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Advice on bidding and buying a property in Receivership (FTB)

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  • 22-01-2014 3:36pm
    #1
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭


    Afternoon all.

    Looking for some advice on a potential house purchase. I'm a first time buyer and wasn't planning on getting into serious looking until much later in the year but a house has come up in an estate I've had my eye on for years at an unbelievable asking price.
    Ran to bank and got approval in principle for an amount that coupled with my deposit will allow some room for bids above the asking price.

    The issue of being a first time buyer and only being vaguely familiar with the process may be hampered by the sale being a receiver sale with tenants in situ.

    Does anyone foresee any problems in bidding and purchasing a property in receivership? Or have any advice in general about the process.

    Thanks


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    depends what you mean by problems. It will be likely a long drawn out process with lots of frustration and receiver and bank being a pain in the ass but outside of that it should be fine.

    My brother bought a receiver sold house late last year. Took 10 months from ale agreed to closure. Lots of reciever and selling bank taking the piss. Telling him hed have to pay the EA % and other nonsense (all of which he told them to F off to) eventually the sale happened.

    It was a pain in the ass for him but he did make savings of over 20k on what similar houses were going for at the time of going sale agreed so to him he though it was worth it in the end.


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    #3
    relax carry on
    Registered Users Posts: 4,072 ✭✭✭relax carry on


    D3PO wrote: »
    depends what you mean by problems. It will be likely a long drawn out process with lots of frustration and receiver and bank being a pain in the ass but outside of that it should be fine.

    My brother bought a receiver sold house late last year. Took 10 months from ale agreed to closure. Lots of reciever and selling bank taking the piss. Telling him hed have to pay the EA % and other nonsense (all of which he told them to F off to) eventually the sale happened.

    It was a pain in the ass for him but he did make savings of over 20k on what similar houses were going for at the time of going sale agreed so to him he though it was worth it in the end.

    Thanks. I had heard something similar. If it's just the delay then it's hopefully not that much of an issue. Attempting to cover all potential problems right from the start but probably overthinking it.


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