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House owned by bank

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  • 13-05-2014 9:42am
    #1
    HankSchrader
    Registered Users Posts: 76 ✭✭


    This situation is more and more common. If a house is owned by the bank and is up for sale, could there be a situation where the original owner (in financial difficulty) just wants it shown to be on sale and have no intention of selling it? Does the person that's in financial difficulty have any say in this?


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    #2
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    HankSchrader wrote: »
    This situation is more and more common. If a house is owned by the bank and is up for sale, could there be a situation where the original owner (in financial difficulty) just wants it shown to be on sale and have no intention of selling it? Does the person that's in financial difficulty have any say in this?

    not if it has been repossessed, the bank can do what they want


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    #3
    HankSchrader
    Registered Users Posts: 76 ✭✭HankSchrader


    Stheno wrote: »
    not if it has been repossessed, the bank can do what they want

    Thought so. Want to make sure it's 100% in the banks hands and it's not advertised for sale to save face. I've heard it can take a while for a decision from bank...hope it's worth it.


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    #4
    Stheno
    Moderators, Business & Finance Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 51,688 Mod ✭✭✭✭Stheno


    HankSchrader wrote: »
    Thought so. Want to make sure it's 100% in the banks hands and it's not advertised for sale to save face. I've heard it can take a while for a decision from bank...hope it's worth it.

    the bank would have had to get a court order to repossess


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    #5
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    AND The bank may stop the sale , refuse the offer if they think its too low.
    But banks can sell the house even if offer is lower than the mortgage on the house.

    The house has to be put on sale, to see what offers come in .


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    #6
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    MY friend agreed to sell the house, house was empty for 2 years,
    on sale for 2 years.
    I Do,nt think the bank went to court as she was happy to sell it,
    it was an investment property.
    IT was sold in 2011.
    mortgage was 20k over the sale price.


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    #7
    on_my_oe
    Registered Users Posts: 991 ✭✭✭on_my_oe


    Our vendors still own the property, and are in negative equity... Apparently they've been chasing 'Consent to Sale' from their bank for five months, with us as potential purchasers being dragged along reluctantly for the ride for three months and no end in sight.
    I 100% think that the consent to sale should be given prior to being placed on the market, with a minimum amount acceptable to the bank specified in advance so purchasers (and vendors) don't get mucked around


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    #8
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    The bank should tell the estate agent we will give consent for sale at say 100k,
    DO not accept bids under 100k.

    Until the house is for sale ,who knows what bids will come in.

    I think the bank should accept bids based on house values now,
    not the value in 2006 .
    every case is different, for negative equity sale
    some people can afford to pay the difference,
    or the bank will say,
    After the house is sold you still owe whats left on the mortgage.

    IN my friends case, the bank just wrote off 20k,
    House was sold for 90k.
    IT was worth 90k,
    Corner house ,semi d, with a large garden.

    A standard house purchase can take 3 months to complete.
    ITS better if bank doesn,t go to court as that takes months to get a court date.


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    #9
    HoofRocks
    Registered Users Posts: 126 ✭✭HoofRocks


    Hi all. I know of a house near me that is unfinished, built in 2006 but has never been on the market. I know the previous owner and the banks have taken it over but if its not with an estate agent how do you go about enquirying about it, and why wouldnt it be for sale if it is there almost 10 years?


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    #10
    HoofRocks
    Registered Users Posts: 126 ✭✭HoofRocks


    Hi all. I know of a house near me that is unfinished, built in 2006 but has never been on the market. I know the previous owner and the banks have taken it over but if its not with an estate agent how do you go about enquirying about it, and why wouldnt it be for sale if it is there almost 10 years?


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    #11
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    The banks own 1000 s of propertys they may not have got around to selling it ,
    or may be waiting for prices to rise in that area .


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    #12
    HoofRocks
    Registered Users Posts: 126 ✭✭HoofRocks


    riclad wrote: »
    The banks own 1000 s of propertys the may not have got around to selling it ,
    or may be waiting for prices to rise in that area .

    How do you go about finding out more about them


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    #13
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    I don,t know,
    re finding about them.
    I,D say bank is not in hurry to sell house its unfinished,
    when they are repossessing houses every week,
    that are finished .
    And can be sold easily.
    Most houses are sold by estate agents ,
    if house is ten years old, empty ,no furniture, no tv, no one living there.
    ITS likely to be a bank sale.
    see daft,ie, myhome.ie
    theres no label, heres the homes for sale by the banks.

    LOOK at house photos, for sale, rooms,
    are the rooms empty.?
    MY friends house was empty for 2 years ,
    she got agent to sell it,
    as she could not afford the mortgage.
    buy to let house.
    was rented out for 8 years.
    ie she never lived there .
    it was investment property.
    THE agent will tell you if someones living in the house if you ask.
    She was asked by the bank to sell it.
    Finished house are alot easier to sell .


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