Buying houses off the Banks.

aodhu

I've heard stories of people buying houses directly off banks recently and getting great deals.

Does any one know if the banks are selling properties directly? and how someone would go about seeing what properties they have and buying them.

Thanks,
A.

handlemaster

aodhu wrote: »

I've heard stories of people buying houses directly off banks recently and getting great deals.

Does any one know if the banks are selling properties directly? and how someone would go about seeing what properties they have and buying them.

Thanks,
A.

I think thats a myth. Banks just put the properties through auctioneers

The_Conductor

I agree- if you have some specific examples- please do supply them. I've heard rumours too- but was unable to substantiate any of them. Normal practice is for banks to put them through either local auctioneers- or more recently the likes of the Allsop mega auction......... Recently local auctions have pretty much stopped altogether- as they were only attracting tyre kickers.......

ArraMusha

I tried to get in contact with a rep from one of the main banks for the same reason, and was told that they deal with specific auctioneer.

I bet that was just the official line....

If there's any Bankers reading this PM me.;)

antoinolachtnai

The bank has to put it through the agent, and they need to be pretty sure they're reputable. If the bank sells it for cheap to their mates, they are opening themselves up to a world of pain when they get caught (which they would, because selling a house is quite a public activity) and they would have to compensate their customer.

yoga nation

Hi, Ive seen a 4 bed detached house in a ghost estate (70% of the estate is finished) and the house I like is 1 of 8 that are all unfinished, closed off to the rest of the estate, no pavements, lighting etc and have been lying up there for the last 6 years. I want to put in an offer of €30,000 to the bank as Ive just heard they took them over last week from the property developer. Its the AIB and they are going through an EA to sell them. Would I contact the AIB directly or give my offer to the EA? I know the EA obviously wants to make commission and im worried they may not even pass my offer on. What angle would we take on this? Is €30,000 a ridiculous offer? Its a cash offer, first time buyer and means they dont need to finish that particular property to a builders standard. Any advice appreiciated! Thanks a million!

---

D3PO

yoga nation wrote: »

Is €30,000 a ridiculous offer? -

Seriously what are we mind readers ? If they are looking for 35k its not ridiculous if they are looking for 150k it is.

yoga nation

D3PO wrote: »

Seriously what are we mind readers ? If they are looking for 35k its not ridiculous if they are looking for 150k it is.

Thats very true - the AIB haven't given any inclination to price at all, the EA just said to put in an offer...I'll go for it, prepare a proposal & send into the AIB, Wish me luck guys!! As I couldnt get a mortgage so this would be a dream come true!

ToxicPaddy

I've only heard of one case of this happening with a house, a good few cases with cars, but only one of a house.

It was just after the whole bank guarantee scheme came out and it was an attempt to convince a long term customer of that bank to leave the rest of their savings, a substantial 6 figure sum, in the bank for a minimum of 2 years. Remember, people were pulling money out of banks as fast as they could at that stage.

The house was a 5 bed detached in a nice mature estate, which in the boom years would have sold at close to €750k but at the time they sold to the customer for €250k.

At today's prices, the house would probably get €300k - €350k.

Apart from that, I haven't heard of anyone else getting a deal from a bank like that. As another poster said, its a questionable enough practice and with the banks under the spot light as is it, would lead to questions about preferred customers, employees etc getting preferential treatment over the general public whose tax euros were used to prop them up.

books4sale

yoga nation wrote: »

Thats very true - the AIB haven't given any inclination to price at all, the EA just said to put in an offer...I'll go for it, prepare a proposal & send into the AIB, Wish me luck guys!! As I couldnt get a mortgage so this would be a dream come true!

Nothing ventured, nothin gained!

ToxicPaddy

yoga nation wrote: »

Thats very true - the AIB haven't given any inclination to price at all, the EA just said to put in an offer...I'll go for it, prepare a proposal & send into the AIB, Wish me luck guys!! As I couldnt get a mortgage so this would be a dream come true!

Best of luck with it..

jimmydkid

It's worth a shot the worst that can happen is they say no

xper

Wait, what? You want to buy an unfinished house that is and will continue to be located in the middle of an unserviced building site? And it has been in that state for six years? Is/was it open to the elements during that time? You could well be overbidding by about 29,999.

TheDriver

that would be my thoughts and risk of hang outs if other properties are empty.