Repossessed houses are those properties who owners have defaulted their payment to the bank. Banks usually give them extra time but if the due is a lot, they take the necessary steps to regain their money. They can do any of the three things:
- They ask the borrower to sell the house and pay the bank. Under such situations, the borrower is forced to sell the house at lower rates and hence an opportunity.
- Second: The bank auctions all the belongings of the borrower sometimes including the house.
- Third: The bank repossesses the house. All these options offer a new buyer an opportunity to purchase the property at a lower price than what the market demands.
But sometimes this can be a wrong decision. The house may have a lot of balance amount to be paid to the amenities provider especially at this point in time where the property bubble burst and Cambodia real estate a Cambodia property seeing a real hit. A major problem can be seen in the Sihanoukville real estate and the sihanoukville properties. It may have tenants who wouldn’t move out. And the PIA act would require you to find and pay for the alternate house for the current tenants of the house. All these can really empty your pocket. Therefore a thorough investigation, background check and many visits to the property is a must for utilizing this opportunity to the fullest.