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Repossessed properties

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    #32
    tenchi-fan
    Closed Accounts Posts: 3,339 ✭✭✭tenchi-fan


    Wile E. Coyote wrote: »
    The OP won't get a deal on a re-possessed house. The bank will will sell at full market value.

    Not a lot of properties have been repossessed.. yet.. so it's too early to look for those kind of bargains.

    When the banks have a lot of houses they will sell at the first half-reasonable offer and write-off the balance. They don't want loads of residential properties and impaired loans on their balance sheet.

    On the other hand a lot of houses on the market at present are overvalued, so relative to these the ones the banks repossess will appear to be bargains.


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    #33
    Wile E. Coyote
    Registered Users Posts: 1,560 ✭✭✭Wile E. Coyote


    Smcgie wrote: »
    Incorrect

    Incorrect? And you know this because...


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    #34
    OMD
    Registered Users Posts: 2,458 ✭✭✭OMD


    hinault wrote: »
    It's not a naive view : the repossession of any persons property is a serious issue.

    And for people to attempt to profit from other misfortune - does smack of being the decent thing to do.

    When a bank repossess a property they sell it and use the money to pay off the mortgage. The profit (if any) is given to home owner, if there is a loss then the home owner is liable for the difference.

    If you were in the position of having your home repossessed then it is better to have as many people as possible interested in it. Many people have your view and will not buy a repossessed house. They may think they are doing the right thing but are actually harming the home owner more.


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    #35
    Wile E. Coyote
    Registered Users Posts: 1,560 ✭✭✭Wile E. Coyote


    I've no issue with people buying re-possessed houses. They're going to be sold eventually anyway. What I don't like however is people who actively look for houses that were re-possessed. To me thats like ambulance chasing lawyers.


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    #36
    Freddie59
    Closed Accounts Posts: 6,679 ✭✭✭Freddie59


    Wile E. Coyote wrote: »
    It's extremely naive to think that all homes are re-possessed because people were living beyond their means.

    Precisely. These poor misfortunates could be any one of us tomorrow. There but for the grace of God go I. To the OP: have you even stopped to consider this?

    As one who has purchased in the past 12 months, I would not have touched a repo with a barge pole. Life has an awful habit of turning full circle.


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    #37
    michaleen oge
    Closed Accounts Posts: 2 ✭michaleen oge


    sorry for the emotions i seem to have stirred up here. perhaps i didn't express myself well enough. i am trying to return to ireland, money is tight so i am trying to get the best possible deal in the circumstances.
    i certainly don't want to throw little tim out on the street along with his crutches,my children think i am wonderful,and the 666 inscribed on my skull is nearly illegible.
    i still intend moving,but will be very(repeat)very careful with any questions i may ask on this site in future. there are some scary people out there.


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    #38
    JuliusCaesar
    Registered Users Posts: 4,882 ✭✭✭JuliusCaesar


    Freddie59 wrote: »
    Precisely. These poor misfortunates could be any one of us tomorrow. There but for the grace of God go I. To the OP: have you even stopped to consider this?

    As one who has purchased in the past 12 months, I would not have touched a repo with a barge pole. Life has an awful habit of turning full circle.

    How on earth would you know that the house you are considering buying is a repo? People have all sorts of reasons for selling. Maybe they want to get out of a debt they can't repay.


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    #39
    Pushtrak
    Registered Users Posts: 4,640 ✭✭✭Pushtrak


    hinault wrote: »
    do your own dirty work.


    Even if I knew about a re-possession, I won't tell the likes of you.
    Who would you tell? Is this something you randomly drop at parties? Do you get funny looks?


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    #40
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    There have yet to be any significant number of repossessions. In the 1980s recession there were a lot of repossessions. The properties were sold at a discount to normal market value, often to friends of the branch managers of the building societies. The banks had a very small share of the residential mortgage market at that time. The lenders wanted very quick sales after repossession hence the discount. The lenders have to get the sherrif to enforce the eviction unless the keys are handed over voluntarily. The last thing they want is someone going in to occupation of the property after the original debtor has been evicted. It could mean another long legal battle. There are rumours going around that deals can be done with the lenders if ready cash is available. It is unlikely at the moment that websites will be used to dispose of repossessed properties.


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    #41
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    Wile E. Coyote wrote: »
    Incorrect? And you know this because...

    I'm in the process of buying a repossessed house (bank direct) from a developer that went bust.

    That's why...


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    #42
    hinault
    Registered Users Posts: 5,932 ✭✭✭hinault


    Pushtrak wrote: »
    Who would you tell?

    I wouldn't tell anyone.

    Due to my job, I am privy to certain individuals who are in financial stress and who may, in time, have to face the possibility of having their house and other securities repossessed.

    Pushtrak wrote: »
    Is this something you randomly drop at parties? Do you get funny looks?

    Is that part of your standup routine?


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    #43
    Pushtrak
    Registered Users Posts: 4,640 ✭✭✭Pushtrak


    hinault wrote: »
    I wouldn't tell anyone.
    Due to my job, I am privy to certain individuals who are in financial stress and who may, in time, have to face the possibility of having their house and other securities repossessed.
    Strange you phrased it in such a way that your not telling the OP was because he was the type who'd need the info. Like needing the info was a reason for you to not talk about it.
    Is that part of your standup routine?
    Are you going to claim royalties?


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    #44
    hinault
    Registered Users Posts: 5,932 ✭✭✭hinault


    Pushtrak wrote: »
    Strange you phrased it in such a way that your not telling the OP was because he was the type who'd need the info. Like needing the info was a reason for you to not talk about it.

    I wouldn't tell the OP - or anyone else for that matter - about any property that is in the process of being repossessed.
    Pushtrak wrote: »

    Are you going to claim royalties?

    You a comedian too?


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    #45
    Pushtrak
    Registered Users Posts: 4,640 ✭✭✭Pushtrak


    hinault wrote: »
    I wouldn't tell the OP - or anyone else for that matter - about any property that is in the process of being repossessed.
    I do respect that. Confidentiality is very important. Just found your way of phrasing it funny.
    You a comedian too?
    No, I'm not really all that funny. Just find the humour in perceived illogic.


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    #46
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    hinault wrote: »
    I wouldn't tell the OP - or anyone else for that matter - about any property that is in the process of being repossessed.

    In other words you haven't the slightest notion were to look about investing in property and your overflowing with emotion. I think you have stated your opinion there's really no need to drag the thread on.

    The OP was looking for help re:repossessions. If "You wouldn't tell him" Why bother posting at all (and continue to post)

    Thank you for your valid input...


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    #47
    hinault
    Registered Users Posts: 5,932 ✭✭✭hinault


    Pushtrak wrote: »
    I do respect that. Confidentiality is very important. Just found your way of phrasing it funny.

    No, I'm not really all that funny. Just find the humour in perceived illogic.

    Confidentiality is only one aspect.


    On a separate point of principle, apart from confidentiality, I would not disclose whether a house was being repossessed.
    Less than 200 years ago in this country, people were being removed from their properties by the British for failure to pay their dues.
    No doubt there are some here would have said those people too were "living beyond their means" as well.


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    #48
    Pushtrak
    Registered Users Posts: 4,640 ✭✭✭Pushtrak


    Nice, this thread needed a strawman.


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    #49
    hinault
    Registered Users Posts: 5,932 ✭✭✭hinault


    Smcgie wrote: »
    In other words you haven't the slightest notion were to look about investing in property.

    Wrong kiddo.

    Smcgie wrote: »
    your overflowing with emotion. I think you have stated your opinion there's really no need to drag the thread on.

    And there was me thinking that it was you who first replied to my post.

    I suggest that it is you sir, who seem intent to drag this thread on.

    Smcgie wrote: »

    The OP was looking for help re:repossessions. If "You wouldn't tell him" Why bother posting

    The OP was looking for a deal.

    I and several others suggesting he/she contact the financial institutions.

    Smcgie wrote: »

    Thank you for your valid input...

    Thanks for giving me your seal of approval to post here.


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    #50
    Smcgie
    Registered Users Posts: 1,379 ✭✭✭Smcgie


    Back to the OP. You could also look down the auction route. Some repossessed properties are normally drummed up in the press and sold in this manor. Have you any idea what counties or county you would be looking to purchase in?

    Also I wouldn't take an notice of people playing the moral card. If you don't buy it someone else will. Simple


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