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Making offer on repossesed house

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  • 22-03-2014 11:07pm
    #1
    claytonie
    Registered Users Posts: 251 ✭✭


    Hi fellow Boardsies

    We have recently gotten approval for our first mortgage and after having looked at many houses have found one we absolutely love. But.....

    The house is a bank repossession and has been vacant for over a year, at some stage the immersion cylinder and copper piping was ripped out (most likely by p***ed off previous owner). The house needs a good bit of TLC but we were looking for a fixer upper and I see the positive in that now since its out it can be upgraded to accommodate solar panels etc.

    Before diving in and making an offer I was curious how the bank would look on this when they send a valuer out and would it be something they would give the nod to proceed on or would it be a show stopper?

    The electricity has also been disconnected for over 6 months so will need to be RECI certified before ESB will reconnect. I have no issue getting these things sorted out and we could easily afford to carry on renting while the repairs to the house are carried out but do the banks see it that way and would they sign off on a mortgage with those issues?

    As its a repo are there also any other pitfalls we should be aware of?

    Any advice or experiences greatly welcomed! :)


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    #2
    Monife
    Registered Users Posts: 3,014 ✭✭✭Monife


    Firstly, the bank will be interested in how much the property is valued at and if it corresponds to the amount borrowed.

    Secondly, it will depend on the title documentation that the vendor holds. If there is no planning docs, that could be a problem as the vendor's solicitor will not entertain any request to rectify title issues and the contract will be extremely onerous on you. You will have to satisfy yourself with regards to a lot of the info about the property.


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