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Buying house which is in receivership

  • 26-02-2016 2:45pm
    #1
    powerstar
    Registered Users, Registered Users 2 Posts: 133 ✭✭


    Hi All,

    I liked a house and rang the EA for viewing. He said it is a receiver sale so the units will be sold “as seen”.

    Did any one bought a house which is in receivership?

    What are the issues buying receivership houses? Is it advisable to go ahead?

    Thanks.


Comments

  • #2
    irishguy1983
    Registered Users, Registered Users 2 Posts: 1,389 ✭✭✭irishguy1983


    I'll give my own experience...

    I bought one through NAMA - there was no bidding or anything like that - it was first come, first serve.

    Brand new house, much cheaper than what is out there.

    The major drawback is closing it out can take much longer than usual but I feel it is worth it - that is my experience anyway.


  • #3
    simon13wrafter
    Registered Users, Registered Users 2 Posts: 7 ✭simon13wrafter


    how long did it take to close? I'm sale agreed 4 months now, the property in possession by AIB and they are holding it up. Cannot get any definitive timeline.


  • #4
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    simon13wrafter wrote: »
    how long did it take to close? I'm sale agreed 4 months now, the property in possession by AIB and they are holding it up. Cannot get any definitive timeline.

    If you search here you will find many threads on the subject. Anywhere from 3 months to 2 years seems to be the usual! I was sale agreed on a bank sale and pulled out after 4 months of heel dragging.


  • #5
    irishguy1983
    Registered Users, Registered Users 2 Posts: 1,389 ✭✭✭irishguy1983


    simon13wrafter wrote: »
    how long did it take to close? I'm sale agreed 4 months now, the property in possession by AIB and they are holding it up. Cannot get any definitive timeline.

    I put down a 5,000 deposit on December 8th and got the keys yesterday as it happens!

    I got lucky basically as I know other people in the same development put their deposit down last May and they are still waiting.

    The process was not the norm from what I've read but it ended going well for me - I feel I got lucky though.


  • #6
    Sleepy
    Registered Users, Registered Users 2 Posts: 24,366 ✭✭✭✭Sleepy


    My sister and her husband went sale agreed on a half finshed house in a NAMA estate that took over 2 1/2 years to close. By the time they closed, the properties were already appreciating. Their timing was pretty much perfect, the same house would go for at least 150% of what they paid now.


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  • #7
    irishguy1983
    Registered Users, Registered Users 2 Posts: 1,389 ✭✭✭irishguy1983


    Sleepy wrote: »
    My sister and her husband went sale agreed on a half finshed house in a NAMA estate that took over 2 1/2 years to close. By the time they closed, the properties were already appreciating. Their timing was pretty much perfect, the same house would go for at least 150% of what they paid now.

    That is the bonus all right - my place was there since May.

    I'd say it's worth an extra 30,000/40,000 now but then again other places in Cork are worth more too - era I suppose just glad I didn't over pay - could never see it bein too much lower.


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