Purchase of a house in receivership

Wurley · 30-04-2022 8:34pm #1

Hi,

anyone any experience good or bad purchasing a house that is in receivership? We have gone sale agreed and looking for some info on the process.

Thanks

L1011 · 30-04-2022 8:37pm

Expect documentation issues at the very least. Your solicitor will need to make very sure that there is a marketable title. Are you using a mortgage?

On the bordering on scare story level, try find out how sane the people it was removed from are. Retaliation is not unheard of, albeit very very rare. In rural areas there's more chance of risks I'd say.

Wurley · 30-04-2022 8:45pm

Yes. We are using a mortgage and have a recommended very good solicitor. We’ve been told it’s been empty for quite some time

Ginger83 · 30-04-2022 8:51pm

https://www.boards.ie/discussion/comment/118999157#Comment_118999157

Fully agree especially rurally. You are buying someone else's bad luck.

Wurley · 30-04-2022 9:06pm

No it’s not rural. Yes understand that. Hopefully no one holds a grudge but I will look into it for sure

Citygirl1 · 30-04-2022 9:08pm

Mad_maxx · 30-04-2022 9:14pm

https://www.boards.ie/discussion/comment/118999157#Comment_118999157

can attest to this , once had hired goons come to my house after purchasing an apartment in receivership , the guy who lost the apartment either had a mole working in the receivers or someone runny at the mouth disclosed my personal details to him after the auction , I got my 10% deposit back as the legal firm representing the receiver admitted they were familiar with the carry on and it had happened before , they returned my deposit without protest , i didnt go to the guards , no direct threats

Wurley · 30-04-2022 9:20pm

https://www.boards.ie/discussion/comment/118999322#Comment_118999322

Oh wow. How scary. To be honest in our excitement and naivety i didn’t even think of this. I will enquire with the estate agent.

L1011 · 30-04-2022 9:22pm

The agent will tell you its all fine and dandy. Google, take a look at the folio or docs provided to your solicitor, ask around or whatever other stuff you need to do to find out who the old owner was.

Mad_maxx · 30-04-2022 9:24pm

https://www.boards.ie/discussion/comment/118999340#Comment_118999340

I've bought two other properties in receivership and no issues, the above is rare

Donald Trump · 30-04-2022 9:26pm

I'd be a bit more wary if I was buying it after a CAB repossession.

House "in receivership" sounds a bit unusual. What was the business?

Wurley · 30-04-2022 9:27pm

https://www.boards.ie/discussion/comment/118999355#Comment_118999355

That’s great to hear. Is it a lengthy process?

Wurley · 30-04-2022 9:29pm

https://www.boards.ie/discussion/comment/118999358#Comment_118999358

what was the business??? I’m unsure what you mean by that.

CAB repossession wouldn’t be good. Is there any way you could find out why?

Mad_maxx · 30-04-2022 9:31pm

https://www.boards.ie/discussion/comment/118999366#Comment_118999366

Shortest closing time six weeks, longest was 12 weeks

Donald Trump · 30-04-2022 9:32pm

https://www.boards.ie/discussion/comment/118999377#Comment_118999377

Receivership is for companies - no?

Or are you using it for someone selling a repossessed house for a bank?

Wurley · 30-04-2022 9:34pm

https://www.boards.ie/discussion/comment/118999387#Comment_118999387

Great to hear. Thanks so much

Wurley · 30-04-2022 9:36pm

https://www.boards.ie/discussion/comment/118999390#Comment_118999390

Is it just companies? Maybe I misunderstood. It’s very much a house.

Donald Trump · 30-04-2022 9:37pm

https://www.boards.ie/discussion/comment/118999404#Comment_118999404

It could still be in receivership if it was owned by a company

Maybe I'm wrong and the term is also used for personal assets. Someone else on here will correct me if I am wrong hopefully

Wurley · 30-04-2022 9:41pm

https://www.boards.ie/discussion/comment/118999410#Comment_118999410

I’m not sure that’s the word the estate agent used. Im assuming the house was repossessed and the banks are selling it.

drunkmonkey · 30-04-2022 10:03pm

https://www.boards.ie/discussion/comment/118999427#Comment_118999427

Ask the EA for the folio if they have it, it will give the owners name on the top you can also get it yourself from landirect but you'll have to pay, think it's about 5 euro you'll know then if it's a bank/reciever and the previous owners will be listed.

It can drag on a bit, some of the recievers can be tricky, will want proof of funds and proof of how you got those funds, If your trying to mortage it the EA and the Reciever might not have much intrest, I'd proceed as a cash but have a mortage agreed on the side.

Check the plumbing and electrics inside out, could be surprise in there somewhere if the owners weren't happy leaving. There also could be an expensive electric re connection fee if it's been turned off a long time, have a word with Electric Irleand about that they may do something for you.

Wurley · 01-05-2022 7:11am

https://www.boards.ie/discussion/comment/118999524#Comment_118999524

Hi Thanks so much. Unfortunately we are not in a position to pay cash. Thanks for the tips with plumbing and electrics. We know people in the area so will put out the feelers and see what we can find out.

drunkmonkey · 01-05-2022 11:16am

https://www.boards.ie/discussion/comment/119000270#Comment_119000270

Spend the 5 euro on https://www.landdirect.ie/ and you might find out some useful information.

bertiebomber · 01-05-2022 11:41am

Definately look into the back ground of the people in receivership. I know a case where the person ( owner) went back & hung themselves in the property and the buyers were never accepted in the village and eventually sold it as the rejection & disgust towards them was palpable.

Wurley · 01-05-2022 12:22pm

https://www.boards.ie/discussion/comment/119000912#Comment_119000912

Oh my god. Wow

Wurley · 01-05-2022 12:24pm

https://www.boards.ie/discussion/comment/119000803#Comment_119000803

I did and it says a man’s and woman’s name. If it were with the banks it would say the banks name right?

drunkmonkey · 01-05-2022 12:35pm

https://www.boards.ie/discussion/comment/119001086#Comment_119001086

Is there anything in the Particulars that's where the change would be listed...

Toots · 01-05-2022 12:41pm

If you look at the last page it should say "Burdens and Particulars" or something like that, and it will say if there's a mortgage on it. My one has myself and my husband listed as owners, but in the Burdens and Particulars it says that Bank of Ireland holds a charge on it, meaning it's mortgaged.

Homer · 01-05-2022 12:53pm

That says more about the inbred clowns living in that village than anyone else lol..

NSAman · 01-05-2022 12:53pm

if I am reading this right, it’s the same as a bank sale here in the states.

bought mine for a very reasonable 😁 price. Inspections are key to let you know what’s happening and costs involved. Like many have said, do your homework and negotiate accordingly. It may be more difficult to do this, depending if it is truly a receivers sale (access) or bank foreclosure.

it has worked out very nicely for us here. We did know what we were on the hook for and budgeted accordingly. 10 years later, it’s a beautiful home and a work in progress.

Wurley · 01-05-2022 1:53pm

https://www.boards.ie/discussion/comment/119001156#Comment_119001156

Oh right it has the bank ie BOI is charge, a line through it and then cancelled underneath and the date

Wurley · 01-05-2022 1:54pm

https://www.boards.ie/discussion/comment/119001128#Comment_119001128

No

Purchase of a house in receivership

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