Repossessed houses - Bank holding on..

C

Calimero242

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I recently viewed a repossessed house on sale for quiet sometime now (about 1 year) After getting my mortgage approved I noticed the property have been taking off the market . The agent advised that banks is now holding on to any property that they have vacant as prices are staring to rise and it is more beneficial for them.

With the number of repossessions yet to come in the near future, how come the banks decide to hold on for sales ? are they trying to trick the market once more or something ?
 
They probably havent a clue what they are doing just blundering about in the dark
 
Calimero242 said:
The agent advised that banks is now holding on to any property that they have vacant as prices are staring to rise and it is more beneficial for them.
Click to expand...


Can’t back this up, only my opinion, but sounds like a load of Auctioneer Bull to me.
 
Also a lot of people are expecting the 'devil and all' when repossessions/ personal insolvencies start.

I personally think the process will be managed and controlled. Properties in the hundreds will be drip fed onto the market not tens of thousands of properties as some people seem to expect.

The banks haven't spent six years crawling their way through a tunnel of merd just to suddenly throw it all away in an instant.
 

No matter how much I stare at the chart on the left it doesn't look pretty ! However prices did rise by 0.8% in April. Kinda reminds me of the golfer who tells you about the great birdie he had on the 10th and then signs for an 80.
 
I don't know what is going on but I have been house hunting multi-units for quite some time for clients and almost every one of them seems to 'fall through', or get take off the market. I can't help but think that lots of properties are listed only in order to satisfy the banks that the property is 'for sale' as part of a voluntary surrender, but when you go to actually buy it the shenannigans start. Have experienced this since about February, whereas last year you could get deals done and closed.

Not sure what is driving it really, but there is no shortage of examples.
 
I think something is going on. I have made two offers - opening offers, but not silly - on properties in various type of bank arrangement in the last month and had, not a rejection, but simply no response at all from the bank. I am driven to the conclusion that they simply don't want to sell.
 
Whilst there has been a small increase recently in Dublin property prices, especially family houses, I doubt this is the reason that banks are holding on to properties (unless they believe that prices will zoom in the enxt few years).

The real reason methinks is that releasing masses of repossessed homes will further crash prices. It will mean more of their customers going into NE and throwing back the keys. It will mean that the building industry -almost dead -will never be resurrected in our lifetimes. It will mean an ever decreasing loss of confidence amongst the rest of us with properties halving yet again.

As a property owner I'd dread banks suddenly releasing tens of thousands of properties -in addition to those NAMA may release.
 
I wouldn't mind if the banks didn't put them on the market. What I object to is pretending to put them on the market and then in effect refusing to sell, wasting everyone's time.
 

what it will actually mean is the market finding a real floor, and everyone knowing where things stand. Only then can the country start a real recovery....we're 6 years into this depression and absolutely no end end in sight. And with-holding thousands of repossessed properties from sale over the next couple of years will only continue to drag things out
 
Should the banks be given the choice to hold on with assets they repossessed anyway when another bailed out is on its way
 
Since when Irish banks have a duty to work in favor of the economic recovery anyway ? And if they should ...do they really care ?
 
Well, banks have a duty in so much as if there is complete economic collapse then they ,the banks, will collapse - and everyone from directors to the lowest employee will be out of work.

Delboy and I have conflicting views on what's the best course of action regarding what to do with repossessed properties. I believe a quick release will precipitate a real crisis -not just for the property market but for the economy generally. Delboy believes that this continual postponement only delays the inevitable and leads to insecurity in the meantime.
A difficult one.
 
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