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Foreclosure: years to wait for Magnus Achte properties!
Foreclosure auction in Osterholz: 700 properties affected, long processes expected. Advice appointments for tenants announced.
Foreclosure: years to wait for Magnus Achte properties!
In Osterholz-Scharmbeck, the compulsory auction of the 700 apartments in the Magnus Achte properties seems to be dragging on. This development is important not only for tenants, but also for interested buyers. Again Weser courier reported, an auction is not expected in the near future. Receiver Sebastian Ludolfs estimates that the processes could take several years.
A variety of challenges influence the timing. The long procedures for determining the value and difficulties in delivering the foreclosure order - the owner simply cannot be found - cause delays. The first city councilor Torsten Haß explained that the city was working on a social charter. This should be made available to potential interested parties and bidders and aims to promote sustainable investments and long-term maintenance of the apartments.
Bad conditions on the construction site
But the real estate situation is worrying. The property management company Inverta GmbH has informed about the dilapidated condition of the apartments and the associated high repair costs. Managing director Jan Fetchenheuer made it clear that rental income and repair costs are almost identical. In fact, 180 of the apartments had no heating, but urgently needed repairs have now been carried out.
Tenants also report poor accessibility of contact persons and a lack of services such as stairwell cleaning and garbage disposal. Against this background, the property management plans to offer open consultation hours in the House of Cultures from the end of November. These will take place on November 26th, December 17th and January 28th, from 4 p.m. to 6 p.m. Tenants are requested to bring relevant documents and photos to the consultation hours.
Foreclosures: A Double-Edged Sword
The foreclosure itself triggers mixed feelings. For example, not every foreclosure auction goes smoothly. In the event of a failed first auction date, a second auction date will be scheduled, but without guarantees: protection limits may then no longer be valid. The creditors can refuse the award if their demands are not sufficiently met. Recommend that immobilien.sparkasse.de and make it clear that it is important to discuss the price expectations with the creditors at the auction.
Although there may be a chance of a good deal, it is important to note that the absence of protective limits in the second auction date does not mean that a purchase at a “cutting price” is possible. Those involved in the court have the opportunity to continue to refuse bids.
Overall, the future of the Magnus Achte properties remains uncertain. As the city and property management try to improve the situation, affected tenants and potential buyers will need to closely monitor how events unfold. The question remains as to when and how the foreclosure auction can actually take place.