Majestic Property , has a very close association with many of the major banks. As such, we are one of the few agencies that are able to offer to our clients fresh and exciting properties which become available. However, don’t think that just because it’s a repossession it´s going to be cheap. Our experience and understanding of the process means that we not every bank repossession is a bargain. With our expert knowledge of the area and the market, we can offer our clients, only ´absolute deals´, not properties that are marketed with a higher price because the bank needs to return it’s initial investment. This process is time consuming and often involves a lot of bureaucracy.
Register with us at email@example.com. We will keep you up dated with options and any suitable property´s that became available.
What does Bank Repossession mean?
In a nut shell, the bank will only take back a property as a last resort. When they offer the property, it is usually at the amount that remains on their mortgage. . As always ´all that glitters is not always gold´.As you may be aware the banks caught a cold with the property crisis of 2007. In the majority of cases the banks have mortgages to recoup which are a lot greater than the current property value. So we painstakingly search for only the properties that have mortgages which are significantly under their current market value.
How the process works
Buying a property directly from the bank is different from buying a resale property.
Stage 1. To reserve a property you must first fill out an Purchase application (which is not binding) and does not grant you any reservation rights over that property . You must also lodge €500 euros as a token of interest in the property. This is fully refundable in the event of the bank not accepting the offer or you wishing to cancel the offer.
Stage 2. The bank then have 8 days from this time to accept other offers (if any) will be taken and held. After the 8 days have concluded. If 2 or more offers have been made. Then the property will then go to a sealed bid auction that will be supervised by a Notary. You will be sent documentation to participate in the auction process.
Stage 3. Once your purchase application is accepted, the bank will sign a private purchase contract and proceed with the payment of 10% of the agreed purchase price. The € 500 will be deducted as a part of the 10% deposit. Should you not be awarded the property at the auction, the deposit of € 500 will be refunded to you. You will be due to pay the balance of the 10% within an 8 day period from the purchase application acceptance .
Stage 4. All taxes and expenses will be due for payment by the purchaser at the signing of the title deeds and the final payment. At which time the keys will be passed over to the new owner.
The property list of availability changes daily and is very fast moving. The best option is to register your interest with us and your list of requirements. We can then register you and keep you updated with the latest opportunities available.
Only Majestic Property can help you single out the ´real deal´!
Register with us today and we will start searching for you firstname.lastname@example.org.