The story is about purchasing real estate from a bankrupt seller… I hope you have never been familiar with such a situation, and you won’t ever experience what one of my clients had to go through
This story began in the fall of 2016.
I was contacted by a lady (Azerbaijani by nationality) interested in purchasing real estate in Istanbul. That was the way our communication began. Upon receiving a brief out all her search parameters, I sent her probable up-to-date options of construction projects from reliable developers according to the specified budget. After it, our dialogue was on a step of an expectant pause.
A couple of days later, we had communicated again, and it turned out that the lady’s husband had found a unit for $ 10,000 cheaper and went for it.
Well, their choice! but what made me very worried was the area of their purchase and I asked which project/compound it was.
To myself, I hoped that they didn’t go for a notorious place that was bankrupt in reality but still selling to foreigners. (Since locals knew them to be no good)
But, unfortunately, that was exactly what happened. It turned out that a family had purchased the real estate in a company that was declared bankrupt but continued to sell units
Note that, as an expert and a local we know many internal issues, but customers don’t see such tricky moments, and some sellers don’t hurry to tell them about it.
After 4 years … stumbling upon our dialogue with her, I decided to ask how things went on and whether the situation was resolved. Unfortunately, they could neither return invested funds nor get a finished apartment, alas, but my words were confirmed.
In my experience, it’s one of the most unpleasant situations that happened to a client.
I don’t want such a story to be repeated again, so if you have doubts and questions about the security of the deal, always contact experts.
That’s why I’m extremely careful with choosing developer companies. We have been cooperating with some of them for many years. I’m completely for safe investments!