Banks now foreclose and put up for sale houses and plots worthtwo-three million RON, although they barely manage to sellapartments worth tens of thousands of RON.
There are instances where bankers auction off goods whose valueis twenty or thirty times higher than the debt they are owed, aswell as instances where, after selling the property, the bank failsto recover even 10% of the receivable.
Bank bailiffs say demand for foreclosed properties is low andthat, whatever their price, it usually takes several auctions tosell a property. In addition to low demand, the process is slow -the staging of the first auction takes as long as 90 days, and goesfrom notifying the client, to evaluating the property, and topublishing the sales ad.
"Whether we are talking about a property worth tens of thousandsof euros or a million euros, the procedure is the same. The mostexpensive property we have sold so far is a plant for which wecollected one million RON," says Cosmin Soames, bank bailiff ofLeumi Bank.
Leumi has recently organised an auction to sell a hotel inParaul Rece resort in Brasov county for 2.7 million RON, which hadinitially been valued at over 3.5 million RON, but which had notfound a buyer at the first auction.
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