Keith’s Weekly Property News August 22-2021

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Keith’s Weekly Property News August 22-2021

Today we will address the issue of the property purchase process. These days there are quite a few different ways that people are purchasing property that pre-Covid would have been almost unheard of. Many buyers are buying completely remotely.

In this case, the process is different, but the main elements remain the same. A buyer must have given a POA to a lawyer. They also have to have the bank account activated, all of which can be done remotely. POAs can take time to put together, so buyers have to make sure this is in place prior to making bids on properties.

So, assuming all of that is in order, the next step is to identify potential  targets. Once you have done that with the help of myself or one of my team, you can place an offer. These days on the budget properties, most of the time we are trying to get it at the asking price but including all the closing costs (stamp duty, commission, etc).

On higher ticket items, we may expect to get a 5-10% reduction in the price. Of course, we always offer lower prices. Blame this on the strong USD.

If the offer is accepted, we pass the deed to the lawyer who confirms if it is okay to put in for valuation. If it is, we request the valuation report (done by a government certified company) and it takes approximately 1-2 days.  We usually follow this report up with a small deposit, 20.000 Try for budget properties, 40-50 for more expensive properties. We usually request 10-14 days for closing to allow for time to fund accounts, etc.

Finally, your lawyer will book an appointment at the Tapu (Land Reg) and usually buyers pay the stamp duty and complete a wire transfer for the remainder of the property simultaneously as the lawyer signs the deed. It is pretty seamless and efficient and the actual closing takes an hour.

And now on to the properties. There seems to be a sudden surge in properties on the market. That is great. We have to capitalize on these opportunities. Some of the prices are a bit spicy, but surely some gems will emerge. It will be a very intense week. As always, we are focussing on clients who have POA, bank account (online is fine). I think those people can expect to be hearing from me this week. If you do not, please whatsapp myself or Selin. Khalid is also experienced with new builds.

Property links distributed during weekly zoom session

Tagged: Istanbul propertybuying property in Istanbulcentral IstanbulIstanbul apartmentsIstanbul buildingsIstanbul investmentIstanbul propertyIstanbul property sale, Istanbul real estateIstanbul renovationsProperty in Istanbul.

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keith-boyle

About Us: My Bricks is a unique real estate company in Istanbul. With over a dozen years of experience in downtown Istanbul, Keith has been involved in countless transactions. He tirelessly researches for the best opportunities for his valued clients. In addition, Keith has project managed over 50 renovation/restoration projects (see Keith in action on YouTube: https://www.youtube.com/watch?v=yLaLIjo9X-A&pbjreload=101). We source all kinds of properties, from budget properties up to luxury villas on the Bosporus. We give personal service to our clients; often doing zoom and WhatsApp sessions 1-1 and also webinars where clients can benefit from the wisdom of Keith’s other clients. In these webinars issues such as taxes, legal issues, design and renovation and identification of property opportunities are addressed. These sessions are typically run on Saturdays and Sundays. Come and join us; just contact Keith for details on: WhatsApp/telegram at +90 531 582 3876). Our living and breathing passion is real estate in the downtown area. We look forward to virtual sessions where you walk side by side with us along the streets or in real life when you arrive in Istanbul. We are fully equipped to help you with any logistic matters you may require, from obtaining citizenship through investment to managing your assets professionally here in Istanbul. At this point in time, the agency is transforming and we have investment coming in. It is an exciting time to purchase in Istanbul. I look forward to doing the ground-work for you and launching you on your way to a profitable and enjoyable investment. Kind regards, Keith Boyle

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