House value warning and rant

[sterlos]

For the last four months I have been trying to purchase a house in La Celeda near Iznajar.
Firstly the estate agent was the owner of the property and appeared to be less than truthful when I asked him questions like how long has the house been on the market and the answer was "I can't remember".
We negotiated the price and black money came up straight away 20% black money. He asked for a 3k euro non refundable deposit which we negotiated down to 1k for him to remove it from the market (which he did not), he then pushed and pushed and pushed for a further 10% non refundable deposit within 10 days without a survey, every time we explained that we would not pay anything else without a survey another email came in asking for the 10% forthwith!

He also wanted us to use their solicitors (thank goodness we didn't), Our Friends recommended a Gestor which turned out to be good decision. The seller took an instant dislike to them and slated them by email which seemed very odd.

We just continued with the purchase ignoring the requests for the 10%, soon after our Gestor found that the deeds were incorrect, the deeds only showed one floor not two hence half the square meter-age.
But apparently this can be sorted by what's called a declaration of new works and it was sorted (in 8 weeks not 4 as the seller promised), Although we never saw the paper work
Whilst the declaration of new works was going on we couldn't get the survey done as the mortgage company wouldn't recognise the second floor to survey it.
Finally we get the go ahead to survey. We were quiet excited to see some progress. The result of the survey came back last Wednesday and the valuation was 79000 euros 15000 euros below the agreed price.
I emailed the seller to ask if he wanted to reduce the price which I had a one word answer NO.

Now all the seasoned pro's will quickly grasp why the value was low and the answer is black money.

You can only get a mortgage on recorded values.

If you require a mortgage please be aware that the mortgage offer will be likely to be below the agreed price.
We have pulled out
The seller has since increased the price, which belies comprehension.
If anyone needs further info please PM me.

[freecatsrus]

Why did it take you so long to pull out, early signs should have told you it was dodgy.
There are enough horror stories on the forums to make you aware of the dodgy dealings going on.

[sterlos]

We pressed on with little investment with the hope that we may be able to purchase the property.
But we always had it in mind that there was a high chance of not purchasing the property.

[claire82]

what idiot thinks they can get a mortgage on the black money??????? That's why it is called black money its not declared!!!!!!!! You property buyers should really do your homework before you purchase in this country. Your not even supposed to under declare the value anymore, it will cost you more should you later on come to sell again!

With regards to the survey valuation:- On resale properties banks mortgages often are lower then the agreed price. The property is normally valued lower, they also will only lend 60-70% of THEIR valuation. Not the price agreed by you and the seller.

[Ambre Solaire]

claire82

A little empathy would not go amiss, your comments to Sterlos are the last thing I would think he wants to hear at this stage. Calling someone an idiot is totally unacceptable !

Sterlos, I wish you well

Ambre

[freecatsrus]

Claire 82

Why don't you kick him whilst he is down as well, totally uncalled for comments.

I agree wholly with you A S, best of luck with your venture Sterlos.

[dido72]

Best wishes from me too, I hope all goes well for you next time, don't give up!

[claire82]

I was only trying to point out that people should research first. Your sympathy comments are not going to help him at all!!!!! Wheres my comment hopefully will help out other potential buyers.

[Ambre Solaire]

claire82

I did not offer Sterlos sympathy, I offered empathy - there is a difference ! !

Your "idiot" comments will not help anyone !

[nevada smith]

ambre,
i don't think that
"Sterlos, I wish you well"
qualifies as sympathetic or empathetic...

at best, it's a token wish, much like
have a nice day...

[Ambre Solaire]

Hi Nevada

Thanks for your comments, I won't reply as I think the thread will wander from Sterlos's serious posting if we start discussing the correct use of vocabulary

Maybe he should name and shame the Agent and that way other people will be wary.

Regards

Ambre

[nevada smith]

yes'm

[Heston]

Sterlos

that is awful what has happened and if A.com allows you Name and shame the B....at least u only lost 1k it could have been so much more. Amny respectable agent would only take1k deposit to remove the house from the market and at this stage give you and the Vendor a contract. this 1k is fully refundable if any issues arise re paperwork etc..in your case you should have got a full deposit refund ahd the agent been half decent. dont let it put you off there are lots of good ones and many happy customers out there...ask you Gestor can you not denounce him..or like I said earlier name him on here that will do him a load of damage!

Good luck to you
xxxx

[dido72]

Yeah! go on name and shame him, he certainly didn't do you any favours did he?

[Retro P]

You're absolutely right, there's one poster on here who does it all the time, and apparently gets away with it, it's totally uncalled for and not at all in the spirit for which this forum is intended, I too wish you well Sterlos, hope you get something better next time, one piece of advice for you is to remember that 99% of estate agents in Spain are out and out crooks, sad but true!

[juliesteve&joe]

Go on name and shame Sterl- if you don't I will!!

Claire82- I wont be as tactful as the others - your comments weren't asked for or needed- Sterlos was mearly telling his story. Not an idiot by any means. Rudeness does not suit the forum or you!

Ambre- hope yours is better news- and take no notice, a bit of niceness goes a long way- causes less wrinkles than bitterness too!

[Colinm]

It's been said before on this and other forums - estate agents tell you what you want to hear! they are like politicians - minimalist when it comes to the truth

[Paula]

I was only trying to point out that people should research first. Your sympathy comments are not going to help him at all!!!!! Wheres my comment hopefully will help out other potential buyers.

Yep I can see them flocking in their thousands for advice

[freecatsrus]

I asked Sterlos who the agent was and was not suprised with the name he sent me, they have been mentioned before on here, not by name though, even though they should be by now.

I have know an agent for many years in my area whom I bought my house through, she is even know to the hosts of this forum who have done work for her on her web site.

Retro P she is the 1% you are refering too.

She informed me that one of her customers had been with the other agents previously and because they did not buy off them they sent abusive e-mails to them. So much for professionalism.

Anyway Sterlos I PM'd you with her web site and she is willing to you give you any help with info about procedures etc.