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Jimmck

Hi,

A friend of mine has a son who purchased an apartment off plan a couple of years ago. He put down an deposit of 50K sterling and completion is next month (25th Jan). He had hoped to sell on the contract but has had no luck, like many others I am sure.

He now has a problem as he cannot complete on the deal next month and wonders what options he has. I have suggested two possible options.

1. He walks away from his 50K
2. He possibly could sell his 50K stake for say 25K. At least then he only loses 25K.

Obviously he has left this really too late

Does anyone have any advice I can pass on.

Thanks

Jim
Costasales.com

Resale Centre

The best advice is to take a mortgage for the balance!

What complex is it on? Phase? Model?
What was the contract buying price?
How much has been paid in euros?
The outstanding balance?

He hasn't got a lot of time so if you get the details posted here, we can see if any agents will promote it for you.

What is the lowest he will take? As we can network it around our agents.

Regards

Lee / Terry
+965 714 031

__________________
Low commission property Torrevieja | Cheap property in Spain | Spanish country property | Apartment Spain

Jimmck

Hi,

Details of the Apartment is

Hacienda Requelme

Ground floor Apartment 54B
2 bed rooms
1 bathroom
Ground floor (Over looking 4th tee)
Phase 4 (I believe)
Block Silvia
Contract price excl IVA 174,997

Deposit paid 50K Sterling about 75KEuros

The owner will take almost any offer, at trhe moment he is looking at losing 50K so if he can recoup something is better to lose 25K not 50K I understand he is unlikely to get a mortgage.

Regards

Jim

PolarisWorld

Hi Jim,

Has your friend tried raising this with Polaris World directly or through the agent he bought through? Depending on the terms of the contract he may be able to withdraw from the transaction.

Polaris World may be willing to accept this unit back. Bear in mind that the sales price of these units direct from Polaris are now more than he paid so if they accepted it back they would resell it for more.

Regards
Paul Williams
Polaris World Murcia - Official Golden Partner, Polaris World Spain
Polaris World Golden Partner
0207 060 1475

Jimmck

Hi Paul,

Many thanks for the info. I will pass the details on to him. I think he would be happy if he had at least some of his deposit back.

Regards

Jim

Resale Centre

Just out of interest Jim, did your friend get any of his deposit back?

Did Polaris help him out or did he do a deal with someone else?

Did he manage to get the next payment in?

__________________
Low commission property Torrevieja | Cheap property in Spain | Spanish country property | Apartment Spain