Turkey is a country located at the crossroads of Europe and Asia, with the main part being on the Anatolian Peninsula side in Western Asia, with a smaller portion (called Thrace) in Southeastern Europe.
Bordered by eight countries, Turkey is next to Greece and Bulgaria to the northwest, Georgia to the northeast, Armenia, Azerbaijan (Nakhchivan exclave), Iran to the east, and Iraq and Syria to the south.
Turkey is also surrounded by three seas, the Aegean Sea to the west, the Black Sea to the north, and the Mediterranean Sea to the south.
The capital city of Turkey is Ankara, while Istanbul is its largest city and a major cultural and economic hub, famously spanning both Europe and Asia across the Bosphorus Strait.
Popular areas of Turkey with International Buyers:
Foreclosure real estate in Turkey 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.
Turkey 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.
