Likely outcome after vulture fund repossession

Raging Bull said:
.. I haven seen plenty of receivers selling significantly undervalue in one case a 170k property for 25 k....

I have never seen a Receiver knowingly sell a property at an under value. Selling a property in such a way would expose them to legal action for negligence. I am unaware of a single Irish High Court judgment which found a Receiver liable for selling at undervalue. Receivers rely on their auctioneers for professional guidance.

Sometime properties could be sold at auction for considerably less than what the owner expected. However, in many cases the lesser amount achieved is attributable to issues such as incomplete title, planning, fire safety certs, asbestos, environmental contamination,structural defects etc

Jim Stafford
 
Raging Bull said:
.. I haven seen plenty of receivers selling significantly undervalue in one case a 170k property for 25 k....

I have never seen a Receiver knowingly sell a property at an under value. Selling a property in such a way would expose them to legal action for negligence. I am unaware of a single Irish High Court judgment which found a Receiver liable for selling at undervalue. Receivers rely on their auctioneers for professional guidance.

Sometime properties could be sold at auction for considerably less than what the owner expected. However, in many cases the lesser amount achieved is attributable to issues such as incomplete title, planning, fire safety certs, asbestos, environmental contamination,structural defects etc

Jim Stafford
Hi Jim, I have one Im afraid sold in a big 4 accountants portfolio sale that was never brought to the market or auctioned even through an estate agent. There was no auctioneer and have admitted the same !!
 
Raging Bull

You are completely misleading people and feeding their prejudices.

You said you saw a €170k house being sold for €25k.

Now you are talking about a portfolio sale which I presume means that the receiver sold a bunch of houses to the same buyer. So you can't say that one of the houses in the portfolio worth €170k was sold for €25k.

Brendan
 
Brendan,

Sorry I am a regulated provider Im misleading nobody. The house was worth €170k it was one amongst a portfolio sale. Its value can be ascertained from a similar sale on the Property Price register at the same month. It was sold for €25k because I have the statement and costs. Teh Creditor chased them for the shortfall on the sale despite being in positive equity on an OMV It was not marketed so the Receiver is open to significant liability and they are being sued. The portfolio was substantially bigger running into millions.
 
Back
Top