# Property Foreclosure Information



## South (19 Jul 2007)

Hi there

I have read a lot about the value available to investors by purchasing properties on foreclosure.

Does anybody know of any website or any other resource that potential investors can use to see properties for sale due to foreclosure?

I would imagine that if there is any value left in Irish proeprty at this stage, it would be found in such investments?


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## ClubMan (19 Jul 2007)

A lot of schemes based on this sort of strategy are get quick rich scams so beware. You see them advertised on the _TV _in the _US _all the time.


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## South (19 Jul 2007)

I am not looking for a scheme.

I am looking for a genuine Bank/Court/Government (whoever would administer such a transation?) website selling these properties...they must be sold somewhere.


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## ClubMan (19 Jul 2007)

You mean here in _Ireland_? Executor sales would normally be done through normal estate agents as far as I know. I doubt that you are going to get any bargains to be honest since the properties will normally sell at the normal prevailing market rate.


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## South (19 Jul 2007)

Yes, in Ireland.

I remember Robert Kiyosaki was always on about getting great value at Property Foreclosure Sales.

I had presumed there might be auction rooms whereby Banks sell properties that they have had to foreclose, but that was probably just wishful thinking on my part - how do banks get rid of such properties...anyone know?

Thanks.


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## ClubMan (19 Jul 2007)

South said:


> I remember Robert Kiyosaki was always on about getting great value at Property Foreclosure Sales.


See my first post.


> how do banks get rid of such properties...anyone know?


Sell them through an auctioneed/estate agent I presume?


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## South (19 Jul 2007)

Robert Kiyosaki writes books about finance and investment.

I presume so too - but I was hoping to hear from someone with more knowledge about the process than you or I have.


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## ClubMan (19 Jul 2007)

This guy probably knows a bit more than either of us. He critiques _RK's Rich Dad-Poor Dad _here.


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## South (19 Jul 2007)

ClubMan said:


> This guy knows a bit more than either of us.


 
I do not see any mention of Irish property foreclosure there, so it seems irrelevant to my posts.

Speak for yourself about whether or not that guy knows more than you 

You don't seem to think Robery Kiyosaki knows much about investment, that opinion of yours is fair enough, it has nothing to do with this thread.


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## ClubMan (19 Jul 2007)

So why did *you *mention _RK _then?


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## South (19 Jul 2007)

Because he was the first person I ever heard mention property foreclosure.

I did not ask for your opinion about him  nor did I express mine.

I asked if anybody knows how foreclosures are handled in Ireland.


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## gonk (19 Jul 2007)

Traditionally, foreclosure rates are low in Ireland. For example, Brian Goggin of BoI - which is the largest single home lender in Ireland - commented in an interview this week that they had only foreclosed on two homes last year.

Some of the newer entrants to the sub-prime sector of the market, such as Start Mortgages, are faster to foreclose. But, even so, from what I can remember of a recent newspaper article on the subject, total foreclosures for Ireland in 2006 were only around 100.

It is not, therefore, a significant proportion of the market. I also cannot ever remember seeing a property advertised as a foreclosure sale, so I don't know how you'd find out about them. Maybe from court records of judgements granted.

In any case, the lender cannot simply sell the property for the lowest amount that will cover its debt. It has a duty of care to try to realise a reasonably good price and any balance after its debt and costs are paid is due to the borrower. Realistically, bargains may not be available in this way.


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## ClubMan (19 Jul 2007)

gonk said:


> In any case, the lender cannot simply sell the property for the lowest amount that will cover its debt. It has a duty of care to try to realise a reasonably good price and any balance after its debt and costs are paid is due to the borrower.


Perhaps this is one key difference compared to, say, the _US_?


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## South (19 Jul 2007)

Thanks gonk.

Very useful info there, it looks like it is not a sophisticated investor market in Ireland then.

I presume they just sell off property in the standard way by retaining an auctioneer so.


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## CCOVICH (19 Jul 2007)

Searching using the 'Irish' term (repossesion) may throw up some previous discussion, e.g. here.


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## gonk (19 Jul 2007)

Reposessions may become a bigger feature of the property market here. Have a look at this piece from the _Sunday Business Post_ earlier this month:

[broken link removed]

It states that Start Mortgages (a sub-prime newcomer to the Irish mortgage market) have got orders to reposess 30 homes in the last year. This is enormous by traditional Irish standards - typical annual historical reposession levels have been in single figures.


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## South (19 Jul 2007)

I wonder could they be a market for a foreclosure auction house soon


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## gonk (19 Jul 2007)

How about keeping an eye on auctions by the Criminal Assets Bureau? You could have got the General's house in Ranelagh from them.


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## South (19 Jul 2007)

Bad karma methinks!


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## ClubMan (19 Jul 2007)

I'd imagine that you'd need hundreds or thousands of properties to be repossessed for it to be significant. Dozens of repossessions would hardly be significant.


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## South (19 Jul 2007)

In the context of such a small island nation with a property obsession, I would say such a _trend _is significant.


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## ClubMan (19 Jul 2007)

The trend may be significant. The impact on the market may not be.


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## South (19 Jul 2007)

Well who knows, but it has to start somewhere.


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