There have been a number of different cases where buyers have unfortunately fallen into Spanish property horror stories that could have been avoided, had professional Spanish mortgage advice been sought during the purchase process.

Here are some Spanish property horror stories and how to avoid them.

The development company went bankrupt as the development neared completion, even with couples buying homes in the new neighborhood. In order to keep the property from being bank owned, the couple was urged to finish their procurement. Even though there was an outstanding mortgage it was left payable to the bank instead of transferring over to the new owners of the deed.

A family lost their home to the bank and couldn’t get it back even with a huge loan.

A woman bought a fully licensed property on Rustica land, then a road was being constructed on more than one third of the land, and the Rustic land would only provide a small amount of compensation for the land. If the property is registered as land alone but it has a home on it, then the regional government will not bother to talk to the new house owner.

In one case a man travelled to Spain at his own expense to view property that was supposed to be a great deal. Anyone who has ever bought property or a house knows what a hair raising experience it can be, well just imagine if you think you have everything in order just to find out that half of the property you are wanting to purchase is not even registered legally. You are back to the drawing board.

One guy even put down a deposit on a property he was familiar in a village he liked. The first developer went bankrupt during the initial construction. The second developer took over the project, but they did not complete the work, either. Unfortunately, the project doesn’t fall within the five year build plan, and there is no licensing or grants for the owner and builder, so the project is permanently on hold.

All of the above cases could have been avoided entirely with the right advice upfront from a company like IMS Marbella that works solely on the behalf of the buyer. Many property buyers should consider hiring professional help when it comes to home contracts, since you can avoid all of the stress and avoid these problems as mentioned in the previous stories.

Filed under: Real Estate

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