BUSINESS

Repossessed homes hitting the market

ILIAS BELLOS

TAGS: Economy

The process for the sale of properties in packages – most of them homes – has entered its final stage after those assets were repossessed by banks due to unpaid mortgages.

The companies that have undertaken their management on behalf of creditor banks, such as Resolute Asset Management and Clayton, have already conducted meetings with estate agents and are moving ahead with the properties’ sale.

What those companies do is break the available stock into smaller packages of about 200 properties each and set a minimum and a target price as a range for estate agents to move within. The concession of the first such packages to agents is already at an advanced stage and, according to sources, the first homes have already hit the market.

While talks – and rumors – regarding the management of bad loans and the protection of primary residences continue, the market is preparing to gradually receive some 10,000 properties for sale, with more expected once the legal process is completed for more bad mortgages. Notably, part of the stock repossessed is located in neighboring countries (Bulgaria, Romania and Serbia), where the management of properties repossessed by banks due to bad loans is at a more advanced stage.

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