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Bank Sale

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  • 03-07-2020 11:52am
    #1
    Mike3287
    Closed Accounts Posts: 379 ✭✭


    Hi

    Wondering what's the situation with a mortgage on a house that's been repossessed and is being sold by a bank

    Can you buy one with a mortgage?

    House is in good condition, built in 2005, needs a bit of work inside but nothing massively expensive

    Proprety is going for €170,000 and own my own propery outright is worth approx €190,000

    Have mortgage approval, what are the chances of the bank giving the ok on the property?Thought I read before banks don't give mortgages on repossessed propery, it's being sold by an estate agent, on the property sites if that makes it different

    Only other option I can see are for a bridging loan of some sort and sell/rent out my own as collateral, but not many places doing those loans.

    Anyone done something similar before?


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    #2
    intellectual dosser
    Registered Users Posts: 1,826 ✭✭✭intellectual dosser


    I've been through this recently and had no issue or questions around the mortgage.

    What I would ask the EA is if the bank has gained full authority to sell the property or if they're still in a negotiations with their client. If that is still up in the air you could be facing significant delays in getting keys as the bank wrestle with the current owner to sell it.

    Good luck!


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    #3
    Mike3287
    Closed Accounts Posts: 379 ✭✭Mike3287


    intellectual dosser wrote: »
    I've been through this recently and had no issue or questions around the mortgage.

    What I would ask the EA is if the bank has gained full authority to sell the property or if they're still in a negotiations with their client.

    Good luck!

    Nice, that's great to hear re mortgage, really didn't fancy organising bridge loan, using collateral and all that

    Thank you for that advice, i'll ask that


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    #4
    Mike3287
    Closed Accounts Posts: 379 ✭✭Mike3287


    intellectual dosser wrote: »
    . If that is still up in the air you could be facing significant delays in getting keys as the bank wrestle with the current owner to sell it.

    Good luck!

    Yes that would be my fear, though it doesn't bother me too much as happy enough to stay in current house for a year or 2 if it came to that.

    No one is living in house at the moment and was left in a bit of a mess with radiators taken out etc, not sure what happened there, probably boiler gone too.


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    #5
    Marcusm
    Registered Users Posts: 10,184 ✭✭✭✭Marcusm


    Mike3287 wrote: »
    Yes that would be my fear, though it doesn't bother me too much as happy enough to stay in current house for a year or 2 if it came to that.

    No one is living in house at the moment and was left in a bit of a mess with radiators taken out etc, not sure what happened there, probably boiler gone too.

    That’ll be the bank’s issue then. For a normal residential property mortgage, they will want “good marketable title” (legal concept) and a habitable house or one where you have the funds and commit to make it hanitable. Otherwise it becomes a bit non-standard for them. They can be financed but might take a bit more pushing.


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    #6
    Mike3287
    Closed Accounts Posts: 379 ✭✭Mike3287


    Marcusm wrote: »
    That’ll be the bank’s issue then. For a normal residential property mortgage, they will want “good marketable title” (legal concept) and a habitable house or one where you have the funds and commit to make it hanitable. Otherwise it becomes a bit non-standard for them. They can be financed but might take a bit more pushing.

    Thanks for the info, appreciated

    Structurally it appears sound, modern house with double glassed windows, roof like new etc, would need engineer to check of course

    Interior needs some cosmetic work alright, but big stuff is there, tiled floors, kitchen unit's, built in wardrobes, bathrooms done, it's not a shell

    I would be able to show I have enough in saving's to make it habitable.
    they will want “good marketable title” (legal concept)

    What do you mean here?


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    #7
    Marcusm
    Registered Users Posts: 10,184 ✭✭✭✭Marcusm


    Good marketable title will be for your solicitor to investigate. Sometimes with repossessions there can be uncertainties as to the quality of the title to the property.


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