House for sale in Koln, Germany

Property description: A) A two-story semi-detached house with two residential units in the front building, built in 1910 and with a basement. B) The back building was previously a commercial property, a laundry business, two stories high without a basement and with a flat roof. It has two garages that have been converted into living spaces. The construction year of the back building is unknown, presumably from the 1930s, and it was converted in 1979. C) A one-story bungalow as a back building with a flat roof, also with an unknown construction year, but presumably from the 1950s. There are unresolved disputed encroachments due to unclear property boundaries with the neighboring property, leading to legal conflicts. Furthermore, there are extensive structural defects and damages present, and all buildings are heavily worn. A complete inspection was not possible, so it is unclear whether the structures need to be demolished (due to unauthorized construction or uneconomical repairs). Price thoughts: The property is being auctioned by the competent district court with a market value of 520,000.00 EUR. There is a possibility of securing a 30% discount on the market value, reducing the price to only 364,000.00 EUR for the above-mentioned property. Additionally, notary costs and brokerages are waived. Overall, the property has potential for improvement and investment, but buyers should carefully consider the legal and structural issues before making a decision. It presents an opportunity for those willing to invest in renovations and resolving the legal conflicts to potentially increase its overall value in the future.