LATEST PROPERTY NEWS AND QUESTIONS 15-May-2024
BANKS & HOUSE REPOSSESSIONS: WATERFORD
15th May 2024
Bank Repossessions:
When borrowers default on their mortgage payments, lenders may initiate legal proceedings to repossess the property.
Repossessed properties are often sold by banks to recover the outstanding debt. These sales can include residential homes, commercial properties, and land.
Houses for Sale:
Repossessed properties are usually sold through various channels, including public auctions, private sales, or through real estate agents.
Auctions: Some repossessed properties are sold at public auctions. Interested buyers can bid on the properties, and the highest bidder usually secures the purchase.
Real Estate Agents: Banks may also collaborate with real estate agents to market and sell repossessed properties. In these cases, properties are listed on various property websites and can be purchased through the agent.
Websites and Listings:
Several websites in Ireland specialize in listing repossessed properties and houses for sale. Potential buyers can explore these websites to find available properties.
Real estate portals and classified websites often feature repossessed properties alongside other listings.
Legal and Financial Considerations:
Purchasing a repossessed property may involve legal and financial considerations. It's essential for buyers to conduct thorough due diligence, including inspections, title searches, and understanding any outstanding issues related to the property.
Engaging with a Solicitor:
Buyers are encouraged to engage with a solicitor who specializes in property transactions to ensure a smooth and legally sound process.
It's important to note that the availability of repossessed properties and the specific processes involved can vary. For the most up-to-date and accurate information, consider checking with local real estate agents, auction houses, and online property listings such as Daft and MyHome
BANK HOUSE REPOSSESSIONS: County by County
15th May 2024
OBTAINING A MORTGAGE: SOME COMMON QUESTIONS
If issues arise during the mortgage process, there may be challenges in holding the broker accountable, especially if they are an independent agent.
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Check with Professional Associations:
Verify if the broker is a member of professional associations, membership in such organizations can indicate a commitment to ethical standards.
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Finding yourself in arrears on your mortgage means the chance of losing probably the biggest investment that you will make in your life.
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Secure AIP Before House Hunting: Get pre-approved for a mortgage before you start looking for a property. It will give you a clear budget and make your offers more attractive to sellers.
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To work out how much you’ll save take these steps:
Compare mortgages and look for the lowest interest rates
Note monthly repayments and total savings
Find out the legal and valuation costs, plus any other fees to pay
Deduct any charges or fees from the saving you’ll make over the term
mortgage money balance
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There are various types of mortgages, such as fixedrate, adjustablerate, FHA, VA, etc. The broker will inquire about your preferences to match you with suitable loan options.
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Stress Testing: Lenders often use stress tests to assess your ability to handle potential increases in interest rates. They want to ensure that you can still afford your mortgage payments if interest rates rise. Be prepared for this scrutiny, and make sure your finances can withstand higher rates.
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If you fail to pay one or more mortgage repayments, you may have to pay interest fees on top of the ordinary mortgage repayments. The amount of these fees depends on the mortgage contract you signed with your lender.
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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.
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