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How I bought an apartment without a down payment

Everything in order

I got the mortgage approved and I started looking for housing in Sochi. I looked through dozens of options and could not find the apartment in which I would like to live. The fact is that apartment prices in Sochi have gone up a lot.

I like to travel and I like living near the sea. And if you live in Krasnodar, you can constantly travel the seas. I decided to look for an apartment in Krasnodar.

As it turned out, there is more choice in Krasnodar and we were able to quickly find a suitable apartment. And now, actually about the idea that allowed me to buy an apartment without a down payment.

We buy an apartment without a down payment

In simple terms, this is called Overpriced Mortgage. The meaning of the idea is that if you have a mortgage approved for 4 million, then the 15% down payment will be 600,000 rubles. If the appraiser evaluates the apartment at 4 million and the bank approves the appraisal, then you write a receipt that you gave the seller 600,000 rubles and show it to the bank. The bank takes into account that you have given the initial payment and transfers the remaining 3,400,000 rubles to you.

It is important that the appraiser and the lawyer are professional, then everything will go smoothly. I was lucky with that. Otherwise, you would have to take out a loan for the down payment and pay for the mortgage and loan. This idea is very relevant now, because apartment prices are growing faster than we can accumulate a down payment. Put ❤️ if it was useful.

Read also: I bought one apartment in Sochi, and now in Krasnodar. Heres what helped me

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