house for sale for 11k by bankruptcy lawyer, is it legitimate?

74 posts in this topic

We bought a place at auction from the town after a court case. It was very cheap, but the internal condition was poor due to the place being unoccupied for a while. Getting rid of mould, redoing plumbing, electricity and everything else to German standards does not come cheap. In our case, we could be sure that the place was "schuldenfrie" and not "Erbpacht" (leased), but if we built anew, we would face much more stringent planning conditions so renovation was really the only option. Depending on the property size, this can easily cost six figures so we had to borrow money for the property and the renovation.. The mortgage issuer needed to see a progress report and a completion report after the renovation (and they inspected it).

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We went and saw a lovely new build site a few years ago, it was all nice, then they said we couldn't go walking in the surrounding area because of landmines and munitions. No brainer really.

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Why does it bother you what other people do with their money?   

 

If this Noah fella buys it and it goes tits-up... it wont affect you... not one little jot!..

 

Maybe you should have looked at a property in development in Germany and not Syria..!!

 

And as for HughK or what ever they call themself...  "Upto German standard" is a myth.. a farse!

 

 

If you look at the amount of folks that have bought renovated flats etc etc and then had disaster after disater... you will realise that "Jerry built" means nowt these days... 

 

 

 

 

 

 

 

 

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Try reading it tomorrow when the wine has worn off... 

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9 hours ago, black1 said:

So Noah, you have been advised twice here to get a Gutachter (surveyor) to look at this property and report on it. Are you going to follow this advice?

Is a Gutacher the same as a surveyor in the UK?

I have had full surveyor reports in the UK before by some of the top surveyors. They were a total waste of time and money in my opinion. The main objective of the surveyor is to save their back against any legal action against the information they provide! So they add the words "might be, maybe, could be" before every other sentence.

I am of course interested in an experts opinion especially the legal matters and I'm looking for one.

how much do Gutachers charge? And do they check the contract and check with the council for any future plans affecting the property?

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2 hours ago, NoahBerlin said:

The main objective of the surveyor is to save their back against any legal action against the information they provide!

My experience with inspectors has been different...and better.  When finished, they provided a detailed checklist of each inspection point along with comments and concerns including legal upgrade building code requirements.  Sometimes, they included pictures. 

They cannot "guarantee" that every-single-possible-defect had been discovered (not sure where you find that in any endeavor).  The report was "as of" that date.  If it snowed that night and the roof collapsed, should they have known that too?

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3 hours ago, SpiderPig said:

Try reading it tomorrow when the wine has worn off... 

That sounds like a nasty comment.  Not necessary.

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2 hours ago, Metall said:

But typical.

Yep but still sad. I feel sorry for him.

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11 hours ago, SpiderPig said:

 

And as for HughK or what ever they call themself...  "Upto German standard" is a myth.. a farse!

 

 

If you look at the amount of folks that have bought renovated flats etc etc and then had disaster after disater... you will realise that "Jerry built" means nowt these days... 

 

 

 

 

 

 

 

 

 

 

You are probably aware that there are codes for everything here to which builders are expected to use (whether or not they do is another matter).It may seem artificial but the bank wants to see its money back if you default. If the rebuild was being handled by a prime contractor, perhaps it is something else but we had the bank doing full due diligence as we were coordinating the work ourselves. The bank did not want to trust us so they made many stipulations. Gutachters were sent before and after as a condition of the mortgage.. Primarily they wanted to see that we had built the new damp protection barrier around the cellar exterior and wanted to see the invoices and photos of the rebuild work (after disassembly, after cleaning and then after the rebuild). I guess if we had a different kind of relationship with the bank and the town, they may well have not looked so closely.

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I fully understand that your bank may have wanted proof of all the work that was being done...  And I dare say it was because the building was/Is Demkmalgeschutz.. or the end value of the house would be close to the loan amount... 

 

In the case that we are talking about in this thread... its 10K for the property... he wont even get a mortgage for that and I doubt a bank would make a standard loan for it either... 

Take a read of this and you will see just what the "up to german standard" can mean... 

 

 

https://www.toytowngermany.com/forum/topic/382755-flat-sold-as-“neu-saniert”-with-suddenly-many-issues-and-costs/?do=findComment&comment=3736329

 

 

When I bought my house just outside of Munich ( I think its doccumented here on TT too) the representative from my bank made a house visit before he approved the loan, then came came back about 3 months later to see whats going on... He sat in the first room that was completed and said.. "I really have no idea about these things, but it looks ok... I am not sure I would have chose deep red though"...

 

@fraufruit.. my comment wasnt meant to be nasty.. but "Gently teasing you"...  but I did re-read the post and couldnt see the problem... my appologies.. 

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Cautionary (true) tale... stayed at a lovely hotel in beautiful countryside a few years ago. Opposite stood a humungous cowshed. 600 cows. And a pile of shit the size of three villas behind the cowshed. Never seen anything like it in my entire life. Flies everywhere. The hotel owner was devastated. He had owned the place 15 years. Had no idea this could ever happen. He had tried to fight it, to no avail. Cowshed went up a few years after his arrival. Hotel unsaleable. Returning customers? Zero.

 

I am confident they will not be building a nuclear power plant down the road. But what else could be in the offing? Visit to the nearest town-hall...

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11k for a house in the East could be quite expensive.  I was just looking at a house near the Czech border which is where my wife's grandfather is from.  Looks mostly OK structurally but would have to undergo an entire interior renovation. 

 

Purchase price 2,800€.  Resale value probably 0€.  Location location location.  No local jobs = no real estate value.

 

Unless you are doing this for fun (you like historic old buildings, you like a challenge, etc. ) I would be very very careful.  Of course if you like adventures and have 11k to blow, then it might be fun!  I love to drool over the beautiful villas in the East going for the price of what a garden house goes for in my area and imagine myself retiring there or some such. Probably never going to happen.  The even sold a whole village in the East for a price that was in my range recently.    

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17 hours ago, BradinBayern said:

  Of course if you like adventures and have 11k to blow, then it might be fun!  I love to drool over the beautiful villas in the East going for the price of what a garden house goes for in my area and imagine myself retiring there or some such. Probably never going to happen.  The even sold a whole village in the East for a price that was in my range recently.    

 

 

It will always remain a dream if you do nothing about it... 

 

Some people play the stock market.. some people play the property market and some just play Safe Sam.... 

 

You mention that there is no jobs in the area therfor no value...   but isnt that the ideal place to buy a house to rent out to City folks  and foreigners as a holliday house?

 

 

When I was young, we didnt have Beach hollidays... Parents and grandparents rented a cottage in the Hills or somewhere remote... We had a blast!

Infact looking at it now, this is the sort of thing my sister (and familly) does with my parents twice a year!!.. 

 

 

There are so many that say to me " I wish I had your courage/Stupidity to splash out and do what you have!"... 

 

 

 

 

 

 

 

 

 

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OK look, lets be honest, unless we know what your plan is, we cannot make any kind of helpful comments.  As long as you understand that this isnt a bargain or a once in a lifetime opportunity and will be both expensive and effort to make nice and will have zero resale value then you are on the right track.  

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Increadible... 

You start your comment with "We cannot make any kind of helpful comments" and then shove the fucking knife in and twist it!

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The local court publishes notices of homes for sale at auctions due to bankruptcy. they are sold with no commission for the real estate agent. I would check its not on the list there has also been a change in who will pay the real estate agent just recently. 5000 Euros sounds a lot when the average is 3-5% and quite a few houses are in the 40-50K range.

 

Walk away or buy some Nike's. .   

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