Property Foreclosure Information

S

South

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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?
 
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.
 
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.
 
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.
 
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.
 
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.
 
ClubMan said:
This guy knows a bit more than either of us.
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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.
 
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.
 
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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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.
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Perhaps this is one key difference compared to, say, the US?
 
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.
 
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.
 
I wonder could they be a market for a foreclosure auction house soon :)
 
How about keeping an eye on auctions by the Criminal Assets Bureau? You could have got the General's house in Ranelagh from them.
 
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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