Bulgaria Launches 1st Property Foreclosure Site

Business » PROPERTIES | June 16, 2009, Tuesday // 17:00
Bulgaria Launches 1st Property Foreclosure Site: Bulgaria Launches 1st Property Foreclosure Site Bulgaria now has its first site listing foreclosed properties for sale. Photo by Sofia Photo Agency

190 properties and about 20 items are offered for sale on Bulgaria's Chamber of Private Enforcement Agents site, which was launched a couple of days ago.

The electronic registry allows interested buyers to check the type of property, its price and location.

The Camber predicts that the foreclosure page will become the most visited property site in the country.

Over 20 private enforcement agents have already listed properties for sale, but the Law requires all 163 in the country do the same, which is expected to happen by the end of June.

The properties are offered for sale at a price which represents 75% of their real market value. In case there is no interested buyer, the price goes down another 20%.

The procedure continues until the property is sold.

The enforcement agents hope the site will increase the possibility to sell the property at the maximum price to benefit both the bank and the debtor. Before its launch the listings were posted on the property itself, at the City Hall, the Regional Court and in the enforcement agent's office, creating the opportunity for owners or interested buyers to remove them and limit the competition.

2 300 foreclosure sales were executed by private enforcement agents in 2008. There are more foreclosed properties in 2009 with more offers. The most common reason is the inability of the owners to repay their mortgage with an average debt amount of EUR 30 000.

People interested in purchasing foreclosed properties have to pay 10% deposit, which will be refunded if they do not win the auction. The winner is the buyer offering the highest price.

The entire amount is due in a 7-day period after the auction. If the funds are not received by the deadline, the deal goes to the second buyer, who had not yet withdrawn his or her deposit.

 

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Tags: Bulgaria's Chamber of Private Enforcement Agents, Foreclosure internet site

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