Repossessed House - How are they resold?

[beautfan]

Thats interesting iguana - I'd like to know. I would hope when you buy a house that its yours and no one else. I know when buying abroad in some countries you need to make sure there are no debts attached to the property but never heard of that here.

 

[johni]

id buy any house if i thought i was getting a good deal . repossessed or not

 

[Newby]

Thanks for the replies guys/gals. The original question was asked from the point of view of knowing all the facts surrounding a house - good, bad or indifferent. If the fact that a house is repossessed from an unfortunate individual or via the CAB then I'd rather know. Obviously if you were interested in such a house and were aware of its repossessed status it may impact on the price you offer.

 

[carrielou]

In practice, there have been very few repossessions in Ireland.

Courts are slow to grant repossession orders and even when they do, they tend to put a 6 month stay on the order. The owner thus has plenty of time to sell the house and pay off the mortgage.

Brendan

Do u happen to know what exactly happens if the owner does not manage to sell the property within the stay of 6 months. Do they have to move out by that 6 month time period or what is the procedure.