Properties being sold as "Asset"

OK - been seeing some properties being listed by "SOC" and described as an "asset"

Now from some of the wording I am presuming that these are bank owned/foreclosed properties hence some of the relatively low asking prices....

Now does anyone know what the Title Deeds situation is likely to be with such properties?

Also any other things to beware of if interested in purchasing one?

Thanks

Jim

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

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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

Most of the major player estate agents have them listed as assets or bank owned.. it buy and sell Cyprus....... Also Fitzgerald's have a regular auction