Well heās talking about 400k and a 30k underbid so that wouldnāt be 10%. But then we donāt know what asking is as he may be looking for a bit of cushion with the mortgage, so even that premise is flimsy.
In summary, a fail on both math and comprehension
You take a mortgage and you shop around because the headline rates donāt apply for that little. You are in a different category to a fella getting an 90% or 80% mortgage and should be rewarded with a lower interest rate as a result.
A mortgage is the cheapest money you can get.
Be careful in auction, donāt get sucked in 
Give the receiver a brown envelope and be down with it.
Iād be wary of an auction alright. Have to put money down beforehand for engineers report conveyance etc as well dont you? With no guarantee youād get it for what you budget as well. But then i suppose you could get it for a song if lucky enough.
If I could find out who the receiver is Iād have a word. The useful fucker of an agent told me it would be up on daft etc for auction at some stage and to keep an eye out for it.
No I pulled it because we are entering a massive global recession. And I dont think it was worth what the asking price was. Weāre in no rush anyway.
Lenders might drop rates if they had any security on their loans, but 2008 taught them that they donāt.
Sin e.
Canāt have it both ways.
I thought he had said he bid 30 under on a 300k asking price.
That makes sense alright.
Estate agents are one of the last completely useless professions that havenāt been replaced by the internet. But they havenāt long left.
The ultimate spoofers.
Youl buy it auction cheaper if you have all the legal work already investigated
He said he had 300 cash and was enquiring about another 100k mortgage was my reading of it
Can you get some class of mortgage to buy a site? If Iāve 20k savings but want to purchase a site for 40k, would you get a mortgage for the balance or some other type of loan?
How would the man find out who the receiver is Gil? Is there some list somewhere of repossessions?
Not of individual properties no. Very difficult barring the agent will tell you. The agent should be able to tell you but mightnt i suppose in case his piece of the cake gets eaten
If it goes to auction they need to advertise the fact its a receiver sale as its a very material point for legals. They donāt generally advertise it normally
In reality, the large prof services firms will have 4 or 5 senior insolvency guys who act as receivers. That is they will sign the docs and be responsible (personally, not their firm) for the receivership. So it would be Julio Gerdio as receiver and manager of no 1 main st for example.
Then they take the details and hand the file to a newly qualified accountant, if even, to manage the property. They in turn outsource the insuring, security and collection of rent etc. This is a massively time consuming job when you have thousands of properties to manage. Evry penny that needs to be spent or dealt with has to be agreed with the receiver.
Then they try to sell them. Agree a sale, realise that the title is banjaxed and cant be sold. Take off market, appoint a solr to try and resolve the issue. Courts, fees, time.
There are tens of thousands of properties in this cycle in Dublin alone. Funds came into ireland and bought tens of thousands of loans in portfolios with zero due diligence. And then appointed receivers to sell them without realising half of what they had gotten into
I know of one property in particular in a rural enough area, but a place with decent demand for housing and a good location for what it is, near the local school, pub and church. At least ten people have tried to buy it, not rented or anything, unfinished actually. But not much to do with it, and no one has been able to get it.
The lad who built it has told people who have it, receiver wise, but it was bought as part of a large block of loans and itās value is insignificant vs other stuff in the portfolio so they basically arenāt arsed selling it. Going on nearly ten years at this stage. Although Iād say the first four or five it was tied up in legal stuff.
Be a grand family house. Loosing value all the time as it lies idle.
Mental stuff
Yeah. Banks dumped loads of low value properties into big portfolios of loan sales. Easiest way to get rid of them. Some of these will have been carved out of initial portfolio and sold on again. Trying to unravel the paperwork just too much hassle in a lot of cases
Some country, the legals around house sales are ridiculous. Paying a solicitor a couple of grand to stamp stuff. Some racket. And the useless cunts taking an age to do it then
Thereās fuck all money for solicitors in conveyancing houses any more. Those days are long gone. Auctioneers (for whatever exactly it is that they do) make multiples on house sale of what solicitors do for conveyancing.
Would have seen a lot of the work going on in receivers and it seems to be an absolute pain in the hole of a job. Nothing only grief. Especially all that celtic tiger stuff where the legals were a mess.