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Buying a house in receivership

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  • 24-10-2015 2:24pm
    #1
    hairyslug
    Registered Users Posts: 2,589 ✭✭✭


    We are interested in a house in receivership, great value (in our opinion) but all I have read so far is negative things about buying a house in receivership.

    Is it still the norm to be waiting up to a year to complete a sale and to be stonewalled by the bank at every turn.

    I can understand them not being able or willing to confirm any planning or boundary issues but just can't see why it would take so long for everything else.

    Is there anything I can do to speed up the process.

    This isn't sounding very possitive for us at all, we are in NE so our buy and sell needs to happen at the same time and I just can't see a buyer hanging on for a year waiting for us to get our side sorted.


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    #2
    forgot_it_all
    Banned (with Prison Access) Posts: 13 ✭forgot_it_all


    hairyslug wrote: »
    We are interested in a house in receivership, great value (in our opinion) but all I have read so far is negative things about buying a house in receivership.

    Is it still the norm to be waiting up to a year to complete a sale and to be stonewalled by the bank at every turn.

    I can understand them not being able or willing to confirm any planning or boundary issues but just can't see why it would take so long for everything else.

    Is there anything I can do to speed up the process.

    if it takes up to a year to complete a sale , how come the properties sold at those allsop auctions ( all receivership sales ) have a four week completion window ?


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    #3
    hairyslug
    Registered Users Posts: 2,589 ✭✭✭hairyslug


    forgot_it_all wrote: »
    if it takes up to a year to complete a sale , how come the properties sold at those allsop auctions ( all receivership sales ) have a four week completion window ?

    Tbh it's not from personal experience just things I have read on 2/3 year old posts on this and other Irish sites


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    #4
    forgot_it_all
    Banned (with Prison Access) Posts: 13 ✭forgot_it_all


    hairyslug wrote: »
    Tbh it's not from personal experience just things I have read on 2/3 year old posts on this and other Irish sites

    i could be completely wrong , perhaps you just have four weeks to pay for the property at auction , there may be a long road ahead afterwards

    there is zero comeback with allsop , even you bought a boat advertised as a house , they have themselves covered


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    #5
    tangobelle2010
    Registered Users Posts: 247 ✭✭tangobelle2010


    forgot_it_all wrote:
    if it takes up to a year to complete a sale , how come the properties sold at those allsop auctions ( all receivership sales ) have a four week completion window ?


    Because at auction, a contract is signed there and then and a closing date set. The contract would have disclaimers regarding any planning issues/boundary issues and once contract is signed that's it. In a private receiver sale, it could take months for a purchaser to be in a position to sign contracts if the title is not in order or satisfactory to their solicitor and or/lending institution.


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    #6
    jennyhayes123
    Registered Users Posts: 471 ✭✭jennyhayes123


    I'm just about to close a house sale that was in receivership. Nothing slow about it. We got mortgage approved last week in August. Getting keys this week.


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    #7
    hairyslug
    Registered Users Posts: 2,589 ✭✭✭hairyslug


    jennyhayes123 wrote: »
    I'm just about to close a house sale that was in receivership. Nothing slow about it. We got mortgage approved last week in August. Getting keys this week.

    Cheers, did you have any issues with your bank and the land registry, again, purely from what I've read, banks can be hesitant to release the money if they have concerns over boundaries or planning.


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    #8
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    It all depends on the title and special conditions. A lot of receivers do not offer good marketable title and many solicitors do not accept and no bank will accept anything other than good marketable title. To speed it up get a copy of the special conditions and see what you can overcome.


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    #9
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    Ive had 2 experiences with houses that are bank/receiver sale. 1st the EA lied and said bank had agreed to the sale and the price the hadn't. 3 months later they agreed but it didn't materialise in writing and we gave up as we knew that the rest of the paperwork was going to take ages to sort. Second was a house that had been sale agreed last year. After a year of sale agreed the sale fell though due to issues with the title. Back on the market now we bid on it but went beyond what we were willing to go. Its still up as for sale right now though so not sure where its at.


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    #10
    Ms2011
    Registered Users Posts: 3,120 ✭✭✭Ms2011


    Took us 17 months from sale agreed to close of sale. The the only thing that sped things up imo was a tree on the property being blown down & causing damage to a neighbouring property which the bank was liable for. I think after that the bank just wanted rid.


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    #11
    looksee
    Registered Users Posts: 28,142 ✭✭✭✭looksee


    Yes, know of a house that dragged on for 12 months thanks to the bank. May not always be the case, but very possible.


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    #12
    jennyhayes123
    Registered Users Posts: 471 ✭✭jennyhayes123


    Jez by sounds of it we have been very lucky. We were told we were lucky with paperwork etc. Why don't you put booking deposit down cause it doesn't bind you into anything (full deposit does) and then look into it and your solicitor should be able to advice you on how messy r straight forward it is.
    Good luck!!


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    #13
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    hairyslug wrote: »
    This isn't sounding very possitive for us at all, we are in NE so our buy and sell needs to happen at the same time and I just can't see a buyer hanging on for a year waiting for us to get our side sorted.

    Being in negative equity and receivership are totally different things. This thread is about receivership.


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    #14
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    athtrasna wrote: »
    Being in negative equity and receivership are totally different things. This thread is about receivership.

    OP is in NE and wants to buy a house thats in receivership


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    #15
    hairyslug
    Registered Users Posts: 2,589 ✭✭✭hairyslug


    athtrasna wrote: »
    Being in negative equity and receivership are totally different things. This thread is about receivership.

    I know, I'm in NE so the bank has stipulated that I must buy and sell on the same day, itbwont help me selling if a receiver drags his heals


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    #16
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    I hadn't seen that the NE post was from the OP as it came so far down the thread. I've merged that post into the the first post for clarity.

    Mod


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