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Is it morally right to buy a repossessed house?

Catkins407

Would you buy a property if you knew it had been repossessed? My friend has just looked at one that's very very cheap and she is thinking of buying it. Now in fairness it's for her daughter who is a single parent and who has just been diagnosed with a life long illness so she is just trying to provide a stable home for her and her grandson.

She is really torn about this and I am no help as I really wouldn't buy a property that had been repossessed .

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A Primal Nut

Honestly the person bought a house they couldn't afford. They took a gamble didn't pay off. At least now they aren't burdened with that property and can move on with their lives. Guarantee those same people would be the first to buy a cheap repossessed house if they still had the opportunity.

Princess Consuela Bananahammock

Absolutely.

/thread.

rob316

Why not, its not your fault the previous owner fell behind on payments. Take what you can out there today is what I say. I owned two reposessed cars before never once bothered me.

Gatling

Don't see what morals come into it ,

Buy the house and let your daughter enjoy the security of a permanent home

Senna

Repossession would make no difference to my decision, why would it?

mister bishi

one mans loss is another mans luck

Glenbhoy

Is it morally right to continue to live in a property on which you have long since stopped honouring your side of the agreement?

Glenbhoy

If the same property had gone up in value instead of down, would the owner have distributed his gains throughout the community? Is it morally wrong to profit from the purchase and sell of a home?

Praetorian Saighdiuir

Why would anyone want to buy a house that has been haunted twice?

DEFTLEFTHAND

It's a business transaction. Morals have no place in commerce, that's the way of the world, you get the best deal you can.

Catkins407

Well when I bought my own house years ago one of the other houses was repossessed a few years after it was bought . The neighbours kind of went bananas if anyone viewed it and tried to stop anyone else buying it. I couldn't understand it but didn't really know the people who had owned the house. In the end an investor bought it and rented it out. The neighbours tried to give the tenants the cold shoulder but it didn't really work as the tenants didn't care and weren't looking to make friends. By the time it was rented again the neighbours had given up. I just wondered if that still was the case? I don't have any other experience besides that to be honest.

Catkins407

Praetorian Saighdiuir wrote: »

Why would anyone want to buy a house that has been haunted twice?

Can u feck off and not made me laugh tonight please? I pulled a muscle and my side is killing me lol

namloc1980

Where do morals come into this?

Glenbhoy

Catkins407 wrote: »

Can u feck off and not made me laugh tonight please? I pulled a muscle and my side is killing me lol

One of the best I've seen in a long time!!

woodoo

I would have no problem with it. If they are put out of the house because they can't afford it the bank is for taking it anyway no matter what you do.

md23040

What's morally worse buying a repossessed house or selling your property before the bust to a greater fool.

There's no difference, neither are wrong. With any speculative product, be it shares, gold, property or whatever that is subject to the vagrancies of the market there will always be winners and losers and its best to be on the right side.

How can a market recover if people reacted sentimentally in such circumstances as the OP described.

The one sure outcome if people decided not to purchase on such emotive grounds would ultimately led to a lot more pain and suffering as the whole capital system would collapse.

Unless you prefer another economic system I'd just get the cheque book out and do what's right.

NuckingFacker

Just use the drug dealers justification-"sure if I don't, someone else will". It covers a multitude, sadly.

bnt

Morals? It's a house, a machine for living in. If it's not going to be used for its intended purpose, you may as well tear it down and plant some trees in its place.

That story of the neighbours trying to ostracise the new family is just bizarre. The new family didn't evict the old family, nor were they profiting from the eviction. You don't have a right to live in a property for which you can't afford the mortgage. The only way I can see a 40-year mortgage making sense to someone is by assuming that they're assuming they'll be selling at a profit long before the 40 years are up. Property only ever increases in value, right? :rolleyes:

Sparklygirl

Generally speaking I would find it hard to buy a house very cheap under such circumstances. However, a Mother is buying for her daughter who has been kicked hard in life- twice. Being a single Mother is the most difficult job in the world, and having a life long illness is awful. She deserves a break, and if anything good can come out of someone elses misfortune, maybe this is it. I hope she gets the house.

Carlos Orange

Catkins407 wrote: »

She is really torn about this and I am no help as I really wouldn't buy a property that had been repossessed .

Is it morally right to leave a repossessed home empty?

Kichote

Banks are so crooked its morally wrong to support them in any way at all. Not that its possible to not support them but one has to try

Mickey H

Catkins407 wrote: »

Can u feck off and not made me laugh tonight please? I pulled a muscle and my side is killing me lol

2 Nurofen Plus will clear that right up. Then you can laugh away all night long.

Jester252

I didn't stop paying the loan in the first nor did I kick out the previous owners. Why should I feel bad?

Del2005

Catkins407 wrote: »

Well when I bought my own house years ago one of the other houses was repossessed a few years after it was bought . The neighbours kind of went bananas if anyone viewed it and tried to stop anyone else buying it. I couldn't understand it but didn't really know the people who had owned the house. In the end an investor bought it and rented it out. The neighbours tried to give the tenants the cold shoulder but it didn't really work as the tenants didn't care and weren't looking to make friends. By the time it was rented again the neighbours had given up. I just wondered if that still was the case? I don't have any other experience besides that to be honest.

So someone couldn't afford their home and it got repossessed and the neighbours in their infinite wisdom decided that it was better to lumber the people who couldn't afford the house with a bigger debt.

It's not like the debt disappears when a house is repossessed so if it's not sold then the evicted people have a double mill stone of having to rent somewhere and have a huge debt hanging over them

Kichote wrote: »

Banks are so crooked its morally wrong to support them in any way at all. Not that its possible to not support them but one has to try

The banks didn't force anyone to take out a loan. People lied to banks to get bigger loans than they could afford, the banks didn't do enough checks but it's the person who lied on the application who did wrong. Now what they bought isn't worth what they though and they can't afford it it's somehow the banks fault.

fasttalkerchat

Repossessed houses taking longer to sell won't reduce number of houses being repossessed.
Provided that the previous residents have left, the history shouldn't come into it.

bennyob

Simples.....Yes!!!!

IM0

of course! Its not her fault! - dont look a gift horse in the mouth

[Deleted User]

Weird. I wouldn't have ever considered in a moral issue.

belcampprisoner

I pulled a muscle

it must be small

Norwesterner

On the day we looked aghast at photos of bankrupt Ger Killally's mansion you ask this question???
Some people out there own 3,4, or 5 BTL's and are not paying a dime (whilst pocketing the rent).
Would I feel bad about someone buying these repos, paying the mortgage and acting like a normal citizen??
I'd have no problem buying a repo whatsoever. It's not like the land league days.