House in receivership. Should we buy?

[Princess82]

Hi, Myself and partner are looking to buy our first home. A house we were looking at is in receivership and not lived in for 3 years but before that it was extended and newly renovated. What should we be looking out for if we go ahead or should we even go ahead. Is the process a lot longer? thanks in advance

 

[mf1]

Talk to your solicitor. They would need to see a contract to advise.

Some receivers are good to deal with and some are not. In most cases, they will give no warranty in planning (amongst other matters) which make it difficult for a solicitor to confirm to your lender that good title will be provided. If the solicitor cannot tell the bank that, the bank will not lend.

Broadly speaking, receiver sales are more likely to go to cash purchasers or seasoned investors than first time buyers who don't have the savvy to know what is important.

mf

 

[Princess82]

Ye you have kind of confirmed what we thought. its a pity as it is a lovely house but just afraid to go down that road in case it goes completely wrong. Thanks

 

[Steven Barrett]

Ye you have kind of confirmed what we thought. its a pity as it is a lovely house but just afraid to go down that road in case it goes completely wrong. Thanks

No reason not to go for it. Get a good solicitor (mf1 ) to advise you and see if everything is in order. If you are going to spend hundreds of thousands on a home, what's an extra grand or two to get a place you really love?

Steven
www.bluewaterfp.ie