posted Sep 23, 2011 5:25 AM by Oleg Vorobeichik
[
updated Sep 26, 2011 3:12 AM
]
posted Sep 20, 2011 7:50 AM by Oleg Vorobeichik
[
updated Nov 24, 2011 6:30 AM
]
Asset's History
This particular asset was confiscated by Mizrahi Tefahot Bank due to heavy debts of its owners. It also bear heavy debts to the Municipality of Kiryat Malahi. The bank couldn't offer the asset for sale because of several reasons. First, there were problems with registration rights - the asset was not yet registered to the debtors but to asset's previous owners, who sold the asset 15 years earlier to the debtors. Second, the asset's physical condition was horrible - for 5 years it was empty. Dozens of pigeons took over the property and the result can bee seen on the pictures below. The smell was unbearable and no brokers, real estate appraisers or renovators agreed to enter the asset before it is cleaned up.
Our Company signed an agreement with the bank to purchase this asset. We took on our behalf to locate the previous owners (that sold the asset to the debtors) and to handle all legal issues in order to resolve the registration rights problems and debts that lied on the asset. Finally, we renovated everything from scratch, and turned a burden to an asset that yields constant returns and taxes.
BEFORE Film
Pictures
AFTER
|
posted Sep 20, 2011 7:27 AM by Oleg Vorobeichik
[
updated Sep 23, 2011 6:19 AM
]
Asset's History The
asset was abandoned for 12 years. The neighbors suffered for years from illegal
squatters and the municipality and the police could do nothing to resolve it. Eventually, the
neighbors contacted our company to help them solve the
problem.
We
discovered that the asset had complex problem with registration rights and that it was under the control of the government custodian. It also was
totally ruined - there were no windows at all, broken walls and floors, no
water and electricity infrastructure etc.
We
cooperated with the government custodian representatives and helped
them to locate the heirs. After
we found the heirs, we negotiated the terms and eventually purchased the asset
while taking on our behalf all asset's debts, legal expenditures, and
renovation costs.
By
this, we offered the heirs a "Net deal"- we payed them a fixed price and released them from any
worries and uncertainties regarding their asset's legal problems.
As
a part of the debt resolution, we renovated the hall and the entrance of the
whole building to the satisfaction of the neighbors.
BEFORE
AFTER |
|
