Forced auction and modernization financing

  • Erstellt am 2017-10-03 16:16:57

Payday

2017-10-04 06:32:04
  • #1
Foreclosures are just installment payments, the bank knows that too. You then want something like 200% financing. Normally no bank goes along with that. The house was also up for sale like that before, so why didn't you snap it up then? Foreclosure basically means that no one wanted it before. (there are exceptions though...)
 

Alex85

2017-10-04 06:44:33
  • #2
Also think the only chance lies with the local house bank, which must also know you. Additionally, equity capital certainly helps, as does a cost breakdown from a professional on what the renovation will really cost. What I do not understand is the problem of short notice. The portfolio can still be liquidated today. At the current highs, that should not hurt. Then take the money as a cashier's check to the auction. The financing commitment will be more difficult until then.
 

Nordlys

2017-10-04 08:34:08
  • #3
Cash check does not work. You must transfer in advance to [Gerichtskasse]. Or have a bank-guaranteed check.
 

Alex85

2017-10-04 08:46:14
  • #4
Yeah, right. Cheque, LZB check, bank guarantee. But even the transfer shouldn't be a problem, there are still 12 bank working days until the appointment.
 

rpc

2017-10-04 08:57:53
  • #5
If it was up for sale before, I must have overlooked it. Or it was not listed on internet portals.

Regarding liquidating the depot, no, it does not work that fast. It is an employer depot without internet access. I speak from experience that a sale cannot be compared to a normal depot. If it were a normal depot, I would agree with you. But this is not the case.

A transfer would not be a problem if the money were liquid in my account, unfortunately it is not.. by the way, it must also be on the account 14 days before the appointment. That means today would probably already be the last day. That is why I need a check or proof.

A complete detailed cost breakdown from a specialist is hard to get. Because of the short time, and I don't even have access to the house.

I guess I have to give up on it.. unless there should be a second appointment.
 

Nordlys

2017-10-04 13:35:34
  • #6
One more tip. If the appointment doesn’t work out and there is going to be another one, try to find out which bank initiated the foreclosure, talk to them, and ask if a sale without a second appointment would be possible. Usually, that works because the bank’s fear that it will go for, say, 45 thousand at the second appointment is great and justified. Participating successfully in foreclosures, you have to know, requires liquid funds. That’s how it is. It’s a playground for the pain-free with a big Rolex. Karsten
 

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