Home Owners
Are you a homeowner looking to sell your home but not getting the offers you want? Are you in a negative equity situation? Or, perhaps, you are facing repossession or have had your mortgage sold to a vulture fund? We can help in all of these cases and more.
Assisted Sales
If you are looking to sell your house but are not getting the offers you want and need, reach out to us today to see how we can help.
Our team has experience in taking properties that are not selling, using our refurbishment team to come in and make improvements to the property and helping you to achieve the asking price you are looking for. We will look to come in and make the right improvements that will increase the value of the property over and above the asking price and we take a share of the difference between the asking price you want and what it sells for.
Negative Equity
Hundreds of thousands of homeowners in Ireland found themselves in negative equity during the recession which meant their property was worth less than the mortgage they initially took out to buy it. Many homeowners in negative equity have been unable to sell their homes in recent years because the proceeds from any sale would not have cleared their mortgage. This forced many to stay in properties which they bought during the Noughties boom even if their circumstances had changed and they wished to move house.
Some of the banks in Ireland, AIB and Bank of Ireland, offer Negative Equity Mover mortgages which allow you to sell the house, and transfer the difference between what you sold the house for and what you owed on the house to a new mortgage. At Dunne Properties, we feel this is unfair. The property boom was driven mainly by the availability of credit by the banks and we feel they should share some of the pains of negative equity.
One of the advisers that we work with on a regular basis specializes in working with banks to get agreement to sell properties that are in negative equity and can get most, if not all, of the outstanding debt written off. This means you can effectively walk away from the property and not have to worry about owing any additional money.
Repossessions/Mortgage Loan sold to a Vulture Fund
Repossessions in Ireland are not common. According to an article in the Irish Times in March 2018, there were nearly 8,200 homes repossessed in Ireland since the property crash. The figure is small in the context of a 750,000-strong Irish mortgage market and in the context of a mortgage arrears problem that affected nearly 100,000 borrowers at its peak in 2013. Some 5,474 came through voluntary surrender while 2,700 came on foot of court orders.
What is more common in Ireland is the practice of banks selling what they call 'Non Performing Loans' to Vulture Funds. If your mortgage is sold to, or in the process of being sold to, a vulture fund, you should get in touch with us immediately. We have experience of dealing with these situations and can assist to deal with this situation.