Cyprus Property Forum for Buyers, Sellers & Investors

Hi Nigel

I wondered whether you had names and contact numbers of the firms who are buying up properties for the amount outstanding on the mortgages. I also wondered whether you ahd any information about any criteria that they may have for a purchase and how it all works?

Any information gratefully appreciated.

Many thanks

Hi cherrink

I am aware that there are a number of these companies operating, but I do not have their details. Take care:

• You may have read that there are ‘vulture funds’ out there looking to pick up distressed property at bargain basement prices. These funds specialise in taking advantage of ‘distressed sellers’ who are making decisions under duress. The first thing to ensure is that you are not giving a valuable asset away for a price far below what it is worth. You may have made the decision to purchase in haste and feel that, with mature recollection, it wasn’t such a great decision. Don’t add to this by making an equally poor decision when disposing of your asset.
  
  Diarmaid Condon

Regards,

Hi

I understand your concern and thank you.......

I thought from other posts that Nigel had these details if requested. I do want to research as this really might be the best option for us........... Any help gratefully appreciated.

regards

I do know of one company, but I am reluctant to give you its name as I have received several bad reports about them.

Regards,

cherrink wrote:Hi Nigel

I wondered whether you had names and contact numbers of the firms who are buying up properties for the amount outstanding on the mortgages. I also wondered whether you ahd any information about any criteria that they may have for a purchase and how it all works?

Any information gratefully appreciated.

Many thanks

Sorry to hear of your problem, If I may interject. It depends on the property, location AND more importantly the value of the oustanding mortgage.

Since many who took out mortgages, have ended up owing more than they initially borrowed.

If you would like to give (by PM) details of the property, location and what is owed, perhaps I could offer some further advice.

Good Luck.

Pan


Totally up to you.