Auctions: Bank REOs Under Judicial Scrutiny

Auctions: Bank REO Companies Under Judicial Scrutiny

Approximately two years ago, we addressed the issue of real estate acquisitions at auction by banks’ REO companies.

The issue is no longer merely theoretical. Over the past few months, the first judgments have begun to emerge from regional Courts of First Instance, while only a few weeks ago the Western Macedonia Court of Appeal handed down the first appellate judgment on the matter, followed, just a few days ago, by the first relevant judgment of the Athens Court of First Instance.

For those who have not followed the issue, the key concern may be summarised as follows.

Under the legislation governing the transfer and servicing of non-performing loans: