1 Euro bid for 65 Acres in Meath

pakalasa · 12-11-2010 01:44PM #1

Anyone know the full story here;

http://www.independent.ie/opinion/analysis/euro1-bid-for-farm-shows-depth-of-locals-anger-toward-banks-2417299.html

Luckily there was no Yank around.

emo72 · 12-11-2010 01:46PM

a happy story. glad no-one bought it. although what fecker bid a euro!

Muckit · 12-11-2010 01:59PM

Yes, it's great to see this kind of peaceful protest, it's says so much without the brawling and public protests

It will be interesting to see how the story ends though, will the banks win out in the end. As stated all it takes is some 'outsider' to come in that isn't sympathetic to the situation....

Tora Bora · 12-11-2010 02:05PM

Muckit wrote: »

Yes, it's great to see this kind of peaceful protest, it's says so much without the brawling and public protests

It will be interesting to see how the story ends though, will the banks win out in the end. As stated all it takes is some 'outsider' to come in that isn't sympathetic to the situation....

The Bull McCabe vs the Yank:D

Muckit · 12-11-2010 02:24PM

Tora Bora wrote: »

The Bull McCabe vs the Yank:D

Ya heard a story recently of a lad that was bet within an inch of his life after he bought a farm in those curcumstances. Seemed like cheap land at the time. He threw it up in the end, couldn't stay in the place

Birdnuts · 12-11-2010 02:46PM

pakalasa wrote: »

Anyone know the full story here;

http://www.independent.ie/opinion/analysis/euro1-bid-for-farm-shows-depth-of-locals-anger-toward-banks-2417299.html

Luckily there was no Yank around.

Suggests farms will be selling on Ebay soon:(

Tipp Man · 12-11-2010 03:06PM

Do we know the situation that the fella selling got himself into though?

Its easy be critical of the banks in the current environment but at the end of the day they still have a job to do and if you put up your land or house as collatarol against other loans, then it is your responsibility to meet the repayments. According to the Indo report, a receiver had been appointed so it's not like the bank aren't selling it without good reason

We are going to see an aweful lot more of this type of land being sold around the country

whelan1 · 12-11-2010 03:20PM

wasn't there another farm over the west a while ago where the ifa went in to protest at repossession , what was the outcome there?

irishh_bob · 12-11-2010 06:55PM

Tipp Man wrote: »

Do we know the situation that the fella selling got himself into though?

Its easy be critical of the banks in the current environment but at the end of the day they still have a job to do and if you put up your land or house as collatarol against other loans, then it is your responsibility to meet the repayments. According to the Indo report, a receiver had been appointed so it's not like the bank aren't selling it without good reason

We are going to see an aweful lot more of this type of land being sold around the country

+1 , my attitude is whoever buys the land will be doing the farmer a favour

pakalasa · 12-11-2010 07:06PM

There are two sides to it really. The farmer did agree initially to hand over thee deeds of the land in the event of he not being able to pay back the loan. Say what you will, that's what he agreed to!

Can't help but think though that if we were in different times, the bank would be that bit more flexible. They are cash starved at the moment.

whelan1 · 12-11-2010 08:00PM

pakalasa wrote: »

There are two sides to it really. The farmer did agree initially to hand over thee deeds of the land in the event of he not being able to pay back the loan. Say what you will, that's what he agreed to!

Can't help but think though that if we were in different times, the bank would be that bit more flexible. They are cash starved at the moment.

but look at all the homeowners who cant afford their mortgages

Tipp Man · 12-11-2010 08:13PM

whelan1 wrote: »

but look at all the homeowners who cant afford their mortgages

And that is going to be the huge huge problem in this country on 2011 and 2012. There's already talk of a mini nama for the mortage defaulters.

Don Juan DeMagoo · 12-11-2010 08:33PM

Really uplifting to hear of such a nice community spirit in these times

Casinoking · 12-11-2010 11:19PM

I wonder if his tractor or jeep had been reposessed would people have refused to bid on them too. How many of these neighbours would have the €650-€750K required to buy the land in the first place? It's easy to take the moral high ground when you haven't got the money to spend in the first place. Had it happened 4 or 5 years ago when the banks were throwing money at people I bet it would have sold for a record price.

futurefarmer · 12-11-2010 11:27PM

Have to agree with the last post unfortunately

Don Juan DeMagoo · 13-11-2010 12:13AM

Casinoking wrote: »

I wonder if his tractor or jeep had been reposessed would people have refused to bid on them too. How many of these neighbours would have the €650-€750K required to buy the land in the first place? It's easy to take the moral high ground when you haven't got the money to spend in the first place. Had it happened 4 or 5 years ago when the banks were throwing money at people I bet it would have sold for a record price.

I disagree, you may be shocked that sometimes there are other things that are more important than greed.

I have been told a story from this area, when in the 1950's land was repossessed by a money lender (the local auctioneer). The local area made it impossible for the auctioneer to try and stock it with his own cattle and every time he did manage to stock it, they "broke" out by next morning. In the end he gave back the land to save his reputation.... And this was prime farm land.

Small communities are very close. But sure maybe your right, maybe everyone is a narrow minded selfish person........ I doubt it though

Casinoking · 13-11-2010 12:18AM

Don Juan DeMagoo wrote: »

I disagree, you may be shocked that sometimes there are other things that are more important than greed.

I have been told a story from this area, when in the 1950's land was repossessed by a money lender (the local auctioneer). The local area made it impossible for the auctioneer to try and stock it with his own cattle and every time he did manage to stock it, they "broke" out by next morning. In the end he gave back the land to save his reputation.... And this was prime farm land.

Small communities are very close. But sure maybe your right, maybe everyone is a narrow minded selfish person........ I doubt it though

I never said everyone is a narrow-minded selfish person, but there are plenty of them about. All I'm saying is there's often more to a story than first appears. I personally know of a piece of land that the banks are trying to sell for the last 2 years, the only reason they haven't been successful is the "owner" and the person who has rented it from him for a number of years have threatened anyone who has shown any interest in it. The Bull McCabe is alive and well in these modern times of peace, love and community spirit.

Don Juan DeMagoo · 13-11-2010 12:34AM

Casinoking wrote: »

I never said everyone is a narrow-minded selfish person, but there are plenty of them about. All I'm saying is there's often more to a story than first appears. I personally know of a piece of land that the banks are trying to sell for the last 2 years, the only reason they haven't been successful is the "owner" and the person who has rented it from him for a number of years have threatened anyone who has shown any interest in it. The Bull McCabe is alive and well in these modern times of peace, love and community spirit.

That is a different story, I totally am against **** like that. But they will get their due deserves in the end. Karma is a bitch and charges interest in the long run.

ihatetractors · 13-11-2010 04:54AM

All well and good for that Beggan fella, but if the shoe was on your foot would all your neighbours do the same?, christ i can think of 1 or 2 cutthroats around here

whelan1 · 13-11-2010 07:18AM

at the end of the day an agreement was signed to make repayments on a loan and this land was security , he defaulted end of , whats the problem

uberwolf · 13-11-2010 07:53AM

and in ten years time, when all has righted itself, the banks will be even less likely to accept farm land as collateral for loans if this becomes a pattern.

whelan1 · 13-11-2010 08:59AM

uberwolf wrote: »

and in ten years time, when all has righted itself, the banks will be even less likely to accept farm land as collateral for loans if this becomes a pattern.

if this becomes the norm why would they , sure houses are the same

pakalasa · 13-11-2010 05:19PM

I know of a well-known cattle dealer in my area that bought repossessed cattle from a bank. A couple of weeks later he was invited to a farm to look at some cattle. The owners of the repossessed cattle were there, waiting for him. They gave him some beating. Like the wild west at times.:mad:

Don Juan DeMagoo · 13-11-2010 08:25PM

pakalasa wrote: »

I know of a well-known cattle dealer in my area that bought repossessed cattle from a bank. A couple of weeks later he was invited to a farm to look at some cattle. The owners of the repossessed cattle were there, waiting for him. They gave him some beating. Like the wild west at times.:mad:

Bloody hell what flipping cavemen..........

Mike 1972 · 13-11-2010 08:38PM

Tipp Man wrote: »

Do we know the situation that the fella selling got himself into though?

Its easy be critical of the banks in the current environment but at the end of the day they still have a job to do and if you put up your land or house as collatarol against other loans, then it is your responsibility to meet the repayments. According to the Indo report, a receiver had been appointed so it's not like the bank aren't selling it without good reason

We are going to see an aweful lot more of this type of land being sold around the country

I would have to give a somewhat reluctant +1 on that

The story the OP linked to tells us practically nothing about the original circumstances of the case.

The original owner of the land could have been the unfortunate victim of predatory business practices on the part of the banks or some other misfortune largely beyond their control

On the other hand they could be the biggest chancer going or just a plain old fashioned idiot.

Unless there is strong evidence to support the former I wouldnt blame anyone for bidding on the land. Hey if id any interest in land in County Meath I might have bid a fiver on it !

coolshannagh28 · 15-11-2010 08:05PM

The sooner we catch ourselves on and boycott all repossesion sales the better,its how we dealt with the landlords and the banks are no better .They spent the last two years buying govt bonds instead of lending after being bailed out with the same money, which we will be a generation paying back.They have sunk us and we will have to turn on them.

Shauny2010 · 15-11-2010 08:27PM

what about those builders and speculators who drove the price of land crazy
are we expected to boycot any repo sales for them? I can tell you now for a fact Ill do no such thing, I spent long enough not being able to afford land due to these wAn*ers

irishh_bob · 15-11-2010 08:35PM

on a seperte note , watch the price of land tumble off the back of our impending bailout , nothing will escape the carnage

tismesoitis · 15-11-2010 08:39PM

have to agree with last post could'nt buy land for the last number of years for love nor money and though i have pity on anyone farmer or not who can't make their repayments they did borrow this money and must pay it back or pay the consequences!!! **** happens but people who default on debts should not be supported it will only send out the wrong message!!

Shauny2010 · 15-11-2010 09:03PM

irishh_bob wrote: »

on a seperte note , watch the price of land tumble off the back of our impending bailout , nothing will escape the carnage

The price of land has already tumbled, its just that some estate agents and sellers are deluded. The reality is that if you want to buy a piece of land then you need to stump up half the price of it before any bank wants to know about a loan, and I`ll bet there isnt many who can do that at the prices been quoted

Tipp Man · 15-11-2010 09:14PM

irishh_bob wrote: »

on a seperte note , watch the price of land tumble off the back of our impending bailout , nothing will escape the carnage

Out of curiosity what do you think it will fall to per acre for good land?

We're in negotiations for 70 acres for the last 3 months so am curious to see where we are at relative to others opinions of price

1 Euro bid for 65 Acres in Meath

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