219 Repossessions in Limerick court today

A2LUE42

Can't imagine how stressful this must be for anyone in this situation. Hopefully things work out for them in the future.

Tefral

I'm assuming this is all because they cant pay their way, if that's the case unfortunately the right thing is being done by repossessing their properties.

Big Davey

A2LUE42 wrote: »

Can't imagine how stressful this must be for anyone in this situation. Hopefully things work out for them in the future.

These properties will be bought up by the rich at a knockdown price and rented back to these people who once owned them.
We are turning into Germany where mainly the rich own property and the poor or middle classes rent for life.
Hence making the rich richer and the poor poorer.
I feel sorry for any decent person in this situation who tried to put a roof over their heads.

Jofspring

Ya the rich will always benefit out of situations like this. Look at how many houses were snapped up over the last few years at absolutely cut down prices.

Each case will be different I'm sure and hopefully they are all give fair and individual judgments. There is a big difference between someone that can't afford to pay back their €200,000 mortgage due to loss of a job and someone who bought a house for €1.5m and has racked up huge debts on top of that.

martingriff

I wonder will the land league be out to help these underlings

Cookiemunster

Jofspring wrote: »

Ya the rich will always benefit out of situations like this. Look at how many houses were snapped up over the last few years at absolutely cut down prices.

It's not always the rich. A newlywed friend of mine picked up a €300K house for €100K recently. He would never have been able to afford anything larger.

Jofspring wrote: »

Each case will be different I'm sure and hopefully they are all give fair and individual judgments. There is a big difference between someone that can't afford to pay back their €200,000 mortgage due to loss of a job and someone who bought a house for €1.5m and has racked up huge debts on top of that.

It's easy to read a headline number, but I'd like to see the breakdown of these cases. How many are buy to lets for example? I doubt it's 219 people struggling to pay back a small mortgage.

Jofspring

Cookiemunster wrote: »

It's not always the rich. A newlywed friend of mine picked up a €300K house for €100K recently. He would never have been able to afford anything larger.



It's easy to read a headline number, but I'd like to see the breakdown of these cases. How many are buy to lets for example? I doubt it's 219 people struggling to pay back a small mortgage.

Ya without doubt some genuine people got value for money.

leakyboots

Where do these repossessed houses get listed for sale?

Tefral

leakyboots wrote: »

Where do these repossessed houses get listed for sale?

They either go for auction or people approach the bank directly to buy

fryup

no point in contacting the land league they're too busy with the o'donnells in killiney

enfant terrible

cronin_j wrote: »

They either go for auction or people approach the bank directly to buy

Why wouldn't they just list the properties publicly for sale, why would you have to contact them?

DubiousV

Well I think the land league were involved in stopping some of these auctions iirc.

Tefral

enfant terrible wrote: »

Why wouldn't they just list the properties publicly for sale, why would you have to contact them?

Honestly I have no idea. I remember one of the lads from the rugby club sent us around a list from the bank he worked in of repossessed cars and how much the bank would take to buy them off them. Wasnt much of a saving if im being honest....

They are listed publicly too.

fryup

are repossessed houses sold at a cheaper price??

fryup

fryup wrote: »

are repossessed houses sold at a cheaper price??

Yes

Munstermad

Most of the houses that were for repossession were family homes, not buy to let. Some lenders seek repossession much more aggressively than others. Some lenders are just out to crucify their clients while others are far more willing to work out solution and I know this from experience. And many of the homes up for repossession in Limerick were those of retired people, families going through marital breakdown or experiencing serious illness. Families who are already experiencing huge stress.
This is a horrific time for families and generalisations like if they can't afford them then repossession is the right thing to do is not always the case. Each situation is different, the lenders as well as the borrowers have a responsibility here. But you can be sure it will be the families facing homelessness that will be the ones to pay the highest price. Maybe a little compassion and sensitivity for our fellow Limerick men and women might be in order. These people are our friends/ neighbours/ family etc.

DEEMAR

Well said Munstermad! how sad it is that ordinary families who tried to put a home over their heads now find themselves in deep debt.

YFlyer

Any Freeman on the Land sh1te been chanced?

fryup

fryup wrote: »

are repossessed houses sold at a cheaper price??

Snotaul Goodman wrote: »

Yes

is there a stigma about buying a repossessed house?

taking advantage of other peoples misfortune??

HelenV

enfant terrible wrote: »

Why wouldn't they just list the properties publicly for sale, why would you have to contact them?

There would be data protection issues in advertising someone's home had been repossessed. Normally these properties are advertised through estate agents similar to any other property on the market.

HelenV

fryup wrote: »

is there a stigma about buying a repossessed house?

taking advantage of other peoples misfortune??

Some purchasers will unwittingly be buying a "pig in a poke". Receivers simply want to sell at knock down prices with no guarantees into the future. Most of these purchases are mortgage free and many have titles no bank will lend on foot of. It's when many of these properties are being eventually sold on that reality will set in. The cheapest properties may well be the dearest in the long run!!

HelenV

Munstermad wrote: »

Most of the houses that were for repossession were family homes, not buy to let. Some lenders seek repossession much more aggressively than others. Some lenders are just out to crucify their clients while others are far more willing to work out solution and I know this from experience. And many of the homes up for repossession in Limerick were those of retired people, families going through marital breakdown or experiencing serious illness. Families who are already experiencing huge stress.
This is a horrific time for families and generalisations like if they can't afford them then repossession is the right thing to do is not always the case. Each situation is different, the lenders as well as the borrowers have a responsibility here. But you can be sure it will be the families facing homelessness that will be the ones to pay the highest price. Maybe a little compassion and sensitivity for our fellow Limerick men and women might be in order. These people are our friends/ neighbours/ family etc.

I cannot understand why financial institutions don't extend the terms of the loans in distressed cases which would certainly make repayments more affordable for many property owners.

Big Davey

HelenV wrote: »

Some purchasers will unwittingly be buying a "pig in a poke". Receivers simply want to sell at knock down prices with no guarantees into the future. Most of these purchases are mortgage free and many have titles no bank will lend on foot of. It's when many of these properties are being eventually sold on that reality will set in. The cheapest properties may well be the dearest in the long run!!

Surely your solicitor should check title fully ? That what we pay them to do.

Special Circumstances

HelenV wrote: »

Some purchasers will unwittingly be buying a "pig in a poke". Receivers simply want to sell at knock down prices with no guarantees into the future. Most of these purchases are mortgage free and many have titles no bank will lend on foot of. It's when many of these properties are being eventually sold on that reality will set in. The cheapest properties may well be the dearest in the long run!!

Wow. Risky business buying property. Sounds like everybody should stop immediately. 100's of k and you can't even check what you're buying. No thanks! Are they selling them outta the back of vans at car boot sales or what?

Bored_lad

I haven't read the thread but I can assume that there are 219 cases on the list rather than 219 repossession orders granted.

If so a lot of these 219 cases won't end up being repossessed assuming the borrower is willing to talk with the bank and make some sort of deal and also assuming that they have made attempts to pay the mortgage and it's not a case that no money has been paid towards it since 2010 which I some cases may very well be the case.

HelenV

Big Davey wrote: »

Surely your solicitor should check title fully ? That what we pay them to do.

It's amazing the number of people wiling to take a chance and pay €50k / €100k cash for a property which a few years ago was on the market for €250 / €300k. I've seen it myself. They won't listen to what will happen down the road. If they insist on buying the solicitor will make sure they sign a waiver and were advised not to buy.

It's happening every single day.

enfant terrible

HelenV wrote: »

It's amazing the number of people wiling to take a chance and pay €50k / €100k cash for a property which a few years ago was on the market for €250 / €300k. I've seen it myself. They won't listen to what will happen down the road. If they insist on buying the solicitor will make sure they sign a waiver and were advised not to buy.

It's happening every single day.

What will happen down the road?

HelenV

enfant terrible wrote: »

What will happen down the road?

I'm speaking about cash purchases only. A solicitor won't certify a title for a financial institution if it's poor.

When (if) things improve the prices will increase and banks are lending freely again some of these properties will be unsellable 'cos title cannot be certified so sale falls through.

It's the old story the day you buy is the day you sell.

Special Circumstances

You're hardly paying for the key to the door? You're paying for the ownership, wouldn't the most gullible solicitors and clients smell a rat if that necessary paperwork wasn't forthcoming? You wouldn't buy a car without the logbook?

HelenV

Special Circumstances wrote: »

You're hardly paying for the key to the door? You're paying for the ownership, wouldn't the most gullible solicitors and clients smell a rat if that necessary paperwork wasn't forthcoming? You wouldn't buy a car without the logbook?

Well, time will tell.