LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: SLIGO
15th May 2024
Selling a repossessed house to obtain the highest price involves strategic planning, preparation, and effective marketing. Here are some tips to help you maximize the sale price:
Property Assessment:
Conduct a thorough assessment of the property's condition. Identify any necessary repairs or improvements that can enhance its appeal.
Competitive Pricing:
Research the local real estate market to determine a competitive and realistic asking price. Consider recent sales of comparable properties in the area.
Professional Appraisal:
Hire a professional appraiser to provide an accurate valuation of the property. This can help you set the right price and justify it to potential buyers.
Market Timing:
Be mindful of market conditions. Consider selling when demand is high and inventory is low to potentially attract more competitive offers.
Targeted Marketing:
Create a targeted marketing strategy to reach potential buyers. Utilize online listings, social media, and traditional advertising methods to showcase the property's features.
Professional Photography:
Invest in professional photography to highlight the property's best features. High-quality images can significantly improve the first impression for potential buyers.
Home Staging:
Consider staging the property to make it more appealing. Staging can help potential buyers visualize the property's potential and create an emotional connection.
Highlight Positive Features:
Emphasize positive aspects of the property, such as its location, unique features, and potential for future appreciation.
Flexible Financing Options:
Offer flexible financing options to attract a broader range of buyers. Consider options like seller financing or assistance with closing costs.
Disclosure of Repossession:
Be transparent about the property's repossession status. Provide any necessary information to potential buyers and address concerns upfront.
Online Presence:
Leverage online platforms to market the property. Ensure that the property is listed on popular real estate websites and use digital marketing strategies to reach a wider audience.
Open Houses and Showings:
Host open houses and showings to allow potential buyers to experience the property firsthand. Make the property easily accessible for viewings.
Negotiation Skills:
Develop strong negotiation skills to secure the best possible offers. Be prepared to negotiate effectively with potential buyers.
Real Estate Agent Assistance:
Consider working with a real estate agent experienced in selling repossessed properties. An experienced agent can provide valuable insights, marketing expertise, and help facilitate the transaction.
Legal Compliance:
Ensure that all necessary legal requirements and disclosures are met. Work closely with a real estate attorney to handle any legal aspects associated with the repossession and sale.
Remember that presenting the property in the best possible light, pricing it competitively, and reaching the right audience are key factors in obtaining the highest price for a repossessed house. Seek professional guidance, and be prepared to adapt your strategy based on market conditions and buyer feedback.
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
What is the standard variable rate?
A standard variable rate is the lender’s variable rate that you’ll switch over to when your fixed rate period ends. It’s usually very expensive, so shop around and switch to a cheaper deal.
|
If issues arise during the mortgage process, there may be challenges in holding the broker accountable, especially if they are an independent agent.
|
Has either applicant any other financial commitments not indicated above including overdraft, Life Assurance, Separated Person's Maintenance Payments etc?
Each applicant will have to declare if they have ever been declared bankrupt or insolvent, or are currently undergoing such proceedings.
|
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.
|
You need to supply your:
Business name, address and type of business you are engaged in. The date your business was established and your shareholding and director's fees and payments (if any). Your average annual profit for the last 3 years.
|
Sustainable Earnings: Steady and sustainable income is crucial for mortgage approval. Lenders typically require: PAYE (Pay As You Earn): For employees, providing a salary certificate, confirmation from the tax authorities (e.g., EDS/Revenue), and recent payslips is essential. Self-Employed: If you're self-employed, be ready to provide the last 2-3 years of Revenue Form 11s and Chapter 4 confirmations, trading accounts, and tax clearance certificates (both business and personal).
|
How are mortgages paid back?
You’ll repay your mortgage in monthly instalments over a set period. How much you pay back each month depends on:
How much you borrow
The term of your mortgage
The type of mortgage you get
The interest rate you pay
How much deposit do you need?
|
Details of Present Property
If you have ever owned a previous property, you may be asked:
Have you previously owned a property?
Do you currently have a mortgage? Have you had a mortgage in the last twelve months?
If you have, or have had a mortgage in the last 12 months, please submit a copy of your most recent annual statement.
|
Copyright © 2007-2024 Irishhouses.ie All Rights Reserved
IrishHouses: Mortgage Debt, Arrears and House Repossession
Disclaimer: Although we will do our best to provide you with correct details, information provided is subject to errors or omissions. IrishHouses.ie is a private blog on the subjects of mortgage debt, arrears and house repossession in Ireland.
We are not affliated with any organisation or private company and all advice and information provided on our website should be checked with the individual companies or organisations involved.
Recent Articles:
Copyright © 2007-2024 Irishhouses.ie All Rights Reserved