Buying repossession directly from bank?

Jeff Le bowski

Hi everyone

My first post so be kind

I've found a detached house in the countryside that was repossessed by a bank in 2014 and having searched the land registry it doesn't state who the reciever is so i emailed the bank and asked if they would be willing to sell directly to me through my solicitor.I should point out that the house is not on the open market.

They replied to my email stating that i would need to contact an auctioneer to make an offer.

So after hearing this i rang up their mortgage department and talked to a fella who was very helpful and said the opposite of what the email previous had said.

I am still waiting to hear back from him and i don't want to wait too long but i also don't want to seem too eager either, but was wondering has anyone else gone through a similar situation in regards to buying a repossessed house from the banks and if so what help or tips could you give me?

I am very eager to get the ball rolling as soon as possible and i am thinking i should go down to my local branch and speak with someone there.

The house has no kitchen ,floors,radiators,boiler etc

Any help or info is very much appreciated

Sobko

It sounds like a house not completed? Also check that there is not a section 47 restricted the sale to locals. Your solicitor will advise you about planning restrictions if this is the case.

Jeff Le bowski

The house is 13 years old and was previously lived in.

The last post on the land registry states " A judgment mortgage in respect of a judgment obtained by "THE BANK" against "THE OWNERS" in 2014 in a cause/matter/action of "THE BANK" v "THE OWNERS" interest in the property.

I won't go into specific dates but i would imagine the bank has not giving it to a reciever as the house is nothing substantial,just a "normal" bungalow and is not at the top of their list of properties to try and recoup as the value is low,around €50,000 i would imagine

It was for sale 6 years ago with two different estate agents but never sold

Jeff Le bowski

Lets say i never contacted the bank regarding this property but i know that they have full ownership of it,how should i go about trying to buy it?

jimmycrackcorm

The bank already told you that you need to go through an auctioneer presumably to ensure that the house is sold at a market price and not at a price you dictate.

MouseTail

You cant really, you have to wait until they put it on the market with an Estate Agent. You could find out what EA this bank uses for their repossessed stock and approach them.

Jeff Le bowski

MouseTail wrote: »

You cant really, you have to wait until they put it on the market with an Estate Agent. You could find out what EA this bank uses for their repossessed stock and approach them.

This is what i am waiting for one of their 'advisors' to get back to me about but then i'll have to pay estate agent fees which defeats the purpose of trying to save yourself a few quid

Jeff Le bowski

jimmycrackcorm wrote: »

The bank already told you that you need to go through an auctioneer presumably to ensure that the house is sold at a market price and not at a price you dictate.

One of them said that i would need to contact an auctioneer to make an offer and another guy told me he would need to find out who the reciever is and how much would i offer and he would get back to me...

I'm still waiting