Viewing a house that might be repossessed

crimebuster

I am currently in the market for a house. I have found this lovely 4 bed property exactly where i want to buy but there is onl one problem i think its a repossessed house. what are peoples feelings on this...........

lainey316

Someone is going to buy it (presumably). The previous owners have already lost their home - whether you buy it or not won't help or harm them in any way.

silja

Agreed- someone needs to buy it, why not you? And you should get a good deal on it.

JimsAlterEgo

Could be bad feeligns with certain neighbours if they were well liked. Shouldn't be but this is Ireland and sh!t like that happens.

Gerry Asstrix

There is nothing stopping you buying this house

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in on someone elses misfortune, someone that once called this home no doubt but probably lost it due to the banks charging extortionately high mortgage rates or some other similar reason related to the recession

And by you buying it, the cycle is probably repeating itself.....

lainey316

Gerry Asstrix wrote: »

There is nothing stopping you buying this house

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in of someone elses misfortune, someone that once called this homebut probably lost it due to the banks charging extortionately high mortgage rates.

And by you buying it, the cycle is probably repeating itself.....

Think your link is broken there.

The banks are not charging astronomically high rates - 4% is by no means astronomical. I believe my parents original mortgage was something like 13%. If you're going to accuse the banks, at least accuse them accurately: the previous owners probably lost it because the bank lent them far, far too much money. And they took it gladly. It's as much poor decision making/high risk taking/buying into the hype as it is misfortune. Having sympathy for the people who lost their home doesn't change the fact that they already lost it.

Bandying about terms like taking advantage and worrying about what the neighbours think is pointless. It's already happened, the previous owners are gone. The OP doesn't have to let anyone know he suspects it was a repo (which of course it may not be). If they do purchase, and the neighbours throw a strop, plead ignorance. In half these new estates no-one knows their neighbours anyway.

ztoical

lainey316 wrote: »

Bandying about terms like taking advantage and worrying about what the neighbours think is pointless. It's already happened, the previous owners are gone. The OP doesn't have to let anyone know he suspects it was a repo (which of course it may not be). If they do purchase, and the neighbours throw a strop, plead ignorance. In half these new estates no-one knows their neighbours anyway.

+ 1 What neighbour would prefer an empty house that no one will buy for fear of 'upsetting' them or being seen as 'cashing in someone elses misfortune' over having several empty units on an estate falling into ruin? It would bring the whole estate down and there are several estates just like that around the country were more the half the units stand empty and those that are living there feel very cut off and isolated. Houses are repossessed from time to time this isn't something new and frankly people would be more understanding of it now then say during a boom period.

What do people think solution is with all these empty units? The bank should give the house back to the pervious owner? The bank should demolish the house and build a new one to rid it of the perceived stigma now attached to it?

djmcr

Helpful comments Gerry, :mad::mad:the poster had nothing to do with the house being repossessed and as other posters have said most neighbours would prefer to see a house occupied instead of being left empty

Zamboni

No issues buying a repo at all.
Buying now, well that's a different story...

Treehouse72

Gerry Asstrix wrote: »

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in on someone elses misfortune, someone that once called this home no doubt but probably lost it due to the banks charging extortionately high mortgage rates or some other similar reason related to the recession

So if they can't afford their mortgage you expect me to pay it, do you? Because that's what'll happen. Please explain to me why I should be expected to do that.

Think about your approach: a mortgage holder who played an active part - by definition - in pumping up the property bubble subsequently gets to keep their house when the bubble pops through being financially aided by the very people they priced out of the market. Namely, renters/stay-with-Mammy'ers, who get precious little help with their own mortgage or rent but now have to dig-out the bust mortgage holder? Does that sound fair?

I'm a nice middle class south Dublin boy, but I tell you what, if I continue to subsidise people's mortgages you'll see me in a hoody, Yassar Arafat scarf, Che Guevara t-shirt at the barricades, with stones in my hand. That and tax evasion, civil disobedience, rudeness on the Luas, littering the streets, drunken lewdness on Camden Street on a Saturday night. I won't have any sense of civic responsibility whatsoever. The whole country can hang at that point as far as I'm concerned.

Fwiw, I don't deny that your motive in holding your view is likely compassion. Fine, I can respect that. What I cannot and will not respect is a situation where we continue with infantile logic and deepening moral hazard in this country. If this person can't pay their mortgage, then I pay it. They stay in their house, on me. Meanwhile, I continue to pay my mortgage or rent, like the biggest sucker in Palookaville.

No way. No bloody way. Repossessions and firesales now. THAT is the compassionate, logical and fair approach. Keeping people in houses they can't afford helps nobody, least of all the stressed-out and miserable debt-monkeys themselves.

Pkiernan

Gerry Asstrix wrote: »

There is nothing stopping you buying this house

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in on someone elses misfortune, someone that once called this home no doubt but probably lost it due to the banks charging extortionately high mortgage rates or some other similar reason related to the recession

And by you buying it, the cycle is probably repeating itself.....

Or maybe you are buying a house that some muppet was stupid to buy...

tanyabond

Gerry Asstrix wrote: »

There is nothing stopping you buying this house

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in on someone elses misfortune, someone that once called this home no doubt but probably lost it due to the banks charging extortionately high mortgage rates or some other similar reason related to the recession

And by you buying it, the cycle is probably repeating itself.....

???
It's thanks to people who bought into mad prices that the bubble kept getting bigger. And thanks to that a lot of people who realized they couldn't afford to buy at mad prices had to postpone getting a house that they would call home for a big number of years.

The_Conductor

OP- you have no idea whether the house has been repossessed or not. Its just as likely that its a buy-to-let property that the owner has decided they can no longer carry. There are actually very very few properties that have been repossessed thus far- the majority of properties- such as 78 of the 84 in the Allsop auction- are buy-to-let stuff thats being offloaded.

the_syco

Gerry Asstrix wrote: »

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in on someone elses misfortune, someone that once called this home no doubt but probably lost it due to the banks charging extortionately high mortgage rates or some other similar reason related to the recession

Jeasus H Christ. You make it sound like it's the OP's fault that the previous owner couldn't pay their mortgage!

Damie

Gerry Asstrix wrote: »

There is nothing stopping you buying this house

Just remember that the only reason you are acquiring this new home is that you have taken advantage and cashed in on someone elses misfortune, someone that once called this home no doubt but probably lost it due to the banks charging extortionately high mortgage rates or some other similar reason related to the recession

And by you buying it, the cycle is probably repeating itself.....

lol....

The_Conductor

Ok guys lets be constructive here.

LittleBook

OP, I completely understand where you're coming from.

As someone with a sense of empathy and who is just waiting and waiting for the right time to buy, I too have a sort of carpetbagger feeling when I'm browsing the houses for sale.

However, when the time comes this will not stop me from purchasing the house which is the right one for me, regardless of it's history.