Good deals on receivership sales?

carveone

It seems a short while ago, you could get good deals for receivership sales given that they were essentially "as is". You take all the risk of making sure that there's no liens on the property or building/fire regulation problems etc. You'd expect to pay something much less than the asking.

Recently, that seems to have gone out the window with the current market conditions. We've put an offer on an apartment in Portmarnock - it's 200k (more than the asking) for a 2 bed with 1700/yr in management fees, which seems extreme (but it's possibly due to the shared washing machines arrangement). Plus the contracts talk about me possibly paying VAT, CGT, other monies etc. And it takes ages.

Given that there are semi detached houses in Clarehall for 250k, I do wonder is this less of a good deal than paying more for, well, more

I'm just wondering are people out there dealing with receivers and how are they getting on with it?

L1011

If you don't think it's a good deal, it's not a good deal. It doesn't *sound* like a good deal to me as it goes.

You will be playing a lengthy waiting game with any receivership purchase also.

The_Conductor

200k for a 2 bed apartment in Portmarnock with management charges of 1700 per annum........
This is far from extreme for the Dublin area- there are plenty of units in Dublin 15, Lucan, even Tallaght- where you'll pay this, or more, for a 2 bed......

This is the Dublin market.

carveone

I agree with both of you which is why I'm conflicted. My parents are involved with the financing which makes it better and worse :P

I guess buying a receivership property doesn't get you any deals in 2014. It did in 2011.

As MYOB says, we've done a lot of waiting already. 4 months so far and the whole "as is" thing makes me worried. Not that you have a lot of fall back anyway - the pyrite and Priory Hall scandals show you have little recourse.

TheDriver

As is isn't too bad if its built as part of an estate where an engineer signed off on it. Bit more risky as one off where someone built it in their spare time. Once the title is good and receiver is not spending months doing nothing.....