Want to buy a property at 50% of its price? Do you not know how..???

Want to buy a property at 50% of its price?

Do you want to buy before the auction and do not know how to do?

Want to make a real estate transaction but do not have the money to do it?

What we need to do is take an excerpt!

Have you ever heard of excerpts? Do you know what is an excerpt?

The excerpt is the operation that allows you to agree with the creditor bank agreeing a package price to be able to purchase a property subject to seizure.

Lately is increasingly the case that those who buy an apartment with a mortgage is ultimately unable to settle the debt with the bank and then the bank initiates proceedings to recover funds through legal channels. The conclusion of the process of debt recovery of a bank is the auction.

Properties at auction there is a choice and sometimes (but not always careful!) It's bargains. But the auction will surely find many competitors and a lot of competition, because then groped to get a net write-off? That is groped to buy before the auction?

I'll explain how to best achieve the task.

When a property will go to auction, you can groped to obtain the extract. Or we will travel by the bank that put on auction good and they will try to negotiate their credit to get a discounted package price that will allow us to buy the apartment or the building that we spotted.

The operation is technically known as "full and final settlement", in this case the bank, which should have the credit against an immediate payment, may decide to close the file by accepting a lower amount than what it is for.

A simple example: on the property the bank still has a credit of 120 thousand euro, it may be possible that,
after careful evaluation, the bank can accept 60-70 thousand euro to close the deal.

Obviously the task of carving is not easy to do, you need to put in place good qualities of mediation but above all, it is good to keep in mind, that the path to reach the agreement involves several aspects to be kept in.

The apartment or property at auction often is still inhabited by the owners who in turn had contracted the debt with the bank, then you need to understand if they agree to let us negotiate the debt with the bank. Only by prior arrangement and with a special power of attorney in which the owner of the property at auction agrees to bargain you can move to the second phase.

Although reading may seem a simple thing in reality it is a delicate operation, complex and where you need skills that not everyone possesses but that everyone can try to put into practice and develop.

The transaction is important to have considered what is the maximum amount you want to spend to buy the desired accommodation. For a price "discount" is no guarantee of a deal. The deal will have made only if the price is discounted from the value of similar properties on the market at this time.

It looks like the same thing but it is not at all!

You might think that a flat with 2 bedrooms and 1 bath € 70,000 is a great price, but if the apartment is located in an area where, for the same type of property, the value is 75,000 €, then you will understand that it is not a big deal. (search-search-search)

After having managed to get agreement with the current owner debtor and assessing good to maximum amount that you would be willing to spend, you must go to the bank and try to find another agreement, this is the most delicate phase.

How to find an agreement with the creditor institution? Surely managing to convince the bank official that the figure that you are going to offer is acceptable to them. You'll have to find the most valid arguments and put in place all possible strategies for you to get the desired result: that the closing of the deal in "full and final settlement".

With the "balance to extract" the bank will get the money and will close the file, you will have acquired the much desired property and the former owner of the house will finally be free from debt and persecution, and maybe you'll be able to give him some money .

Here is the classic operation where everyone wins, win-win as friends say Anglo-Saxons.