Attention, this property is not suitable for mortgage approval

gmisk

http://www.myhome.ie/residential/brochure/5-the-belfry-inchicore-rd-kilmainham-dublin-8/2820829

Quick question why would anyone buy this house?

ATTENTION,THIS PROPERTY IS NOT SUITABLE FOR MORTGAGE APPROVAL.
** No Title or Planning documents available
** Land Registry.
** Folio - Minister for Public Expenditure & Reform as owner.

whippet

gmisk wrote: »

http://www.myhome.ie/residential/brochure/5-the-belfry-inchicore-rd-kilmainham-dublin-8/2820829

Quick question why would anyone buy this house?

ATTENTION,THIS PROPERTY IS NOT SUITABLE FOR MORTGAGE APPROVAL.
** No Title or Planning documents available
** Land Registry.
** Folio - Minister for Public Expenditure & Reform as owner.

quite possible that these documents can be gotten for a huge hassle and financial outlay .. as in getting maps drawn, folios registered, legal searches, purchasing the title to the land ... and in return get a house for about 50% of the market value.

It would need to be a cash buyer as no bank would issue a mortgage against it

Agent Smith

Minister for Public Expenditure & Reform


Brendan Howlin owns this?

makeorbrake

How would this scenario have been likely to come about in the first instance?

L1011

I would guess that the Management Company that owns the land has likely been struck off.

spaceHopper

http://www.independent.ie/irish-news/cab-wins-marathon-case-to-seize-assets-26323104.html

makeorbrake

If they seized the assets, how is there a black cloud hanging over the title or is it what MYOB has outlined (alongside the CAB seizure)?

Victor

Agent Smith wrote: »

Minister for Public Expenditure & Reform


Brendan Howlin owns this?

No, the ministership owns it.

Mrs OBumble

gmisk wrote: »

Quick question why would anyone buy this house?

Because with all those problems, it will be a lot cheaper than a similar house without the problems would be.

A developer or lawyer with property experience and a bit of handy cash is going to pick themselves up a bargain.

lolosaur

thats a bloody bargain for there.

Grat little place in there.

Anyone looking to buy a place should be all over this right now.

Cuddlesworth

lolosaur wrote: »

thats a bloody bargain for there.

Grat little place in there.

Anyone looking to buy a place should be all over this right now.

Nothing says "home sweet home" like living in a repossessed drug dealers house. I'd be wary of a grudge against the new owners.

L1011

Cuddlesworth wrote: »

Nothing says "home sweet home" like living in a repossessed drug dealers house. I'd be wary of a grudge against the new owners.

More of an issue of people turning up thinking they're still there - my sister bought one unawares, was only a local low level dealer and they had some odd callers for the next few months!

lolosaur

Big sign up saying SOLD out the front.

it is fairly self explanitory.

is 140000 a guide price or official fixed price of first come, first served?

daithi84

The only reason for planning documents not to be available is that it was built without permission. Otherwise the planning documents would be easily available from the council. I would say its an unauthorised building and anybody buying it would have to apply for retention permission of the house or otherwise face court proceedings from the council. Plus it would be very hard to sell it on afterwards as it has none of the legal documentation.

murphaph

Granting the application, Judge Kevin Feeney said: "The facts are clear and unequivocal. The entire purchase money was made up of assets from the proceeds of crime". - See more at: http://www.independent.ie/irish-news/cab-wins-marathon-case-to-seize-assets-26323104.html#sthash.byBlD4pz.dpuf

...seems like this property has a history of "cash purchasers" already. Nice bargain for a cash buyer.