lost depsoit on off plan spanish property

[ianoven]

Hi I have lost several 30% deposits on off plan property in spain, my lawyer feels that maybe we can recover some of the money but it could take many years, has anyone had any luck in this?
I have also been offered a deal by a developer who will take over my leagl action and gift me a depsoit on a completed property, where I only need to take over the mortgage, they are also paying the buying costs. Has anyone done this?

Regards

Ian

 

[Lysos]

Ian, you need to crunch the number. There are no free lunches. What would you pay in the open maket for this completed property (is the whole development complete ?),as opposed to the price the developer is asking ?. Why would the developer want to waste time & money pursuing your claims ?. Answer he wouldn't. Giifted deposit ?. Developers don't give you anything, just a sales ploy.

I dread to think how you managed to lose several deposits; when in a hole stop digging.

 

[findingout]

If it sounds too good to be true... if you don't mind me asking as well, how did you manage to lose these deposits?!

 

[Peter Mitry]

Someone asked earlier in this thread how Investors lost money? Why did they not stop investing? In the good days between 2000 - 2006 many of us who were close to the industry bought a number of properties off plan from Developers such as Peninsula, Noriega and Aifos in Spain, who at that time seemed invincible. When the crisis hit these Developers, along with many others, they quickly got into difficulties and eventually folded. With the Developer gone, many Investors thought their money had gone too. Many tried to recover their funds but most gave up, either because of language problems or because of a barrage of seemingly insurmountable red tape. Our Spanish lawyers have spent the past 8 years finding a way through the legal process and so far have been 100% successful in repatriating lost funds.

 

[Barry Wallace]

Hi All

I had a deposit paid on an apartment in Andraxt, Terque (Inroal) approx. 10 years ago. Due to the shenanigans that went on in Spain, I was one of the many unfortunate ones to loose my money. Over time, with all possible roads of retreiving my money leading to nowhere, I had put the experience to bed, citing it as a bad luck with little hope of getting my money back.

The good news is, I have just received my deposit back, from the bank, and it was a pretty painless process taking only 8 weeks.

If you would like more details and assistance with getting your money back, please contact me.

Kind regards

Barry Wallace

 

[Peter Mitry]

Excellent Barry, very good news and of course it shows that you should never give up. Recently the Spanish government have ruled that banks who give bank guarantees are ultimately responsible for refunding this money. However, the potential downside for the banks is vast and you can be sure they will fight to the bitter end.