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Buying house/apartment from banks megathread

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    #32
    kodak
    Registered Users Posts: 370 ✭✭kodak


    Sent you a few details via PM ;)


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    #33
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Flatzie_poo wrote: »

    In the end the bank obtained an injunction against any interference of the sale against the former owner. This was then appealed to the high court by the former owner, which lost, and then the supreme, which they also lost.

    He failed in all of these and then challenged the validity of the banks' receiver appointed again through the courts...

    Cant pay his mortgage but can afford these legal bills???


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    #34
    Cuddlesworth
    Registered Users Posts: 13,995 ✭✭✭✭Cuddlesworth


    Deleted User wrote: »
    Cant pay his mortgage but can afford these legal bills???

    If you have a very large amount of debt leveraged against a property, then they can't go after you for the money until they fully repossess and sell the house. In cases like the above, in theory they could be buying time while they hide or transfer the rest of the assets. Or again in theory, they could simply be fighting the inevitable. Is spending a couple of million on the courts that bad, when the sale of the house will see you paying out multiples of that. See "Gorse Hill" for reference, the story as published shows similar behaviour.


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    #35
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    It depends ,did the bank just get the house given back by the former
    mortgage holder ,resident.
    Has the resident ,loan holder agreed for the house to be sold .did the bank
    agree to write off some or all of the loan ,outstanding on the mortgage.
    My friend gave the house back to the bank,put it up for sale.
    house was empty for 2 years , until it was sold .
    the bank and mortgage holder had a deal, house would be sold off at market value, mortgage holder was not charged any outstanding interest on loan,
    Even though bank recieved no payment at all for 3 years .
    The bank probably lost 6-7k on the deal .
    a House down the road from me was empty, then sold by the bank.it took them about 2 months to sell it after the resident left .
    He may have just given the keys back to the bank.
    i don,t know if they had to take him to court at all.
    i just heard ,the house is empty, being sold for the bank.


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    #36
    kala85
    Registered Users Posts: 1,894 ✭✭✭kala85


    Just wondering of people experience of buying a house that is a bank sale.

    Does it normally take long for the sale to go through or are they complicated and drawn out.

    Is there an obligation for the auctioneer to keep the property advertised for a certain period of time.


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    #37
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    No direct experience, loads of threads here though. I preface this by saying we're only going to hear the nightmares, but basically they take ages, may not go through and no one will give you any information. (It's generally a board that meets every six months or so).

    As with any house purchase there is only about a 50/50 chance it'll go through once you've paid the booking deposit so keep looking and be prepared to pull out. If you're not willing to risk the associated costs (survey etc.) I'd personally avoid a bank sale but hopefully others will have some success stories or better insight.


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    #38
    m'lady
    Registered Users Posts: 1,859 ✭✭✭m'lady


    kala85 wrote: »
    Just wondering of people experience of buying a house that is a bank sale.

    Does it normally take long for the sale to go through or are they complicated and drawn out.

    Is there an obligation for the auctioneer to keep the property advertised for a certain period of time.

    Hi Kala,
    We had a very positive experience buying off a bank. I'll send you a pm later or tomorrow about your query.


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    #39
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    We have put an offer in on a house around 4 weeks ago through EA selling it.  We have not heard anything since and have rang the EA agent and they stated that they are only starting to look at submission now.
    My question is does anyone have any experience of buying a house from banks through EA, once we go sale agreed does it take long to get contracts signed or is there problems with deeds etc as it is a repossessed house?
    TIA


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    #40
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Loads of threads on this. Obviously we only hear about the interesting ones.

    Same advice I give to everyone, keep looking until you've got the keys.


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    #41
    ballyharpat
    Registered Users Posts: 1,805 ✭✭✭ballyharpat


    I made an offer on a bank sale at the end of December, I got the ok from the bank last week, it all seems to be going ok and should be straight forward according to my solicitor. Fingers crossed it comes through....

    I also put a bid in on a house and was willing to pay the asking for a house back in 2013/14, it was a cash sale, after 6 months I still had heard nothing from the bank, but I fear it may have been that the EA was just incompetent-I pulled my deposit and bought a different house......


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    #42
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    Whereas a vendor can be contacted whenever, the banks staff may only meet once a month to discuss the selling of properties.


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    #43
    Davd
    Registered Users Posts: 138 ✭✭Davd


    Sale agreed to getting into the house took 9 months. The banks can be very slow to move and they are usually the source of the delay. Plus they still require signatures from the former owners who may not play ball. Although, I've heard of bank sales taking no more than 3 months.


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    #44
    CruelCoin
    Registered Users Posts: 4,468 ✭✭✭CruelCoin


    Depends on the bank.

    KBC was a nightmare for me, with my own offer was made in May and i didn't get the keys until December of that year.
    In that period, house prices rose 30k! and would have blown my budget for a comparable alternative if that deal had fallen through.

    As said above, keep looking until you have keys in hand. You're likely to be waiting a while.


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    #45
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    We had awful issues with KBC from the perspective of an OMC. They don;t seem very willing to do anything that isn't 100% their procedure. Fair enough I suppose.


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    #46
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    Went sale agreed last may. All appeared to be going fine. Suddenly all went cold with sellers EA. We gave up and went sale agreed elsewhere. Very next day we were told bank was ready to sell. Sale agreed last may. Got keys start of November. Apparently that's not long for a bank sale. As others have posted, Keep looking.


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    #47
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Hi m'lady  would you be able to send me a pm about your sale with a bank as I am currently in the process of buying a house through a bank, I have put an offer in and the EA has went to the bank with the offer but it has been 4 weeks and the EA has said she has heard nothing back from the banks...


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    #48
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    Could be waiting a while. I bought from the bank and put an offer on a house last October, it was January by the time it was accepted.


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    #49
    jethrothe2nd
    Registered Users Posts: 579 ✭✭✭jethrothe2nd


    We also had a positive experience buying from the bank so although you will hear plenty of horror stories there are also smooth transactions as well.


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    #50
    BabyWillis
    Registered Users Posts: 56 ✭✭BabyWillis


    I bought off a bank a few years ago first viewed the property in July 14, didn't go sale agreed until October 14, didn't see contracts until January 15 and only got the keys in May 15.
    Can be a long process as the banks only meet once a month to discuss house sales, but it will also depend on the estate agent as I would put at least two months of my experience down to a having to deal with a terrible estate agent.
    Have patience and go into aware that it will be a slow process but also keep looking at other properties.


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    #51
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Was that Jan by the time the offer was accepted or sale closed
    Jet Black wrote: »
    Could be waiting a while. I bought from the bank and put an offer on a house last October, it was January by the time it was accepted.


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    #52
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    lbyrne121 wrote: »
    Was that Jan by the time the offer was accepted or sale closed

    Offer accepted. It was May when it closed. Total was 9 months from first viewing to getting keys.


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    #53
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    What was the major hold ups? Was there problems with planning deeds etc. Or just waiting for things to be signed? Really appreciate any advice we just want to know what would hold up the process.. we don't mind waiting x amount of months it's just we want to see if the reason for the long hold up is due to issues with deeds etc cause ur dealing with a bank.
    Jet Black wrote: »
    Offer accepted. It was May when it closed. Total was 9 months from first viewing to getting keys.


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    #54
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Mod note

    Bank sale threads combined due to large amount of duplication. Please keep bank sale queries to this thread. Thanks


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    #55
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    What was your waiting time if you don't mind me asking?
    jethrothe2nd wrote: »
    We also had a positive experience buying from the bank so although you will hear plenty of horror stories there are also smooth transactions as well.


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    #56
    CIARAN_BOYLE
    Registered Users Posts: 14,599 ✭✭✭✭CIARAN_BOYLE


    lbyrne121 wrote: »
    What was your waiting time if you don't mind me asking?

    Usually a bank have an asset divestment team that meets monthly to decide what to do regarding property disposals.

    So they meet monthly with two bids on a property and tell the estate agent I'm not accepting either get them bidding against each other. I will look at it next month.
    Then everyone is waiting a month for the bank to meet again.

    Also when it is time for signing the same process applies, get the contracts, review the contracts, query the solicitor about something, wait a month til next meeting.


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    #57
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Thanks for the response what if we are the only bidder?
    CIARAN_BOYLE wrote: »
    Usually a bank have an asset divestment team that meets monthly to decide what to do regarding property disposals.

    So they meet monthly with two bids on a property and tell the estate agent I'm not accepting either get them bidding against each other. I will look at it next month.
    Then everyone is waiting a month for the bank to meet again.

    Also when it is time for signing the same process applies, get the contracts, review the contracts, query the solicitor about something, wait a month til next meeting.


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    #58
    Michael D Not Higgins
    Registered Users Posts: 7,223 ✭✭✭Michael D Not Higgins


    lbyrne121 wrote: »
    Thanks for the response what if we are the only bidder?

    Then they might not accept your bid and wait it out. The banks are far more patient than a private bidder and can afford to wait it out much longer than you can.


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    #59
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Do they inform people if they don't accept there bid and what they will accept or is it just a no?  It has been on the market 6 months and we have been the only bidders in that time..


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    #60
    Jet Black
    Registered Users Posts: 3,845 ✭✭✭Jet Black


    If the estate agent put your bid to them it must have been what he thought the would have accepted, unless he told you otherwise. Four weeks is still early, it's a waiting game with the banks. Does the house need any work done to it?


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    #61
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Jet Black wrote: »
    If the estate agent put your bid to them it must have been what he thought the would have accepted, unless he told you otherwise. Four weeks is still early, it's a waiting game with the banks. Does the house need any work done to it?
    Thank you for your response.  Yes the house has been empty for over 7 months now, it would need a lot of TLC and also a new oil burner.  It had been rented out for years and no servicing on septic tank so I think there may be issues there.  The EA said that they will go in with my bid and see what they say, they said they may reject it.  We went in less than 20% of the asking price. The EA has come back saying the bank have requested things from their end in relation to rent owed but nothing about my bid, don't know what that means. I am not going to complete an engineers report until we go sale agreed.


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