Property Victim Auctions – Auction Avalanche Awaits

Property Victim Auctions - Auction Avalanche AwaitsWITHOUT PREJUDICE

Property Victim Auctions – Auction Avalanche Awaits

Auctions are now very much back in vogue in the TRNC. So much for the new transparent, open Government. I am not surprised. What does surprise me is how many people have tried to silence me when I forecast this.

I found the following on a forum very recently and it confirms what I already know, there will be many more auctions of innocent people’s property in the near future.

I have deleted the names of the posters although if you go to forum you can see them.

The point is, even at the 11th hour these people are being lied to. How can any Advocate tell a client they will get 60% of the Contract price back. The property was bought at the top of the market, in this depressed market even if he were selling it himself he would be lucky to get 60% of the Contract price. Factor in that this is an auction so it is a forced sale, there is a creditor to be paid, the original debt plus capitalised interest, which means the original loan plus the interest not paid by the fraudster who took out the mortgage on property already sold. Then of course the state will want its pound of flesh, the state being the Tapu in this instance. Of course telling your client they will get 60% of the Contract price will keep them quiet…for a while. I do have the feeling that in this case the poster is using the same Advocate I did, until she sacked me. Just my thought, no proof so I will not name names, yet.

So with regard to the original question on this post. Of course you will lose out big time, probably every penny you have
paid so far. Sorry.

Two more auctions then. Plus all those that will follow whose owners believed keeping silent would save them.

“House/Land Auctions

Message 1 of 4 in Discussion

Hi there, we’re in a situation where our uncompleted property, and others, may go to auction as the developer is being taken to court. Has anyone experienced this – what we are looking for is to know whether these auctions are likely to lose us money when theland/houses are sold. any advice welcome

Message 2 of 4 in Discussion

Helendj, you will find a lot of information posted over the years on various forums regarding your predicament. In fact, there has just been an auction of apartments in Girne on Sunday gone and the new owner is a TC. I think the answer to your question regarding losing money goes without saying.

Good luck.

Message 3 of 4 in Discussion

thank you for your response – unfortunately I am of the same opinion 🙁

Message 4 of 4 in Discussion

I’m currently going through the courts with our Brit developer and my Solicitors informs me that in the event of our property going to auction we could expect a return of 60 % of the contract price + any other saleable assets-not good news I’m afraid.”

Pauline Read

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