Thursday, October 15, 2009

What Happens When An Inheritance Goes Wrong

I have recently placed a property for sale in Spain on the website which just goes to show the folly that can happen when buying in a market that had overheated. The current owners inherited a tidy sum of money at the start of 2008 and bought a shack. They then added a double garage, swimming pool, renovated everything, put in a fantastic garden by buying already mature trees and landscaped everything using the pressed concrete method which looks really nice and for the price it should be.

Anyway the total cost after rounding up or down a bit is around 300k and the pool and garage are ever so slightly illegal, something they are trying to sort out right now. Remember this is a BMV Property for sale in Spain with an ultra modern solar system for light but it is still solar and not on mains.

They haven’t got a mortgage but they have got a problem. They have run out of money and there is a health issue. Therefore they want to sell. Meanwhile the bottom has fallen out of the market and when I went to see the property last week I gave them an estimated market value of 180k to which they should accept offers. They have intimated they will. Have a look at the photos and if you can handle the fact that a couple of the elements are ever so slightly illegal then think about whether this is a place that you may want to buy. It is on a plot of over 2000m2 comes fully furnished and of course is key ready as new.

Five minutes from the motor racing circuit at Cheste, ten from the airport and 15 from Valencia. Nice.

Check out the video too.

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