Properties being sold as "Asset"

There has been a lot of these sales advertised recently and they are not so much bank owned but owned by finance houses and usually most details are in the advert .. including the new owners  disclaimers ( as these have been sold off to finance houses at massive losses, as much as 75% discounts, to clear NPLs from the banks books as is required by the EU to lower the NPL risks).  Just going by the adverts I've seen as we have looked at them too.. they usually involve a sizeable deposit non refundable if you pull.out, the price can change and its up to you as the buyer to ensure its saleability the new owners  just want their money.. in my opinion if there were deeds they would say so and would be asking a lot more than than the price asked. Further there may still  be issues with deeds depending on the property usually on complexes .. even if deeds are available it may take years and lots of money to get them... I know this as a friend has done this and she is still waiting and has not been given a final bill for the deeds nor has she got deeds .. promises promises promises ... and this is now three years down the line..  imo and sadly I suspect she is in for a shock

Caveat emptor Jim

Best bet is to make a few enquiries without paying any deposits

I think in reality some people do buy these and they're not too bothered about deeds.. which in itself is acceptable to some and not to others.  But if the price is right then why not However I am not sure that the pricing is discounted enough to convince me to buy ... Not without some sort of guarantees on title deeds real availability, the costs of the deed acquisition and the associated legal fees

Cheers Toon - pretty much what I was expecting really

Will definitely be keeping an eye on what's on offer - but wouldn't consider jumping in without due diligence with appropriate legal advice as well

Jim

A good lawyer and a good surveyor ...structural If  needs be

For those who may be thinking of buying or already own property here  in Cyprus this may be of some interest...

Pros and cons of property ownership
in Cyprus and UK

As we get older, we think about how our assets and wealth will be passed to our family and owning Cyprus property causes particular concerns. Cyprus imposes forced heirship and local probate bureaucracy can take years.  Also, maintaining and renting out UK property has become more costly and less appealing over recent years.

Our seminar will therefore discuss:
the benefits of selling property to unlock retirement funds
generating tax-efficient income and gains
how to leave a lasting legacy for your heirs and arrange a much simpler succession
process for them.We have also invited guest speakers from Russell Investments. Head of Client Strategy & Research, David Rae and Director of Strategic Relations, Sean Clark, will share their views on the global economy, markets and asset classes looking forward, and outline their investment process and how they help our clients achieve their investment goals.

Since there are limited seats available, it is important to book your seat in advance.

Tue 22 Mar
|   
Aphrodite Hills Hotel by Atlantica, KOUKLIA
10.00 for 10.30am start, until 12.00pm

Wed 23 Mar
|   
Elysium Hotel, PAPHOS
10.00 for 10.30am start, until 12.00pm


Please feel free to forward this invitation to any friends who would find the seminar useful.


Book your seat now

26 023 100

cypaphos@blevinsfranks.com
   

Blevins Franks

In many countries, bank-owned stuff got auctioned off quickly and transparently, and there were some genuine bargains to be had. The Cyprus framework for repossession and asset disposal has rather dragged on (the Cyprus Economic Crisis was way back in 2012), and I always get the impression that all the bargains were quietly snapped up by "friends in high places". The current auctions seem to be expecting purchases to be at/near market prices, and I agree with @Toon that they're typically not "discounted enough" to be interesting. But, of course, you can always get lucky and be in the right place, at the right time. :-)

Where would I search for said properties? Like an auction site , many thanks