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
It is quite possible that IBRC/Pepper have only got (ownership) but not a saleable title.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.
"You would imagine they would want to offload this property as it is non performing?? "
When did it become the norm for people to decide that they had an entitlement to buy houses that were not for sale?
mf
It is not a repossession, owner returned keys when she could not sell it.
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
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.
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