# Repossessed houses for sale?



## JamesGG

Hi there, I have rang around a few banks and they dont seem to want to advertised the fact they have repossesed houses for sale due to the fact it doesnt look good. Where can you get information on repo houses for sale? Thanks.


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## Towger

Where are a good few here : [broken link removed]


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## VOR

You will also see the odd Irish house here
[broken link removed]


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## Brendan Burgess

Have you approached the sub-prime lenders?  They account for most of them, I think.

The Financial Regulator reported that there were 400 repossessed houses on the books of the financial institutions at the end of last year which seemed high to me. 

You will also find new builds available when the builders go into liquidation.

Brendan


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## JamesGG

Thanks for the replies, when you say sub prime lenders, sorry to sound stupid but is that a bank or what? Cant seem to find much when I google it.


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## mrblues

Start mortgages were one of the biggest, based in Clonskeagh. I'd start with them as they have the most court appearances.


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## Padraigb

Is there any way in which a repossessed house should be considered better than other houses?


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## sunrock

Well there is no chain involved and hopefully should be cheaper.


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## jack2009

Just because they are rrepossed does not necessarily mean they are going to be cheaper as banks/receivers have a duty to get the best price.  Your are however more likely to get a quick sale and this often is reflected in the selling price.


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## househunter!

and just be careful when u go to view them . iv heard (i dont know if this is true ) that the bank / previous owners would rip anything out that was worth selling . they mite not be in great order .


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## Padraigb

I wouldn't worry greatly about the house being stripped: that should be visible.

What you might have to worry about in some places is the attitude of the neighbours to the people who got their hands on Mick and Mary's house, and left them and their children on the side of the road.


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## sfb38

Yes i like the last reply. Looking for a bargain on the back of misfortune.
Go ahead and check it out and buy, just be careful when a neighbour does call to say " hello". Maybe they might have more than sugar in mind.
Happy hunting as they say, into the land of misfortune.


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## JamesGG

Thanks for all the replies.


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## dolanbaker

I wouldn't worry too much about the neighbours, unless you are buying into an established neighbourhood.  Chances are that they've never even met the former owners.


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## Scotsgirl

I have just purchased a repossessed house.  You are not told it's repossessed until your bid for the house is accepted. I think this is to stop people bidding really low prices.  I just bid what I thought the house was worth.
House was in a bit of a poor state but obviously the asking price and my final bid reflected that.

I have to say my new neighbours couldn't have been nicer.  All have been extremely welcoming and I would say most aren't even aware the house was repossessed. 

Also the sale went through in a matter of weeks.  This was I think mainly because the house was empty so no worries about when the owner wanted to move etc. 

The only downside is receiving all the debt letters for previous owner.  I am worried I may get debt collectors banging on my door thinking I am the previous owner.  I doubt they will believe if I put 'no longer at this address' on their bills.


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## jasonr

I would keep sending them back with "no longer at this address". if the same ones keep appearing then i would send a wee note explaining the position.


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## Padraigb

Scotsgirl said:


> ... The only downside is receiving all the debt letters for previous owner.  I am worried I may get debt collectors banging on my door thinking I am the previous owner.  I doubt they will believe if I put 'no longer at this address' on their bills.



I had the same experience when I bought a house that was not repossessed. The previous owners moved to a different part of the country, and left quite a lot of unpaid bills. I think they bought some stuff on credit just before they moved. I even had people calling to the house to try to recover items.

It was a bit of a nuisance, but a minor one, and it fizzled out.


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## Bronte

sfb38 said:


> Looking for a bargain on the back of misfortune.
> .


 
You are forgetting that the if the house is sold the proceeds go towards paying of the debt of the person who is in trouble.  What exactly do you think should happen to repossessed houses?


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## truthseeker

sfb38 said:


> Go ahead and check it out and buy, just be careful when a neighbour does call to say " hello". Maybe they might have more than sugar in mind.


 
I just dont get this attitude? Who in the real world would care that a new person had bought a repossessed house? Its not their fault it was repossessed. Why would a neighbour either know or care that a house had been repossessed and then sold on?

I know if one of my neighbours had their home repossessed and someone new moved in my thought process would go along the lines of 'oh hard luck old neighbours, hello new neighbours', after that 2 second thought Id no longer be thinking about it at all. Ive more on my own mind than worrying about my neighbours financial problems or new people moving into their repossessed home. All id care about would be that they were decent neighbours.


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## jack2009

Probably off topic, but if people did not buy repossessed houses banks would not repossess them!

As for neighbours they should understand that you are buying a house and nothing personal against previous owners.


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## sunrock

Sure why would anybody pay their mortgage then? If I knew that no one would buy  a repossessed house there would be no point in the bank repossessing and so no point in paying the mortgage.


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## jack2009

sunrock said:


> Sure why would anybody pay their mortgage then? If I knew that no one would buy a repossessed house there would be no point in the bank repossessing and so no point in paying the mortgage.


 
Exactly!


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## Padraigb

jack2009 said:


> ... As for neighbours they should understand that you are buying a house and nothing personal against previous owners.



I agree that they should understand. I don't think they always do. The mindset of many people in Ireland has been shaped by the land war, and the history of evictions in the nineteenth century. That is particularly true in rural areas and in smaller towns and villages.


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## truthseeker

Padraigb said:


> I agree that they should understand. I don't think they always do.


 
Why would it matter? Why would anyone care what their neighbour thought about such a thing?


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## Padraigb

truthseeker said:


> Why would it matter? Why would anyone care what their neighbour thought about such a thing?



I would care. I value the good opinion of my neighbours.


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## jack2009

Padraigb said:


> I would care. I value the good opinion of my neighbours.


 
How would the opinion of your neighbours be reflected in the fact that they bought a house from someone who was unable to pay their mortgage???


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## Padraigb

jack2009 said:


> How would the opinion of your neighbours be reflected in the fact that they bought a house from someone who was unable to pay their mortgage???



This thread is about buying houses that have been repossessed, and I have already explained why, in some cases, buying a repossessed house might not be well regarded by the neighbours.


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## truthseeker

Padraigb said:


> I would care. I value the good opinion of my neighbours.


 
I value the opinion of those I respect, and I wouldnt respect someone who judged me for buying a repossessed house.


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## jack2009

Padraigb said:


> I would care. I value the good opinion of my neighbours.


 
It is hardly a "good opinion" if neighbours have something against new neighbours who they know nothing about except that they bought poor mrs and mr's house and have a problem with new neighbours.


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## Padraigb

We have to deal with people as they really are, and not as we think they should be. sfb38's post in this thread represents a sentiment that others would share, and I have personally seen situations where people have had reason to regret purchasing particular properties.


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## jack2009

Padraigb said:


> We have to deal with people as they really are, and not as we think they should be. sfb38's post in this thread represents a sentiment that others would share, and I have personally seen situations where people have had reason to regret purchasing particular properties.


 
You are not answering a very simple question!  How does such behavior demonstrate the "good opinion" of neighbours.

Does this also mean that you and your neighbours would have a problem with somone bought a car or something from a liquidation sale?


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## truthseeker

Padraigb said:


> We have to deal with people as they really are, and not as we think they should be. sfb38's post in this thread represents a sentiment that others would share, and I have personally seen situations where people have had reason to regret purchasing particular properties.


 
I agree we have to deal with people as they really are, and if they really had a problem with me buying a repossessed house then Id deal with them by just ignoring them, not being bothered by their opinions and not caring what the neighbours think.

Id just be more surprised that Id find myself in that position in the first place because I find it difficult to believe that anyone would be bothered about who bought the repossessed neighbours house at all.


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## dmos87

bottom line is that Mary and Joe couldnt afford to live in the house anymore. You can. You hardly showed up and booted them out personally. Any neighbour who acts inappropriately to you clearly has nothing better to do with their time. Sorry for Mary and Joe but as they say, S&*% happens and quite frankly its none of the neighbours business! 

I had a look at those two websites, are there any more people can recommend??


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## Padraigb

jack2009 said:


> You are not answering a very simple question!  How does such behavior demonstrate the "good opinion" of neighbours.



I don't understand the question.


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## Padraigb

truthseeker said:


> I agree we have to deal with people as they really are, and if they really had a problem with me buying a repossessed house then Id deal with them by just ignoring them, not being bothered by their opinions and not caring what the neighbours think.



You are free to make such a choice. I'd rather live among neighbours that I could get on with.



> Id just be more surprised that Id find myself in that position in the first place because I find it difficult to believe that anyone would be bothered about who bought the repossessed neighbours house at all.



It happens. I have seen it happen. It's more likely in small communities than in larger towns or in cities.


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## sunrock

Buying a repossessed house shouldn`t cause too much problems. The previous mortgage holders are not by the side of the road and have in all likelihood been rehoused by the council in a house just as good. 
Now if it was a farm that was in some sort of dispute....well thats all out holy war. After all the party that loses out can`t very well be given an alternate farm!


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## jack2009

Padraigb said:


> I don't understand the question.



Why do you value the opinion of neighbours you have never met! And what is so good about them for judging you before meeting you?


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## Padraigb

jack2009 said:


> Why do you value the opinion of neighbours you have never met!



Because if I moved into a neighbourhood, I would meet them, and interact with them to some extent.



> And what is so good about them for judging you before meeting you?



There is not necessarily anything very bad about them; people are shaped by their cultural environment.


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## jack2009

Padraigb said:


> Because if I moved into a neighbourhood, I would meet them, and interact with them to some extent.
> 
> 
> 
> There is not necessarily anything very bad about them; people are shaped by their cultural environment.


 


As this is off point i will keep this brief and leave it at that. Anyone who judges someone without knowing them is 'bad' not good!


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## bb12

sunrock said:


> Buying a repossessed house shouldn`t cause too much problems. The previous mortgage holders are not by the side of the road and have in all likelihood been rehoused by the council in a house just as good.
> Now if it was a farm that was in some sort of dispute....well thats all out holy war. After all the party that loses out can`t very well be given an alternate farm!



yeah would agree with that.  would never touch a farm which had been repossessed. where i live people still hold grudges against the owners who bought a repossessed farm in the 1980s. 
to be honest, with so many cheap new houses out there at present, why go down the road of especially looking for a repossessed house just to save a few more bob...to me the karma would just not be worth it.


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## Thirsty

> The previous mortgage holders .......have in all likelihood been rehoused by the council in a house just as good


I find this hard to believe - do you have any information to support this assertion?


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## sunrock

I am talking about houses in an ordinary estate.Naturally if the house was repossessed from a posh upmarket area, the family might get rehoused in a house in an ordinary estate. 
I  assume that the dispossessed family rent a house and get the rent allowance if they can`t afford the rent.Or that the council rehouses them directly.


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