Saw a house last week that was at the “second fix” stage. Some tools still laying around the place–looked like the workers had been vaporized by a neutron bomb. Assuming 80k or so to complete, the house was priced quite competitively for the region (which is to say still overpriced). In any case, the EA said that it was being sold by “a lending institution.” When asked he identified the bank as Ulster Bank. I’ve heard they’re cutting prices on some of the estates they’ve bankrolled as well. Are they one of the few banks in Ireland actually foreclosing on property? If so, would it be worthwhile to approach ulster bank directly to ask about houses they’ve got?
Unless you’re well in with your friendly bank manager its unlikely you’ll get any joy. I’ve spoken to an EA about houses the bank ‘owns’ and then general jist is they want to work through an EA.
Talking to the mortgage bloke in my local BOI, I asked him about houses on their books. He said there was no such thing. Sounds like horse poo to me, probably more of a positive PR stunt. I reckon banks will tend to work through EA’s as it keeps the whole thing above board (jaysus, I crack myself up sometimes!) and they don’t want to be seen as actively selling houses… they’re errr… emmm… allegedly banks!
Officially, he is probably correct.
My guess would be this particular property for sale by Ulster Bank has not even been catagorised as a foreclosure.
Must keep up the pretence that banks don’t repossess.