25 Feb 2016 9:18 PM:

Thank you for getting back to me, we were worried about the proposed purchase as it was going to take all of our retirement fund. From what you have said we will not proceed, your advice has been extremely helpful many thanks for taking the time to share your experience.

Ron & Sylvia 

Thread: Purchasing bank repossessed penthouse

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25 Feb 2016 6:34 PM:

Hi

We have visited a bank repossessed penthouse in Manilva and the bank have accepted our offer, the development is completely owned by the bank and has approx 9 blocks with approx 24 dwellings per block. The development is gated and completed however looks unoccupied we have been told that some other units have been sold. could someone please advise on the following

1.  If only a few units are sold how will the continued upkeep of the buildings and surrounding gardens be maintained

2. If the bank sold the bulk of the remaining units to a property management company could they increase the community fees to whatever they want, also could they sell other units as time share ?.

3. We have been told that the community are looking at putting a swimming pool on the site .

Any advise will be much appreciated on the above or other possible pitfalls that we are unaware of

Thanks

 

Thread: Purchasing bank repossessed penthouse

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