The developer is gone – now what?

Posted: September 10th, 2013 | Author: | Savings

Real estate industry and developers do not have the situation for months. Now willingness to buy housing from developers is significantly reduced, and developers fall.

Barry Yanowitz / photo on flickr

Barry Yanowitz / photo on flickr

What in this case, do the people who use the services of  developer and may lose money invested without anything in return? Not  all is  lost yet, but this will require us to make additional steps and unfortunately wait some time. The first step should be to report the claim in writing to the judge-commissioner. Such a document should be reported within one to three months of bankruptcy.

But that’s not all. The best would be if people who bought apartments and units in the investment of the bankrupted developer formed a group of buyers who decides what to do with the debt and the investment. You should actively participate in making those decisions. As a result there is a greater chance that everything will go your way. Note, however, that the insolvency proceedings can take a long time and certainly the life in your new home may be vastly postponed.

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