Monday, July 30, 2012 - Posted by Philip Harvey
In what is thought to be the first time a family has bought back a
repossessed property. The house having been repossessed by the bank was
put forward to auction. The sister put forward an emotional plea at the
auction room and advised all interested parties that she was attempting
to buy back the property for her family. She also added that the
property was partly on land owned by her father, preventing full access
to the road should another bidder be successful. The property was
secured for 76,000 euros which was a fraction its price before the Irish
property crash in 2008.
In Ireland, the sale of a property to a relative of the previous owner would have to be agreed to by the lender.