Buying a house that was repossessed

J

Jgjm1234

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I am just wondering if anyone could advise me on the following please;
I went sale agreed on a house. The house was repossessed so I'm waiting for the banks to release it. I've been waiting 7 months. I don't mind waiting a little longer but is there any way of knowing that this sale will actually go through? I've been contacting the auctioneer and solicitor but they have no idea how long it'll take.
 
Stating the obvious, but make sure you change the locks and remain vigilant. A pal of mine bought a repossessed house and the previous owners showed-up to verbally abuse and harass my friend and his family (calling them ‘scabs’ and ‘vulture scum’, throwing eggs at them, etc).
 
I would be very cautious about this too. Find out the history of the previous owners as they or their family might still feel like they have ownership of the property, even though they clearly would not. They could however make your life there very difficult, particularly is this is in a rural area. Of course it could be fine but I would proceed with caution. If for eg they moved off to Australia never to return or were not Irish and no longer have ties here it might be fine.
 
You need to speak to the bank as it is there the problem lies. What exactly have you signed? Contracts?
 
Bronte said:
You need to speak to the bank as it is there the problem lies. What exactly have you signed? Contracts?
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No contracts have been signed yet. I'm waiting on the bank to release the house so that it can be sold. They are moving very slowly.
 
How did you come to agree a sale on this property?

The banks are notorious for moving slowly, there might be legal issues as well.
 
Gordon Gekko said:
Stating the obvious, but make sure you change the locks and remain vigilant.
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Not a chance that the OP is entitled to do this. They have expressed an interest in buying the house but they have no legal rights or entitlement to the property.

[EDIT] Other than getting their deposit back from the EA if they get fed up waiting on the bank.
 
mathepac said:
Not a chance that the OP is entitled to do this. They have expressed an interest in buying the house but they have no legal rights or entitlement to the property.
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Obviously I mean if they buy the house. They haven’t bought it yet!
 
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