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Receivership sale of Apartment

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  • 10-03-2024 2:11pm
    #1
    EarWig
    Registered Users Posts: 478 ✭✭


    If someone was bidding on an apartment that is a receivership sale, what questions would you need answered before putting in a bid?

    There is no discount in the asking price.



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    #2
    JVince
    Registered Users Posts: 762 ✭✭✭JVince


    Assuming you are able to view it, i'd check general condition, then also find out the name of the OMC and check the accounts and see if there many uncollected managements fees (there will always be some) and check the sinking fund balance. Accounts can be downloaded from CRO.

    If you are planning to rent it, find out what the previous rent was. Chat to a couple of others living there and ask if there are any issues that cause problems.



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    #3
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    You need to check if there is any litigation pending in respect of it. You should also check if the property is mortgageable. Ask for the Special Conditions. Many solicitors weon't vertify title on a property purchase from a receiver. because of the special conditions.



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    #4
    EarWig
    Registered Users Posts: 478 ✭✭EarWig


    https://www.boards.ie/discussion/comment/121874799#Comment_121874799

    How would I check any litigation?

    The EA wouldn't have the Special Conditions surely.

    I don't need a mortgage.

    I suppose my stance is not to bid because of the risks and the price is regular. Am I being too negative?



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