"Banks didn't repossess because no one was buying houses..."

NoRegretsCoyote

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- The banks couldn't do anything else because there was nobody to buy the homes

This is not true.

I was actively house hunting in 2012/13 with a lot of funds to deploy - 90th percentile of house prices at the time. The banks weren't generous but willing to lend to people with the earning capacity.

Saturday viewings weren't thronged but 10-20 potential buyers through the door every time.

Much of what was on the market seemed to be executor's sales. The real bottleneck was on the supply side.
 
This is not true.

I was actively house hunting in 2012/13 with a lot of funds to deploy - 90th percentile of house prices at the time. The banks weren't generous but willing to lend to people with the earning capacity.

Saturday viewings weren't thronged but 10-20 potential buyers through the door every time.

Much of what was on the market seemed to be executor's sales. The real bottleneck was on the supply side.
Why do you think the banks didn't therefore sell? Because I believe they were afraid to flood the market. Yes you may have been able to purchase, but what percentage were you back in 2012.
 
Hi Bronte

You are not denying that they were generous?

You are just saying that their motivation was not kind-heartedness?

In other countries with the same issues, banks just repossessed the houses and everyone moved on.

Brendan
Other countries had a functioning market in houses. There is no way Irish banks could have moved on so many properties at once. It would have been a disaster.

Can you link me to a country, relatively recently, where the banks repossessed in large numbers. And that it worked. Did the Spanish do that when they had their almight bust? Did Greece?
 
There are many, many cases particularly in the worst years of the recession where rents had fallen and demand was small meaning a) it was really difficult to rent a property for anything other than a loss (hard to believe now) where the mortgage was unsustainable for this reason and b) sales prices were such that residual balances were left. At the same time andin these circumstances banks were, anecdotally in any case, trying to force sales even if it meant outstanding balances. They needed to et money in at any cost. This shorttermism was evidenced by the number fire sales by banks or on behalf of banks by the likes of Allsops. Also it meant many tenants were evicted for the property to be later left empty and to become damaged or even derelict. In the context of many of these lroperties being bought at the top of the market often as original family homes by accidental landlords or one property landlords, a tracker could have and probably would have meant hundreds extra per month and would certainly have saved a lot of people from the clutches of banks. Yes, there is a big picture and other factors but a tracker would certainly have helped many people at a time when banks were more intent in getting some, any, return rather than restructuring
 
I bought at at one of the banks fire sale Allsops auctions in 2013. Property w
There are many, many cases particularly in the worst years of the recession where rents had fallen and demand was small meaning a) it was really difficult to rent a property for anything other than a loss (hard to believe now) where the mortgage was unsustainable for this reason and b) sales prices were such that residual balances were left. At the same time andin these circumstances banks were, anecdotally in any case, trying to force sales even if it meant outstanding balances. They needed to et money in at any cost. This shorttermism was evidenced by the number fire sales by banks or on behalf of banks by the likes of Allsops. Also it meant many tenants were evicted for the property to be later left empty and to become damaged or even derelict. In the context of many of these lroperties being bought at the top of the market often as original family homes by accidental landlords or one property landlords, a tracker could have and probably would have meant hundreds extra per month and would certainly have saved a lot of people from the clutches of banks. Yes, there is a big picture and other factors but a tracker would certainly have helped many people at a time when banks were more intent in getting some, any, return rather than restructuring
There are many, many cases particularly in the worst years of the recession where rents had fallen and demand was small meaning a) it was really difficult to rent a property for anything other than a loss (hard to believe now) where the mortgage was unsustainable for this reason and b) sales prices were such that residual balances were left. At the same time andin these circumstances banks were, anecdotally in any case, trying to force sales even if it meant outstanding balances. They needed to et money in at any cost. This shorttermism was evidenced by the number fire sales by banks or on behalf of banks by the likes of Allsops. Also it meant many tenants were evicted for the property to be later left empty and to become damaged or even derelict. In the context of many of these lroperties being bought at the top of the market often as original family homes by accidental landlords or one property landlords, a tracker could have and probably would have meant hundreds extra per month and would certainly have saved a lot of people from the clutches of banks. Yes, there is a big picture and other factors but a tracker would certainly have helped many people at a time when banks were more intent in getting some, any, return rather than restructuring
There are many, many cases particularly in the worst years of the recession where rents had fallen and demand was small meaning a) it was really difficult to rent a property for anything other than a loss (hard to believe now) where the mortgage was unsustainable for this reason and b) sales prices were such that residual balances were left. At the same time andin these circumstances banks were, anecdotally in any case, trying to force sales even if it meant outstanding balances. They needed to et money in at any cost. This shorttermism was evidenced by the number fire sales by banks or on behalf of banks by the likes of Allsops. Also it meant many tenants were evicted for the property to be later left empty and to become damaged or even derelict. In the context of many of these lroperties being bought at the top of the market often as original family homes by accidental landlords or one property landlords, a tracker could have and probably would have meant hundreds extra per month and would certainly have saved a lot of people from the clutches of banks. Yes, there is a big picture and other factors but a tracker would certainly have helped many people at a time when banks were more intent in getting some, any, return rather than restructuring
¡

I bought at Allsops auctions in 2013 because the business people who owned the mortgages allowed there propertys to be repossessed the mortgages on the three properties came to 1.3 million before interest arrears the sold for a total of 70K
The property I bought was was left derelict and was damaged sold in 2007 for 300K bought for 15K of the three property's sold the only one with tenant is the one I bought.
I believe mortgage interest rates should be higher now if there were more repossessed back then
I have gone back and looked at the other auctions around this time most are sold but still vacant.
 
@Bronte

I was specifically reponding to your claim that there were no buyers post crash. There were. Many friends of mine sat out the madness, saved for up to a decade, then bought for LTVs of 50%.

On your point about foreclosures, Spain has very limited protection for defaulting borrowers and banks regularly auction foreclosed houses.

I believe California alone had over a million foreclosures post crash.


At a given price there is always a buyer.
 
I bought at at one of the banks fire sale Allsops auctions in 2013. Property w


¡

I bought at Allsops auctions in 2013 because the business people who owned the mortgages allowed there propertys to be repossessed the mortgages on the three properties came to 1.3 million before interest arrears the sold for a total of 70K
The property I bought was was left derelict and was damaged sold in 2007 for 300K bought for 15K of the three property's sold the only one with tenant is the one I bought.
I believe mortgage interest rates should be higher now if there were more repossessed back then
I have gone back and looked at the other auctions around this time most are sold but still vacant.

I don't understand this post. You bought at auction in 2013. It was one of three properties which had been mortgaged for 1.3 Million. And these three properties were sold for a total of 70K?

You bought a property for 15K?, which had been sold in 2007 for 300K?

Can you please clarify your post.
 
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