What's the catch? Cash Only - "Sold As Is"

Sleepy

€160,000 for a 5 Bed Detached House of 1500 ft² in North County Dublin seems too good to be true, is the area known for Pyrite problems or something?

http://www.myhome.ie/residential/brochure/17-millers-square-lusk-village-lusk-dublin/2884634

Lux23

I would imagine the sold as is refers to some sort of problem, maybe it is unfinished?

Desmonddoyle

Normally when its a 'cash only' sale it means the property is unmortgageable for some reason. Could be pyrite, could be some other non-standard construction issue. These properties will always be sold at a decent discount because the market is so small, and you would have the same issue when you went to sell unless you rectified the issue.
You'd need to see what the problem is before deciding on whether it represents good value or not. I'd take other factors into 'value' such as headache, stress and unknown risk.
It does look all fine and dandy from the pics though.

Aka Ishur

I would bet its a receiver or bank selling and they dont want to go through the whole title rectifiing process.

MrWalsh

Looking at the street view there is a property in view of it completely blurred out. Local criminal perhaps?

the_syco

Google pyrite lusk and you'll get a fair few results for the village. I'm guessing it's that. 19 Colm Crescent down the street sold for €67k in 2012, and that's the blurred out property, I think.

charlietheminxx

I'm from that area, I would put money on it being pyrite. The estate it borders has a lot of pyrite problems. If you happened to have the cash, it could be worth your while buying it and taking out a loan for remediation works, but you'd have all sorts of insurance issues in the mean time.

Riverireland

MrWalsh wrote: »

Looking at the street view there is a property in view of it completely blurred out. Local criminal perhaps?

Interesting, didn't know criminals had their houses blurred out. Mind you if they're not criminals and just object to having their house on street view that's another matter.

él statutorio

Pyrite. Lots of it.

One of my buddies bought a place near there. He's in the process of remediation work for the pyrite. It's costing a small fortune.

MrWalsh

Riverireland wrote: »

Interesting, didn't know criminals had their houses blurred out. Mind you if they're not criminals and just object to having their house on street view that's another matter.

Anyone can request it but the people who do tend to be, well, infamous.

Riverireland

MrWalsh wrote: »

Anyone can request it but the people who do tend to be, well, infamous.

Thanks, useful to know that, wouldn't have crossed my mind!

uli84

Pyrite. There were few in this area advertised last year too the same way but it was spelt out then that they had pyrite issue

usernamegoes

MrWalsh wrote: »

Looking at the street view there is a property in view of it completely blurred out. Local criminal perhaps?

Why is that blurred out anyone know? I haven't seen that before.

Rew

usernamegoes wrote: »

Why is that blurred out anyone know? I haven't seen that before.

You can request google to blur your house, some people get it done no idea why.

Michael D Not Higgins

él statutorio wrote: »

Pyrite. Lots of it.

One of my buddies bought a place near there. He's in the process of remediation work for the pyrite. It's costing a small fortune.

How much are we talking? Like, if someone bought the house in the OP at that discount would it then end up costing the discount amount to fix it? In other words, is the discount worth it?

Desmonddoyle

Michael D Not Higgins wrote: »

How much are we talking? Like, if someone bought the house in the OP at that discount would it then end up costing the discount amount to fix it? In other words, is the discount worth it?

That really is the key question you need to ask yourself.
If not, then there is no value in buying the house. The discount would also need to be sufficiently big to compensate the buyer for all the time, hassle, headache and unknowns involved in getting it to it remediated.
There may well be value as there would be very few people who would bother doing the micro maths involved and taking the risk. Then again, you could be buying a good after bad money pitt that scars the rest of your life. Just one of the many reasons why property is considered a high risk investment.

the_syco

Had a look at propertypriceregister.ie
2015 - none
2014 - 27/06/2014 €175,000.00 5 MILLERS SQUARE, LUSK
2013 - 07/06/2013 €170,000.00 18 Millers Square, Lusk
2012 - 15/06/2012 €133,000.00 10 Millers Square, Lusk Village, Lusk, Dublin

I'm guessing Millars Square was built sometime after 2003, and pyrite came to light around when? 2011? Would 3 houses (and the one in the OP making 4) be odd in a 21 house square in the last 5 years be signs that for many, it's cut loose and run time?