To sell the apartment with revenue, HOW? - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine

To sell the apartment with revenue, HOW? - News about real estate, Kiev, Kyiv region. Real Estate In UkraineThere are two ways of implementing the real estate which is pledged to the Bank. The first option is when the financial institution and the borrower decided to part seems to be "amicable". In that case...How to buy a distressed apartmentThere are two ways of implementing the real estate which is pledged to the Bank. The first option is when the financial institution and the borrower decided to part seems to be "amicable". In this case, the debtor receives a "good" Bank is on the search for the new home buyers, the acquisition of which the loan was made. However, the search may be engaged in and the financial institution itself."People who wished to purchase a property which is in pledge of our Bank, first gets the opportunity to inspect the apartment on the spot, then if the price is agreed, it is a contract of sale. After that the property is withdrawn from the pledge and transferred to the new buyer.What's with the proceedsThe money derived from it are used to pay off the loan. The outstanding balance of the loan is repaid, according to the law "On mortgage", at the expense of other property of an insolvent debtor" - describes the mechanism of sale of the mortgaged property, the chief of Department of support of mortgage operations of BM Bank Dmitry Osypa.The second option when facing financial difficulties, the borrower is not willing to part with housing. In this case the Bank is forced to go to court because, according to the law "On mortgage", in Ukraine foreclosure on the mortgaged property is performed only on the basis of a court decision, the Executive regulations of the notary or according to the agreement on satisfaction of requirements of a mortgagee (creditor Bank).The way of selling is not hard for us to understandThis measure is extremely unpopular and among debtors, and among banks. Last try not to bring the case to court, because in the case of the sale of the flat/house at auction they will incur significant costs. This is a Commission charged by the State Executive service (GIS) (she spends the implementation of the goods), charge the organizer of trades (exchange) and expert fees, which assesses the mortgaged property. "The GIS, the Commission is fixed, it's 10% of the price of the property sold, - says head of Department on work with collateral, the Bank's Partner Alexander Lyakhovsky. Fee to the auction organizer typically less than 5%. The cost of the evaluator - 500-1000 UAH when it comes to the sale of residential property (apartments)". I.e. total costs of the Bank in the implementation of real estate "the hammer" will be approximately 15% is the amount that will be allocated to the gross costs of the financial institution.When the insolvent Bank and the borrower go "peacefully", they usually agree on the selling price of the mortgaged apartment or house. If the matter is referred to court it will determine the value of the property - on the basis of evaluation conducted by an independent expert, licensed by the state property Fund and accredited GIS. Then set the initial price realized at the auction of the collateral.Under the legislation it cannot be less than 90% of total costs. But, if the auction is declared invalid (i.e., if attended by less than two people are required by law, or for other reasons), then there will be a new contest (not less than one month). And it already has the starting price can be significantly lower - less than 65% of the property value. Thus, expanding the circle of potential buyers.And in that and in other case, the purchaser of the mortgaged housing can significantly benefit in price, because the Bank, in order to avoid the accumulation of illiquid assets, there is substantial concessions. However, the acquisition of real estate at auction can be more profitable because of the difficulties in finding information about his conduct. By law, the organizer of the auction, the selected GIS for the implementation of the seized property, is obliged to inform about the date of the competition at least 15 days in advance. The relevant announcement, the tender organizer may, in different media, not necessarily popular (most importantly, at the location of the sold collateral).It is clear that the organizer of bidding saves and places an announcement about an upcoming auction in a little-known media. So find sold "under the hammer" of the apartment, unless you do a search, difficult. This narrows the range of applicants and, consequently, reduces the pressure on the price at the auction.Where to go for buyingDiscount when buying property from auction can be very attractive. For example, the site "Ukrainian Internet Exchange" was the message on sale of Partner Bank four-room apartments in Kiev, on the street Trostianets (Darnitskiy district) for $110 thousand According to A. Lyakhovsky, the current market value of this apartment is approximately 30% higher. "Now we sell two-room apartment in the Central part of the city on Lesya Ukrainka street for $200 thousand," says real estate agent company "Blagovest" Victor Pushin. - And one commercial Bank, cooperating with us, willing to sell at auction two bedroom for 150 thousand UAH. and maybe another 5 thousand will yield to quickly get rid of it".To participate in the competition, you need to take the following steps. First, apply to the organizer and to make a guarantee payment is 5-10% of the appraised value of property that will be taken into account when buying. Then, if we can win in the competition, you need to sign the Protocol of conducting the auction (bidding), it indicates the amount and account number to which the winner should Deposit money for the purchased property. After that, no later than ten days from the date of approval of the Protocol, not including the day of the public auction, weekends and holidays, the winner is calculated for the purchased at public auction the property. At the same time, government is by the act of the conducted auction. Having copies of these two documents - the Protocol and the act - the winner of the auction may already be considered the owner of the property. It remains only to register the right of ownership in Bureau of technical inventory (BTI).But do not forget that purchasing a house at auction is a "double edged sword". On the one hand, as mentioned above, the buyer can count on a good discount. With the other, buying a home is fraught with great legal risk. In the law "On mortgage" States that "the mortgagee, the mortgagor, debtor, or any other participant in the public auction shall have the right within three months from the date of tendering to challenge the results in court at the location of immovable property".Simply put, after acquisition of the offered for sale the buyer can cause serious problems. "This is primarily repels interested in buying property "under the hammer", - says Vladimir Pushin. For example, you bought a flat at auction, has already managed to make repairs, settled, and then one of the bidders submits an appeal that meets the court...".Interest in the purchase of confiscated housing significantly in recent years also faded because of steadily declining real estate prices. The fact that the preparations for the auction usually takes pretty much time - months, even half a year (even though the cost of selling the collateral is already defined and cannot be changed). Earlier, when the estate was rapidly growing in value, this fact played into the hands of" those who want to buy housing on the competition (especially speculators): for several months the market price of flats has grown, but it sold at a fixed price.

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