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What happens to house sale if company goes bankrupt?

  • 07-06-2008 12:40pm
    #1
    cocopops
    Registered Users, Registered Users 2 Posts: 51 ✭✭


    Hey. I am a potential first time buyer and the newly built four bedroom house I am interested in and that I have viewed twice is on the market for 2800000 having dropped from 310, 000. There's twelve of them in total with just two sold. I heard from a very reliable source yesterday that the construction company who built and are selling the houses was declared bankrupt the day before and I was wondering what happens now...... Can i go in at a lower offer, say 260000 in the hope the bank will just be looking for a quick sale?? Do i make a move now or just take a back seat till the last few are remaining?!


    I am 24 and I am totally new to all of this so any advice will be very much appreciated, thanks!!!


Comments

  • #2
    DJDC
    Closed Accounts Posts: 365 ✭✭DJDC


    On a slightly unrelated subject....your are only 24 man, do you really wanna tie yourself down to some house with a huge mortgage when you are so young? What happens if a job opportunity arises abroad, you get itchy feet etc. Each man to his own but....Too much of the world to see!


  • #3
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    Companies do not go bankrupt. Individuals do. If the company has gone into receivership of liquidation the receiver or liquidator will sell the assets. A low offer may well work. Be careful about your deposit. Only pay deposits through solicitors in this situation. AT 24 you have a lot to learn so the sooner you start the better.


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    In such a situation.

    Be careful.

    Only act when you have independent legal advice.

    Get as much information as you can on the situation - look for legal notices, check the internet and council planning office. www.irisoifigiuil.ie might have a legal notice about the company, it might take a few days to filter through though.

    Get your mortgage, life assurance, etc. in order now, so you can move quickly.


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