Repossed properties

foleypio

Hello Guys,

Just looking for opinions, what way do you think is the best way to go about purchasing a repossed property. Is it best to contact the bank directly, get in touch with liquidators or just keep an eye out in the papers. Thanks for any opinions in advance

MouseTail

foleypio wrote: »

Hello Guys,

Just looking for opinions, what way do you think is the best way to go about purchasing a repossed property. Is it best to contact the bank directly, get in touch with liquidators or just keep an eye out in the papers. Thanks for any opinions in advance

They are sold through the normal channels, estate agents, or allsops.

Eldarion

Haven't you heard? In Ireland the banks don't repossess properties. Doesn't matter how many mortgage repayments you miss. You'll be invoking the ire of the IMHO crowd now by even asking about this!

MouseTail

Eldarion wrote: »

Haven't you heard? In Ireland the banks don't repossess properties!

that's not true. Have you been over on the buying in 2014 thread? Lots of people buying reposessed properties. You are peddling a myth and misinforming the OP.

Green farmer

What luck would you have out of profiting from someone's else's misery ?

riclad

There,s plenty of people out there ,
would be very happy to give the house back to the bank if most of the loan was written off,
eg investors ,landlords , who are making a tiny profit each year.

Green farmer

There's a difference between surrendered and repossessed. Two completely different things

The_Conductor

If you want to discuss the philosophy and ethics associated with purchasing repossessed property- this forum is not an appropriate venue- this is your one and only warning. Heed it.

gaius c

MouseTail wrote: »

that's not true. Have you been over on the buying in 2014 thread? Lots of people buying reposessed properties. You are peddling a myth and misinforming the OP.

Correct. Not in the market at present but a mate is trying to buy and two places he's viewed in the last week have tenants in situ. It's a trickle at present but the repos are happening.

lima

Green farmer wrote: »

What luck would you have out of profiting from someone's else's misery ?

It's not luck, and someone else's problems are not the problems of someone who is just trying to purchase a house at a fair price.

lima

riclad wrote: »

There,s plenty of people out there ,
would be very happy to give the house back to the bank if most of the loan was written off,
eg investors ,landlords , who are making a tiny profit each year.

People shouldn't be making a profit at all if they owe thousands to a bank and are not paying it.

Electric Sheep

Green farmer wrote: »

What luck would you have out of profiting from someone's else's misery ?

In what way is buying a repossessed house profiting from someone else's misery? The house will not be unrepossessed if nobody buys it, it will just lie empty.

This is not the famine, you know, it's nearly two centuries later.

PeteHeat

Electric Sheep wrote: »

In what way is buying a repossessed house profiting from someone else's misery? The house will not be unrepossessed if nobody buys it, it will just lie empty.

This is not the famine, you know, it's nearly two centuries later.

Obviously nothing was learned from the past.

The_Conductor

Guys- I've just warned two posters- there is to be no discussion of the ethics associated with property repossession on thread. I don't care which side of the debate you're on- that debate is not going to happen here.

Regards,

The_Conductor