Repossessions

Zamboni

Well it appears that sanity might prevail after all...

http://www.rte.ie/news/2012/1211/repossessing-of-properties-to-be-allowed-business.html

who_ru

Zamboni wrote: »

Well it appears that sanity might prevail after all...

http://www.rte.ie/news/2012/1211/repossessing-of-properties-to-be-allowed-business.html

what i don't understand there is that the three horsemen of the apocalypse want repos to kick in but de guberment won't do anything until borrowers houses are protected.

WTF????????????

quaalude

who_ru wrote: »

what i don't understand there is that the three horsemen of the apocalypse want repos to kick in but de guberment won't do anything until borrowers houses are protected.

WTF????????????

It's very simple.

They want to enact a law to make sure people's houses can't be repossessed before enacting a law allowing people's houses to be repossessed.

riclad

There were lots of btl investors ,bought a house for say 200k, prices will go up forever, the rent does,n t even pay the loan ,they were incredibly stupid,
BUT they could not have been so stupid if the banks were not engaged in reckless lending.
DID they even spend 15 mins going thru the figures ,im borrowing 200k, on a house ,ill pay 400k,, to the bank,
i have to pay for repairs,interest etc
SHE told me she was buying one apartment.
The btl unit,service charges are 1000 euro per year.
if she said i,m buying a btl apartment for 180 in longford,i would have told her u r crazy ,do not do this.
i have no idea why she bought it,the loan is probably like 30 years plus,
shes 35 years old.


ie i had no idea she was buying 2 apartments in longford.
she never mentioned it to me,til 6months after she bought it.
i thought she was buying 1 dwelling.
i know investor blt,bought house in dublin 15,in 2002
loan, 270k,
sold the house, last year ,for 200.
Now owes the bank 70k.

MANY investors might be better off if the bank just took the house back,
at least they won,t have to pay for repairs ,insurance etc

nomoreindie

who_ru wrote: »

what i don't understand there is that the three horsemen of the apocalypse want repos to kick in but de guberment won't do anything until borrowers houses are protected.

WTF????????????

This Country is run for the benefit of vested interests.

Zamboni

So they can finally do it...

http://www.independent.ie/business/personal-finance/property-mortgages/banks-given-repossession-green-light-by-coalition-29099823.html

But they will have to do it right...

http://www.independent.ie/irish-news/courts/judge-refuses-repossession-order-of-family-home-mortgaged-for-258000-29026140.html

RATM

It'll be interesting to see how this pans out over the next 12-24 months. The BTL sector in particulr will be hit hard as a good 20-25% of them are in arrears. A decent portion of that have stopped paying their mortgage altogether and are playing a wait and see game with the banks. Many have already fled to the UK for bankruptcy.

The other remaining question is what banks will do with these repos. In many case rent is still being paid and they've appointed estate agents to make sure it gets collected and given to them directly. It isn't in the banks long term interest to dump a rake of property onto the market and depress prices further. But it is a bit of a catch 22 because at the end of the day they are banks, not property portfolio owners. So they'll have to off load them sometime.

Cue 10+ years of drip drip buy to let apartment sales by the banks methinks.

lima

At last things seem to be moving forward and the stupid people of Ireland who thought that they lived in the best country in the world and that they were savvy investors will have the houses they live in (not own) taken from them. The families in this situation will have to rent (big deal hey).

I will then be in a position to buy myself a cheap ass family house

D3PO

lima wrote: »

At last things seem to be moving forward and the stupid people of Ireland who thought that they lived in the best country in the world and that they were savvy investors will have the houses they live in (not own) taken from them. The families in this situation will have to rent (big deal hey).

I will then be in a position to buy myself a cheap ass family house

you aint gonna get a cheap ass house in dublin. Reposessions or no repossessions, and if you think banks are going to firesale these repos your very much mistaken.

lima

D3PO wrote: »

you aint gonna get a cheap ass house in dublin. Reposessions or no repossessions, and if you think banks are going to firesale these repos your very much mistaken.

It will make it more likely. I'm sitting on e100k in cash + mortgage approval waiting like a vulture to strike, paying low low rent in the meantime (and taking a holiday to Malaysia too!) - someones gotta get kicked out of a house I like soon!

D3PO

lima wrote: »

It will make it more likely. I'm sitting on e100k in cash + mortgage approval waiting like a vulture to strike, paying low low rent in the meantime (and taking a holiday to Malaysia too!) - someones gotta get kicked out of a house I like soon!

well the reposession process to begin with is a slow slow process so depends on your definition of soon. Also dont think your the only one out there sitting on a pile of cash waiting to buy.

There are plenty of people in that position waiting for the right properties in the right areas. Unfortunatly in Dublin the right property tends to be the right property for many many FTB's

hey if you want a cheap ass apartment, or crappily built house in one of these awful new build estates with feck all amenities or services most likley outside the m50 then of course your luck will be in

also well done your going to Malaysia on holiday. Not sure what relevence this has at all on anything property related but good for you *raises eyes

riclad

IF a btl buyer is paying 60 per cent of the mortgage ,eg interest only will the bank foreclose on them.
EG loan 200k, house now worth 95k,
I,M assuming the buyer is paying as much as he can, his income has fallen.
Does it make sense for a bank to foreclose in that situation.?
Many btl investors who bought after 2000 never made any profit on the house.

AfterHrsProp

lima wrote: »

It will make it more likely. I'm sitting on e100k in cash + mortgage approval waiting like a vulture to strike, paying low low rent in the meantime (and taking a holiday to Malaysia too!) - someones gotta get kicked out of a house I like soon!

A very classless post, although I welcome reposessions for people who wont pay their mortgages & are trying to take advantage of the generous system we have in this country for mortgage arrears, someone taking pleasure in people losing their homes needs to have a hard look at themselves.

D3PO

AfterHrsProp wrote: »

A very classless post, although I welcome reposessions for people who wont pay their mortgages & are trying to take advantage of the generous system we have in this country for mortgage arrears, someone taking pleasure in people losing their homes needs to have a hard look at themselves.

you get used to it. Hes been banging his selfish classless drum since he appeared on this forum.

its funny he goes on about all these people who got into trouble trying to keep up with the jones and bragigng about their cars and their holidays and then feels the need to tel lus hes going on holidays to Malaysia.

lima

D3PO wrote: »

you get used to it. Hes been banging his selfish classless drum since he appeared on this forum.

its funny he goes on about all these people who got into trouble trying to keep up with the jones and bragigng about their cars and their holidays and then feels the need to tel lus hes going on holidays to Malaysia.

The point being I was frugal during the credit boom and because of this I can enjoy my disposable income my taking long-haul holidays. My only requirement now is that I put down roots to start a family, however some of the previous sub-generation before me (i.e 6-8 years older) who bragged and looked down on 'begrudgers' like me are not playing the capitalism game right and are protected by the courts by not letting the banks repossess the houses they bought with the banks money.

I have as much sympathy with a poor Irish family who refuse to give up their house and go rent as I do a random person from Japan. i.e none.

D3PO

lima wrote: »

The point being I was frugal during the credit boom and because of this I can enjoy my disposable income my taking long-haul holidays.

no the point is your resentful of people who bought during the boom and are smug and almost joyous that people are now stuggling.

i bought during the boom, but can afford to live very comfortably, pay my mortgage, save a decent amount and go on multiple long haul holidays a year but

a) i dont feel the need to brag about it in here

and

b) dont feel smug in anyway at families who are severly struggling in this environment.

Yes let the wheels of capitolism run their course but rubbing it in peoples faces is classless.

cookie1977

AfterHrsProp wrote: »

A very classless post, although I welcome reposessions for people who wont pay their mortgages & are trying to take advantage of the generous system we have in this country for mortgage arrears, someone taking pleasure in people losing their homes needs to have a hard look at themselves.

They've got form. Best to ignore.

aodhan2

lima wrote: »

At last things seem to be moving forward and the stupid people of Ireland who thought that they lived in the best country in the world and that they were savvy investors will have the houses they live in (not own) taken from them. The families in this situation will have to rent (big deal hey).

I will then be in a position to buy myself a cheap ass family house

Wow , you changed your tune in a few months
The below statement posted by yourself about Dublin. Yet your happy to throw 100 k on a repossessed property .

It's a wet grim unhappy hole of a place run by cronies and populated by heroin addicts, with nothing worthwhile to do but drink.

Luckily we are pretty happy people so we get on with it. Wouldn't bring my kids up here though.

modo85

lima wrote: »

It will make it more likely. I'm sitting on e100k in cash + mortgage approval waiting like a vulture to strike, paying low low rent in the meantime (and taking a holiday to Malaysia too!) - someones gotta get kicked out of a house I like soon!

Ah Shur your the great fella aren't ye.. your gloating as if you have won something but have u ever won anything in your life?if so plz list your achievements.. I bet your renting a ****ty one bed apartment that smellsof piss and have no food in the fridge cause u eat outeveryday wit all ur money (well not really yours cause your planning on giving it to the banks) and you hate living in dub but are just living there cause of work and your from the country with no friends up in the big smoke so are inturn trying to big yourself up to justify u hating the way your life is..

P.s even if someones family home is taken off them they will still have to be put up in a new house if they can't afford it which will possibly be bigger and better than the one they are in now.. this house will be in the same neighbourhood they are in now hence they will still b around friends and family while u are sad and lonely counting your money before u give it to the banks

Poor Standard of Mahd

modo85 wrote: »

P.s even if someones family home is taken off them they will still have to be put up in a new house if they can't afford it which will possibly be bigger and better than the one they are in now.. this house will be in the same neighbourhood they are in now hence they will still b around friends and family while u are sad and lonely counting your money before u give it to the banks

Modo, you know who owns 'the banks', don't you?

lima

D3PO wrote: »

no the point is your resentful of people who bought during the boom and are smug and almost joyous that people are now stuggling.

i bought during the boom, but can afford to live very comfortably, pay my mortgage, save a decent amount and go on multiple long haul holidays a year but

a) i dont feel the need to brag about it in here

and

b) dont feel smug in anyway at families who are severly struggling in this environment.

Yes let the wheels of capitolism run their course but rubbing it in peoples faces is classless.

I honestly don't care if you think I'm not being 'classy' in my posts. I'm not rubbing anything in peoples faces. I am frustrated by peoples sense of entitlement, just because they made stupid financial decisions. I am letting it be known.

StillWaters

lima wrote: »

At last things seem to be moving forward and the stupid people of Ireland who thought that they lived in the best country in the world and that they were savvy investors will have the houses they live in (not own) taken from them. The families in this situation will have to rent (big deal hey).

I will then be in a position to buy myself a cheap ass family house

What an awful, angry post.

Anyway, get comfy sitting on that pile of cash, youll be sitting a long time waiting for your cheap ass family house in Dublin. Reckon you've missed the bottom there.

Scortho

Lima to you what will be cheap in dublin?
Is it a mansion on Shrewsbury Road for 100,000 youre after or is it a normal 3 bed family home in settled estate in dundrum or clonskeagh?
Many houses have been on the market and have sold for the money that you have but I dont think theyd be up your street. This one was from 3 years ago:
http://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-A06741E8DB97857880257A7D00557BAA?OpenDocument

Secondly we will see some falls as a result of btls, but not massive ones. There are a lot of professional FTB's out there at the moment who are looking for family homes in settled areas inside the M50. 1 bed appartments wont be what they're after. There werent many family homes bought as btls.
THe BTL's will be bought probably by cash buyers with a nice sum to invest. They'll be investing on the basis of yield. Many 1 beds price has fallen into this category, so shouldnt take too long to shift.

lima

StillWaters wrote: »

What an awful, angry post.

Anyway, get comfy sitting on that pile of cash, youll be sitting a long time waiting for your cheap ass family house in Dublin. Reckon you've missed the bottom there.

Lol

It is better sense to rent and risk prices going up 10-20k in a year than to buy now. Fingers crossed though that repos happen and things will get cheaper so that all us waiting in the sidelines can pounce.

lima

Scortho wrote: »

Lima to you what will be cheap in dublin?
Is it a mansion on Shrewsbury Road for 100,000 youre after or is it a normal 3 bed family home in settled estate in dundrum or clonskeagh?
Many houses have been on the market and have sold for the money that you have but I dont think theyd be up your street. This one was from 3 years ago:
http://www.propertypriceregister.ie/website/npsra/PPR/npsra-ppr.nsf/eStampUNID/UNID-A06741E8DB97857880257A7D00557BAA?OpenDocument

Secondly we will see some falls as a result of btls, but not massive ones. There are a lot of professional FTB's out there at the moment who are looking for family homes in settled areas inside the M50. 1 bed appartments wont be what they're after. There werent many family homes bought as btls.
THe BTL's will be bought probably by cash buyers with a nice sum to invest. They'll be investing on the basis of yield. Many 1 beds price has fallen into this category, so shouldnt take too long to shift.

A nice redbrick 3br in Ranelagh for under e350k would be nice! But unfortunately it's a popular place to live

Poor Standard of Mahd

StillWaters wrote: »

What an awful, angry post.

Anyway, get comfy sitting on that pile of cash, youll be sitting a long time waiting for your cheap ass family house in Dublin. Reckon you've missed the bottom there.

The first 'bottom' is not usually the last. Things don't usually fall in a straight line and then reverse. Or rise in a straight line, for that matter.

StillWaters

lima wrote: »

Lol

It is better sense to rent and risk prices going up 10-20k in a year than to buy now.

If you are looking in the Ranelaghesque Market, you're looking at a fair bit more than a €10-€20k increase in the next year. Very tight supply, and limited repos wont solve that.

Scortho

http://www.myhome.ie/residential/brochure/19-chelmsford-avenue-ranelagh-dublin-6/2177526

You can dream on boy! Youre at northside prices at that level or d14/16. It would however get you this of Jones road http://www.myhome.ie/residential/brochure/3-jones-s-road-drumcondra-dublin-3/2175895. 140 would do a lovely job on it as well. Way better bang for the oul buck around drumcondra and glasnevin. Both nice areas as well.
D6 and 8 is where young ftb professionals are looking and prices are stable here and demand is massive and supply is short.
When I read the times article today about property down 0.6% it is. Except in the area you want to buy.

lima

Scortho wrote: »

http://www.myhome.ie/residential/brochure/19-chelmsford-avenue-ranelagh-dublin-6/2177526

You can dream on boy! Youre at northside prices at that level or d14/16. It would however get you this of Jones road http://www.myhome.ie/residential/brochure/3-jones-s-road-drumcondra-dublin-3/2175895. 140 would do a lovely job on it as well. Way better bang for the oul buck around drumcondra and glasnevin. Both nice areas as well.
D6 and 8 is where young ftb professionals are looking and prices are stable here and demand is massive and supply is short.
When I read the times article today about property down 0.6% it is. Except in the area you want to buy.

So for the e375 gaff in Ranelagh (and listen now people) - it would be about 40k over my top budget for a property, and even if I was offered a larger mortgage to procure it, I would not take it, as I have to consider the fact that if I lost my job I wouldn't be able to pay it off, and would therefore go into mortgage arrears.

See what I did there? That's called prudence.

Regarding the other gaff, that's a fixer-upper, something I'm also looking into!

cookie1977

lima wrote: »

So for the e375 gaff in Ranelagh (and listen now people) - it would be about 40k over my top budget for a property, and even if I was offered a larger mortgage to procure it, I would not take it, as I have to consider the fact that if I lost my job I wouldn't be able to pay it off, and would therefore go into mortgage arrears.

See what I did there? That's called prudence.

Regarding the other gaff, that's a fixer-upper, something I'm also looking into!

And where were you during the boom. Why didn't you warn us? It's all your fault now. If only we'd been warned