Mortgage company/Bank details on repo property.

MidlandsM

Hi,

I got a friend who's interested in a house that is empty and been repossesed by a lender. It's currently for sale with an agent.
He wants to buy it but wants to avoid the agent and go direct to the lender who now controls the property (to get the best cash deal)

Whats the best way to find out who own's it?....as this will be central to his approach.

Thanks,

MM

triskellion

They most likely will send you back to the agent. They have procedures in place / contractual agreements etc and will be unlikely to violate them. Best to go to the agent, it will not make a blind bit of difference to the price, at the end of the day, the agent acts on the banks instructions. Best of luck.

jenny jinks

If your friend learned of the fact of the property being for sale via the agent, the agent is entitled to a fee on the sale. Idividuals imn banks have no facilities for taking booking deposits etc. and will hnot get involved in haggling a deal, particularly with a randomer.

MidlandsM

jenny jinks wrote: »

If your friend learned of the fact of the property being for sale via the agent, the agent is entitled to a fee on the sale. Idividuals imn banks have no facilities for taking booking deposits etc. and will hnot get involved in haggling a deal, particularly with a randomer.

Utter Rubbish.
The agent is entitled to nothing if they don't sell it, and they're making a poor marketing effort at it currently.
Also, any vendor WILL entertain a RANDOMER as you put it, a sale is a sale especially in the times thats in it.

crabfeet

MidlandsM wrote: »

Utter Rubbish.
The agent is entitled to nothing if they don't sell it, and they're making a poor marketing effort at it currently.
Also, any vendor WILL entertain a RANDOMER as you put it, a sale is a sale especially in the times thats in it.

I wouldn't be so sure. The following is a statement of the law.

Hanna J. in North v. Dinan [1931] I.R. 468. at p. 472 : “Are they entitled to commission and, if so, how much? The law is rather favourable to the agent, but it is quite clear. It is that, if an agent employed for that purpose brings parties together or into touch with one another in the relation of buyer and seller, and a contract ensues upon it, the agent is entitled to remuneration.”

Atlantic Dawn

If the lender is part of NAMA they will not sell at a discount as the last thing the State wants is fire sales of properties, the prices will remain at peak until they walls fall down on them.

coffeenut

i'm working for a lender that has quite a lot of properties for sale and there's no way we would deal directly with a buyer - apart from anything else we don't have the resource to deal with the sale itself (hence the hiring of an agent). if the agent isn't getting the right result in this particular case, the lender is more likely to go to another agent than to handle a sale itself. you're as well off to put an offer in to the agent.

MidlandsM

crabfeet wrote: »

I wouldn't be so sure. The following is a statement of the law.

Hanna J. in North v. Dinan [1931] I.R. 468. at p. 472 : “Are they entitled to commission and, if so, how much? The law is rather favourable to the agent, but it is quite clear. It is that, if an agent employed for that purpose brings parties together or into touch with one another in the relation of buyer and seller, and a contract ensues upon it, the agent is entitled to remuneration.”

as I said previous, if he gets it sold.:rolleyes:

Jo King

MidlandsM wrote: »

as I said previous, if he gets it sold.:rolleyes:

You are not getting it. If he introduces them and there is a sale after he gets a fee. Your friend has effectively been introduced by the auctioneer. If he does a deal now the auctioneer is entitled to his fee. There are numerous cases where an EA bringsa potential purchaser to see a property. After the EA is gone, the purchaser and owner do a deal in an attempt to screw the EA for his fee. The EA finds out and sues the owner. Guess what happens - the EA wins his case plus costs!

Sofa King Great

The bank won't deal directly with purchasers. They'll send you back to the agent

MidlandsM

Jo King wrote: »

You are not getting it. If he introduces them and there is a sale after he gets a fee. Your friend has effectively been introduced by the auctioneer. If he does a deal now the auctioneer is entitled to his fee. There are numerous cases where an EA bringsa potential purchaser to see a property. After the EA is gone, the purchaser and owner do a deal in an attempt to screw the EA for his fee. The EA finds out and sues the owner. Guess what happens - the EA wins his case plus costs!

No Joe - talk to Joe - you no getit.:)
The agent has not been approached or introduced the prospective buyer to the property in question.

Update; today after a bit of detective work, my friend found out the lender involved and is now in discussions with them about buying the property. No agent is in the mix now and the lender is happy to talk.

Jo King

MidlandsM wrote: »

No Joe - talk to Joe - you no getit.:)
The agent has not been approached or introduced the prospective buyer to the property in question.

Update; today after a bit of detective work, my friend found out the lender involved and is now in discussions with them about buying the property. No agent is in the mix now and the lender is happy to talk.

Eh? How did your friend know the property was for sale? And if you think I believe that cock and bull story think again!

stepbar

Atlantic Dawn wrote: »

If the lender is part of NAMA they will not sell at a discount as the last thing the State wants is fire sales of properties, the prices will remain at peak until they walls fall down on them.

Nama have already purchased the loan at a discount so I couldn't see why Nama wouldn't be willing to take a discount if they come out with a profit.

stepbar

MidlandsM wrote: »

Update; today after a bit of detective work, my friend found out the lender involved and is now in discussions with them about buying the property. No agent is in the mix now and the lender is happy to talk.

Curious about how "your friend" managed to find out who the property is mortgaged to?

MidlandsM

stepbar wrote: »

Curious about how "your friend" managed to find out who the property is mortgaged to?

No need to be curious. You ask in a "tone" as to question the validity of this.Neighbour to the vacant property was able to tell who repossed it. He know from talking to a rep who was out checking the property when being repo'd and he spilt the beans to the nosey neighbour. Ask and ye shall find out. Also found out some other good info re;condition, services (water/sewage,power etc, broadband availability locally) about the house from the neighbour. It was well worth approaching him.
People have all these pre-concieved notions that you can't hussle info/or deal direct/or push the envelope on deals - but you can, because money talks and banks, well, they need money to bolter the books like em all.

Sofa King Great

stepbar wrote: »

Curious about how "your friend" managed to find out who the property is mortgaged to?

There are plenty of ways of doing that. Especially if it is registry of deeds. Or maybe it is land registry. One or the other!