There are some drawbacks that arise in the real estate market as a result of improper practices engaged in by certain parties that negatively impact the real estate market and real estate professionals and lead to protracted legal battles that drag on for years.
In recent times, some strange and negative phenomena have emerged in the real estate market that no one had ever heard of in the distant past.. As an example of one of these negative and strange practices or phenomena,a well-known bank in Riyadh announced the foreclosure of a property it had financed for a citizens, claiming that the citizen had failed to meet his financial obligations to the bank, and the bank went even further by commissioning a well-known real estate marketing company to begin procedures to sell the disputed property and put it up for public sale.
The investor then protested this action and placed a large sign in front of the disputed property stating that the property is not for sale and has been unlawfully seized by the bank and the marketing company (we withhold the names of the bank and the company) and is the subject of a lawsuit before the court, and that both the bank and the marketing company have bypassed judicial procedures.
This matter is extremely serious, and the danger stems from two aspects...The first is regarding financing companies and banks, as this dispute may affect their standing and credibility in the eyes of the public; the second danger concerns the marketing companies, one of which has involved itself in this dispute, and consequently, this may generally affect its reputation and track record, especially since the property owner has mentioned the names of the well-known bank and marketing company on the large sign, and did not forget to include his contact numbers to confirm his credibility.
We wonder why he did not wait for the bank and the company to let the judiciary have its say regarding the disputed property? Especially since there are courts specializing in real estate disputes... This is a serious matter and portends negative repercussions for the real estate market... Therefore, the responsible authorities must intervene to stop such occurrences so they do not recur and affect the credibility of the real estate market.
Editor-in-Chief
