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This is awful. I can´t stand the waiting. Everything is out of my control. My fate is entirely in the hands of the vendor and his agent. Apparently the cash buyer has been to Marbella, and has made an improved offer of €430,000. It now transpires that the owner has ´accepted´ this offer, but also my (lower) offer and the property will be sold to whoever deposits 20% of the purchase price with his lawyer in Spain.
Hang on a minute!!!!!!!!!!!!!!!!!!
The negotiations have gone from 10 mph to 100 mph, and I am being left behind. It seems that the other buyer has already done his due diligence with his Spanish lawyer, and is ready to buy. Although I am mortgage-approved, I am still reluctant to hand over €84,000 without a valuation and without a nod from my lawyer. Because I need a mortgage, I´m miles behind the other buyer.I´m desperate for this property. I´ve furnished the place in my head. I´ve celebrated Christmases in the dining room, I´ve slept on the sofa with the log fire to my side, I´ve had friends over for drinks on the terrace……but only in my dreams.
I think about paying the deposit. I hate losing!
I err on the side of caution, and instead I speak to Solbank and ask them to perform one final check on my dream Marbella property before I go for it. Within 30 minutes my world comes crashing down around me.
Although there is likely to be no comeback on the buyer, it emerges that the house isn´t 100% legal. There is an ongoing dispute between the developer and the town hall of Marbella regarding a previous abuse of the buiding licence and the local plans. I´m told it is highly likely to be sorted out in the next few months, but for the present time, Solbank are not in a position to grant a mortgage without lengthy measures which will need to be cleared by their Head Office.
I can´t proceed. I´ve lost the property.
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