LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: ROSCOMMON
15th May 2024
Purchasing a repossessed house at auction can offer an opportunity to secure a property at a potentially lower price, but it requires careful planning and strategic techniques. Here are some techniques for buying a repossessed house at auction for the lowest price:
Research and Preparation:
Conduct thorough research on the property you're interested in. Understand its condition, location, and market value. Attend any open houses or property previews provided by the auctioneer.
Set a maximum bid amount based on your budget and the property's value.
Understand Auction Procedures:
Familiarize yourself with the auction process and rules. Different auctions may have specific procedures, bidding increments, and terms. Be prepared to comply with the auctioneer's requirements.
Attend Auctions as an Observer:
Attend other property auctions as an observer before participating in one. This will help you understand the dynamics, bidding strategies, and pace of the auction.
Get Pre-Approved for Financing:
Obtain pre-approval for financing before attending the auction. Having pre-approved financing strengthens your position as a serious buyer.
Set a Clear Budget:
Establish a clear budget and stick to it. Determine the maximum amount you're willing to bid, including any potential repair or renovation costs.
Monitor Comparable Sales:
Research and monitor recent sales of comparable properties in the area. This information can help you gauge the property's market value and guide your bidding strategy.
Identify Motivated Sellers:
Some repossessed properties are sold by motivated sellers who want to dispose of the asset quickly. Identify such opportunities and focus on those properties during the auction.
Bidding Strategy:
Develop a bidding strategy based on your budget and market research. Decide whether you want to start with a low bid or enter the bidding later in the process.
Stay Disciplined:
Stick to your predetermined budget and avoid emotional bidding. It's easy to get caught up in the excitement of the auction, so maintaining discipline is crucial.
Bid Confidently:
Bid confidently and assertively. Present yourself as a serious bidder, which may discourage other participants.
Quick Decision-Making:
Auctions move quickly, so be prepared to make decisions on the spot. Having a clear understanding of your limits and strategy will help you act promptly.
Be Mindful of Auctioneer's Signals:
Pay attention to the auctioneer's signals. They may use body language or specific phrases to signal that bidding is slowing down. Use these cues strategically.
Attend Multiple Auctions:
Attend multiple auctions to increase your experience and understanding of the process. This exposure can enhance your confidence and ability to navigate auctions successfully.
Consider Off-Peak Times:
Some auctions may have fewer participants during off-peak times. Consider attending auctions during less popular hours, as this could result in less competition.
Negotiate After the Auction:
If the property doesn't meet its reserve price at auction, you may have an opportunity to negotiate with the seller afterward. Be prepared to engage in post-auction negotiations.
Professional Assistance:
Consider hiring a buyer's agent or auction specialist with experience in repossessed properties. They can provide guidance, strategy, and representation during the auction process.
Remember that successful bidding at an auction requires a combination of research, strategy, discipline, and quick decision-making. Be well-prepared, stay focused on your goals, and be ready to adapt your strategy based on the dynamics of the auction.
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
The experience and expertise of your loan officer can impact the smoothness of the mortgage process. Choose a lender with experienced professionals who can guide you through the complexities of obtaining a mortgage.
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Loan-to-Value Limits (LTV)
A 10% deposit is usually required for first and second-time buyers. However, the Revenue's Help to Buy scheme can reduce this requirement for newly built properties.
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Brokers can save you time and effort by doing the legwork of shopping around for the best mortgage deals on your behalf. They can streamline the application process and handle much of the paperwork.
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Understanding your timeline helps the broker determine the appropriate strategy and loan products for your needs.
This may include preferences for working with a particular lender, specific terms, or features you are looking for in a mortgage.
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Applying for a mortgage
What do you need to get a mortgage?
It depends on the mortgage provider’s lending criteria, but here’s the typical requirements:
A good credit history: This is vital - here’s how to check your credit record.
The minimum deposit: If you’re buying a property, you’ll usually need at least the minimum deposit.
Stable employment: A regular income is necessary, if you’re self employed, you’ll have to prove your income differently.
Affordable outgoings: If your current outgoings are high, this will reduce what you can afford to borrow.
Find out how to apply for a mortgage and maximise your chance of success.
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Your credit score is a crucial factor in determining the interest rate you qualify for. The broker may ask about your credit history and score to gauge your creditworthiness.
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Where can you get a mortgage in Ireland?
You can go to your current bank or another bank or building society. It’s best to compare mortgages with a wide range of lenders, using our comparisons, to find the best deal.
You could also get help from a mortgage broker (mortgage credit intermediary), but you may be charged for their services.
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Interest rate types
Choosing a fixed rate or variable rate mortgage will affect your repayments and whether they’re set for a period of time or changeable. Some lenders offer discounted or capped variable rate mortgages.
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IrishHouses: Mortgage Debt, Arrears and House Repossession
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