The prices of Bucharest apartments auctioned by banks are just7% smaller than the ones owners ask for. Whereas owners can agreeto cut prices during negotiations, in the case of auctions purchaseprices can be even higher. People looking for a bargain through theacquisition of foreclosed apartments auctioned by banks should keepa close eye on websites so as not to miss the few truly profitableoffers, in the context where, on average, banks' prices are just 7%smaller than those asked by Bucharest owners, reveals a ZF survey.In the case of auctions, if no buyer offering the asked price comesup at the first term, the price is cut by 25% at the second term,after which it can remain unchanged during the following auctions.Hence, banking executors reckon they have some properties olderthan one-two years in their portfolio, and clients are not rushingto buy. "There are people attending auctions, but the volume ofdeals is no longer as high as last year's for instance. The reasonis linked to this financial collapse. As a result, people are shortof money. Auctions are repeated as many times as necessary for theproperties to be sold," explains Marian Stancu, a banking executorwith OTP Bank.
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