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Repossessed property - is there a repository somewhere?

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  • 24-07-2017 8:28pm
    #1
    job seeker
    Registered Users Posts: 5,115 ✭✭✭


    Hi all, I'm wondering where online I could view reposed houses which are for sale from the banks? (I'm not sure if I have the terminology correct.) thanks.


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    #2
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    job seeker wrote: »
    Hi all, I'm wondering where online I could view reposed houses which are for sale from the banks? (I'm not sure if I have the terminology correct.) thanks.

    Its repossessed- repose, is where you'd visit a deceased person in a funeral home prior to the funeral mass and burial.

    However- to answer your question- there is not a list of repossessed properties which are offered for sale separately. Local estate agents- are used to dispose of them at open market rates- whatever that may be. The imperative for the morgator- is to maximise the sale price for the property.

    If the property is unusual or has unique selling points- it may be offered for sale at auction (the bi-monthly Allsop auction is the most well known- the next one is on the 27th (aka this Thursday)).

    If you buy at auction- what you see is what you get- you have no recourse to a survey or any other niceties- you're shooting in the dark.


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    #3
    LirW
    Registered Users Posts: 4,825 ✭✭✭LirW


    Just to correct you on the Allsop: the one on the 27th is a follow up of the one that was on the 7th this month. They are listing only properties that didn't sell then at a lower price. Next big one is in September I guess.


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    #4
    job seeker
    Registered Users Posts: 5,115 ✭✭✭job seeker


    The_Conductor wrote: »
    Its repossessed- repose, is where you'd visit a deceased person in a funeral home prior to the funeral mass and burial.

    However- to answer your question- there is not a list of repossessed properties which are offered for sale separately. Local estate agents- are used to dispose of them at open market rates- whatever that may be. The imperative for the morgator- is to maximise the sale price for the property.

    If the property is unusual or has unique selling points- it may be offered for sale at auction (the bi-monthly Allsop auction is the most well known- the next one is on the 27th (aka this Thursday)).

    If you buy at auction- what you see is what you get- you have no recourse to a survey or any other niceties- you're shooting in the dark.

    Sorry that was a predictive text flaw.

    Ah I see what you're saying. I basically thought these properties may have been sold totally separate for next to nothing.

    So it's basically best go through an estate agents for that piece of mind.


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    #5
    job seeker
    Registered Users Posts: 5,115 ✭✭✭job seeker


    LirW wrote: »
    Just to correct you on the Allsop: the one on the 27th is a follow up of the one that was on the 7th this month. They are listing only properties that didn't sell then at a lower price. Next big one is in September I guess.

    Cheers.


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    #6
    rsynnott
    Registered Users Posts: 4,003 ✭✭✭rsynnott


    The_Conductor wrote: »

    If the property is unusual or has unique selling points- it may be offered for sale at auction (the bi-monthly Allsop auction is the most well known- the next one is on the 27th (aka this Thursday)).

    Or, as the case may be, unique non-selling points. You sometimes get some funny things in those auctions; important to be very cautious: http://www.irishexaminer.com/viewpoints/columnists/michael-clifford/risky-housing-sale-outrageous-but-legal-354856.html


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    #7
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    job seeker wrote: »
    Sorry that was a predictive text flaw.

    Ah I see what you're saying. I basically thought these properties may have been sold totally separate for next to nothing.

    So it's basically best go through an estate agents for that piece of mind.

    You have to keep in mind- the banks (or other lenders) own a loan, secured on the property, and on the sale of the property- they may only be satisfying a portion of the debt. Ireland is not like the US- where a mortgage can only be chased against a particular property- so in Ireland- if you sell a home- and after the sale and associated costs- there is still a balance of 50k outstanding (far from unusual)- this debt belongs to the original borrower (who may also have a large dallop of animosity towards whoever has bought 'their' house).

    I disagree fundamentally with the US version of mortgages- which has given rise to the term 'jingle-mail' as during the downturn- many people simply posted the keys to their properties in the doors of banks and upped sticks and left.

    Ireland is rapidly gearing up for a fresh personal debt crisis- however, this time the premise is soaring car PCP loans alongside credit card debt- rather than mortgage debt, which is a lot more sustainable than it was last time round (despite our exorbitant prices).

    Something is gonna give- and there are going to be a lot of lenders bruised by it- esp. as its a lot harder to monetise credit card or car loans- than it is the debt associated with residential homes.


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    #8
    Hollister11
    Closed Accounts Posts: 5,482 ✭✭✭Hollister11


    What % of a discount do auction properties usually go for?


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    #9
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Hollister11 wrote: »
    What % of a discount do auction properties usually go for?

    8.773% ;)

    There is no 'usually'. Some higher risk properties would be sold at a much larger discount because of planning issues, property defects, title defects etc. Others would have a lower discount if they're in a high-demand area or have redevelopment potential for example.


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    #10
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Hollister11 wrote: »
    What % of a discount do auction properties usually go for?

    Depends, there was NO value in the last one in Cork.


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    #11
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Hollister11 wrote: »
    What % of a discount do auction properties usually go for?

    The last apartments in Lucan sold at auction- went for over 20% more that the previous sales advised to the Property Price Register- however, the auction was for a block of 14 units, and a few prospective investors were interested in them for this very reason.

    It depends- and the old idiom from the Syrian Philosopher- Publilius Syrus- applies- namely- everything is worth what its purchaser will pay for it.

    Many sellers make an assumption that they'll get more for a property at auction- than through a regular sale- not to mention a lot less hassle (as auction sales are on a 'what you see, is what you get, basis- you don't get to specify subject to inspection etc etc).

    Its probably safer to not assume you'll get a discount at auction- if you do- happy days, however, you're as likely to pay over the odds, as you are to get a bargain- as many buyers loose the run of themselves at auctions.


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    #12
    wordofwarning
    Closed Accounts Posts: 697 ✭✭✭wordofwarning


    The_Conductor wrote: »
    You have to keep in mind- the banks (or other lenders) own a loan, secured on the property, and on the sale of the property- they may only be satisfying a portion of the debt. Ireland is not like the US- where a mortgage can only be chased against a particular property- so in Ireland- if you sell a home- and after the sale and associated costs- there is still a balance of 50k outstanding (far from unusual)- this debt belongs to the original borrower (who may also have a large dallop of animosity towards whoever has bought 'their' house).

    I disagree fundamentally with the US version of mortgages- which has given rise to the term 'jingle-mail' as during the downturn- many people simply posted the keys to their properties in the doors of banks and upped sticks and left.

    AFAIK only a handful of states in the US have non-recourse loans ie if a borrower defaults, the residual debt after the sale cannot be enforced. The thing in the US was you can get bankruptcy easier. So even if you live in a non-recourse state, you can still manage with residual debt.

    We are going towards the US style of bankruptcy ie cheap and quick. I don't disagree with it at all. In Ireland, banks were able to lend recklessly as they could slap the customer with a judgement. There was no cheap and easy bankruptcy for the person with massive debts.

    IMO in 2017, banks are lending totally differently as they realise they can no longer indebted a customer for life. That individual can go for bankruptcy or insolvency. The bank is being punished for reckless lending now


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    #13
    aido79
    Registered Users Posts: 5,374 ✭✭✭aido79


    Can someone please edit the title....houses can't die:)


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    #14
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    aido79 wrote: »
    Can someone please edit the title....houses can't die:)

    They can't claim social welfare entitlements either- yet USC and PRSI is due on rental income.

    I always smile at the US Corporations who try to claim the rights of individuals which are protected in the US constitution. Perhaps the Irish authorities are onto something?

    Yes, our dear houses are not in repose- even if some of them probably should be........... Thread title updated.


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