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Banks sitting on repossessed properties

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  • 21-05-2015 8:26am
    #1
    keysersoze0330
    Registered Users Posts: 2,051 ✭✭✭


    There is a property in the estate that I'm renting that has been repossessed. It's lying idle about 2 years now. The owner posted the bank the keys and is living in Canada. I'm just wondering why this property has not hit the market as I would be interested in it. It's in one of the nicer estates in the town and would be snapped up quick I'd imagine.

    Another house I know off is lying idle about 5 years. I know of 5 different potential buyers that have looked into what bank has this house in an attempt to purchase this house. It has been established that Ptsb have the house but won't entertain discussing on the house.

    My question is why are the banks not selling/auctioning these properties?Should the banks that we bailed out not be trying to offload these properties to boost their coffers, or am I missing something?

    If this thread is in the wrong forum please move


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Because "Jingle Mail" i.e. the attempt to drop the keys into the banks letter box is not a way to deal with the problem. No doubt the bank are attempting to deal with the issue via legal means and if he has left the country its gonna take a while.


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    #3
    Atlantic Dawn
    Registered Users Posts: 82,579 ✭✭✭✭Atlantic Dawn
    M


    The bank will first have to repossess the house legally, the owner posting the keys to the bank has no legal standing whatsoever. The fact that the owner left the country will only prolong the process and they will likely need to be tracked down before the next step can be taken. They will still owe the full outstanding amount on the mortgage minus the sale fee when it's sold and costs associated in respossession and sale.


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    #4
    keysersoze0330
    Registered Users Posts: 2,051 ✭✭✭keysersoze0330


    Atlantic Dawn wrote: »
    The bank will first have to repossess the house legally, the owner posting the keys to the bank has no legal standing whatsoever. The fact that the owner left the country will only prolong the process and they will likely need to be tracked down before the next step can be taken. They will still owe the full outstanding amount on the mortgage minus the sale fee when it's sold and costs associated in respossession and sale.

    All true. But are they going to hold onto these properties indefinitely until they try to track somebody down who won't engage with them. What monies are they ever going to recover from these people.


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    #5
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    keysersoze0330 wrote: »
    All true. But are they going to hold onto these properties indefinitely until they try to track somebody down who won't engage with them. What monies are they ever going to recover from these people.

    They can sell a house thats not theres....kind of.... full legal route will have to be done and if the owner is absent its gonna be longer than a normal repo case. The judge will postpone the case at every hearing until a decent amount of time passes.


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    #6
    Atlantic Dawn
    Registered Users Posts: 82,579 ✭✭✭✭Atlantic Dawn
    M


    keysersoze0330 wrote: »
    All true. But are they going to hold onto these properties indefinitely until they try to track somebody down who won't engage with them. What monies are they ever going to recover from these people.

    They are and have been successfully manipulating the housing market by holding back stock to raise prices, this is working for current sales in major populated areas.


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    #7
    Jim2007
    Moderators, Business & Finance Moderators Posts: 10,284 Mod ✭✭✭✭Jim2007


    Atlantic Dawn wrote: »
    They are and have been successfully manipulating the housing market by holding back stock to raise prices, this is working for current sales in major populated areas.

    And your hard evidence of this would be what exactly?


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    #8
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    keysersoze0330 wrote: »
    All true. But are they going to hold onto these properties indefinitely until they try to track somebody down who won't engage with them. What monies are they ever going to recover from these people.

    In the first instance.

    They don't own the property, they may have the keys but they don't own. Therefore if they sell it and you try to buy it your solicitor will discover that you bank doesn't own the property so they can't legally sell it.

    It will take them a few years going through the courts to get proper legitimate ownership to an extent that they can buy it and whoever is buying it will legitimately own it.

    In the second instance you say PTSB have the house however again we don't know if they legitimately own the house or if they are struggling to get proper title. If they do own the house and they aren't selling there is a reason. Perhaps there is structural damage that will any new owners off that they just havent gotten repaired yet.


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