Pledge apartment: accessible and dangerous?

25.11.2010 20:25
Articles about real estate | Pledge apartment: accessible and dangerous? They say if you buy an apartment from a hapless mortgage borrower or the bank itself, which has seized the apartment from the debtor, then you can seriously win the price. On the other hand, buying an apartment deposit scary: what if any outstanding obligations to the former landlord shall fall upon the head of the buyer?

According to Marina Markarova, managing partner MAYFAIR Properties, in the crisis the number of transactions with collateral apartments has grown, but only slightly - an average of no more than 5%. And Alexander Rumin, director of the real estate company «A-Realty Group», told the magazine, that the number of such transactions in his agency is not more than 2-3% of the total. Edward Bulychev, director of secondary real estate company "BEST Real Estate" on Barricadnaya, to estimate the proportion of transactions with collateral in the company housing at the level of 20-25%. Irina Kazhikina, head of mortgage services "RELAYT-estate" called the number - 7%.

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Realtors are constantly selling real estate in pledge from banks - is confirmed Julia Lurie, head of the office Dobryninskaya Company "INCOM-Realty. And in most cases we are talking about apartments that are sold by their owners in good faith. For example, once the couple bought a one-bedroom apartment on the mortgage, have lived in it 2-3 years, the child was born, became necessary two-room, which is acquired again using a mortgage loan. Therefore, one-bedroom apartment to sell.

But the company also has customers who are forced to sell the apartment because they can not pay the mortgage. Basically, these customers are not waiting for complaints of banks in the collection agencies and the courts, go to the realtors.

But is also for sale under duress. It is possible, as precise Vladykin Andrew, Head of mortgages and loans company NDV-estate "only in case of prolonged delay mortgage payments - (more than 6-9 months). Typically, banks offer different options for debt repayment - the extension of credit, deferral of principal repayment, etc. If none of the options does not suit the client, the apartment is already being implemented by judicial decision.

Irina Kazhikina (RELAYT Real Estate ") drew attention to a very important point - without a court order to require the borrower to aggressively sell their property can not be:" But if a "forced sale" to understand the actions of creditors, collectors and others who make the borrower to sell their apartment, then such a transaction falling within the norms of Article 179 of the Civil Code (transaction made under threat, with exceptional circumstances in a very unfavorable terms), in what has all chances to be invalidated in court. "

Why is the price depends

Pledge flat interest to the buyer if the price below the market average. As clarified Tatiana Vorobyov, head of "Tver" "Moscow Real Estate Agents, the difference can reach up to 25%. Indeed, in a transaction other than the seller and the buyer as a third party there is a bank, and often dictates the conditions it was he.

The cost of deposit apartment depends on how critical the situation with the borrower-bank lender. What is critical - the cheaper. Take into account the amount of total debt plus interest and penalties, the duration of the period during which the borrower does not pay the loan, etc.

But, as noted, Andrei Bannikov, Head of the secondary housing company "ABC Housing," pledge for a voluntary sale apartments borrower and the bank usually agree amicably: terms satisfactory to both parties.

And here, much depends on the professionalism of estate agent in charge of the transaction. Julia Lurie (INCOM-Realty ") described the case where the realtors bought for his client collateral-bedroom apartment near the metro station" Polezhaevskaya "in the home series P-44T. Sold the apartment private broker, who could not find a buyer for your property, since all the scarecrows scheme transactions involving the bank. However, the proposal has been beneficial: the collateral flat was bought for 800 rubles. cheaper than its market price.

The expert has another example of the transaction. It realtor acted seller deposit the apartment at Domodedovo and was interested to sell it more expensive. The transaction was successful, and the customer received the money in the amount of its market value.

Other factors affecting the price - consumer characteristics, in particular - the location of the apartment and the quality of its repairs.

Alexander Rumin («A-Realty Group»), cited the example of selling two-bedroom apartment a deposit on the street Baikal (Metro Shchelkovskaya). After a divorce, the borrower decided to sell it (it was not the only one). Great demand for a fully equipped apartment furniture and appliances allowed to sell it at market price for the 12, 4 mln.

Another case report showed that sales of apartments are cheaper market price may also be beneficial. Was put up for sale luxury penthouse apartment in the Arbat. The market value of the apartment was about $ 6.2 million, and the monthly payment to the bank - $ 100 thousand each month, an exhibition of objects on the market made it more expensive for that amount. Given the limited demand for such deals, the seller agreed to sell the penthouse is cheaper than market price - for $ 5.5 million

However, there are cases where the borrower puts up for sale expensive apartment to her do not buy. On such a "practice" we told Dmitry Ovsyannikov, CEO IPOTEK.RU. The borrower got into a difficult financial situation: lost jobs and prevent late payments on your mortgage. After some time the bank started to call the borrower, and along with his friends and relatives, demanding repayment. To avoid this pressure, the borrower comes to the bank and announced it was selling an apartment to pay off the loan. Calls stopped, and after a while, got some respite, the borrower applied for a job and resumed paying on the loan, as if nothing had happened.

Everything that we told above, concerns the voluntary sale. If it is not possible, the bank has to foreclose on the collateral through the courts. In this case, the apartment put up for auction at a cost to be determined by the bank. Typically, the cost is much lower than the market offers. If, after the apartment will be sold and repaid debts to the bank, still have money, they accrue to the borrower. If, however, cover the expenses of the bank fails, the remaining portion of the debt shall be recovered from the borrower in court - said Andrei Bannikov ("ABC Housing").

As we have noted, forced sale is possible only after obtaining a court decision through auctions. Buyer should make sure that such a decision the bank has, and it is not appealed by the owner in a lawful manner. Failure to comply with these conditions, the previous owner has the right to defend their rights in court, "says Alain Saprykin, Deputy Head of the Department of elite residential real estate Delta estate.

If the price of the apartment does not cover the loan

During the crisis in the sale of secured apartments there was an additional complication: if the growing market value of mortgaged apartments are fully repay the loan, and the growing sores allowed even to stay in positive territory, now the amount of credit obtained prior to the crisis may exceed the value of the apartment. How to tell Tatiana Vorobiev (Moscow Real Estate Agency "), in this case, how would the calculation is performed depends on the conditions of the loan agreement.

In practice, in most cases as additional resources for the final repayment of the loan is considered all the property of the borrower. "This may become an unpleasant surprise, since most of the owners of mortgage flats believe that in failing to pay the loan, they risk only mortgaged the apartment, "- emphasizes the expert.

Technology transactions and payment schemes

Deal with housing collateral are governed by the Federal Law "On Mortgage" and uncomplicated to manufacture. According to Andrei Vladykina (NDV-estate "), the main difficulty is to synchronize the actions of several parties: the seller, buyer, bank-mortgagee Registration Chamber, notary, etc.

Transactions take place on different scheme. How to tell Marina Markarova (MAYFAIR Properties), one of which the buyer makes a cash sum to the seller-mortgagor as an advance payment / deposit in the amount of arrears (on the relevant agreement or a preliminary contract). Seller of this money pays off debt, the bank receives notification that all obligations under the loan agreement are satisfied and the mortgagee bank had no objection to the alienation of the property. Then, the seller, mortgagor and buyer sign the sales contract, after which Rosreestra recorded agreement to transfer ownership, provided an excerpt from EGRP to lift burdens from the apartment.

According to another scheme, the buyer provides a one-deposit box fees for selling property to the seller, mortgagor, to another deposit box - money in the amount of debt to the bank - the mortgagee. The seller then receives notification from the bank that the commitments under the credit agreement are fulfilled, and the bank agree on the disposition of the property.

Next the seller and the buyer makes a trade sale; in Rosreestra recorded contract of sale, transfer of title, ownership. After all the manipulations the seller and the bank have access to bank boxes.

Edward Bulychev (BEST Real Estate "on Barricadnaya), illustrating the mutual technology for a specific example. Company prodvala two-bedroom apartment, located in the pledge of "AbsolyutBanka. Calculation scheme is as follows: the buyer's money on the day of the transaction are placed in two cells in the name of the owner: Access to the first, with the balance of the loan is signed and registered agreement with the encumbrance on the purchaser's name.

The money the seller sends the bank the day of registration of the contract. Access to the second cell, with the money the seller (Delta, ie, the sum which he had already paid the bank and return it to you) - a registered agreement and an excerpt from EGRP withdrawing from the encumbrance of the apartment. "Encumbrance of property in the Registration Chamber today lifted for three days and the buyer is no risk", - assured the judge.

Settlement between all parties in the transaction can happen like this: a buyer signing an additional agreement to the loan agreement, under which he becomes surety seller. Since the buyer is a guarantor, he repays the debt of the seller.

Bank gives notice that all of the obligations under the loan agreement are satisfied, and he had no objection to the alienation of the property. After that, the Rosreestra simultaneously recorded contract of sale, transfer of title, ownership and is lifting burdens. All the nuances of what a buyer will make the seller a surety, and payment plan (part of the money is paid in arrears, the remaining part is transferred to the seller) should be clearly stated in the preliminary contract.

Costs in transactions with collateral housing more than a conventional sale. Contract of sale and registration of such transactions conducted authorized notaries, therefore costs - are directly dependent on their tariffs. If a mortgage contract stipulated penalties or interest for early repayment of the loan, and will have to pay them. For example, the experience of "BEST Real Estate" on Barricadnaya, the actual cost of the procedure output from under the mortgage is 6 thousand rubles. (Stamp duty + registration). This amount is usually paid by the seller.

As for risk, then, as assured Tatiana Vorobiev, ("Moscow Real Estate Agents"), all operations conducted with apartments that are under guarantee from the bank repeatedly checked. And Marina Markarova (MAYFAIR Properties), adds that the grounds for termination of the transactions listed in the Civil Code. "Subject to the provisions of the law, in particular the Federal Law" On mortgage ", the risk that the transaction be void and of termination of the contract is reduced to zero" - emphasizes the expert.

Summary log

Judging by the comments of market specialists, deal with the mortgage apartment, albeit somewhat cumbersome, but no more dangerous than others. As for the "cheap" loans-flats, it's not quite true. Most of the objects sold at market price, although it may turn up and the option at a discount. But in general, buyers are taking "pledge" the apartment, where they they are suitable in all respects - not only on price but also on location, quality, area, etc.
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