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Buying house at auction (Repossessed)

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  • 12-07-2019 12:16pm
    #1
    PM me nudes
    Registered Users Posts: 1,393 ✭✭✭


    Howdy folks,

    I'm interested in a house going to auction, house was repossessed by the banks. My question revolves around the existing (renting) tenants. They were served their notice 7 months ago by the bank yet have not left yet. If I make a winning bid, is it on the bank to get the tenants to leave, or are they 'inherited' with the sale?

    I don't want to take on the issue of problem tenants that are not going to willingly leave.

    Any advice is welcome, thanks!


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    What does the sales pack tell you?

    Any mention of vacant possession?


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    #3
    happyfriday74
    Registered Users Posts: 194 ✭✭happyfriday74


    The tenants are likely yours to deal with if successful.

    As Graham said the sales pack should state if the property is sold with vacant possession or with a tenancy.

    Once thing id be concerned about is that the auction houses typically have a an auction every few months. If the tenants were served 7 months ago and due to leave soon they have been better off waiting for the next one and selling with VP- they'd get a much better price. If they are putting it in with the tenants in place they obviously in no rush to leave.


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    #4
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Have you looked at the special conditions in the contract for sale? That will answer your question. Will you be able to complete with tenants in situ? most banks won't release funds for an occupied property.


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    #5
    PM me nudes
    Registered Users Posts: 1,393 ✭✭✭PM me nudes


    Hi folks, just been in touch with the agent to confirm, it is not vacant possession.

    It was a cash purchase so there would have been no funding issue as a result, but the reserve price is too high to even consider dealing with the hassle of a tenant that'snot paying rent (as it turns out) and is refusing to leave. Thanks for your help :)


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    #6
    happyfriday74
    Registered Users Posts: 194 ✭✭happyfriday74


    PM me nudes wrote: »
    Hi folks, just been in touch with the agent to confirm, it is not vacant possession.

    It was a cash purchase so there would have been no funding issue as a result, but the reserve price is too high to even consider dealing with the hassle of a tenant that'snot paying rent (as it turns out) and is refusing to leave. Thanks for your help :)

    Fair play. you'll be a year or more getting rid of them


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    #7
    parkhouse
    Registered Users Posts: 19 ✭parkhouse


    PM me nudes wrote: »
    Hi folks, just been in touch with the agent to confirm, it is not vacant possession.

    It was a cash purchase so there would have been no funding issue as a result, but the reserve price is too high to even consider dealing with the hassle of a tenant that'snot paying rent (as it turns out) and is refusing to leave. Thanks for your help :)

    If the tenant is not paying rent then you can give a 14 days notice to pay if not then 28 day notice to leave. Have you spoken to the tenant?....


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