Words: Ashley Rigg
Published: 19th August 2010
Banks – Shafting an agent near you
If you think the market you’re working in is tough, spare a thought for the hard working agents on Spain’s costas.
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Source: Global edge
User Comments
For all these reasons, we choose not to deal with the Spanish Banks. Let them spend time and money getting it wrong and then when they realise they are getting nowhere they will be back to the agents.
Colin Scriven,
Hamiltons of London S.L.
The banks are slow, uncommunicative and generally unscrupulous when it comes to their repossessions. We have had clients who thought they were buying at a specific price, only to be told they need to pay more if they want to complete their purchase.
It seems previous business relationships mean nothing to them in the current market.
Mark Goodwin,
First Property Choice
We work with several banks in Tenerife and market their repossessions but they can be difficult. Stupidity/ignorance seems to be the main reason behind most problems. We had this scenario last week: Bank has 3 x luxury townhouses at 295,000€. Three clients have "expressed an interest" in them directly so the bank has reserved them while these people deliberate for 25 days. A client walks in to our office and says he is very interested in buying two of them. We phone for a viewing and the bank tells us they cant be arsed to come over for a viewing on properties they have *probably* sold. Even though they have no money down - nothing. So when their sales dont materialise our client will have gone back to his home country - so annoying!
Other banks make it almost impossible to get a collaboration agreement with god knows how many ridiculous terms and conditions.
Another promised 100% mortgages then rejected 3 clients outright - no reasons, no excuses just flat rejections (and all credit worthy clients) They will need to do something drastic if they want to have ANY chance whatsoever of moving this stock - because they are not making it easy for us!
Tenerife property,
http://tenerifeestateagents.net