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Consensual and receivership?

  • 25-10-2015 3:12pm
    #1
    m'lady
    Registered Users, Registered Users 2 Posts: 1,859 ✭✭✭


    I've tried looking this up online and had no joy, but I am a newbie in all this so maybe missed it.

    Can anyone tell me is there a difference between a consensual sale and receivership? Thanks ..


Comments

  • #2
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    A consensual sale is where the owner sells the house with the mortgaging bank agreeing. The house will be in mortgage arrears and most likely negative equity.
    In a receivership sale, the lender has appointed a receiver (usually an accountant) who takes possession of the property and sells it. The owner is not involved.

    In either sale the owner remains liable to the bank for the shortfall if the property does not sell for at least the amount owed (including fees and charges). In a consensual sale the owner may well be able to get a higher price because he can give a better title and will be presenting the property. The owner may also be able to do a deal on the shortfall.


  • #3
    Lux23
    Registered Users, Registered Users 2 Posts: 7,134 ✭✭✭Lux23


    I would seek legal advice before making any decision on a consensual sale.


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