Has anyone had any experience purchasing real estate from, licytacje.komornik.pl/Notice/Filter/30
additionally what is the process, is it an auction?
additionally what is the process, is it an auction?
Real estate in Poland - licytacje (an auction?)
Read up on this very thoroughly. Do not go in with your eyes looking through rose-tinted glasses thinking you are getting a great deal. Generally, you may have problems as people whose houses have been taken away from them have a grievance towards the new owner.
The other thing is that you may have to pay off all the other debts accrued by the previous house owners.
The other thing is that you may have to pay off all the other debts accrued by the previous house owners.
I have not used that website but I have had a few dealings with liquidation processes in Poland. It is not easy so as Terri says take the utmost care and if you are involved in anything valuable then use a lawyer.
There is little chance of getting a good deal - if its the bank that is owed money they will often manage a sale process that bypasses the komornik - i.e. if it is a very valuable asset.
If the komornik is involved then there is a good chance they are either dodgy or in some cases outright corrupt (though less so these days). They can ask for hefty bribes in return for giving you an inside track.
It is not usually an auction in a crowded room, unless you are buying the furniture - for the real estate itself it might be written offers or more often the komornik will run negotiations in his office with a few parties over a few weeks and see who can close first. This means you need to have your cash ready (I have lost a deal by screwing around with a bank while the other guy had his money ready).
The komornik will be looking for someone who will solve his problems quickly and let him get on with the next job - recent changes to the law have created new opportunities for good insolvency experts but that means you will need to make an offer that leaves no loose ends.
If done right there would be no comeback for any debts against the property - once the komornik is involved then the asset normally becomes clear of debt. However you would still be responsible for any environmental clean up and also check easements from power companies, access to the site etc.
Finally note that the whole process can take a long time and if you are a UK citizen then your rights to acquire the land might be affected by Brexit. Be careful with that - it seems a remote risk but a good rule for Polish liquidation processes is assume Murphy's Law.
There is little chance of getting a good deal - if its the bank that is owed money they will often manage a sale process that bypasses the komornik - i.e. if it is a very valuable asset.
If the komornik is involved then there is a good chance they are either dodgy or in some cases outright corrupt (though less so these days). They can ask for hefty bribes in return for giving you an inside track.
It is not usually an auction in a crowded room, unless you are buying the furniture - for the real estate itself it might be written offers or more often the komornik will run negotiations in his office with a few parties over a few weeks and see who can close first. This means you need to have your cash ready (I have lost a deal by screwing around with a bank while the other guy had his money ready).
The komornik will be looking for someone who will solve his problems quickly and let him get on with the next job - recent changes to the law have created new opportunities for good insolvency experts but that means you will need to make an offer that leaves no loose ends.
If done right there would be no comeback for any debts against the property - once the komornik is involved then the asset normally becomes clear of debt. However you would still be responsible for any environmental clean up and also check easements from power companies, access to the site etc.
Finally note that the whole process can take a long time and if you are a UK citizen then your rights to acquire the land might be affected by Brexit. Be careful with that - it seems a remote risk but a good rule for Polish liquidation processes is assume Murphy's Law.
@cms neuf cheeres,
are the komornik not regulated, by the courts? if so there should be a public list of all regulated komornik
and what are the criteria for selecting the parties that will be invited to begin negotiations in their office
are the komornik not regulated, by the courts? if so there should be a public list of all regulated komornik
and what are the criteria for selecting the parties that will be invited to begin negotiations in their office
Cargo pants 3 | 1443
24 Apr 2019 / #5
They are,but every one knows Someone in that little auction room,chances are the newbees have to make space in that big boys club.Go to an auction and feel the crowd yourself.
The only criteria are that you are legally entitled to buy that kind of property - so it's an issue if it is farmland or if it is affected by Brexit. The other criteria is that the liquidator thinks that you are a serious person who has the funds and the ability to complete the transaction.
Ring the guy up tell him you're interested in the asset and want to meet - it is unlikely that he would speak good English so if you don't have polish skills get someone to help you
Better to do that by phone - a common trick is for them to park your email if they are already negotiating with someone else
Ring the guy up tell him you're interested in the asset and want to meet - it is unlikely that he would speak good English so if you don't have polish skills get someone to help you
Better to do that by phone - a common trick is for them to park your email if they are already negotiating with someone else
Nathans
20 May 2019 / #7
Be careful with auction/foreclosure properties for sale - there are no warranties, you get the home in "as is" condition and there may even be electrical power wires / outlets, toilets, and anything else gutted out of the house.