Podgorica, Montenegro Foreclosure Real Estate Listings
Podgorica, located in Montenegro, is the political, economic, and cultural center of the country, with government bases, embassies, and many corporate headquarters operating out of the city.
As the capital and largest city of Montenegro, Podgorica has real estate options ranging from luxury apartments and homes, to newer luxury developments, all catering to the local, and expat population who are often professional types serving the capitals business and government needs.
Located in the central-southern part of the country, 35 km Adriatic coast, and near to the well-known seaside town of Budva, Podgorica is ideally situated for access to the coast as well as the local mountains.
Foreclosure real estate in Podgorica, Montenegro refers to properties that are being sold because the owner has defaulted on their mortgage, and have stopped making loan payments. Once this occurs, the lender, often a Bank, then starts a legal process to repossess and sell the property to recover the unpaid loan balance.
Foreclosure is a legal process where a lender takes ownership of a property after the borrower fails to make mortgage or loan payments.
Properties that didn't sell at a foreclosure auction, and are then owned by the bank or lender, known as REO (Real Estate Owned).
If the the owner is behind on payments, this is called pre-foreclosure, but the property hasn't been taken back yet, but the property could be sold as a short sale through a real estate agent.
Properties that are up for 'Auction' are sold at a public auction, and to the highest bidder during the Auction procedure.
Then, if the property doesn't sell at auction, it then becomes "real estate owned" by the lender, usually again a bank which leads to the property being sold through Real Estate Agents.
Investors and individual private buyers look at foreclosures for many reasons including that the property is often below market value, could be flipped or rented out for profit, or the property can if required be renovated to increase the value.
Podgorica, Montenegro foreclosure real estate listings can can come with benefits and risks to the real estate investor, and are usually sold as seen, and could come with a situation where the purchase need repairs.
Also, the foreclosure process can involve more paperwork, there may be title issues, unpaid liens, plus foreclosures (like auctions) often require full payment on purchase.
