This is a really interesting deal and shows what can be achieved with some creative thinking and a willing and motivated seller.
The seller had bought his apartment in 2008 just before the GFC and still some time before the Greek crash of 2011. This meant he was one of the many Greeks who bought on bubble valuations with loans granted by the Greek banks with little or no checks. Sound familiar?
How to make money on this contract?
So the seller who we’ll call G, could no longer afford to keep paying the mortgage on the property. He thought the property, which was in a nice middle class suburb of Athens, not far from the beach, was valued at around €250,000. His bank debt was €170,000 and his total debts were approx €260,000. When we met G at the apartment we talked through why he was selling, what his situation was, his plans for the future, etc.Read More