Bank foreclosure sale

In the event that a house is foreclosure and is taken over by banks, it is especially advantageous for those who want to buy a second-hand house. It can be seen that a real estate with an average value of 200 thousand TL is offered for sale around 100 thousand TL. The main reason for this is that the price determined by the bank at the beginning is around 60 percent.

What are the advantages of foreclosed residences?

There will not be many bidders for the houses, which will be offered for sale with a rate of 60 percent in the first tender. Individuals who do not know the logic of the bidding and do not know what the transaction process is, can bid as soon as they see the sale with a value of 60 percent. Those in the first auction and the second auction are usually the same people. If there are not enough bids in the first tender, the house is offered for sale with a value of 40 percent in the second tender.

The sales of the real estate worth 100 thousand TL, which started at the level of 40 thousand TL, also vary according to the auction and participation. For the houses with low participation, the house prices will exceed the normal value in the auctions with high participation and intense insistence, which is around 50 thousand TL. Unless a very important investment is made, bidders are generally not given bids close to or above the normal price of the house. The documents are also disclosed while the bank is foreclosed on the sale of the house . After a detailed examination with the lawyer, the tender must be entered.

Things to consider in executive tenders

It is not possible for the persons who will take part in the tender in the sales transactions of the foreclosed houses to apply for a housing loan in any way. If there is a capital other than a loan, it is possible to apply for real estate for execution. It is necessary to be careful in the face of the following situations that will be encountered during the sale of the house with bank lien ;

The main reason why banks do not give loans is that the way of objection is open and there is no possibility of repurchasing the house. Individuals who do not have capital and cannot pay the total price of the house in one go are prevented from participating in real estate sales. In this way, the suffering that may be experienced is also reduced.

There is a risk of foreclosure of the houses to be purchased from the foreclosure again. You should contact your lawyer and take the necessary actions to avoid the same problem after purchasing the house.

Each tender has a specially determined date. In accordance with the dates, you must deposit 20 percent of the specified amount for the residences as collateral. It is requested to deposit the execution file in cash or as a letter of guarantee. When the auction starts, the person who determines the highest value during the session is ensured to own the property.

Participants who think that it is an unfair sale have the right to file a lawsuit regarding the termination of the tender. If the case is accepted, the file costs of the people who bought the house will not be paid and the house can be taken back.

What are the risks of foreclosed housing sales?

The offers to be made for the flat during the sale of the confiscated residences should only be announced by the participants who aim to buy. There is no such thing as installment, leasing, selling immediately after purchase. The determined lower limit of sales is 3 years. If you sell the house in less than 3 years, you will have to pay taxes based on how much you earn on top of the price you bought. This will result in no profit. It is recorded that the number of people participating in the auctions for the sale of housing with bank confiscation for medium and long-term investments has increased.more info to visit :

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