Buying a repossessed property

Smcgie

Hi all. Ethics aside are there any implications on buying a reposed property. I was looking at one today that is due for auction over the next couple of months. At the moment the price seems right and the house is in reasonable condition internally and externally.

What should I be watching out for here or is it a genuine straight up sale?

Thanks

ShadowHearth

Smcgie wrote: »

Hi all. Ethics aside are there any implications on buying a reposed property. I was looking at one today that is due for auction over the next couple of months. At the moment the price seems right and the house is in reasonable condition internally and externally.

What should I be watching out for here or is it a genuine straight up sale?

Thanks

i am buying a repossest property now. its not an auction thought. Everything is as normal as it is buying non reposest property. maybe less hassel from buyers possition, as you dont have seller who might start doing some bull****, increase price last minute, drag whole proces while expecting a better sale etc.

check about auctions themselfs, i heard some people having problems when it comes to solisiters etc.

johndaman66

In theory I shouldn't think there would be any precautions or things to look out for over and above the essential checks you would follow through with when buying any other property on the market. In practice there can no doubt be cases where the new owners are harrassed by the previous owners and/ or their friends/ family. I would certianly be thinking that such is the extreme exception to the rule. Most sane people will realise that life goes on and there is nothing to be gained from harrassing the new owners.

I have had a few people say to me down through the years that they wouldn't even dream of considering a repossessed house while more said they wouldn't care which or whether. I might be somewhere in the middle myself.

Do you have a link to the house if you wish to share as others on here could give you their opinions and pointers, especially those whom live close to the area perhaps. You will no doubt get extreme opinions on both ends of the spectrum but there are many on here who will provide you with a balanced view also.

Tigger

There will be social repercussions as we don't like the idea of people's house being taken and the vultures swooping in

Irrational yes but a fact anyone who buys a repossessed home before it's commonplace will be seen as a blaggard

up4it

If normal everyday people do not buy them then property landlords will swallow them up like they did in the UK in the 1990s! So go for it!

ShadowHearth

up4it wrote: »

If normal everyday people do not buy them then property landlords will swallow them up like they did in the UK in the 1990s! So go for it!

indeed.

i might be moraly wrong, but i dont see any issues with buying repossed property. If it fits your needs and budget, why not?

Smcgie

its not morally wrong for me when the house was taken from a landlord who lives in the UK that's why I have said ethics aside.

It would be different if there where a family/kids/etc but there's not.

Do solicitors prices vary due to this being an auction. Also the contract (to buy) must be signed on the day of the auction.

noxqs

How is it morally wrong to purchase a property that someone else could not afford ?

What's wrong is people getting to keep what they can't pay for.

I'd like to know what the alternative is? Remember, they didn't own the house. The lender held the deed until the debt was paid. It is wrong to say that people are "home owners" just because they signed a mortgage. In truth they owned a contract on a pile of debt. Nothing more.

This has to be done to restore some credibility to the Irish economy. The world is cruel - but if there are no repossessions who would want to lend this nation money when it in essence has no security in anything but the word of the people who sign the contracts?

Cruel world.