Allsop Property Auction Cancelled, amid organised protests

The_Conductor

http://www.independent.ie/irish-news/property-auction-cancelled-amid-heated-protests-by-people-who-have-lost-homes-29395090.html

http://www.irishtimes.com/news/environment/allsops-property-auction-cancelled-due-to-protest-1.1452696


Irish Times:
An Allsops property auction in the Shelbourne Hotel in Dublin was cancelled today following a protest.

One man stood in front of the auctioneer and appealed to buyers not to bid for the items for sale. The auctioneers were then heckled by a group of approximately 70 people.

Bidders started to leave the auction room followed shortly by the auctioneers.

The auction was then cancelled.

The Indo:
HEATED and dramatic protests have stopped the Allsop property sale at the Shelbourne Hotel in Dublin today.

A handful of protesters - many of whom have lost their homes in the downturn - shouted "Ireland is not for sale" and told the auctioneers to "go home".

After singing the national anthem, the protesters told the crowd that the auctioneers had left the premises "out the back door."

There were cheers following a brief statement when a spokesperson for the hotel said: "Ladies and gentlemen I'm afraid we're going to have to cancel today's auction."

The gardai were called to the protest and protesters told potential bidders to "make the right choice and leave peacefully".

"The auction is not continuing if we have to stay here til evening," they said.

Protester Gerry Calahan - a former publican from Dublin who lost his business - told the auction that they should remember Parnell's instructions on people who bought property on the backs of those who suffered.

"You should shun them in the fairgreen and the market place," he said.

But not all people supported the protest.

"Disgraceful - it's not fair. You cant expect to hold onto your property unless you pay for it. Its commercial property - not family homes," said a man who had come to the auction intending to bid on a premises.

stimpson

The_Conductor wrote: »

Protester Gerry Calahan - a former publican from Dublin who lost his business - told the auction that they should remember Parnell's instructions on people who bought property on the backs of those who suffered.

An ex-publican worrying about those who have suffered? Wow.

lima

Absolute Scumbags, they will not win, normal capitalism will prevail.

These scumbags are just bitter at losing their homes, disgusting carry-on.

I'll go in and buy a home at the next one and offer to rent it back to them now just to piss them off

khards

Quite right, all they need to do to keep their home is to keep up the mortgage repayments, how hard can that be?

On a side note these protestors should be locked up for causing trouble and the ring leaders sued for damages by Allsops. Locking them up would also silence them.

lima

They are deluded remnants of the boom

Repossessions need to happen in earnest before this country get's back to normal. So what if someone in the boom thought they could make a buck our of property and are now bitter.. tough luck.

Bannasidhe

lima wrote: »

Absolute Scumbags, they will not win, normal capitalism will prevail.

These scumbags are just bitter at losing their homes, disgusting carry-on.

I'll go in and buy a home at the next one and offer to rent it back to them now just to piss them off

Scumbags?
Glad to see a reasoned tone being adopted from the outset.

'Normal' capitalism?
That went out the window when the State decided to save private banks.

Sigourney

'After singing the national anthem, the protesters told the crowd that the auctioneers had left the premises "out the back door."'

They actually knew the words of 'Shinner Feena Fawl'?

Pawwed Rig

khards wrote: »

On a side note these protestors should be locked up for causing trouble and the ring leaders sued for damages by Allsops. Locking them up would also silence them.

Seriously?*
Luckily we live in a country that protesting is still legal. What kind of state do you want to live in?
There is nothing I have read that says the protestors were violent.
Whether you agree with them or not is your opinion, asking for peaceful protestors to be locked up is way OTT.




*not sure if you were being sarcastic in your post or not.

lima

Bannasidhe wrote: »

Scumbags?
Glad to see a reasoned tone being adopted from the outset.

'Normal' capitalism?
That went out the window when the State decided to save private banks.

Yes scumbags, how dare they ruin an auction like that. Such an Irish thing to do.. 'ahh giz me house back ye britz michael collins etc. bla bla"

I have NOTHING to do with the boom and I come back here after 7 years to work in the tech industry and I can't even buy a decent house because repossessions are not happening quickly enough and because of that there is severely limited stock available. I have NO sympathy for people like that who are angry because of their skewed Irish sense of entitlement.

Bannasidhe

lima wrote: »

Yes scumbags, how dare they ruin an auction like that. Such an Irish thing to do.. 'ahh giz me house back ye britz michael collins etc. bla bla"

I have NOTHING to do with the boom and I come back here after 7 years to work in the tech industry and I can't even buy a decent house because repossessions are not happening quickly enough and because of that there is severely limited stock available. I have NO sympathy for people like that who are angry because of their skewed Irish sense of entitlement.

So you want people's homes repossessed so you can buy a 'decent' house cheap? :eek:

lima

Bannasidhe wrote: »

So you want people's homes repossessed so you can buy a 'decent' house cheap? :eek:

Yes.

But not for 'cheap', for it's fair price.

More repossessed homes on he market, the more fairer the price.

D3PO

Bannasidhe wrote: »

Scumbags?
Glad to see a reasoned tone being adopted from the outset.
.

I don't normally agree with Lima but yes these people are scumbags.

valleyoftheunos

there is more than whiff of irony about people who bought commercial properties in an attempt to make make money protesting other people doing the same thing.

Bannasidhe

lima wrote: »

Yes.

But not for 'cheap', for it's fair price.

More repossessed homes on he market, the more fairer the price.

Given that the person whose home has been repossessed will still be paying any outstanding amount left after it's sale at a so-called 'fair' price, it could be argued that what you want is a house in which the bank has no real stake in achieving the highest price for it as they will still have someone on the hook and what you actually want is a decent house whose cheap price is attainable as someone else is subsiding it.

Lots of 'decent' houses for sale by NAMA - why can't you buy one of those?

P. Breathnach

Bannasidhe wrote: »

Given that the person whose home has been repossessed will still be paying any outstanding amount left after it's sale at a so-called 'fair' price, it could be argued that what you want is a house in which the bank has no real stake in achieving the highest price for it as they will still have someone on the hook and what you actually want is a decent house whose cheap price is attainable as someone else is subsiding it....

It's in the interest of the person whose property has been repossessed that it sell for the highest price achievable. I can't see that frustrating an auction helps the achievement of the best price.

Bannasidhe

P. Breathnach wrote: »

It's in the interest of the person whose property has been repossessed that it sell for the highest price achievable. I can't see that frustrating an auction helps the achievement of the best price.

But it is not usually the mortgagee who is selling the property but the lender who has repossessed the property and they are 'covered' regardless of the price they achieve. The auctioneer does have a stake in achieving a high price as they get a percentage.

Personally I would have no issue with repossessions as long as that is the end of the debt like in the U.S. - the house is security for the loan, if the loan is not paid repossess the house. End of story.

Nor do I have an issue with buy to let houses/commercial properties being repossessed - they are essentially failed business but I do understand the anger of people who have their homes repossessed, sold at knock-down prices and then are expected to continue paying off the remainder of the loan.

GetWithIt

The_Conductor wrote: »

"Disgraceful - it's not fair. You cant expect to hold onto your property unless you pay for it. Its commercial property - not family homes," said a man who had come to the auction intending to bid on a premises.

This.

They may as well be protesting outside Merlin's car auction. These weren't family homes that were being auctioned.

Pawwed Rig

GetWithIt wrote: »

This.

They may as well be protesting outside Merlin's car auction. These weren't family homes that were being auctioned.

There is usually a mix of all types of properties at these auctions. Commercial, residential housing/ apartments etc.

Here is the catalogue

http://www.auction.co.uk/irish/onlineCatalogue.asp

lima

Bannasidhe wrote: »

Given that the person whose home has been repossessed will still be paying any outstanding amount left after it's sale at a so-called 'fair' price, it could be argued that what you want is a house in which the bank has no real stake in achieving the highest price for it as they will still have someone on the hook and what you actually want is a decent house whose cheap price is attainable as someone else is subsiding it.

Lots of 'decent' houses for sale by NAMA - why can't you buy one of those?

Nama are restricting the sale of 100's of units for the same reason - to keep prices artificially high for the FF politicians who have investment property

jmayo

Pawwed Rig wrote: »

Seriously?*
Luckily we live in a country that protesting is still legal. What kind of state do you want to live in?
There is nothing I have read that says the protestors were violent.
Whether you agree with them or not is your opinion, asking for peaceful protestors to be locked up is way OTT.

*not sure if you were being sarcastic in your post or not.

Do they have the right to protest in a non public place ?
Afterall they did protest within the hotel.

Bannasidhe wrote: »

So you want people's homes repossessed so you can buy a 'decent' house cheap? :eek:

And on the other hand you want him to financially help people keep their homes that they are not paying for and thus probably make sure he can't afford a similar home.

Can you see the hypocrisy in your statement ?

P. Breathnach wrote: »

It's in the interest of the person whose property has been repossessed that it sell for the highest price achievable. I can't see that frustrating an auction helps the achievement of the best price.

Will go away with your logic.
Don't you know people have a right and entitlement to their properties even if they can't or won't pay for them. :rolleyes:

jmayo

Pawwed Rig wrote: »

There is usually a mix of all types of properties at these auctions. Commercial, residential housing/ apartments etc.

Here is the catalogue

http://www.auction.co.uk/irish/onlineCatalogue.asp

Well maybe you have a different catalogue but mine has an overwhelming amount of investment, retail and commerical property.
In fact even those marked as Vacant Freehold Houses look for the most part like somone's little investment.

Bannasidhe

jmayo wrote: »

And on the other hand you want him to financially help people keep their homes that they are not paying for and thus probably make sure he can't afford a similar home.

Can you see the hypocrisy in your statement ?

:

Since he said himself that he has just returned to Ireland after 7 years 'financially helping' is stretching it.
These people's taxes and stamp duty helped pay for the infrastructure that attracted those IT jobs he returned to take up - but do we forget all of that now?

When all of these people enter the rental market will people then complain they are pushing up rental prices?
Or should they qualify for social housing complain how we are subsiding them?

We are all financially supporting the banks who are in a win-win situation. Sell the house cheap and chase the previous owner for the outstanding balance while we all pay for their mistakes.

What would be so wrong with repossession meaning the loan is cancelled as happens in the U.S.? Or did you fail to see where I said that when busy deciding I am a hypocrite?

Pawwed Rig

jmayo wrote: »

Do they have the right to protest in a non public place ?
Afterall they did protest within the hotel.

Yes they can protest wherever they like. If management ask them to leave then they should leave. If they refuse then the Gardai can force them out. This did not happen though probably for public safety/relations reasons. Do we really want to live in a country that protestors are locked up for protesting?

There was alot of protesting at the gay pride parade last weekend in favour of equal marriage rights. Should we lock them up too?
Also those protesting against abortion? Should these people be locked up?

jmayo wrote: »

Well maybe you have a different catalogue but mine has an overwhelming amount of investment, retail and commerical property.

I don't have a catalogue. I just provided a link to their webpage.

Bannasidhe

Pawwed Rig wrote: »

Yes they can protest wherever they like. If management ask them to leave then they should leave. If they refuse then the Gardai can force them out. This did not happen though probably for public safety/relations reasons. Do we really want to live in a country that protestors are locked up for protesting?

There was alot of protesting at the gay pride parade last weekend in favour of equal marriage rights. Should we lock them up too?
Also those protesting against abortion? Should these people be locked up?



I don't have a catalogue. I just provided a link to their webpage.

3 bed house in Bray with reserve price of 155,000 - pretty cheap IMHO.

ledonb

Allsops are hosting an auction in a posh hotel where bottom feeders rake over the entrails of peoples ruined lives. It is no wonder there was a protest and the hotel, presumably full of wealthy American tourists at this time of year decided they didn't want any more to do with it.

melekalikimaka

bout time places started going up, cant pay/boot out. finally some normality returning to the country

khards

Bannasidhe wrote: »

Personally I would have no issue with repossessions as long as that is the end of the debt like in the U.S. - the house is security for the loan, if the loan is not paid repossess the house. End of story.

When the mortgagee signed the contract with the bank to fund the property purchase, they knew what they were getting into.
They know that thrie jhome/business would be repossessed if they did not keep up the repayments.
In many cases they knew they were borrowing far more than they could afford.
If the borrowers were not so greedy and the regulators actually regulated then none of this mess would have happened in the first place.

It is wishful thinking that the defaulter will get let off the hook, a write down or any other free gifts from the banks/tax payer.
They need to face the reality of the situation, hand back the keys and file for bankruptcy.

If it wasn't for denial and pride this mess could be resolved quickly and easily.

khards

Next time I hope they have security and the guards waiting outside.

The protesters were disturbing the peace and trespassing after they were asked to leave.
Since they were clearly breaking the law they should be charged.

Pawwed Rig

khards wrote: »

If the borrowers were not so greedy and the regulators actually regulated then none of this mess would have happened in the first place.

I assume you meant lenders?

khards wrote: »

The protesters were disturbing the peace and trespassing after they were asked to leave.
Since they were clearly breaking the law they should be charged.

But they weren't so can't have been doing anything that bad

khards wrote: »

Next time I hope they have security and the guards waiting outside.

So we want to Gardai to act as security for a private company? Tell us more about this utopia. Maybe everytime someone was suspected of planning to protest they could be locked up to prevent the protest taking place?

Sometimes posts on this site scare me.:(

The_Conductor

Pawwed Rig wrote: »

I assume you meant lenders?

The borrowers were every bit as complicit as the lenders. No one is innocent here.

Bannasidhe

khards wrote: »

When the mortgagee signed the contract with the bank to fund the property purchase, they knew what they were getting into.
They know that thrie jhome/business would be repossessed if they did not keep up the repayments.
In many cases they knew they were borrowing far more than they could afford.
If the borrowers were not so greedy and the regulators actually regulated then none of this mess would have happened in the first place.

It is wishful thinking that the defaulter will get let off the hook, a write down or any other free gifts from the banks/tax payer.
They need to face the reality of the situation, hand back the keys and file for bankruptcy.

If it wasn't for denial and pride this mess could be resolved quickly and easily.

That highlighted bit - did they hold a gun to the bank manager's head too?

Banks lent people up to 10x their salaries - no one forced them to do so but they wanted to extend mortgages and cheap credit and those 10x loans fuelled a property bubble and people had no choice if they wanted to buy but pay the over inflated prices - but still we bailed out the banks to the tune of billions.

Banks invest - they have a duty to ensure their investment is sound. They decided lending someone 10x their salary was sound financial practice. They messed up - but the State rescues them. Those who were foolish enough to listen to these so-called financial experts also messed up but we should take their homes and saddle them with decades of debt?

Bit of a double standard there.