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property has been transferred to vulture fund on deeds

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  • 26-09-2019 12:10pm
    #1
    duffysfarm
    Registered Users Posts: 846 ✭✭✭


    i am looking at moving house and there is a house in the area i would like to move to that is currently vacant. It was for sale two or three years ago with a local auctioneer who has since closed but it wasn't sold. i took a look at the deeds on the land direct website and the owner of the property is now pepper finance and it was transferred in July 2019. to me it looks as if the previous mortgage provider has sold the house to pepper finance. does anyone know what the possible next steps would be for the current owner i.e. will they normally try and sell the property with some one like bidx1 or a different auctioneer and how soon do they normally do this? there was another house similar to this and the same thing happened but it tool three or 4 years from the house been vacant to been sold and it was wrecked in the mean time and i wouldn't be interested in waiting around for that.


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    #2
    Ray Palmer
    Registered Users Posts: 8,364 ✭✭✭Ray Palmer


    So you want to move in to a house that isn't for rent?


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    #3
    duffysfarm
    Registered Users Posts: 846 ✭✭✭duffysfarm


    thank you very much for that very thoughtful and helpful post. it really helped me with my query, boards.ie would be such a waste of time if it werent for contributions like this.

    if you havent seen the title of this thread then please read again. it is under buying and not renting.............
    Ray Palmer wrote: »
    So you want to move in to a house that isn't for rent?


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    #4
    Ray Palmer
    Registered Users Posts: 8,364 ✭✭✭Ray Palmer


    duffysfarm wrote: »
    thank you very much for that very thoughtful and helpful post. it really helped me with my query, boards.ie would be such a waste of time if it werent for contributions like this.

    if you havent seen the title of this thread then please read again. it is under buying and not renting.............
    Ray Palmer wrote: »
    So you want to move in to a house that isn't for rent?
    So you want to buy a house that isn't for sale?


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    #5
    duffysfarm
    Registered Users Posts: 846 ✭✭✭duffysfarm


    i hope that my last post hasn't put anyone off from replying.
    one more thing that i am wondering - the name on the deeds has changed e.g. while it was previoulsy mr & mrs jones (not real names!) before it is now pepper finance. To me that means that mr & mrs jones no longer own the property. if the previous mortgage company simply sold the mortgage to pepper finance then they would register a charge against the property and wouldn't be down as the owners? any thoughts


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    #6
    duffysfarm
    Registered Users Posts: 846 ✭✭✭duffysfarm


    well done!! 10 out of 10 for you!!!

    now if you have anything worthwhile to add then i would welcome it. if not then annoy some one else

    Ray Palmer wrote: »
    So you want to buy a house that isn't for sale?


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    #7
    Fann Linn
    Registered Users Posts: 7,774 ✭✭✭Fann Linn


    Ring Pepper.


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    #8
    [Deleted User]
    Posts: 5,121 ✭✭✭ [Deleted User]


    Nothing obvious on their contact page:
    https://www.peppergroup.ie/about-us/contact-us


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    #9
    duffysfarm
    Registered Users Posts: 846 ✭✭✭duffysfarm


    i thought about that but i would when dealing with these banks its very hard to get speaking to some one who knows whats going on. also with GDPR and data protection i would say they would not speak to anyone on it
    Fann Linn wrote: »
    Ring Pepper.


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    #10
    The Student
    Registered Users Posts: 1,249 ✭✭✭The Student


    duffysfarm wrote: »
    i hope that my last post hasn't put anyone off from replying.
    one more thing that i am wondering - the name on the deeds has changed e.g. while it was previoulsy mr & mrs jones (not real names!) before it is now pepper finance. To me that means that mr & mrs jones no longer own the property. if the previous mortgage company simply sold the mortgage to pepper finance then they would register a charge against the property and wouldn't be down as the owners? any thoughts

    If my memory serves me right (its being a while) the third page of the folio is the registered owners and the fourth page is where the charges on the property is recorded.

    Is Pepper down on the third page of the deeds. If yes then they are the legal owners of the property (and not just the charge) so it is them who can sell the property.

    I would contact them direct if this is the case and they can advise when and how they plan on disposing of the property. You may be lucky and they will sell it to you without it going to the open market.

    Once they make a profit on their investment they are happy and going to the market may be too much hassle for them.


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    #11
    Markcheese
    Registered Users Posts: 8,431 ✭✭✭Markcheese


    As was said you could try ringing pepper, but don't hold your breath, It mightn't be easy to get the ear of the right person...
    There are estate agents who act as buyers agents... If you can get an agent who "knows people," it might be worthwhile...
    But don't necessarily expect a bargain if youre chasing them.... You never know though... Their idea of a food deal could still be a bargain to you...

    Slava ukraini 🇺🇦



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    #12
    ChewBerecca
    Registered Users Posts: 301 ✭✭ChewBerecca


    If Pepper are the current owners, then they will put the property for sale when they want to liquidate the asset.

    Otherwise it'll remain an asset to them until it is either transferred to another entity or put on the market.

    OP, I probably wouldn't hold your breath, these companies could have hundreds of properties on their books, they may only get around to selling a handful of times a year when they need to raise cash. Keep an eye on auction sites in the interim


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    #13
    GooglePlus
    Registered Users Posts: 2,010 ✭✭✭GooglePlus


    duffysfarm wrote: »
    i thought about that but i would when dealing with these banks its very hard to get speaking to some one who knows whats going on. also with GDPR and data protection i would say they would not speak to anyone on it

    This shouldn't be an issue if the house now belongs to them. They should be able to disclose information on the property but not the personal details of the previous owners.


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    #14
    Gaillimh1976
    Registered Users Posts: 738 ✭✭✭Gaillimh1976


    Depending on where the house is located, they may sit on it for a few years if they expect prices to increase


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    #15
    Confused1aaa
    Registered Users Posts: 17 ✭Confused1aaa


    duffysfarm wrote: »
    i am looking at moving house and there is a house in the area i would like to move to that is currently vacant. It was for sale two or three years ago with a local auctioneer who has since closed but it wasn't sold. i took a look at the deeds on the land direct website and the owner of the property is now pepper finance and it was transferred in July 2019. to me it looks as if the previous mortgage provider has sold the house to pepper finance. does anyone know what the possible next steps would be for the current owner i.e. will they normally try and sell the property with some one like bidx1 or a different auctioneer and how soon do they normally do this? there was another house similar to this and the same thing happened but it tool three or 4 years from the house been vacant to been sold and it was wrecked in the mean time and i wouldn't be interested in waiting around for that.

    I bought my house from Pepper last year, they advertised it through a local estate agent. As others have mentioned they tend to leave the house vacant for a couple of years until the market improves, mine had been empty for about 5 years with from what I could see no maintenance down in that time. Two things to note with Pepper - offers can only be accepted at their monthly board meetings, so the bidding process can be pretty drawn out. Also they don’t seem to be in a rush to close a sale, I went sale agreed in November and didn’t exchange contracts until the following June. My advice would be talk to a local estate agent or call to the pepper offices. Good luck :)


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