Phoenix85
2016-03-21 12:48:53
- #1
Hello everyone,
about a year ago we started looking for a property for ourselves (my girlfriend and me) as well as my girlfriend's parents.
A regular purchase would be preferable for us and also for the financing bank ;) but I have already dealt with the topic of foreclosure and financing would also be feasible in that case.
Since there have already been properties in foreclosure that seemed interesting at first glance, I have visited the district court several times to inspect the relevant documents and to attend the auction dates to see how such a process works. Unfortunately, during the viewing of the properties, we always found that for various reasons it simply was not the right fit.
Apparently, there do not seem to be many interested parties for foreclosures in Remscheid either. So far, all properties at the auctions I attended were sold well below market value or the bank opposed the auction because the desired amount could not be reached. Often there was only one bidder who really had interest in bidding for the property.
The regular properties were unfortunately also not of interest so far due to their location or condition, or the price/performance ratio simply did not fit.
Now we have finally discovered a property which we really like in terms of size and room layout, and the location is simply a dream. This is also a foreclosure. Unfortunately, due to a longer vacancy, the condition is far from optimal.
It is a two-family house with a granny flat and outbuildings (double garage with party room) with a living area of 217 m² on an approximately 1,600 m² sloped plot.
The property was built in 1958 and the walls consist of unspecified masonry with a 30 cm wall thickness.
As I learned from the co-owner, she wanted to sell the property regularly already three years ago, but the second co-owner (brother) refused since he apparently still lived in the property at that time.
Meanwhile, the property is vacant and described as uninhabitable in the appraisal, as water and electricity have been turned off. Accordingly, the property is not heated.
The foreclosure notice was entered in the land register on 23.03.2015 and the appraiser’s inspection took place on 17.08.2015.
The equipment of the property in terms of floor, wall, and ceiling coverings is described in the appraisal as outdated. This does not bother me, as these are supposed to be completely renewed and adapted to our wishes anyway; this will be carried out by ourselves (through the family).
The same applies to the sanitary installation, where the supply and drainage lines must also be checked and possibly renewed due to the missing maintenance. Since the bathroom and also the kitchen are planned in different (larger) rooms anyway, the lines have to be completely re-laid anyway; this will also be done by ourselves (through the family).
An inspection or partial replacement of the electrical system is also indicated in the appraisal. Of course, the question here would be whether to plan a complete renewal of the electrical system. I still want to clarify what this would cost if a friendly electrician takes care of it and which work can possibly also be realized as self-performance.
What bothers me most about the property, however, are the moisture damages due to the lack of maintenance. The damages in the wall and ceiling areas (mainly in the corners of the rooms) show through peeling and discoloration of the wall coverings. Mold was apparently no issue at the time of the appraisal.
Regarding the oil heating system, I am still undecided whether to replace it or postpone this if it still works, as I do not have any detailed information about the boiler yet. There is definitely gas available in the street, and alternatively, a pellet heating system is also under close consideration.
A viewing was not yet possible at the current time. I am currently trying to reach the second co-owner who has access to the property.
The property is located exactly in the district where we would like to live. Then the large plot which borders directly on the forest and the quiet location in a dead-end street. Then the house itself, which, apart from the condition, also fits well make the decision very difficult :(
Are there perhaps people in this forum who have already acquired a property that stood empty for a longer time and was unoccupied? Some experience reports would help me in my decision.
Best regards
about a year ago we started looking for a property for ourselves (my girlfriend and me) as well as my girlfriend's parents.
A regular purchase would be preferable for us and also for the financing bank ;) but I have already dealt with the topic of foreclosure and financing would also be feasible in that case.
Since there have already been properties in foreclosure that seemed interesting at first glance, I have visited the district court several times to inspect the relevant documents and to attend the auction dates to see how such a process works. Unfortunately, during the viewing of the properties, we always found that for various reasons it simply was not the right fit.
Apparently, there do not seem to be many interested parties for foreclosures in Remscheid either. So far, all properties at the auctions I attended were sold well below market value or the bank opposed the auction because the desired amount could not be reached. Often there was only one bidder who really had interest in bidding for the property.
The regular properties were unfortunately also not of interest so far due to their location or condition, or the price/performance ratio simply did not fit.
Now we have finally discovered a property which we really like in terms of size and room layout, and the location is simply a dream. This is also a foreclosure. Unfortunately, due to a longer vacancy, the condition is far from optimal.
It is a two-family house with a granny flat and outbuildings (double garage with party room) with a living area of 217 m² on an approximately 1,600 m² sloped plot.
The property was built in 1958 and the walls consist of unspecified masonry with a 30 cm wall thickness.
As I learned from the co-owner, she wanted to sell the property regularly already three years ago, but the second co-owner (brother) refused since he apparently still lived in the property at that time.
Meanwhile, the property is vacant and described as uninhabitable in the appraisal, as water and electricity have been turned off. Accordingly, the property is not heated.
The foreclosure notice was entered in the land register on 23.03.2015 and the appraiser’s inspection took place on 17.08.2015.
The equipment of the property in terms of floor, wall, and ceiling coverings is described in the appraisal as outdated. This does not bother me, as these are supposed to be completely renewed and adapted to our wishes anyway; this will be carried out by ourselves (through the family).
The same applies to the sanitary installation, where the supply and drainage lines must also be checked and possibly renewed due to the missing maintenance. Since the bathroom and also the kitchen are planned in different (larger) rooms anyway, the lines have to be completely re-laid anyway; this will also be done by ourselves (through the family).
An inspection or partial replacement of the electrical system is also indicated in the appraisal. Of course, the question here would be whether to plan a complete renewal of the electrical system. I still want to clarify what this would cost if a friendly electrician takes care of it and which work can possibly also be realized as self-performance.
What bothers me most about the property, however, are the moisture damages due to the lack of maintenance. The damages in the wall and ceiling areas (mainly in the corners of the rooms) show through peeling and discoloration of the wall coverings. Mold was apparently no issue at the time of the appraisal.
Regarding the oil heating system, I am still undecided whether to replace it or postpone this if it still works, as I do not have any detailed information about the boiler yet. There is definitely gas available in the street, and alternatively, a pellet heating system is also under close consideration.
A viewing was not yet possible at the current time. I am currently trying to reach the second co-owner who has access to the property.
The property is located exactly in the district where we would like to live. Then the large plot which borders directly on the forest and the quiet location in a dead-end street. Then the house itself, which, apart from the condition, also fits well make the decision very difficult :(
Are there perhaps people in this forum who have already acquired a property that stood empty for a longer time and was unoccupied? Some experience reports would help me in my decision.
Best regards