bargain spanish property cheap properties costa del sol property in marbella spanish mortgage a
I know what you´re thinking – why didn´t he check with the bank before making an offer? To be honest, I just assumed that all would be ok.
Even now, I reckon that if I´d had a little more time, and the cash buyer hadn´t been on the scene, I could have found a bank to provide a Spanish mortgage on that property in Marbella. For the cash buyer, the risk was all his – no banks to consider. And let´s face it, even in the worst case scenario where the new owner may have been asked to pay a fine as a result of any adverse ruling by the town hall in Marbella, the fact that he secured the property at such a great price was probably enough to persuade him that it was worth the small risk.
So, there we are. I´m gutted. My advice to any prospective buyer of a bargain Spanish property is to be fully prepared, so get yourself mortgage approved, and spend time speaking to a lawyer to make sure you are aware of any potential pitfalls. By doing this, you will be able to compete with a cash buyer and react with the same speed.
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