what happens to repossessed homes?

R

rk80

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I've heard so much about houses being repossed lately? What happens to theses houses are they auctioned? or put on the market with local estate agents? If they are auctioned where are these auctions held can any one advise, I know there was an auction of forgein property in citywest hotel a few weeks ago with the result being no property selling?
 
Re: what happens to repossed homes?

gapofdunloe said:
Once the property is sold the person who has had the house repossessed will be required to pay the balance, if there is a shortfall.
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Plus all the legal fees, the bank's fees and the auction fees etc.
 
A local bank manager offered my boss some repossessed houses, he was just putting prices on them regards of what the house was like, 2 bed apt 80k 3 bed semis 120k, he said there was 8 properties all the same price.
This is in the NW.
 
Senna said:
A local bank manager offered my boss some repossessed houses, he was just putting prices on them regards of what the house was like, 2 bed apt 80k 3 bed semis 120k, he said there was 8 properties all the same price.
This is in the NW.
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Were abouts is this Senna?
 
Interesting article:

Master of High Court warns banks on repossessions

[broken link removed]
 
4 of the houses were in Ballybofey, from the one developer, some in convoy and one was in letterkenny. This is really the price that houses will sell for, particularly if the developer is in trouble (they nearly all are). If you wanted a 3 bed in Letterkenny for 120-130k you should have no problem, the advertised prices might not be that low but selling prices are not far off.
 
Senna said:
A local bank manager offered my boss some repossessed houses, he was just putting prices on them regards of what the house was like, 2 bed apt 80k 3 bed semis 120k, he said there was 8 properties all the same price.
This is in the NW.
Click to expand...

When you say repossessed is it a case of a court case for repossession or a case of the builder handing back the keys to the bank?

Why would the bank manager only offer the houses to your boss (presumable a person of means) rather than to the market I wonder. Is this common bank policy?
 
Bronte said:
Why would the bank manager only offer the houses to your boss (presumable a person of means) rather than to the market I wonder. Is this common bank policy?
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Seems about right in light of what we have heard about the behavior of bankers in the past few weeks.
 
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