How to Make Informed Decisions to Purchase Bank Owned Properties in Cyprus
Here are a few tips to help you make informed decisions when you are purchasing bank owned properties in Cyprus.
Foreclosures can be a pretty good pick if you are looking to buy an affordable home, especially since the Bank of Cyprus is the second biggest realtor in this popular island. Since 2017 Cyprus has become quite a popular location in which to invest, the economy shows tremendous improvements and property values are expected to soar for quite a long time to come. If you don’t have property yet then now is a perfect time to start investing. Buying bank owned property can be a very good way for new property investors to get into the market and for those who are looking for a home.
It is, however, important to do your research when you plan on investing in foreclosures. Quite a few property buyers end up being trapped when title deeds clash with the constitution or when negotiations between buyers and the bank keep slurring for too long.
Work through with a Cyprus real estate lawyer
The Cyprus property market has quite a few pitfalls to watch out for when you are planning on investing. The only real way to ensure that the property in question is perfectly legal, safe and to ensure that the transfer of your deeds is done legally and correctly is by working with our Cyprus real estate attorneys. We can help you with negotiations, documentation, deed inspections, purchase agreements and we can assist in getting the property ownership transferred to your name safely. Cyprus real estate lawyers can also inform you if a property is a good or risky investment.
Don’t buy in the north of Cyprus
Properties are cheaper in the ‘Turkish Republic of Northern Cyprus’ but this is extremely high risk territory since it is only recognised by Turkey and no other country as a legal entity. There are thousands of property disputes ongoing in this lawless pseudo state with regards to title deeds and illegal use of property. If you are thinking of buying in the north of Cyprus then you have NO protection by the law, even the UN resolutions dictate that the ‘Turkish Republic of Northern Cyprus’ is illegal and advices all nations not to recognise it.
Foreclosures are sold as is
Banks are not interested in making a huge profit out of their properties and thus don’t plan on fixing up these properties before they are sold. You aren’t very likely to negotiate a fixer-upper on the property in your purchase agreement. Be sure that the property doesn’t require too many repairs before you invest.
Competition is fierce
Foreclosures are often sold below the property market value which makes competition fierce. You don’t have time for an ongoing negotiation with the bank about these deals. Ask our property lawyers to handle the negotiations for you so the deal can go through before the competition snatches your property from underneath your fingertips.
Get pre-approved with the bank that owns the property
Other banks are not very likely to finance foreclosures and it is probably best to get pre-approved by the bank that owns the property. This can boost your likelihood of getting the foreclosure a lot quicker.
Bank owned properties in Cyprus can be a good deal if you play it safe and do your homework. If you want to buy bank owned property then please give us a call and we will help you get your sale through quickly and safely.