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buying a second property, old problem = cash

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  • buying a second property, old problem = cash

    Hi all,
    just got back 2 weeks in the sun, and after 4 years in Torre, i have decided to move to the top of Quesada over looking the golf course.

    only thing is, i still have my apartment in Torre town, and was pointed in the direction of this http://vidianca.com/products3.htm by an estate agent who reckon they can get a work around until the property is sold.

    Before i get into this product, has anyone any experience of this, as it just seems too good to be true.

    i cannot see how they get around the 30% deposit....

    Phil

  • #2
    If it seems to be too good to be true - it usually is.

    Comentario


    • #3
      This looks like a good old-fashioned bridging loan to me. The deposit doesn't have to be found because it is advanced as a loan against your existing property. As the loan is advanced by the estate agent (and there is no mention of the interest charge) there would appear to be a conflict of interests in that the longer it takes to sell your property, the more you pay in interest.

      Personally I would steer clear of any such arrangement unless properties were selling like hot cakes in a cold climate, and let's face it if that were the case they wouldn't be offering the deal.

      I suspect that this may become an albatross around your neck and should therefore be avoided at all costs.

      HTH,

      Chris.

      Comentario


      • #4
        I agree with both posts, it does both seem to be too easy, and could in the end being a burden.
        The only option to this is to sell my existing property, but as we are all aware, there is a slump at the moment.
        I was told that there is a 7 year cycle in the spanish property market, and that we are now in the bottom of it, whether that is correct or not, remains to be seen.
        I have come to the conclusion that most properties bought about 4 or 5 years ago are now selling for around the purchase price, if not lower in some cases.
        I'm not too bothered about making money on the apartment, so long as it doesnt make a huge loss, so i am comfortable selling it at a price below what is advertised in the agents windows.

        Can anyone recommend a decent and even honest agent??

        But, i have an itch to move elswhere, so i will tread carefully on this matter.
        I am awaiting further details on the product, and will post them as i get them.

        Ever an optimist

        Phil

        Comentario


        • #5
          Happy or not you will always be selling at a price below that in the estate agents' windows as they will take your asking price and then add their own commission on top - this could range from 5% to 30% depending on who you pick.

          As for the seven year cycle, this may apply to Spain as a whole, but most of the properties in this area (and there are now thousand upon thousand of them) didn't even exist seven years ago.

          There is a healthy stream of buyers out there, but a huge pool of properties to choose from, and given that most of the buyers are brought out by agents keen to sell off-plan properties this makes a slow market for resale sellers.

          Best tip I can give you is to make your property the one that people will want to buy. So many resales look tired and unkept, but people will always want to buy the smart, tidy, uncluttered happy home!

          Best of luck, and choose your agent well! Why not test them first by viewing a property on their register and see how keen they are to sell before you tell them you actually want to sell your own?

          Buena suerte.

          Chris.

          Comentario


          • #6
            If the property at Quesada overlooks La Maquesa golf course I would do some research first. A friend told me the course sometimes gets flooded in the winter as do properties at the lower level. I must stress this is only what I have been told and have no first hand knowledge of this but it is worth checking.

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            • #7
              Hello Durx.

              Please put an e mail address I can send a recommendation to. We used these agents and they were first class.

              Comentario


              • #8
                Re: please, send me your mail address

                Hello. We have used an agent who takes 3.5% comission, very serious and professional. Send a mail to my address partipral@gmail.com and I will send you their mail.
                Best regards

                Comentario


                • #9
                  Hi

                  Originalmente publicado por JDC
                  A friend told me the course sometimes gets flooded in the winter as do properties at the lower level.
                  Thanks for the tip, but mine is at the top of the hill overlooking the golf course on one the highest spots around, so if it did flood, it would make a great boating lake.

                  and recommendations for agents please mail me phildurkin@blueyonder.co.uk (let the spam begin!!!)

                  cheers

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