# Where can you find out and bid on repossessed houses?



## Welfarite (29 Jul 2008)

Is it possible to find out from banks or other financial companies what and where repossessed houses are with a view to buying them? where would one go to get this information and how do banks offload such property?


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## ClubMan (29 Jul 2008)

?


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## Towger (29 Jul 2008)

ClubMan said:


> ?


 
No use!.

Interesting, when I 1st tried the link it did not work!

Inside contacts in the banks would be the best source.


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## mf1 (29 Jul 2008)

I don't think there is any such information available. 

I know in the UK, there are very often auctions of properties that are fairly clearly repossessed properties.

I suspect that, firstly, Banks would prefer that debtors would seek to sell their own houses anyway to avoid incurring any costs. If that is not possible, then if they do get an order for possession, repossess and then sell, I suspect that they would just retain an Estate Agent  to sell the property. They will sell as Mortgagee in Possession. It may or may not be obvious to a prospective purchaser (until Contract stage) that a property may have been repossessed. I suspect also that unless a property is extremely run down/vandalised/firebombed, that it will make the same price as any other property for sale in that neighbourhood - unless prospective purchasers have or get qualms about the possibility of, e.g., ill will from the previous owner.

mf


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## ClubMan (29 Jul 2008)

Towger said:


> No use!.
> 
> Interesting, when I 1st tried the link it did not work!


I got it wrong the first time. It won't happen again!


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## Welfarite (29 Jul 2008)

Towger said:


> Inside contacts in the banks would be the best source.


 
Is this encouraged by banks themselves or is it on a nod and a wink basis? Any bankers out there that can confirm if such houses are sold through auctioneers or in specialised sales?


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## Cabaiste (29 Jul 2008)

We looked at a house before; Father in Law knew the guy seeling it, and apparently this guy buys up houses on behalf of the bank and then sells them on himself.

I don't know the in's and out's of the process but I gather that rather that the bank straight our reposessing the property they will arrange a sale to this guy and the original vendor will settle up with the bank?

However this was when the market was a sellers market, so I couldn't see too many people jumping to facilitate the banks in this manner today!


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## Welfarite (29 Jul 2008)

Cabaiste said:


> I don't know the in's and out's of the process but I gather that rather that the bank straight our reposessing the property they will arrange a sale to this guy and the original vendor will settle up with the bank?


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## Towger (29 Jul 2008)

Welfarite said:


> Is this encouraged by banks themselves or is it on a nod and a wink basis? Any bankers out there that can confirm if such houses are sold through auctioneers or in specialised sales?


 
I enquired with my contacts in the banks during 'the boom years' and they said it was possible in theory, but did not happen too often as it was easy for people to sell up when forced to and pay off the loan. I have also been told that internally the banks solicitors are not happy with the Title they have for number of properties, mainly due to sloppy work by discount conveyancers and they would have great trouble reselling, if they ever had to repossess them. 

My mother in law has over the years bought a number of reposed houses in her country. They are advertised there, but again all the good ones are sold along the grapevine, long before the get to the advertised stage. It got the stage there the local banks rolled up large numbers of houses as bad deaths and sold them off at rock bottom prices to large international banks.


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## ClubMan (29 Jul 2008)

Welfarite said:


>


Same here - the post above makes little sense as it stands!


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## Bronte (30 Jul 2008)

Cabaiste said:


> We looked at a house before; Father in Law knew the guy seeling it, and apparently this guy buys up houses on behalf of the bank and then sells them on himself.
> 
> I don't know the in's and out's of the process but I gather that rather that the bank straight our reposessing the property they will arrange a sale to this guy and the original vendor will settle up with the bank?


This doesn't make sense, when the banks get a court order to sell they are under an obligation to try and get the best price, they can't just decide to sell to a certain individual.


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## Dinny (30 Jul 2008)

I know of a guy who gets the inside track on repossessed plant and jeeps from a number of Banks. He has bought Range Rovers etc of the bank at a much reduced price, there main gold is to recoup what they are owed. I assume this would be the same for property


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## Towger (30 Jul 2008)

Bronte said:


> This doesn't make sense, when the banks get a court order to sell they are under an obligation to try and get the best price, they can't just decide to sell to a certain individual.


 
That may be true, if it gets as far as a court order. But what happens when the owner 'hands back the keys' etc


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## Cabaiste (30 Jul 2008)

Cabaiste said:


> rather that the bank straight our reposessing the property they will arrange a sale to this guy and the original vendor will settle up with the bank?


 
Sorry, should have read:

Rather than the bank reposessing the property they will arrange a buyer for the property on behalf of the owners, who then pay off the balance of their mortgage to the bank. 

Bronte; 
I assume the banks use this guy to avoid getting a court order. Sellers are probably willing to do it as they save some face by not having their house reposessed.


But like I said, I don't know the ins and outs of the arrangement!


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## Mpsox (30 Jul 2008)

There were 126 repossession orders granted by the courts in the firsst 6 months of this year, in comparison to 59 in the same period in 07. Therefore we are not talking a huge amount of houses. It's quite possible that the number of houses actually repossessed by banks is less then this if the borrower can sort out their affairs in time after the order has been granted

I don't believe the bank can force someone to sell to someone else to settle their debts without a court order, as seems to be suggested by other posters on this thread.

If the bank does repossess the property, my understanding is that they will simply use a local EA to market the property but will not mark it as a repossession as this could drive down offers if people were thinking the bank will settle for anything

Does www.Courts.ie publish the repossesssion orders anywhere. if so, and you could identify the property from them, perhaps then you could try the EAs in the area


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## Towger (30 Jul 2008)

Mpsox said:


> I don't believe the bank can force someone to sell to someone else to settle their debts without a court order, as seems to be suggested by other posters on this thread.


 
They may not be forcing them to sell, but introducing them to a private buyer. Many people will just reach the stage where they just want to get rid of the property and dont care about getting that extra few K. You even see if here, with posts about just 'handing back the Keys'

On a side note, it is not just house sales that are in trouble. I got this email this morning from Merlin Car Auctions: 

Note: No connections and have deleted bits of it to reduce size...

*Moderator note:* spam style content removed. If you want to see what was referred to then just go to . Please don't post what looks like spam.


*Towgers Note:* The site does not give the details of them now having to run two auctions simultaneously to clear the large number of cars they have to off load for the repo companies/dealer excess stock etc..


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## Cabaiste (30 Jul 2008)

Mpsox said:


> I don't believe the bank can force someone to sell to someone else to settle their debts without a court order, as seems to be suggested by other posters on this thread.


 
I didn't mean to imply that it was forced by the bank but rather merely arranged by them for the convenienve of both bank and owner ie owner gets quick sale and avoids legal proceedings and bank avoids raising said legal proceedings.


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## Welfarite (8 Aug 2008)

Mpsox said:


> There were 126 repossession orders granted by the courts in the firsst 6 months of this year, in comparison to 59 in the same period in 07. Therefore we are not talking a huge amount of houses. It's quite possible that the number of houses actually repossessed by banks is less then this if the borrower can sort out their affairs in time after the order has been granted
> 
> Does www.Courts.ie publish the repossesssion orders anywhere. if so, and you could identify the property from them, perhaps then you could try the EAs in the area


 
And then there's the situation that the bank might rent out the house to the original owners after repossession which would mean it won't be put on the market.
And thanks for the courts tip.


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## csirl (8 Aug 2008)

> And then there's the situation that the bank might rent out the house to the original owners after repossession which would mean it won't be put on the market.
> And thanks for the courts tip.


 
Does this actually happen or is it one of those urban myths?

Wouldnt bank have to pay stamp duty on change of ownership at investor rates, pay tax on the rental income, register with PRTB etc? Too much hastle and cost to make it worth their while.


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## bond-007 (8 Aug 2008)

I know of one case where a very well known bank is renting a house back to the former owners. I does happen. It was revealed in a court case locally.


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## L&A (12 Aug 2008)

Also wouldn't the problem of negative equity be there for the bank too?  ie I assume in some cases the problem occurs when people have to sell and sell into a negative equity....the bank will still only be able to sell for that amt also??


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## VOR (12 Aug 2008)

Repossessed houses for sale through Wilsons this Wednesday. 
[broken link removed]

I have no connections to Wilsons. I have bought cars off them and just noticed this on the site. 
Very easy to deal with. I can say the same for Merlins. In my experience, both are reputable auction houses


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## Kemo_Sabe (13 Aug 2008)

L&A said:


> Also wouldn't the problem of negative equity be there for the bank too? ie I assume in some cases the problem occurs when people have to sell and sell into a negative equity....the bank will still only be able to sell for that amt also??


 
no, the neg equity is still the *borrower's* problem - it's still a debt to the bank which will continue to attract interest. The bank can take your salary, your savings and even your pension for the next 12 years to recover this remaining portion of the debt (that wasn't covered by the sale of the house).

Victorian laws in this country for debtors!


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## Towger (13 Aug 2008)

VOR said:


> Repossessed houses for sale through Wilsons this Wednesday.
> [broken link removed]


 
I wonder why all the German properties. Lot 2 looks nice, offers in excess of 24k  

[broken link removed]


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## Welfarite (14 Aug 2008)

VOR said:


> Repossessed houses for sale through Wilsons this Wednesday.
> [broken link removed]
> 
> I have no connections to Wilsons. I have bought cars off them and just noticed this on the site.
> Very easy to deal with. I can say the same for Merlins. In my experience, both are reputable auction houses


 

I notice prices for Irish houses are all "on request"....... Hmmmm.


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