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Buying our rented home from bank

  • 21-06-2018 1:41pm
    #1
    Sandy78
    Registered Users, Registered Users 2 Posts: 2 ✭


    We've been happily renting out home for 6 years from our landlord. He informed us earlier this year that the house was being surrendered back to the bank.  We were shocked.  He said he'd arrange with the bank for us to stay in the house until the end of the year. He did he passef on all our details to his bank (ptsb). We paid or last month's rent to him in March and then expected to hear from bank but not a peep as of yet.  So we're not paying anyone rent at the moment.  It's going straight into our savings. 
    We want to buy the house from the bank.  We've been saving for a couple of years anyway and think we've a good enough deposit now. 
    So is there anyway we avoid the house going to auction and having to move out.  Our bank (boi) have said we should be easily mortgage approved.  Can banks be approached to buy like this? 

    Thanks. 


Comments

  • #2
    Bank of Ireland: Alison
    Closed Accounts Posts: 1,060 ✭✭✭Bank of Ireland: Alison


    Sandy78 wrote: »
    We've been happily renting out home for 6 years from our landlord. He informed us earlier this year that the house was being surrendered back to the bank.  We were shocked.  He said he'd arrange with the bank for us to stay in the house until the end of the year. He did he passef on all our details to his bank (ptsb). We paid or last month's rent to him in March and then expected to hear from bank but not a peep as of yet.  So we're not paying anyone rent at the moment.  It's going straight into our savings. 
    We want to buy the house from the bank.  We've been saving for a couple of years anyway and think we've a good enough deposit now. 
    So is there anyway we avoid the house going to auction and having to move out.  Our bank (boi) have said we should be easily mortgage approved.  Can banks be approached to buy like this? 

    Thanks. 


    Thanks Sandy78 for getting in touch with us.


    Can we just check is the mortgage for the property with PTSB or ourselves?

    Many Thanks
    Alison


  • #3
    Sandy78
    Registered Users, Registered Users 2 Posts: 2 ✭Sandy78


    The landlords mortgage was with Ptsb.


  • #4
    Tow
    Registered Users, Registered Users 2 Posts: 9,175 ✭✭✭Tow


    Once the house is returned to the bank it will enter a black hole (faceless bureaucratically of ever changing personnel with better things to be doing) which is the banking system.  If you have the money etc, your best bet is to buy it off the landlord directly, this will or course depend on the bank agreeing to sell it.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #5
    Tow
    Registered Users, Registered Users 2 Posts: 9,175 ✭✭✭Tow


    Once the house is returned to the bank it will enter a black hole (faceless bureaucratically of ever changing personnel with better things to be doing) which is the banking system.  If you have the money etc, your best bet is to buy it off the landlord directly, this will or course depend on the bank agreeing to sell it.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #6
    Tow
    Registered Users, Registered Users 2 Posts: 9,175 ✭✭✭Tow


    Once the house is returned to the bank it will enter a black hole (faceless bureaucratically of ever changing personnel with better things to be doing) which is the banking system.  If you have the money etc, your best bet is to buy it off the landlord directly, this will or course depend on the bank agreeing to sell it.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



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  • #7
    Tow
    Registered Users, Registered Users 2 Posts: 9,175 ✭✭✭Tow


    Once the house is returned to the bank it will enter a black hole (faceless bureaucratically of ever changing personnel with better things to be doing) which is the banking system.  If you have the money etc, your best bet is to buy it off the landlord directly, this will or course depend on the bank agreeing to sell it.

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #8
    Bank of Ireland: Darren
    Closed Accounts Posts: 991 ✭✭✭Bank of Ireland: Darren


    Sandy78 wrote: »
    The landlords mortgage was with Ptsb.

    This would change from Bank to Bank we would generally do all dealings with property sale through an estate agent but this maybe different for an other bank. I'd ask you to contact the landlords bank and they'll be able to confirm there process for situations like this.

    Thanks again,
    Darren.


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