Do the bank have stock of houses for sale?

drunkmonkey

I'm wondering just like they have cars that have been taken back have they also houses that they might want to offload in private rather than release them on the open market at a discount for a fear of driving down the cost of local property.
I'm sure if they had it would be highly confidential if you were going to buy one but do they exist?

Marcusm

drunkmonkey wrote: »

I'm wondering just like they have cars that have been taken back have they also houses that they might want to offload in private rather than release them on the open market at a discount for a fear of driving down the cost of local property.
I'm sure if they had it would be highly confidential if you were going to buy one but do they exist?

Very few houses have been repossessed (a misnomer as they were never taken into possession previously) due of the 12 month moratorium. Many of he banks have looked to history in the UK and US and will avoid foreclosing until there is some hope of selling - an empty house will degrade much more quickly than one occupied by someone who thought it was to be their home.

Ultimately they will have to be put up for public sale - as t bank will want to chase the debtor or any loss, it will have to take reasonable actions to minimise the loss whichwould preclude hidden sales.

drunkmonkey

So it's going to start happening just not yet.

I was talking to one of the census guys who has counted over 100 empty houses locally but there not for rent and not for sale, I just thought the bank may already have the keys of some as they were handed back. I know about 30 of them are part of a development which is gone to NAMA, those houses are brand new and never has anyone lived in them.

Seems like NAMA and the 12mt stay are keeping prices high. Bit of a stones when you'd like to buy somewhere.

Can you buy from NAMA or when will they release their stock?

Fozzie Bear

I know someone who works with Ulster Bank and he was telling me they are repo-ing houses but there are usually investment properties or empty houses builders have failed to sell. It is very difficult to repo a house which has a family living in it from legal, moral (ya I know you'd wonder about banks & morals) and maybe more importantly PR reasons according to him. The Bank is more likely to try and work out some sort of new payment schedule instead of turfing out young families onto the street.

The repo'd houses they do have are buy to lets where the owner might have 3/4 houses that they can not longer rent out or make the payments on or else house where the builder has gone to the wall and cannot finish or sell the house.

These are discreetly handed over in lots (so as to not flood the market) to the estate agents to try to sell off for the bank. They obviously don't mention its a bank who is the vendor. Sherry Fitz are handling this for Ulster Bank in Galway.

drunkmonkey

Might be worth a discreet talk with the local bank then. I'm sure the bank would offer a substantial discount to move them on quickly.

Balmed Out

would the local bank be in charge of that?

robd

The reality is that NAMA and the banks (particularly those with state support) are completely propping up the market. There's been little or no movement in repossessing family homes from those never able to pay and there's been only small movement in selling on repossessed properties. Suspect things will be clearer when the Stress Test comes out.

Something has give in the coming year.