Repossessed houses for sale?

J

JamesGG

Registered User
Messages
106
Hi there, I have rang around a few banks and they dont seem to want to advertised the fact they have repossesed houses for sale due to the fact it doesnt look good. Where can you get information on repo houses for sale? Thanks.
 
You will also see the odd Irish house here
[broken link removed]
 
Have you approached the sub-prime lenders? They account for most of them, I think.

The Financial Regulator reported that there were 400 repossessed houses on the books of the financial institutions at the end of last year which seemed high to me.

You will also find new builds available when the builders go into liquidation.

Brendan
 
Thanks for the replies, when you say sub prime lenders, sorry to sound stupid but is that a bank or what? Cant seem to find much when I google it.
 
Start mortgages were one of the biggest, based in Clonskeagh. I'd start with them as they have the most court appearances.
 
Is there any way in which a repossessed house should be considered better than other houses?
 
Well there is no chain involved and hopefully should be cheaper.
 
Just because they are rrepossed does not necessarily mean they are going to be cheaper as banks/receivers have a duty to get the best price. Your are however more likely to get a quick sale and this often is reflected in the selling price.
 
and just be careful when u go to view them . iv heard (i dont know if this is true ) that the bank / previous owners would rip anything out that was worth selling . they mite not be in great order .
 
I wouldn't worry greatly about the house being stripped: that should be visible.

What you might have to worry about in some places is the attitude of the neighbours to the people who got their hands on Mick and Mary's house, and left them and their children on the side of the road.
 
Yes i like the last reply. Looking for a bargain on the back of misfortune.
Go ahead and check it out and buy, just be careful when a neighbour does call to say " hello". Maybe they might have more than sugar in mind.
Happy hunting as they say, into the land of misfortune.
 
I wouldn't worry too much about the neighbours, unless you are buying into an established neighbourhood. Chances are that they've never even met the former owners.
 
I have just purchased a repossessed house. You are not told it's repossessed until your bid for the house is accepted. I think this is to stop people bidding really low prices. I just bid what I thought the house was worth.
House was in a bit of a poor state but obviously the asking price and my final bid reflected that.

I have to say my new neighbours couldn't have been nicer. All have been extremely welcoming and I would say most aren't even aware the house was repossessed.

Also the sale went through in a matter of weeks. This was I think mainly because the house was empty so no worries about when the owner wanted to move etc.

The only downside is receiving all the debt letters for previous owner. I am worried I may get debt collectors banging on my door thinking I am the previous owner. I doubt they will believe if I put 'no longer at this address' on their bills.
 
I would keep sending them back with "no longer at this address". if the same ones keep appearing then i would send a wee note explaining the position.
 
Scotsgirl said:
... The only downside is receiving all the debt letters for previous owner. I am worried I may get debt collectors banging on my door thinking I am the previous owner. I doubt they will believe if I put 'no longer at this address' on their bills.
Click to expand...

I had the same experience when I bought a house that was not repossessed. The previous owners moved to a different part of the country, and left quite a lot of unpaid bills. I think they bought some stuff on credit just before they moved. I even had people calling to the house to try to recover items.

It was a bit of a nuisance, but a minor one, and it fizzled out.
 
sfb38 said:
Looking for a bargain on the back of misfortune.
.
Click to expand...

You are forgetting that the if the house is sold the proceeds go towards paying of the debt of the person who is in trouble. What exactly do you think should happen to repossessed houses?
 
sfb38 said:
Go ahead and check it out and buy, just be careful when a neighbour does call to say " hello". Maybe they might have more than sugar in mind.
Click to expand...

I just dont get this attitude? Who in the real world would care that a new person had bought a repossessed house? Its not their fault it was repossessed. Why would a neighbour either know or care that a house had been repossessed and then sold on?

I know if one of my neighbours had their home repossessed and someone new moved in my thought process would go along the lines of 'oh hard luck old neighbours, hello new neighbours', after that 2 second thought Id no longer be thinking about it at all. Ive more on my own mind than worrying about my neighbours financial problems or new people moving into their repossessed home. All id care about would be that they were decent neighbours.
 
Probably off topic, but if people did not buy repossessed houses banks would not repossess them!

As for neighbours they should understand that you are buying a house and nothing personal against previous owners.
 
You must log in or register to reply here.
Back
Top