Banks walked around the apartments and triggered the COLLAPSE of the real ESTATE MARKET! - News about real estate, Kiev, Kyiv region. Real Estate In Ukraine

Banks walked around the apartments and triggered the COLLAPSE of the real ESTATE MARKET! - News about real estate, Kiev, Kyiv region. Real Estate In UkraineThe Ukrainian real estate market may "collapse" due to a sharp rise in the availability of apartments. The most...On the real estate market out of the jar.The Ukrainian real estate market may "collapse" due to a sharp rise in the availability of apartments. While the fastest growth of the number of apartments that are or have been mortgaged to banks for mortgage loans.A year or two ago, the Ukrainian banks are not exposed for sale of mortgaged apartments, even if they have got as a result of a court decision on the defaulted loans. The reason was simple: the real estate prices were rising rapidly and to sell this apartment at a reduced price "for their difficulties had not been submitted. Usually these apartments were taken by members or top managers of banks.The situation has changed dramatically today when defaults on mortgages have become massive and banks have to decide what to do with pledged apartments. In connection with falling of the prices in the real estate market, the standard scheme (to select the apartment of the debtor is to sell it to recoup their losses) does not always work.First, the procedure for withdrawal of collateral is difficult and stretched.Secondly, sometimes the problems have to evict insolvent borrower. Therefore, banks are trying to negotiate with defaulters "good", sometimes the initiators of the refusal of the collateral act and the borrowers themselves, especially those who bought an apartment in a loan recently and realized that the monthly payments they cannot afford.In this case, the Bank often puts up collateral, which has de facto in the possession of the borrower, and with his consent. In this case the borrower forced to also try to sell more expensive apartment – or he can not expect to return at least part of the paid initial fee. However, the problem is that despite the decline in prices on the real estate market, they are at such a level that you can find in the crisis on mortgage of the apartment buyers is practically impossible.In this regard, banks offer mortgage to buy the property from them on credit, i.e., the buyer becomes the new borrower of the Bank instead of the old – insolvent. However, here also for the banks not simple. Generally if the new buyer-borrower and agrees to buy an apartment from the Bank for his loan money, at a much lower price than the original borrower.In addition, banks are now selling "on credit" pledge of the apartment only with the payment of at least 30% down payment, and not all of new buyers in the face of intensifying crisis have money for a down payment. But it is the contribution requested from their new borrowers banks. In fact, due to the initial payment of the buyer of collateral apartments the Bank hopes at least a little to improve their financial situation. One should note that in recent time due to massive withdrawal of funds from citizens Deposit accounts, many banks found themselves in a critical situation. They have a lot of apartments and other property in the pledge, but in the crisis quickly turn them into real money it is simply impossible. Banks agree even on a partial payment for collateral in the form of down payment, hoping that in the future new borrowers will be more accurate than the old ones.Unfortunately, work in a similar pattern – change of the borrower in troubled mortgage loans – banks today are possible only in a small number of cases. The majority of apartments at the banks just "hang". There is an interesting trend: it is necessary to go to the Bank at least for small concessions to the defaulter on a mortgage loan (for example, not to impose penalties for late repayment of loan and interest, or to restructure the debt), after some period of implementation of its new "softened" the obligations of the borrower ceases to perform them.And this is not from good life. Usually become insolvent, those borrowers who have lost high-paying job. The first month or two they still hope to find a job with a similar salary, send your resume, go to interviews, they have some savings to pay my mortgage. But time passes, a new job is not, savings are melting, they start to miss one thing and then such borrowers simply stop paying on the mortgage.Bankers anxiously awaiting the start of the new year. After all, according to all forecasts, after the holidays, the incomes of Ukrainian citizens will not grow. In this case, the work will lose many today who still are employed and expect at least some salary. In addition, the hryvnia depreciated for half a year almost twice and to pay on loans in foreign currency debt principal and interest when your salary is, at best, is fixed at the same level in local currency, few can.Complexity represents and sale of the collateral on credit. Because many citizens today do not have savings for a down payment, and those from whom they have to wait and not hurry to purchase from banks mortgage apartment, believing that in the coming months, they will drop considerably in price.In fact, today the banks gradually become the largest owners of residential property in Ukraine, sometimes very expensive and prestigious. And therefore their desire to make haste to get rid of it "knocked the market" than cause irreparable harm to ourselves and to the developers.



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