How to buy a house repossessed from the builder?

7foot ginger

I have just heard about a brand new house that I don't think is fully finished. It has been repossessed from the builder and the banks are now selling them. Does anyone know where to get info on about them. The builders number doesn't work anymore and we don't know where to go from here.

Any info would be greatly appreciated

apeking

What was the developers company name? If a receiver is appointed you can look it up and contact them

7foot ginger

Thanks for your help.

I just checked and there was a liquidator appointed last September. Would it be worthwhile contacting them?

traineeacc

You will have to deal with the Receiver. If you know the bank they will likely give you their name. The bank are not in the business of selling property so they will direct you to the receiver.

apeking

7foot ginger wrote: »

Thanks for your help.

I just checked and there was a liquidator appointed last September. Would it be worthwhile contacting them?

Ye contact the liquidator. Usually tho the liquidator wouldn't be appointed over the fixed assets (usually a bank appoints a Receiver over the fixed assets) however the liquidator should be able to give u a steer in the right direction.

If you PM me the developers company I can do a quick company search if needed

traineeacc

7foot ginger wrote: »

Thanks for your help.

I just checked and there was a liquidator appointed last September. Would it be worthwhile contacting them?

Do,they would be only delighted to shift property at the right price

The_Conductor

traineeacc wrote: »

Do,they would be only delighted to shift property at the right price

Not necessarily- it depends on the book value of the asset in the branch- and the amount of loan o/s against the asset.

Merrion Capital released an interesting position paper on this (and also on tracker mortgages) today.

traineeacc

If its a liquidation the bank won't be involved usually as most of the time the revue are owed the most and hence a super pref creditor,however the liquidator will be looking to achieve market value. A Receiver will have more parameters (bank much more involved) and will usually be the one recommending the sale to the bank as long as it is broadly at market value. They will engage the services of an estate agent and put it to market

7foot ginger

traineeacc wrote: »

If its a liquidation the bank won't be involved usually as most of the time the revue are owed the most and hence a super pref creditor,however the liquidator will be looking to achieve market value. A Receiver will have more parameters (bank much more involved) and will usually be the one recommending the sale to the bank as long as it is broadly at market value. They will engage the services of an estate agent and put it to market

So it might not necessarily be the bargain we are hoping for?

traineeacc

Possibly not from my experience the liquidator\receiver owes a duty of care to the original owner\company so will more than likely engage an estate agent. The risk of not doing all of this is the original borrower sues the liq\receiver. However if is unfinished market value may still be a bargain. You have nothing to loose by making contact,people do it all the time

7foot ginger

traineeacc wrote: »

Possibly not from my experience the liquidator\receiver owes a duty of care to the original owner\company so will more than likely engage an estate agent. The risk of not doing all of this is the original borrower sues the liq\receiver. However if is unfinished market value may still be a bargain. You have nothing to loose by making contact,people do it all the time

I think they are unfinished so hopefully it will be a bargain. I've emailed the liquidator so hopefully we'll hear back from them on Monday.

Thanks for all your help guys

dines08

Very long tedious drawn out process with a lots of problems to overcome but if you can get the house you want at the price you are willing to pay for it it's worth it.

pappyodaniel

Any update on how this process is going?

7foot ginger

pappyodaniel wrote: »

Any update on how this process is going?

Hi I emailed the liquidator and they didn't respond. We are concentrating on our mortgage application now and then we might try again and will be a bit more persistent next time