Banks sharply reduced sales of real estate and movable property through open sales
Baku, Fineko/abc.az. The Internet portal on sales of the collateral by banks on non-implemented loan agreements, presented in third decade of May 2011 has shown new market tendency : the banks reduce open sales of collateral.
Azerbaijan Risk Professionals Association (ARPA), which has launched the project reports that from 18 January to 11 June the supply at www.girov.az portal fell from 75 to 20 lots. At present there are 10 proposals on real property and cars at www.girov.az. There are no proposals on equipment and business sales yet.
The proposals were made by Azcoll collector Company and three banks- UniBank, AGBank and DemirBank.
Through the portal the banks will be able to publish the information on the mortgaged property set for sale. The placement will be carried out on a fee basis. At that, the portal will not bring buyers and sellers to contact - it requires only the availability of a special brokerage company. However, ARPA partner law firm CLC will provide legal support of possible deals. The firm specializes in operations of such kind.
In the portal the collateral set for sale is divided into 4 groups - real estate, vehicles, equipment and businesses which are in turn divided into various categories. The portal is open for registration on it and placement of orders for sales of the mortgage.
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