Recently I tried to purchase an abandoned house from Pepper who took over the loan from IBRC. The house is abandoned the last 6 years as owner sent back keys and left country. It is in a dreadful state and a potential fire hazzard. Approached Pepper via my solicitor to make an offer, no information forthcoming. All they said was keep an eye on local EA. Could this take years, months? Is there anyway of finding out. You would imagine they would want to offload this property as it is non performing?? Can anyone advise
abandoned house
- Thread starter Cathyrita
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Unfortunately there is no way of knowing when the property will go on the market. It is up to Pepper to decide when to put it up for sale. It could indeed take months or years and given it has taken 6 years to date, that only serves to show that a sale may not be imminent.
Gerry Canning
Registered User
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It is quite possible that IBRC/Pepper have only got (ownership) but not a saleable title.
In the (fluffy) times a dangerous % of titles were not properly sorted.
Gerry Canning
Registered User
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Thanks for all replies. No indeed I do not have entitlement to this house but it is in my town and in a state of disrepair. Owner is gone from Ireland and has no interest in what happens to it.Perhaps I did not make this clear. It is not a repossession, owner returned keys when she could not sell it. No one apart from Pepper/shoreline have an interest in this financially. I just wondered where the advantage would be in leaving a property empty like that for years. As I said, this is a fire hazzard as teenagers are drinking in here at night. Everything of any value has been stolen and it is an eyesore.
Brendan Burgess
Founder
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How do you know it's not a repossession?
I have sat in the Circuit Courts and watched lenders trying in vain, to get an order to repossess abandoned houses. In many cases the Registrar refuses the order. It makes no sense, but that is how our crazy repossession system works.
Brendan
Really? That's bizarre!
That house could be providing shelter to a hard pressed family. As it stands, it's just costing the taxpayer money.
We really have to move on from our zero repossession culture...
Thanks, my solicitor said that Shoreline would normally appoint a receiver over property and then sell it on open market however he thought they may be interested in selling it to me as mortgagee in possession Pepper who act for Shoreline told him when it was ready it would go to a local EA. They were not the agent acting for shoreline where this property was concerned as there "were other parties involved" Perhaps it is a repossession which may explain why he could get no further in the process. I just thought with no one challanging the repossession order it should not be taking this long.
James Sandman
Registered User
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Sending back the keys doesn't give a lender the right to sell the house. They still have to go through the motions of getting a court order. Sometimes they simply can't get the order they need in order to sell it.
sunnydonkey
Registered User
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I know a similar case and this indeed was the problem. To get a formal reposession they had to serve notice on the owner (who had given back the keys), but he had disappeared abroad. The legal shenanigans took years and eventually a service on the abandoned house was accepted and things moved forward.