Repossessed properties

michaleen oge · 09-01-2010 9:28pm #1

anyone got any sites where i can look for repossessed houses? either from banks or building societies or estate agents?
any help would be appreciated. am hoping to move to the west of ireland or thereabouts when i sell my house in spain. following some favourite houses on daft ie so know price ranges.

meercat · 09-01-2010 9:34pm

Hi op.Doesnt seem fair that you are looking to take advantage of other peoples misfortune.Hope there is no such site.Why not take a look at some of the houses currently for sale and if you find one make a decent offer.

Rory1 · 09-01-2010 9:39pm

Threre is nothing wrong with buying a repossessed house in my opinion. To OP's question, I have never heard of website or agent. Not many houses have YET been repossesed.

Wile E. Coyote · 09-01-2010 9:42pm

There are no sites like this. All re-possessed houses are sold on the open market at full current market value.

Seillejet · 09-01-2010 9:53pm

Looking for a list of repossessed homes for a first post is a real way of setting yourself out to be a boards favourite.

Smcgie · 09-01-2010 9:54pm

meercat wrote: »

Hi op.Doesnt seem fair that you are looking to take advantage of other peoples misfortune.Hope there is no such site.Why not take a look at some of the houses currently for sale and if you find one make a decent offer.

What's not fair about it? These houses have to be sold on because the people living in them where and are living beyond their means. Yes its unfortunate but it doesn't make the person who wants a cheaper house the bad guy. Talk to a local estate agent and tell him your looking to buy direct from the bank

hinault · 09-01-2010 9:55pm

michaleen oge wrote: »

anyone got any sites where i can look for repossessed houses? either from banks or building societies or estate agents?
any help would be appreciated. am hoping to move to the west of ireland or thereabouts when i sell my house in spain. following some favourite houses on daft ie so know price ranges.

do your own dirty work.

Even if I knew about a re-possession, I won't tell the likes of you.

DiarmaidGNR · 09-01-2010 9:59pm

I've also been looking for such sites, not for houses, - but for cars! -Any help?

Smcgie · 09-01-2010 10:00pm

hinault wrote: »

do your own dirty work.

Even if I knew about a re-possession, I won't tell the likes of you.

Why? The people that own the house can't afford to pay for it. Same thing if you buy a car and you can't afford to pay it back. Because the homebuyer was living beyond his means the guy that's interested in the house should burn in hell?

Its an extremely naive view.

Rory1 · 09-01-2010 10:02pm

Being a little hard on OP. No one wants to see someone lose their home but if it happens it happens and house must be sold by bank. Someone is going to buy it, why not OP.

hinault · 09-01-2010 10:05pm

Smcgie wrote: »

Why? The people that own the house can't afford to pay for it. Same thing if you buy a car and you can't afford to pay it back. Because the homebuyer was living beyond his means the guy that's interested in the house should burn in hell?

Its an extremely naive view.

It's not a naive view : the repossession of any persons property is a serious issue.

And for people to attempt to profit from other misfortune - does smack of being the decent thing to do.

That's just my personal point of view.

And if people want to capitalise on other peoples misfortune, I'm gonna register my objection to same.

Anyhow, neither you or I can be privy as to why anything is repossessed.

hinault · 09-01-2010 10:06pm

Rory1 wrote: »

Being a little hard on OP. No one wants to see someone lose their home but if it happens it happens and house must be sold by bank. Someone is going to buy it, why not OP.

Let him/her approach a bank then.

Instead of trying to fish here.

alexlyons · 09-01-2010 10:09pm

hinault wrote: »

I won't tell the likes of you.

The likes of him? the likes of the guy who is retired (from about me section) and wants to get a good deal and not waste his money? the guy just wants to move back here and find a nice house, at a very good price... Shame on you

DiarmaidGNR wrote:

I've also been looking for such sites, not for houses, - but for cars! -Any help?

http://www.merlincarauctions.ie/

hinault · 09-01-2010 10:11pm

alexlyons wrote: »

The likes of him? the likes of the guy who is retired (from about me section) and wants to get a good deal and not waste his money? the guy just wants to move back here and find a nice house, at a very good price... Shame on you

He can approach a bank/building society.

Shame on you.

Wile E. Coyote · 09-01-2010 10:13pm

Smcgie wrote: »

Why? The people that own the house can't afford to pay for it. Same thing if you buy a car and you can't afford to pay it back. Because the homebuyer was living beyond his means the guy that's interested in the house should burn in hell?

Its an extremely naive view.

It's extremely naive to think that all homes are re-possessed because people were living beyond their means.

hinault · 09-01-2010 10:14pm

Wile E. Coyote wrote: »

It's extremely naive to think that all homes are re-possessed because people were living beyond their means.

Exactly.

katnia · 09-01-2010 10:16pm

hinault wrote: »

It's not a naive view : the repossession of any persons property is a serious issue.

And for people to attempt to profit from other misfortune - does smack of being the decent thing to do.

That's just my personal point of view.

And if people want to capitalise on other peoples misfortune, I'm gonna register my objection to same.

Anyhow, neither you or I can be privy as to why anything is repossessed.

He's not trying to profit from others misfortune, he simply wants to carry out a transaction where he can get the best value he can, who can blame him? unfortunately in the real world houses get repossessed & while I would acknowledge that it's sad & very unfortunate you can't blame anyone for trying to make a purchase at the best price possible & remember he's not buying from the people that were in the house prior to repossession, he's buying from the bank who actually own the house & if he wants to pay them way less than market value for their asset, I'm all for that, it's the bank he's buying off, not the previous tennants ('owners').

Wile E. Coyote · 09-01-2010 10:17pm

alexlyons wrote: »

The likes of him? the likes of the guy who is retired (from about me section) and wants to get a good deal and not waste his money? the guy just wants to move back here and find a nice house, at a very good price... Shame on you

The OP won't get a deal on a re-possessed house. The bank will will sell at full market value.

HereSince2003 · 09-01-2010 10:18pm

hinault wrote: »

It's not a naive view : the repossession of any persons property is a serious issue.

And for people to attempt to profit from other misfortune - does smack of being the decent thing to do.

That's just my personal point of view.

And if people want to capitalise on other peoples misfortune, I'm gonna register my objection to same.

Anyhow, neither you or I can be privy as to why anything is repossessed.

The OP has asked to be helped in buying a house as cheap as possible via repo's. Repo's are as good as it gets.

I didn't see anything in his post about profit?

Michaleen, your best bet is to ring the banks or keep an eye on the local courts. courts.ie might be of some help.

smiley girl · 09-01-2010 10:19pm

This man, the OP has nothing to do with a persons home being repossessed, it's not his fault people can't afford to keep their houses. Yes, my heart goes out to these people, of course it does, I can only imagine the stress they are going through but at the end of the day, someone is going to buy it, why not him? People are driving repossessed cars, bought from the auctions and getting clapped on the back for bagging an expensive car for half nothing!

I don't know of any sites OP but I wish you well in your search.

hinault · 09-01-2010 10:21pm

katnia wrote: »

He's not trying to profit from others misfortune, he simply wants to carry out a transaction where he can get the best value he can, who can blame him? unfortunately in the real world houses get repossessed & while I would acknowledge that it's sad & very unfortunate you can't blame anyone for trying to make a purchase at the best price possible & remember he's not buying from the people that were in the house prior to repossession, he's buying from the bank who actually own the house & if he wants to pay them way less than market value for their asset, I'm all for that, it's bank he's buying off, not the previous tennants ('owners').

Indeed.

The bank will try to get the closest possible price of the house - to offset the loss on the original mortgage.

All of which is beside the point.

There are other ways of trying to obtain value for money - rather than looking for houses/land that has been repossessed.

And houses/land doesn't get repossessed solely because the original mortgageholder "lived boyond their means".

Rory1 · 09-01-2010 10:24pm

hinault wrote: »

Let him/her approach a bank then.

Instead of trying to fish here.

What is wrong with asking people here? What is the difference with approaching a bank?

Rory1 · 09-01-2010 10:27pm

hinault wrote: »

Indeed.

The bank will try to get the closest possible price of the house - to offset the loss on the original mortgage.

All of which is beside the point.

There are other ways of trying to obtain value for money - rather than looking for houses/land that has been repossessed.

And houses/land doesn't get repossessed solely because the original mortgageholder "lived boyond their means".

Getting very emotional about subject. Whatever the reason for someone losing their house it's got nothing to do with some third party interested buyer.

katnia · 09-01-2010 10:27pm

hinault wrote: »

Indeed.

The bank will try to get the closest possible price of the house - to offset the loss on the original mortgage.

All of which is beside the point.

There are other ways of trying to obtain value for money - rather than looking for houses/land that has been repossessed.

And houses/land doesn't get repossessed solely because the original mortgageholder "lived boyond their means".

I must say I'm not for the living beyond their means argument, no one knows individual circumstances & I wouldn't like to judge people as living beyond their means when I am sure there are other issues that don't involve people living beyond their means.

In my own situation thankfully myself & wife both work but if I or she was to lose her job then we potentially could be in the same situation & I wouldn't class us as living beyond our means, I am sure there are plently of posters here in the same situation - Mortgage on the strength of two salaries.

hinault · 09-01-2010 10:28pm

Rory1 wrote: »

What is wrong with asking people here? What is the difference with approaching a bank?

It is a free country : so he can ask the question here, I suppose.

hinault · 09-01-2010 10:31pm

katnia wrote: »

I must say I'm not for the living beyond their means argument, no one knows individual circumstances & I wouldn't like to judge people as living beyond their means when I am sure there are other issues that don't involve people living beyond their means.

In my own situation thankfully myself & wife both work but if I or she was to lose his/her job then we potentially could be in the same situation & I wouldn't class us as living beyond our means, I am sure there are plently of posters here in the same situation - Mortgage on the strength of two salaries.

Another poster suggested that reposessions are a result of people living beyond their means.

hinault · 09-01-2010 10:34pm

Rory1 wrote: »

Getting very emotional about subject. Whatever the reason for someone losing their house it's got nothing to do with some third party interested buyer.

Emotional about the subject?

Not me.

katnia · 09-01-2010 10:34pm

hinault wrote: »

Another poster suggested that reposessions are a result of people living beyond their means.

Yeah - I am saying generally I'm not into judging people & don't support this argument, we/they have no right to say this unless they know the individual situation.

Smcgie · 10-01-2010 1:21am

Wile E. Coyote wrote: »

The OP won't get a deal on a re-possessed house. The bank will will sell at full market value.

Incorrect

Smcgie · 10-01-2010 1:29am

Wile E. Coyote wrote: »

It's extremely naive to think that all homes are re-possessed because people were living beyond their means.

Ok each to their own. The repossessions that I have come across generally are those that have taken an excruciating mortgage that up to nearly 10x their salaries. This I have no sympathy and its simply living beyond their means. If not...what would you class it?

TJJP · 10-01-2010 1:46am

Wile E. Coyote wrote: »

The OP won't get a deal on a re-possessed house. The bank will will sell at full market value.

'Full market value' is I presume is what the 'market' is willing to pay. In a situation such as proposed, the bank is seeking to liquidate assets, quickly, which may indicate a discount. Yes, full market value, but this isn't 2006 anymore.

katnia wrote: »

I must say I'm not for the living beyond their means argument, no one knows individual circumstances & I wouldn't like to judge people as living beyond their means when I am sure there are other issues that don't involve people living beyond their means.

That's true too, but a 'real market' doesn't care, no matter how unpalatable that might be. Any asset is only worth the market price. In this case the OP is likely setting the price and the Bank might be glad to get it. They need rid of an underperforming asset, they have a buyer.

tenchi-fan · 10-01-2010 1:48am

Wile E. Coyote wrote: »

The OP won't get a deal on a re-possessed house. The bank will will sell at full market value.

Not a lot of properties have been repossessed.. yet.. so it's too early to look for those kind of bargains.

When the banks have a lot of houses they will sell at the first half-reasonable offer and write-off the balance. They don't want loads of residential properties and impaired loans on their balance sheet.

On the other hand a lot of houses on the market at present are overvalued, so relative to these the ones the banks repossess will appear to be bargains.

Wile E. Coyote · 10-01-2010 9:32am

Smcgie wrote: »

Incorrect

Incorrect? And you know this because...

OMD · 10-01-2010 9:48am

hinault wrote: »

It's not a naive view : the repossession of any persons property is a serious issue.

And for people to attempt to profit from other misfortune - does smack of being the decent thing to do.

When a bank repossess a property they sell it and use the money to pay off the mortgage. The profit (if any) is given to home owner, if there is a loss then the home owner is liable for the difference.

If you were in the position of having your home repossessed then it is better to have as many people as possible interested in it. Many people have your view and will not buy a repossessed house. They may think they are doing the right thing but are actually harming the home owner more.

Wile E. Coyote · 10-01-2010 12:49pm

I've no issue with people buying re-possessed houses. They're going to be sold eventually anyway. What I don't like however is people who actively look for houses that were re-possessed. To me thats like ambulance chasing lawyers.

Freddie59 · 10-01-2010 1:05pm

Wile E. Coyote wrote: »

It's extremely naive to think that all homes are re-possessed because people were living beyond their means.

Precisely. These poor misfortunates could be any one of us tomorrow. There but for the grace of God go I. To the OP: have you even stopped to consider this?

As one who has purchased in the past 12 months, I would not have touched a repo with a barge pole. Life has an awful habit of turning full circle.

michaleen oge · 10-01-2010 1:36pm

sorry for the emotions i seem to have stirred up here. perhaps i didn't express myself well enough. i am trying to return to ireland, money is tight so i am trying to get the best possible deal in the circumstances.
i certainly don't want to throw little tim out on the street along with his crutches,my children think i am wonderful,and the 666 inscribed on my skull is nearly illegible.
i still intend moving,but will be very(repeat)very careful with any questions i may ask on this site in future. there are some scary people out there.

JuliusCaesar · 10-01-2010 3:07pm

Freddie59 wrote: »

Precisely. These poor misfortunates could be any one of us tomorrow. There but for the grace of God go I. To the OP: have you even stopped to consider this?

As one who has purchased in the past 12 months, I would not have touched a repo with a barge pole. Life has an awful habit of turning full circle.

How on earth would you know that the house you are considering buying is a repo? People have all sorts of reasons for selling. Maybe they want to get out of a debt they can't repay.

Pushtrak · 10-01-2010 4:28pm

hinault wrote: »

do your own dirty work.

Even if I knew about a re-possession, I won't tell the likes of you.

Who would you tell? Is this something you randomly drop at parties? Do you get funny looks?

Jo King · 10-01-2010 5:02pm

There have yet to be any significant number of repossessions. In the 1980s recession there were a lot of repossessions. The properties were sold at a discount to normal market value, often to friends of the branch managers of the building societies. The banks had a very small share of the residential mortgage market at that time. The lenders wanted very quick sales after repossession hence the discount. The lenders have to get the sherrif to enforce the eviction unless the keys are handed over voluntarily. The last thing they want is someone going in to occupation of the property after the original debtor has been evicted. It could mean another long legal battle. There are rumours going around that deals can be done with the lenders if ready cash is available. It is unlikely at the moment that websites will be used to dispose of repossessed properties.

Smcgie · 11-01-2010 12:30am

Wile E. Coyote wrote: »

Incorrect? And you know this because...

I'm in the process of buying a repossessed house (bank direct) from a developer that went bust.

That's why...

hinault · 11-01-2010 12:39am

Pushtrak wrote: »

Who would you tell?

I wouldn't tell anyone.

Due to my job, I am privy to certain individuals who are in financial stress and who may, in time, have to face the possibility of having their house and other securities repossessed.

Pushtrak wrote: »

Is this something you randomly drop at parties? Do you get funny looks?

Is that part of your standup routine?

Pushtrak · 11-01-2010 12:56am

hinault wrote: »

I wouldn't tell anyone.
Due to my job, I am privy to certain individuals who are in financial stress and who may, in time, have to face the possibility of having their house and other securities repossessed.

Strange you phrased it in such a way that your not telling the OP was because he was the type who'd need the info. Like needing the info was a reason for you to not talk about it.

Is that part of your standup routine?

Are you going to claim royalties?

hinault · 11-01-2010 1:02am

Pushtrak wrote: »

Strange you phrased it in such a way that your not telling the OP was because he was the type who'd need the info. Like needing the info was a reason for you to not talk about it.

I wouldn't tell the OP - or anyone else for that matter - about any property that is in the process of being repossessed.

Pushtrak wrote: »

Are you going to claim royalties?

You a comedian too?

Pushtrak · 11-01-2010 1:06am

hinault wrote: »

I wouldn't tell the OP - or anyone else for that matter - about any property that is in the process of being repossessed.

I do respect that. Confidentiality is very important. Just found your way of phrasing it funny.

You a comedian too?

No, I'm not really all that funny. Just find the humour in perceived illogic.

Smcgie · 11-01-2010 1:10am

hinault wrote: »

I wouldn't tell the OP - or anyone else for that matter - about any property that is in the process of being repossessed.

In other words you haven't the slightest notion were to look about investing in property and your overflowing with emotion. I think you have stated your opinion there's really no need to drag the thread on.

The OP was looking for help re:repossessions. If "You wouldn't tell him" Why bother posting at all (and continue to post)

Thank you for your valid input...

hinault · 11-01-2010 1:14am

Pushtrak wrote: »

I do respect that. Confidentiality is very important. Just found your way of phrasing it funny.

No, I'm not really all that funny. Just find the humour in perceived illogic.

Confidentiality is only one aspect.

On a separate point of principle, apart from confidentiality, I would not disclose whether a house was being repossessed.
Less than 200 years ago in this country, people were being removed from their properties by the British for failure to pay their dues.
No doubt there are some here would have said those people too were "living beyond their means" as well.

Pushtrak · 11-01-2010 1:15am

Nice, this thread needed a strawman.

hinault · 11-01-2010 1:21am

Smcgie wrote: »

In other words you haven't the slightest notion were to look about investing in property.

Wrong kiddo.

Smcgie wrote: »

your overflowing with emotion. I think you have stated your opinion there's really no need to drag the thread on.

And there was me thinking that it was you who first replied to my post.

I suggest that it is you sir, who seem intent to drag this thread on.

Smcgie wrote: »

The OP was looking for help re:repossessions. If "You wouldn't tell him" Why bother posting

The OP was looking for a deal.

I and several others suggesting he/she contact the financial institutions.

Smcgie wrote: »

Thank you for your valid input...

Thanks for giving me your seal of approval to post here.

Smcgie · 11-01-2010 9:30am

Back to the OP. You could also look down the auction route. Some repossessed properties are normally drummed up in the press and sold in this manor. Have you any idea what counties or county you would be looking to purchase in?

Also I wouldn't take an notice of people playing the moral card. If you don't buy it someone else will. Simple

Repossessed properties

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