Collapsed sales add to Spanish property woes

Chris Mercer, Director of Spanish property specialists Mercers, said: "We’ve certainly spotted a marked trend for house sales that are near, or at, completion and then break down at the final hurdle.

"The reasons are varied, but most relate to the current precarious global economic situation. Banks may withdraw their mortgage offer at the last minute, the purchaser perhaps suddenly loses their job or simply gets cold feet at the enormity of the financial commitment.

"The ASBOM trend will be an enduring one – highly frustrating for agent, purchaser and particularly the vendor."

Disappointment on the vendor’s behalf at clinching a deal only to see it slip away will often make the ASBOM very attractive for the next buyer that comes along.

Already the best homes on the agents’ books, they will now have more negotiable price-tags as the vendor becomes more desperate to sell.

If the next chapter of life was put on hold after the previous completion collapsed, this desperation can be quite significant, Mercers said. The second bite of the cherry could be much sweeter for the buyer of an ASBOM.

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