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slattcs
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I've heard recently that repossessed houses are sold on by the bank for the value of the outstanding debt. Does anyone know if this is true?
slattcs said:I've heard recently that repossessed houses are sold on by the bank for the value of the outstanding debt. Does anyone know if this is true?
Eurofan said:Can't imagine that makes much sense. The house will be sold at whatever the market supports. The bank will hardly sell for less than market value simply because that's what will cover the debt...
Thanks Howitzer. Do you or anybody else have a link?Howitzer said:I believe there were 20 repossesions last year in Ireland. Not much of a market. Stat was in one of the Sunday papers.
That thought also crossed my mind!This sounds like the kind of question someone would ask after attending one of those property seminars promising the secrets of making your fortune in real estate. "Make money even in a falling market". "Find low low properties in a street JUST AROUND THE CORNER!".
These theories do somewhat work but only in much larger markets, ie: in the USA where they orriginated.
Howitzer said:This sounds like the kind of question someone would ask after attending one of those property seminars promising the secrets of making your fortune in real estate. "Make money even in a falling market". "Find low low properties in a street JUST AROUND THE CORNER!".
ClubMan said:Thanks Howitzer. Do you or anybody else have a link?
It has been suggested that there were about 470 possession orders issued last year,” said Dowling
However, less than 20 of those were implemented. Banks don’t want to repossess homes. It’s expensive and they abhor the publicity. However, with rates rising and segments of the population under pressure, it’s possible that the number of repossessions could increase by 2008
One thing is certain....they never lose out!
Really?Thrifty said:Another point is that a house is perceived as being worth less if repossessed
I thought I noticed an increased in the number of FTBs loitering around Benburb Street these nights now that you mention it.and i'm sure that some people are forced into a position of selling themselves rather than allowing a repossession