I wish I had money/could get a loan.

For cash rich investors looking for good rental returns, there are potentially some good buys in these auctions, if the properties sell for around their maximum reserves and you’re looking at the properties as long term investments. But judging from some of the sale prices in the last auction, a lot of people seemed to get carried away with themselves. Property prices still have a long way to fall in Ireland imo, particularly outside of Dublin.

A uk company selling Irish property what happened to buy Irish they have been telling us to do. Do we not have any Irish auctioneers over here that could do the same job î

Let the madness begin… Property obsessed Ireland alive and well

Not to nitpick, but I think Prussia St is in Dublin 7, not 8 :)

Dermot
Tell me
How would you like ”HBOS and CO” selling the house next door to yours
at a ”distressed” auction
to an amateur slum landlord
for a one fifth of the mortgage balance
that you took out with ”HBOS and CO”
on interest only
just a couple of years ago???

Why isn’t this being run by NAMA? I thought that this should be their job?

Oh I’m very sorry

Wrong forum!!

This must be the HBOS, IDIOT BANKS AND BUY MY NEIGHBOR’S HOUSE FOR A POUND FAN CLUB one!!!

Thanks for your votes anyway guys.

Typical

Hire in British Firesale Specialist Mercenaries to throw Irish people out of their homes for the sake of Bank of Scotland Ireland, Halifax , The HBOS/Lyods Group and their owners The British Government!!!

HBOS and Co messed up here!!

Should they not be made clean up their mess with some integrity accountability and respect?

Dermot

Please post the factual evidence that proves these properties are not peoples homes.

Re Hello Spruiker’s earlier comments:

Who are Space Auctioneers?
How come we never heard of hem during the boom years?
And how come the Shelbourne Auctions I went to were mainly staffed by Allsops Employees?

Space were only set up in c.2009. They are a small one office estate agent. They approached Allsop as they did not have the size or experience to conduct the auction themselves. They wanted a British firm that was untarnished by the celtic tiger, had the requisite auction expertise, and were trusted by Lloyds/HBOS.

Space are a much smaller firm than Allsop, they wouldn’t be able to staff the auction on their own. Space are providing the local knowledge, Allsop are providing the man power, brand, and auction expertise.

None of the solely Irish based firms would have been able to create this due to a whole host of reasons.

1. Lack of experience in such auctions.
2. Affiliation/stigma with the Celtic Tiger.
3. Risk of upsetting clients.
4. Use of AMVs rather than disclosed reserves.
5. No access to international buyers – The Allsop results are underpinned by hundreds of international bids sourced the Allsop UK auctions.
6. BOSI/Certus are effectively run from London, therefore the London guys will prefer an operator they know and trust, the same would be true for an Irish Bank in the same situation.

Finally, if these properties were not auctioned off they would still have receivers appointed over them and would simply be sitting on the private treaty market waiting for people to carry on wondering where the bottom of the market may or may not be… Or until such time as the Irish government started disclosing completed houses prices of the land registry…..

Hope that covers sufficient ground for you!

Dermot

HBOS and Co dished up these loans on artificially inflated values.

Values they helped to artificially inflate.

Now they have shut shop and deserted their loyal Irish customers as they degrade the integrity of these peoples homes.

Should they not be held accountable for their irresponsible actions?