buying off-plan abroad - cancel contract

Lakey

Didn't quite get your last sentence Capt.
I'm really torn on this one, feel sympathy, think they have got caught up in some pyramid scam.
seems like the guy they trusted has done a runner.
I've been beside myself with worry over money and it aint nice. I don't wish this on the OP or anyone.
As long as they can keep healthy throughout it all

:ADid you mean to go overboard with ur ooooo's Capt?

geoffky

what you have done is by buying that amount is become a gambler
but it looks like you are left holding the baby..good luck because you need it
..I for the life of me cannot understand what anyone would be thinking buying 7 flats off plan when the market noises in spain and the canerys have been saying caution
..makes the 50k i lost in the last crash seem like small fry...

Captain_Mainwaring_2

Too many "o's" .

Whilst I don't wish anybody harm like this, I cannot really see much past the greed. Yes, I know it doesn't help discussing it.

It's all supposition and false trust based on the dollar signs. There are NO friends in business.

It gets worse because it seems like the OP doesn't speak spanish which I would have thought would have been a prerequisite.

If the OP can walk away and just loose the deposit, they should think themselves lucky, the potential losses if the contract reads like an English one don't bare thinking about.

This thread and the other "I signed the contract but wish I hadn't" type threads need to be grouped together, because people don't get the idea that simply signing your name can cost you a great deal of money.

A look at the "I borrowed money but want to wriggle out of paying it back" forum prove this very point.

Lakey

Is it the fact that these people are dabbling in a market they have no real knowledge of, or is it the commodity they are speculating on, that makes them greedy?
If say, they had bought seven ice cream vans, and we had a heat wave and no one could afford to go on hols so kids playing on the estate etc. etc. made it a really profitable proposition, would that be greed?
Is it just we are emotional about property and if people have more than that is perceived as their fair share, they are deemed greedy?

PasturesNew

Call me simple, but I could never work out the bit that to me was:

"If you think they're going up so much, how come you're flogging them to me?"

I'd figure that if it were that simple the developers would be selling them later somehow, by having around them a group of wealthy savvy investors that they put all this stuff out to. Keeping it in the club, so to speak.

When the man on the street is sold a bargain/good deal, it's usually that nobody else wants it.

SquatNow

1) Get a good spanish lawer.
2) Change estate agents immediately. Your current agents are the ones that sold you the property in the first place and are probably still trying to sell other properties for the developers, who will pay the EAs enough to ensure their properties get preferential treatment.

Kez100

PasturesNew wrote: »

Call me simple, but I could never work out the bit that to me was:

"If you think they're going up so much, how come you're flogging them to me?"

I'd figure that if it were that simple the developers would be selling them later somehow, by having around them a group of wealthy savvy investors that they put all this stuff out to. Keeping it in the club, so to speak.

When the man on the street is sold a bargain/good deal, it's usually that nobody else wants it.

Exactly what I would have thought to myself. I am the worlds biggest cynic (fighting for the title with Pastures). It's possible that when people suddenly come into money they think they are the only ones out there with any and in the 'lucky' position to be able to buy into such a great deal.

I do hope there is some way out of having to complete on the lot.

ruggedtoast

If I've understood this correctly you dont have time to try and offload the properties as you're about to complete and the builders wont give you an extension?

Is this the case; in which case there's not anything you can do apart from get a lawyer to look over the contract, as has been suggested.

Otherwise you need to work out what you can actually sell for. Slashing the price of the properties and offloading them may cost you less than the loss of your deposit for defaulting.

Please make absolutely sure that the builders cant pursue you for the total cost of the developments, if they can they'll take your deposit and any other assets you have. If this is a danger you need to find a trusted family member or friend to transfer the deeds of your house to.

You can only work with the options you have.

Lakey

Avicola am doing this to get your thread back to the top in case someone else might be able to give some good info with regard to your situation.
Maybe someone who hasn't read this yet might help.
The other buying abroad thread has had an interesting development today.

good luck to all

avicola

Thanks for that Lakey. It is incredible to know that people like you are out there willing to try and help.

We heard today that we will loose 100% of the deposits unless we can find buyers. But we won't loose the house so that is consolation at least.

Apart from posting the properties on internet sites such as singingpig etc, hoping to get an investor to take them over, we are working with a solicitor.

The aim is to try and get out of the contract. I know that is not a very nice thing to do as we signed it 'without a gun to our head.'

I won't say too much about it at this stage as it will sound like i am whinging on. But we honestly did not know we could loose all our money or that we had taken a certain 'option' as we were told that there was no need to have the contract checked out. Obviously that was an incredibly stupid thing to do.

I don't necessarily think the EA was scamming us as it was still the boom in Tenerife. Just nobody expected this drop in the market either in Tenerife or the UK and I know that plenty of people have been caught out with it.

Thanks to all anyway.