The church is the biggest real-estate agent in Cyprus and the Bank of Cyprus is currently the second-biggest private real-estate agent in this prospering island. If you are looking for bargains and cheap property then these two places are probably the best places to start shopping for basically any property type.
Bank owned homes are some of the best bargains you will find on an island where luxury properties currently sell for over 44 million Euro.
So what exactly are bank owned homes in Cyprus?
Most bank owned homes are acquired by the Bank of Cyprus from people who lost their properties for various reasons such as bankruptcy, not being able to pay their mortgage and more. The bank repossesses these properties because these homeowners are not able to pay back the initial home loan. The property is then resold to others in order to reduce the financial loss the bank suffered in the deal. While some bank owned properties are sold at accurate market values, others are often sold at a much lower rate just to cover the outstanding loan difference. This is exactly why bank owned property is so much more affordable than property sold by other real-estate companies.
Watch out for pitfalls
Despite the affordable prices of repossessed homes, many still avoid investing in these properties because there are some pitfalls to be aware of. One pitfall is disputes over the title deeds of the property can make it a risky investment that could lose you the house if the previous owner does manage to win the case against the Bank of Cyprus.
Yes, there is a safe way to buy bank owned property
Bank owned property has some risks but there is still a way to be perfectly safe and secure when you are investing in repossessed property. Our real-estate lawyers can help you with a thorough investigation on the property in question and will ensure that there are no outstanding disputes ongoing about the property or pending mortgage issues. We can also help you throughout the purchase of the property and ensure that the transfer is done completely legal, binding and includes all needed agreements and contracts.
Here is how you can buy bank owned homes in Cyprus
The first step is, of course, to find property in which you are interested. Keep an eye out for bank owned homes in real-estate listings until you come across that incredible deal of a lifetime. Once you find the perfect property that suits your budget and needs you can contact the real estate law firm and start making purchase arrangements. The second call you should be making is to our real-estate lawyers. We will then take care of all the rest for you including in-depth investigations of the property, agreements and much more. Next, you will have to get financing for the new property. You don’t necessarily have to use the Bank of Cyprus for your mortgage. Mortgage companies and other loan firms are also a great solution to find the financing you need.
With the right real-estate lawyer at your side, you can buy repossessed property affordably without putting yourself at risk.