Words: Ashley Rigg
Published: 22nd July 2010
Spain: Banks squeezing agent commission rates
Spanish banks are holding back the property market by not incentivising agents to sell their properties.
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Source: Kyero.com
User Comments
The banks always have been rather retrograde.
At this moment in time where I live in Galicia (Northwest Spain) the banks are offering up to 110% mortgages on their snatch back properties and not a penny on other properties; they should be put into court for market abuse.
I was asked by some banks to move their properties but they prices were stupidly high and they were not willing to pay a decent commision. I told them that the prices were too high and their answer was: "it is only what we are owed" in other words they handed out too much money stupidly in the past and now want to recover it at any cost.
I obviously wasn't interested in what they had to offer I have many properties much cheaper than the prices they gave me.
Mark Adkinson,
Galician Country Homes
Its not so much that the banks are poorly rewarding agents, the main issue I have is their lack of proper communication. The are slow to respond to queries and are generally frustrating to deal with.
You would think with the black hole many of these banks have in their balance sheets because of the property market, they would be pulling out all the stops to try and sell them!
Mark,
First Property Choice