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Recievership/Repossessed housing

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  • 31-10-2020 8:33am
    #1
    mayoabc
    Registered Users Posts: 24 ✭


    Hi, I have found a house through an estate agent that I'm very interested in buying. The house has been repossessed by a bank and I'm wondering if there is anyway I can find out which bank/reciever it's been sold by without asking the estate agent? I'm not sure where to start looking but I've Googled it to no avail.
    Thank you
    Tagged:


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    #2
    drunkmonkey
    Registered Users Posts: 28,101 ✭✭✭✭drunkmonkey


    Have a look on land direct, it may be registered to the bank/building society etc
    https://www.landdirect.ie/pramap/


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    #3
    mayoabc
    Registered Users Posts: 24 ✭mayoabc


    Thank you Drunkenmomkey! After a little digging I've found that it's been taken back by ulster Bank and then sold to Promontoria volture fund. Do you know how do I go about making them an offer for the house? I can't find a website for them selling houses, sorry for all the questions


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    #4
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    If the sale is already in the hands of an EA, it's almost certain any direct approach will result in you being referred back to the EA.


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    #5
    lindtee
    Registered Users Posts: 3,396 ✭✭✭lindtee


    Hi, sorry for jumping on thread. I just searched a house I know is in receivership that I’d be interested in buying, and this is on the folio.
    The following applications are pending on this folio:
    DR2020LR******** for further attention.

    It wasn’t on it the last time I checked. What does it mean does anyone know? It’s a house in an estate if that makes a difference. Thanks


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    #6
    drunkmonkey
    Registered Users Posts: 28,101 ✭✭✭✭drunkmonkey


    mayoabc wrote: »
    Thank you Drunkenmomkey! After a little digging I've found that it's been taken back by ulster Bank and then sold to Promontoria volture fund. Do you know how do I go about making them an offer for the house? I can't find a website for them selling houses, sorry for all the questions

    You could try giving them a call, there not simple to buy off, if it's with an ea go to them and try and strike a deal they'll want it out of the way as quick as possible as there not straight forward sales, bought a holiday home off them last year, took forever to complete after going sale agreed. 6mts plus.
    EA will probably want proof of funds before they even entertain an offer. There's a good bit of paperwork to be submitted, I eventually went directly to the receiver to finish it off, EA was loosing their mind and so was my solicitor.
    I'd be paying a bit less than a similar house if you've something to measure the price against.


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    #7
    poker--addict
    Registered Users Posts: 1,702 ✭✭✭poker--addict


    Why is it so drawn out drunkenmonkey

    😎



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    #8
    mayoabc
    Registered Users Posts: 24 ✭mayoabc


    6 months after sale agreed is a bit nuts! I've sent an email to the volture fund, it will be interesting to see if I get a reply. Thank you for your help and advice!


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    #9
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    Vulture funds take a very long time to buy off and usually the legal title furnished is crap. They don’t care so won’t furnish you with the documentation you will need to buy. You will find it hard to buy off them with a mortgage.

    Also beware with Vulture funds they will want to know everything about you - your passport, proof of funds, proof of address, bank statements and loan offer.

    Usually the dealing furnished is them registering the change of mortgage from Ulster bank to them.

    It’s one thing buying off an Irish bank - it’s slow going but can be done. Vulture funds are very hard unless cash. I’ve often seen auctioneers in Cork try sell a property with a vulture fund and sale falls through due to paperwork and a few months later it’s in bidx for auction sale.

    The good news is it’s in an estate. Try find a local solicitor who may know the estate and bought and sold houses there so may have some of the paperwork like planning etc.


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    #10
    drunkmonkey
    Registered Users Posts: 28,101 ✭✭✭✭drunkmonkey


    I was originally a cash buyer doubt they would have sold it to me otherwise, had to show proof of funds before the EA would take the offer to them. Ended up mortgaging it in the end as it dragged out so long, don't think they had any idea I mortgaged it.
    EA needs to satisfy a few conditions before they can sell it, X amount of Viewing, Advertised for X amount of time and I think 2 bidders are required. It's worth asking the EA what needs to happen for them to go sale agreed with you.


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    #11
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    mayoabc wrote: »
    Hi, I have found a house through an estate agent that I'm very interested in buying. The house has been repossessed by a bank and I'm wondering if there is anyway I can find out which bank/reciever it's been sold by without asking the estate agent? I'm not sure where to start looking but I've Googled it to no avail.
    Thank you

    If you found the house through an estate agent, you have no choice but to make your offer to that estate agent. They introduced you to the house, they are entitled to a fee when it is sold.


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