Cyprus-Forum.com

[GreekIslandGirl]

The only recent positive development I've seen pertaining to properties is that as of yesterday banks have began to announce decreases in home loans in the region of 0.5%.

Yes homes loans would go down. People are more likely to use their savings/deposits to buy right now. Not seek loans. It's a cash-buyers' market - as are my friends. They are using deposits they have held for a few years in Cyprus banks (at high interest rates) to now buy a property (for them it's a coincidence - they had planned for a while to buy around now).

From what I notice, cash buyers seem to drive harder bargaining power - and so they have still not had an offer accepted. It's Cypriot stubbornness versus real money, ready cash, where there is no incentive to offer more because it's only 'pretend money' like some seem to view a mortgage or home loan as being.

As CG exampled above, people used to offer more because they could get a mortgage and then were subjected to tough repayments. This isn't the case for cash buyers - they are looking for good prices as it's their own money they are parting with.

[cyprusgrump]

As CG exampled above, people used to offer more because they could get a mortgage and then were subjected to tough repayments. This isn't the case for cash buyers - they are looking for good prices as it's their own money they are parting with.

They didn't offer more because it was on a mortgage....

The whole thing was a con... they got a mortgage for €260,000, paid the developer €180,000 and walked off with €80,000 (less what they paid the valuer)...

The bank is now stuck with two apartments it can't sell and an outstanding debt of €260,000...

[B25]

No, GIG, from your comment: 'From what I notice, cash buyers seem to drive harder bargaining power - and so they have still not had an offer accepted.'

They haven't had any offer accepted because they are vultures, just because they have cash, they think they are lords and that people should just give them their property. These people are pigs, they don't even offer a fair price, they just take advantage of other peoples misfortunes.

Cash, mortgage, pink money, yellow money, it's all just money in the end and that's what the sellers want.

I guess they should just keep hold of their CASH.

[B25]

As CG exampled above, people used to offer more because they could get a mortgage and then were subjected to tough repayments. This isn't the case for cash buyers - they are looking for good prices as it's their own money they are parting with.

They didn't offer more because it was on a mortgage....

The whole thing was a con... they got a mortgage for €260,000, paid the developer €180,000 and walked off with €80,000 (less what they paid the valuer)...

The bank is now stuck with two apartments it can't sell and an outstanding debt of €260,000...

Banks should start suing valuers for false or incompetent valuations. After all that's their job isn't it.

[cyprusgrump]

No, GIG, from your comment: 'From what I notice, cash buyers seem to drive harder bargaining power - and so they have still not had an offer accepted.'

They haven't had any offer accepted because they are vultures, just because they have cash, they think they are lords and that people should just give them their property. These people are pigs, they don't even offer a fair price, they just take advantage of other peoples misfortunes.

Cash, mortgage, pink money, yellow money, it's all just money in the end and that's what the sellers want.

I guess they should just keep hold of their CASH.

They are not vultures at all...

It is a buyers market and they have cash...

It is up to the seller to accept or decline the offer they make...

In the case I gave above, the seller (the bank) chose to decline an offer of €70,000 for one of the €90,000 apartments that now sits on their books for €130,000 (plus unpaid interest presumably). I suspect in the long-term that will be a mistake.

[Mik]

Where do people think the bank gets the money for mortgages or loans?

[Jerry]

As CG exampled above, people used to offer more because they could get a mortgage and then were subjected to tough repayments. This isn't the case for cash buyers - they are looking for good prices as it's their own money they are parting with.

They didn't offer more because it was on a mortgage....

The whole thing was a con... they got a mortgage for €260,000, paid the developer €180,000 and walked off with €80,000 (less what they paid the valuer)...

The bank is now stuck with two apartments it can't sell and an outstanding debt of €260,000...

The solicitor must have been on the scam too since mortgage advances are usually paid to the vendor via the solicitor, or at least in UK they are.

As to vultures, who in their right mind won't try to beat the purchase price down in a falling market. Someone in my family agreed to buy a house but the formalities were dragged out for months during which time prices were falling fast. I told her to reduce her offer or pull out but she said she could not do that to the young couple, "it wouldn't be fair". She needs to move now but can't sell unless she is prepared to take a significant loss. Now she's buggered because "she was fair". She has had one viewer in 8 months.

[Paphitis]

No, GIG, from your comment: 'From what I notice, cash buyers seem to drive harder bargaining power - and so they have still not had an offer accepted.'

They haven't had any offer accepted because they are vultures, just because they have cash, they think they are lords and that people should just give them their property. These people are pigs, they don't even offer a fair price, they just take advantage of other peoples misfortunes.

Cash, mortgage, pink money, yellow money, it's all just money in the end and that's what the sellers want.

I guess they should just keep hold of their CASH.

They are not vultures at all...

It is a buyers market and they have cash...

It is up to the seller to accept or decline the offer they make...

In the case I gave above, the seller (the bank) chose to decline an offer of €70,000 for one of the €90,000 apartments that now sits on their books for €130,000 (plus unpaid interest presumably). I suspect in the long-term that will be a mistake.

Just walk away! Maybe come back in a few months and offer 60k. In the meantime they can look at other property and maybe buy something else.

It is a buyers market. Hopefully young Cypriots can use this time to crack the market.

[B25]

No, GIG, from your comment: 'From what I notice, cash buyers seem to drive harder bargaining power - and so they have still not had an offer accepted.'

They haven't had any offer accepted because they are vultures, just because they have cash, they think they are lords and that people should just give them their property. These people are pigs, they don't even offer a fair price, they just take advantage of other peoples misfortunes.

Cash, mortgage, pink money, yellow money, it's all just money in the end and that's what the sellers want.

I guess they should just keep hold of their CASH.

They are not vultures at all...

It is a buyers market and they have cash...

It is up to the seller to accept or decline the offer they make...

In the case I gave above, the seller (the bank) chose to decline an offer of €70,000 for one of the €90,000 apartments that now sits on their books for €130,000 (plus unpaid interest presumably). I suspect in the long-term that will be a mistake.

Just walk away! Maybe come back in a few months and offer 60k. In the meantime they can look at other property and maybe buy something else.

It is a buyers market. Hopefully young Cypriots can use this time to crack the market.

Yeah ok, young Cypriots don't have any money. Many are now without a job, and the banks will not lend them. Just goes to show that you are talking out of your rear end on this one.

[Paphitis]

Aussies a pretty cool and laid back. You will see this from those hands on guys in Qatar that would be very wealthy mind you, earning lots on the rigs, and elsewhere.

I reckon they are similar to Cypriots in that regard.

This one's for you Paphitis...

http://www.liveleak.com/view?i=7aa_1366161443

Cheers mate.

Love the Indians and their food. Really nice people.

Thousands are coming over and every doctor these days seems to be Indian. They are doing real well for themselves.