What challenges will be faced in the purchase of collateral

“I saw on one of sites the announcement of the sale of apartments in Kiev for “ridiculous” 100 thousand UAH and a great car for 70 thousand UAH in the other. The vehicle and real estate collateral, and the Bank foreclosed on their debts and “burst”. They say that in such cases the buyer can deal with the fact that even former tenants to evict myself and have to chase “his” car. Tell me, is it safe to buy such housing?” Grigoriy Terentyev.

Mikhail Strelnikov, President in the UK, “Nicholas”:

“Those who want to gain from the auction of collateral (borrowers-individuals) an apartment or a car the Fund for guaranteeing deposits, especially from one of the liquidated banks should clearly understand that they can be a major problem. Despite the tempting price, is the saying “cheap fish” — you can remain without apartments and cars, losing money, who felt “funny”.

The property of such obligations is often removed with violations of laws, including the law of Ukraine “On protection of consumer rights”. Often the removal takes place by means of so-called black notaries, etc. and then buying the property, the consumer receives a task with many unknowns and the prospect of quite a long litigation with the former owners of this property, their relatives and guarantors.


  • Ukraine has tens of thousands of illegal foreign cars on offer

Better not be conducted on such proposals. Or before buying a property at auction, consult a professional lawyers and get a full assessment for future accession to the law, predictions about the litigation and transaction support. If it’s hopeless, will tell you about it at the stage when spent only a couple thousand hryvnia for the services of a specialist, and you will save major amount of money and nerves. Saving, or relying on your wits, luck etc, you may face a problem that will have to solve long and very expensive (tens of thousands of hryvnia)”.