Quote:
Originally Posted by surfingbrazil
Wolfang & JM
Again , agents minimizing trouble !
Unless the buyer has a separate bank guarantee from a bank, which is not the case for the ones seeking legal help ( they would had collected the funds from Barclays and will not address this forum ), the money is lost.
Bankruptcy comes in two steps, according to Spanish law.
First: # CONCURSO DE ACREEDORES#, with a judge in command.
Second: # DECLARACION DE QUIEBRA#, when this judge realizes that there is no money to everyone claiming debts.
When the first is accepted only a miracle may avoid the final step…and miracles belong to another world.
It is only a matter of time and legal proceedings.
JM, what should these people do?
Invest in one of yours off-plan places?
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For a start, as far as I know Wolfgang isn't an agent but I may be wrong.
Second, if they had invested in one of the projects I'd contracted, they wouldn't have this issue.
Third, as long as the investors were using competent legal representation their money would never have been sent to Sanchez until the private purchase contract was signed, as I understand it none ever were, so the money never got to Sanchez. Should still be with the investors lawyers.
So once again as I've always said time and time again. Make sure that what you are investing in is a safe investment. Do your due diligence. If you have the knowledge to do that yourself, then good for you and best of luck. If you don't, then I'd recommend you work with an agent who does.