We bought the villa 6 years ago for a total price of $150,000 but we never got title of the property. A few years after that, the developer didn't payback the loan to the bank and the bank took the property.
So what did you get for your $150,000?
If the developer had the land seized by the bank for non-payment then the bank owns the property. If another developer then purchased the land, then they own the land.
You're asking $120,000 for something you don't own but can purchase for $68,000?
Am I correct?