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In uncertain economic times, many people find themselves unable to make their mortgage payments. If you find yourself unable to pay your mortgage on your primary or second home, you may face major consequences. These consequences vary by country and can even vary by state or province within the same country, so it is important to understand them fully.

Defaulting on Spanish mortgages, for example, has very specific consequences. In past years, it was possible to default on a Spanish mortgage with little to no loss at all to the homeowner. This used to be true, especially for second residences or vacation homes. However, this is no longer the case, as Spanish banks can and will pursue non-residents to fulfill their mortgage obligations.

If you find yourself unable to avoid defaulting on your Spanish mortgage, the bank may agree to take the home back. This option will save you money in court costs incurred by the bank when pursuing you for the balance, as well as additional interest on the mortgage during the court battle. You cant just turn the keys over to the bank without arranging it, however. The bank is under no obligation to let you out of the mortgage by taking the home back. They will be rather unlikely to take the home back without good reason such as a hardship. Any homeowners that can prove such a hardship to the bank will be even more likely to succeed in negotiating a turnover.

If the bank rejects a home turnover offer from the homeowner, he or she will need to try to sell the home quickly. The homeowner must sell the home for as much as possible, as the bank that holds the Spanish mortgage will come after him or her for any amount remaining on the loan after the home sale proceeds are paid to the bank. If the shortfall is significant, the bank will be much more likely to pursue you for that amount. But the bank can legally attempt to collect any amount from you. This means you may face liens on any assets you own, including your primary home and investments..

If you must default on your mortgage in Spain, it is vital that you contact the bank as soon as possible to work with them. Doing so can result in an agreement that will satisfy the bank, relieve you of your responsibilities associated with the Spanish mortgage, and allow you to keep other assets you may own.

Getting a top notch home inspections in Cave Creek is crucial whether you’re about to sell a home or buy a home. Here are a few tips to doing your own property inspection to make certain your property inspector does what is necessary, but don’t take this as legal help and always seek pro help. These axioms might also differ from state to state.

Before meeting with the Scottsdale home inspector, you will want to bring copies of the deed, survey, tax liability, leases, and bills for any major work on the property. These documents will familiarize the property inspector with your property ; moreover, the search of the same will cause the vendor to invest time in the negotiation.

1 ) Exterior Inspection
Begin with an exterior assessment. With clipboard and pad, record impressions about bordering property, drives, walkways, stairways, and handicap access. Note the parking situation, grading, and landscaping. Check the condition of outside walls, doors, and windows. Use your binoculars to check the roof, or if feasible inspect it close-up. Is it cracking or thick with too many layers? Are the gutters and downspouts in good condition? Water is destructive, so be aware of drainage. Look for soggy conditions, peeling paint, cracking mortar, algae and mould.

2) Major Systems Inspection
The basement is one of the most significant parts of a property. From there, begin considering the major systems. Inspect the foundation by studying the supporting walls for sandy, cracked, or deteriorated mortar. To find air leaks, look for cobwebs-spiders spin them near openings to prey upon insects who enter from outside. Explain this entomology lesson to the vendor as you pick at those energy inefficient cracks. Check the sump for water which indicates leakage. Water pulls termites, so use your screwdriver to probe joists for rotten wood.

3) Living Area Inspection
Next, inspect the living area. Check for an alarm system and smoke detectors. Note the smell-it can affect value. Tally the number of bedrooms and lavatories. ( According to FHA, a’bedroom’ isn’t a bedroom if you have to walk through it to access another room. ) Many older homes lack closet space, so make note. Inspect the composition and condition of floors and walls. Test all windows and doors for ease of use. Also check that all electric sockets are grounded ( 3 prong ) and functional ( you can use an inexpensive electrical tester. )

These are only a few considerations when you get a home inspection done. This does not replace the recommendation of a genuine, qualified and experienced professional. Please seek qualified help when you really need your Cave Creek home inspection done or call 480-415-7977 if you are in the Scottsdale, Arizona area.

Once youve chosen your ideal property and found a Spanish mortgage how do you go about completing the purchase?

It is in your best interest to hire an English-speaking lawyer to assist you in the process of purchasing regulated Spanish property. Make sure that the Spanish property is free of restrictive clauses and debts.

The legal process for buying a Spanish property falls into two different categories. First you have the Contrato privado de compraventa, or the preliminary contract, and then you have the Escritura de compravents, or completion contract.

Once both parties have agreed to the price, then a preliminary private sales contract should be signed. The vendor needs to be able to provide proof that he or she owns the property, and that it is free of any charges, Before this Contrato privado de compraventa will be signed. In Spain, debts are attached to the property, so any mortgage that was outstanding would transfer to the buyer. Nota Simple tells about outstanding debts.

The preliminary sales contract will be drawn up to contain all of the necessary details including the date of completion, the purchase price and the description of the property. When you reach this point, you can expect to pay a deposit of 5-15%. This money is held for you in a secure customer account. You can sign the private preliminary sales contract and not put down a deposit but it is not advised.

The second stage is the final contract stage, or the Escritura de compraventa stage. On the completion date, the balance of the price of purchase and all fees need to be paid by the purchaser. Next, the seller and buyer meet and sign a contract, which is essentially a claim to the property. Also known in Spain as the escritura, the purchaser will received this deed which is usually in front of a Notary Public. In order for everything to be legal a copy of the deed will have to go through the tax office and property registry. In Spain, all deeds of sale must be witnessed by a Notary Public, which is a public official in that country. However, you need to have your own legal counsel to protect your own interests during the transaction. While buying any property do remember that property sales taxes and legal fees for the Notary Public is also to be paid by you only.

For a top notch Seattle Home Inspection - A thing that you don’t want is to move into a home, condo or commercial building unaware of potential problems. Problems that can easily be extremely costly to rectify or, even worse, not worth repairing.
This is why it’s critical to take advantage of a service such as our. With years and years of home inspection experience and big investments in training, we acknowledge exactly what to look out for. IF there are certain problems to be on the look out for, we’ll discover them.
Why a Seattle home inspection will assist you
A Seattle home inspection will allow you to be in charge of the property transaction by helping you – identify issues that may come up, establish the condition of the property, consider possible repairs and upgrades, take measure of your investment decision, and have confidence and piece of mind throughout negotiations.
Some things you can expect from your Seattle home inspection The Seattle home inspector will most likely provide an invaluable learning experience in which all of your questions can be addressed and answered right then and there. We always encourage for you to accompany us during your Seattle Home Inspection..
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Here’s a couple of thoughts for remodeling a small bathroom. In my next article I’ll be talking about some kitchen remodeling.

You probably wish to avoid a wide sink and big vanity because it’s going to be rough to work around them in a small bathroom. You’ll want a small vanity strictly because you don’t get that much space to deal with. You might wish to get a vanity that will fit in the corner of the bathroom. A pedestal sink would probably give you even more space for your bathroom.

A circle shower or a corner shower is my second thought. Having a little bathroom, you’ll need to save space anywhere you can get it, and a corner shower will help you in that respect. Many stand up showers will take up a lot of space, so getting a circle or corner shower will save space for a small bathroom remodeling. Another idea is to find a corner shower that is clear, not solid because this will contribute to the deception of delivering a large bathroom.

Picking Out the right colors and style is my third suggestion. The important colors of the bathroom should be easy colors but for the accents, you can go with darker colors. You should also keep to a more modern look for the fixtures and any furniture that you might need for your bathroom. Another great idea is to use mirrors because they add to the illusion of a larger space.

Small bathroom remodeling is very difficult so hopefully these articles have helped.

A relatively new concept in the online world is “Virtual Real Estate Investing“. Everything from using the internet as an avenue to make more money in real estate to online games such as SecondLife seem to be included in the popular definition of this term.

To separate fact from fiction, I asked Bryan Ellis for comments. He’s the man many consider to be the father of this new form of investing.

Ellis says he adopted the term “virtual real estate investing” sometime before Y2K after he realized that making money online is conceptually very similar to making money with physical real estate.

Bryan Ellis cites the similar strategies one can employe to make money from “virtual property” and “physical property” as a primary parallel of the two markets. He points out that control of a domain name or even a specific web page is much like controlling a real estate property ” those assets can be monetized in similar ways: By selling them for a profit, by leasing them, by offering advertising, etc.

The similarities really are obvious. For example, if you’re the owner of a desirable property, its desirability is (in a business context) largely due to its being in a location that is of interest to others. Likewise, if you own a desirable domain name, others will find value in it because it serves their purposes. In either case, you could sell or lease the asset and turn it into cash.

In our next installment of this series on virtual real estate investing, Bryan Ellis will share the internet analogies to the physical concept of real estate development.

There are several different types of homes to consider when looking into choosing a property in Spain. The first thing that you need to consider is where in Spain you are looking to live. You may want to be near the Mediterranean coast or on one of the Spanish Islands. You may want a beautiful country Finca (old farm house) with Olive Groves and citrus trees or do you want to live in a lively city such as Madrid or Barcelona. The sheer number and variety of properties available throughout Spain is breathtaking. This is going to determine the types of property that are available to you. For example, in the major cities you may want to consider an apartment or flat if you need to live within the city proper. Further from the center you could be able to afford a town house or villa.

Once you have determined the type of location you are looking for you need to consider the style and size of the house. Another option though more complex is to purchase a piece of land and design and build your ideal home. You could also choose a run down or ruined property and modernize it to your own tastes.

Once you have considered all these factors you need to look for financing. If you are not fortunate enough to be a cash buyer you need to consider how much you can realistically afford. A conversation with a Spanish mortgage and financing expert will help you determine how much you can afford to borrow and they can also advise you on other matters related to the value of the property.

If you are moving from outside the country you also need to look into the tax implications. Certain types of properties and specific locations may change the taxes you have to pay. You also need to consider things like employment and the distance to local amenities such as shops, banks, medical facilities and schools. These are the same no matter where you are looking for property.

Choosing a home in Spain can be an exciting experience. There are many things to consider. In particular make sure you are purchasing the right kind of home for you, not just now but for in the future as well. Purchasing a home is a major investment and you want to make sure you know exactly what you are entering into.

Buying a house is said to be one of life’s most stressful experiences, buying a property in Spain that can be a 2 -3 hour flight away can only add to the stress, but when Roy Howitt bought a Spanish property it created a business providing professional home inspections (snagging services), for new build properties, to avoid the dream of owning a Spanish home turning into a nightmare.

Around one year ago he set up InspectaHomeSpain, after buying a new apartment in the Costs Blanca, on a new urbanisation of 193 properties, that had some major defects, when he could not find a company that could provide a snagging inspection, or advice and discovered that some Estate Agents really do not provide any after care and loose interest once the sale has completed.

Buying an off plan property in Spain involves a series of staged payments, while the property is being built, and the final payment, typically 30%, once the property is complete. The agent or builder will then notify you when the property is complete and ready and ask to come to Spain to inspect the property and then complete the sale at the Notary paying the balance on the same day which is where your problems can begin.

Buying a property is exciting and you arrive expecting to be able to move into your new dream home. The agent will normally request that you inspect on a one day and complete at the Notary the same or the next day which allows no time to get the builder to repair any defects. Emotionally you want to get moved, you may need to get rental income, you possibly have organised furniture delivery and installation of an alarm so often complete regardless of how many defects the property has or even if the pool isn’t finished, or the property isn’t quite finished.

Roy’s own experiences demonstrates what can go wrong ‘We arrived on site to snag the property, a common term to check for building defects, and were horrified to find the pool not completed, no paths or access, and no water & electricity connected to the property, a 3 bed roomed apartment and we had been assured that everything was finished, and that we would be able to move straight in. With no lighting and a bathroom and kitchen without windows it was difficult to check, and I arrive without any tools, torches etc but I found 36 defects, mostly tiling and decoration, and stupidly completed at the Notary the following day. The following day when I was given unlimited access and the electricity and water was on I could see lots more problems and luckily, via a local builder, found a contact with home inspection experience, who snagged the property properly and found 117 defects including, water outlets not connected, loose window and door frames, 8 sockets and switches not working, no vent in the bathroom and that a large solarium area needed relaying as the tiles were loose and lifting. 2020 hindsight is a great thing but I definitely would not have completed on the property with these problems, and now knowing how long it can take to get defects fixed, I would not have completed on the property if I had been able to get the information from a professional home inspection.

Roy felt that the developers took advantage of buyers’ ignorance of the process and their legal rights on standards, and took little responsibility for spotting any defects themselves plus the language barrier didn’t help when I was asked to sign off a snagging list in Spanish’ So InspectaHomeSpain was launched to provide homeowners with the expertise of an industry professional and to take the stress out of what is already a highly traumatic process and news of the service spread and they checked 56 properties on the same urbanisation and identified more than 7000 individual defects.
Some of The Top 10 Tips before during & after a home inspection

1. Do not agree to inspect and complete over a two day period. Request at least 5 working days between inspection and completion to allow time for snagging defects to be repaired. By not completing you will be in stronger position to get defects repaired. A house inspection company can check the property without you needing to be present.

2. Before you arrange the trip get the developer/agent to confirm in writing that the property & communal area are complete. If communal areas are not complete get the builder/developer to confirm in writing completion date for these areas. If you are buying a property for rental income the lack of a pool will effect the rental value

3. Get the developer to confirm that water and electricity are connected and available on the day of inspection

4. If you have bought via an agent insist that a representative from the agent, that speaks Spanish, is an the inspection

5. Negotiate that you retain a percentage of the final payment, typically 5% which is paid when the snagging defects are repaired

6. Go well equipped, a plan of the property and list of what’s included, prepare a snagging list room by room. Take a digital camera, good battery powered lights, spirit level, indelible marker and tape to mark the defects, binoculars to inspect the roof area.

7. Don’t be afraid to shake things, door & window frames, toilets, taps The property will have builders clean so it will be dirty and dust can hide all sorts of problems so take cleaning materials.

8. Never sign a snagging list on the day with the developer, get them to send them to you and your solicitor

9. Find a key holder early in the sales cycle, somebody that can get access to the builder for repair work access and security supervision. Spanish builders are not known to arrive on time or to complete work quickly

10. Don’t be afraid to refuse to complete on the property if you’re not happy, don’t be bullied by the agent & builder to complete, remember the agent normally gets paid when you complete so be wary if they offer a snagging service

InspectaHomeSpain provides new home inspections in The Costa Blanca, Costa Caliida, Costa Almeria and Andalucia areas and have a team of freelance snagging inspectors from backgrounds including site management, surveying, architecture and civil engineering and provide a help and advice to buyers via e-mail telephone and their website www.inspectahomespain.com which includes a guide to DIY snagging, help and tips plus examples of the most common defects in Spain. Reports are provided in English & Spanish within 72 hours of the inspection and start from 150.

Roy Howitt has been living and working in Spain for 3 years and is the Managing Director of InsopectaHomeSpain a leading supplier of Home Inspections (snagging reports) for new hoime buyers.