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Buying a Repossessed property
Posted:
Sun Apr 29, 2018 10:21 amby garyizme
HI
We are looking at repossessed properties. From peoples experience the these is the process just the same as buying normally from a resale point of view or are there any hidden costs I should be looking for except re connection of water and electricity and are the taxes the same? Thanks
Re: Buying a Repossessed property
Posted:
Sun Apr 29, 2018 10:49 amby jpeg
Do not forget that all debts are on the property, make sure you have a top class legal team working for you and not the seller
Re: Buying a Repossessed property
Posted:
Sun Apr 29, 2018 10:59 amby garyizme
jpeg wrote:Do not forget that all debts are on the property, make sure you have a top class legal team working for you and not the seller
Thanks, we used Abaco to sell our old house so will use them again
Re: Buying a Repossessed property
Posted:
Sun Apr 29, 2018 2:11 pmby scubydoo
If you are using a solicitor like that you should have no problem if the property is below market value the tax payable could end up being more when assessed by the tax people a good solicitor will normally inform you of this basically if you buy a property 50,000 euros less than market value they can come back and ask for 10% of this amount ie 5,000 euros the solicitor will know from a tax point of view the perceived value. So just keep a bit in reserve and they come for it pretty quick now!
Re: Buying a Repossessed property
Posted:
Sun Apr 29, 2018 2:17 pmby garyizme
scubydoo wrote:If you are using a solicitor like that you should have no problem if the property is below market value the tax payable could end up being more when assessed by the tax people a good solicitor will normally inform you of this basically if you buy a property 50,000 euros less than market value they can come back and ask for 10% of this amount ie 5,000 euros the solicitor will know from a tax point of view the perceived value. So just keep a bit in reserve and they come for it pretty quick now!
