Bank reposseses house we are renting

bigmoma22

Hi

I am in d dark re dis. We r renting for 4 years, never been behind, never owed anyone anything. Owners owe a lot of money to the bank so this house is being repossessed by the bank. No mortgage on it. I was wondering if theres any guide lines to what happens now. Like if they try to sell would i be eligible to buy and any clue how much it could be?

Thanks for reading.

D3PO

of course your eligible to buy it but you have no advantage over me or anybody else that wants to buy it nor are you entitled to any kind of discount (if that's what your asking)

As for how much that would depend on price negotiation with the seller (bank)

The_Conductor

Something doesn't add up here.
The bank must have a mortgage secured against the property in order to repossess the property (unless the landlord is being made bankrupt and having all is assets sold off).

The fact that you have been renting there for 4 years and never been behind on the rent etc- is nothing whatsoever to do with the bank repossessing the property (I'm not even clear why you've brought this up- perhaps you'd care to elaborate)?

If the bank want to sell the property- they would normally terminate the tenancy in order to offer vacant possession to a potential buyer (to be honest- its not possible for a private individual to get a mortgage on a residential property unless they have vacant possession).

Can you buy the property? Sure. Same as anyone else. Would you get preferential treatment over any other potential purchaser? No. Why would you imagine that you would? Are you in a position to fund the purchase (aka- are you in employment such that you're likely to be considered a good candidate for a mortgage)? Would you be in a position to access sufficient funds to purchase the property?

If its a house- rather than an apartment- in an urban area- the bank may prefer to put the property on the open market than deal with you or anyone else in a private capacity. It will maximise any potential selling price they might achieve. Houses in urban areas are just about the only property type rising in value at the moment- though of course location is key.

First of all- go on a fact finding mission- find out whats happening.
Have a look at the propertypriceregister website- and see what the most recent sale prices for similar property in the area is.
Check with a mortgage brokers (Killers is still around here) what you may potentially be able to borrow (keeping in mind you're only going to a maximum 90% mortgage- aka you'll need to get at very least 10% of the purchase price elsewhere)). Do the sums add up?

If you want to buy this- you are a private purchaser- akin to any other private purchaser- you are not going to get special treatment- and if the property is a house with a garden in an urban area- you can be pretty sure the bank are not going to want to sell it privately- its not in their interests to.

Sunny Dayz

The_Conductor wrote: »

Can you buy the property? Sure. Same as anyone else. Would you get preferential treatment over any other potential purchaser? No.
.........

If you want to buy this- you are a private purchaser- akin to any other private purchaser- you are not going to get special treatment- and if the property is a house with a garden in an urban area- you can be pretty sure the bank are not going to want to sell it privately- its not in their interests to.

From what I have seen, if the bank wants rid of the house, they will try to get rid of it as quick as they can. IMO they aren't as inclined to hold onto a property for the sake of an extra few €€ in the way that a person selling their own home would be. The bank want to realise and liquidate this asset as soon as possible.

I have seen a real-life case where two houses were taken over by the bank, one of the renters appoached straight away and said they wanted to buy and have done so for less than what the other house is advertised for. It saved the bank and estate agent wasting time on advertising and viewings I would imagine.