced by 70%. and can only sell to cash buyers. Knock off that figure from your own house and you will see what I mean. Penury. Cash buyers can also obtain a larger margin from banks because the banks are desperate for new cash.
Add to that the fact that banks are scandalously still offering 100% mortgages on their own properties and creating a situation of impossibility for anyone else to borrow even with a decent deposit and the awful situation looks worse.
These are the facts of how modern Spain operates. When things go wrong you are on your own and they will hound you the rest of your life. When it goes wrong for them they equally screw everyone else unmercifully.
If you think that’s harsh, ask any Spaniard effected by it.