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Mortgage repossessed house brought back from bank for brother

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.

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