# Buying a Repossesed House



## Mayflower44 (Jul 27, 2012)

We are trying to buy a house which is for sale through a regional court. Can anyone tell me if it is normal to have to wait weeks for a court date to be arranged? And if it is, what is the average time one has to wait? We have been waiting a month and no-one seems to be able to tell us when we can expect a date to be arranged.


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## Janina k (Nov 30, 2011)

*Reply*

Hello Mayflower44

Quite a while ago Fred really fell for a house again it was like yours and before we started to do the whole court route asked at a couple of local bars.

The reply we got was that is we wanted to be accepted by the locals we should keep away from the house we Fred wanted. Asking why we where told that the couple had been given the house by a family member who was going abroad. There where debts on the house and the couple both lost there jobs. Before long the lender/ bank wanted the debts paid to cut a long story short they walked away from the house.

Now because the couple where local and still live in the village the house was in we where warned off. Fred was told that life would not be made easy if we went ahead. The couple were very popular and had many relatives still living in the village.

What would have happened maybe nothing if we got the house but who knows. We found are dream home weeks later but proceed with care find out what the locals think. But good luck.

Krystyna


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## Mayflower44 (Jul 27, 2012)

Janina k said:


> Hello Mayflower44
> 
> Quite a while ago Fred really fell for a house again it was like yours and before we started to do the whole court route asked at a couple of local bars.
> 
> ...


Hi, we heard a similar story, but in this case the owner of the house is not very local and it was a weekend home only, so I don't think it would apply in this case. At least I hope not!!


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## canoeman (Mar 3, 2011)

First thing to check is it 100% of property for sale or just a fraction or a share of property, this is not always clear. 
If it's going through a Court it can take forever.

Who is actually selling it?


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## Mayflower44 (Jul 27, 2012)

canoeman said:


> First thing to check is it 100% of property for sale or just a fraction or a share of property, this is not always clear.
> If it's going through a Court it can take forever.
> 
> Who is actually selling it?


The courts are selling and we had a solicitor check out the details. He is going with us to make sure all is done properly. We are just waiting for a court date.


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## canoeman (Mar 3, 2011)

It's unlikely to be the Court, it'll be a Bank or Lender who's instigated a re-possession, I think it's only Financas that can sell directly once due steps are taken.

Your Solicitor can check who it actually is through the Conservatoria as a "Penhora Sobre" or similar would have been Registered on property registration.


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## Mayflower44 (Jul 27, 2012)

canoeman said:


> It's unlikely to be the Court, it'll be a Bank or Lender who's instigated a re-possession, I think it's only Financas that can sell directly once due steps are taken.
> 
> Your Solicitor can check who it actually is through the Conservatoria as a "Penhora Sobre" or similar would have been Registered on property registration.


Probably it is the Financas selling but it involves a court session of some sort we are told by our mediator. the solicitor checked that it is all legally acceptable.


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## canoeman (Mar 3, 2011)

Think I'd pin your mediator and Solicitor down to some very straight answers, ask to see a copy of Registration at Conservatoria showing who has instigated action, and exactly on what.

In this sort of purchase you really need to know as much as possible and not rely on probably and legally acceptable.


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## paramonte (Sep 9, 2007)

and make sure the house is not rented because rent contracts will still be valid after the purchase


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## Fredh (Jun 30, 2011)

*Reposessed houses*

Reading your thread was very intereseting as I would like to buy a house here in Portugal. I looked at a few through real estate agencies but did not think until your thread about repossessed houses. Who sells repossessed houses? Are they advertised anywhere? How can I find out if there are repossessed houses in the area I want to buy? I heard about auctions as well. Where are they held? Who organises them, how do we find out about them? 
Thanks 
Fred


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## Mayflower44 (Jul 27, 2012)

Fredh said:


> Reading your thread was very intereseting as I would like to buy a house here in Portugal. I looked at a few through real estate agencies but did not think until your thread about repossessed houses. Who sells repossessed houses? Are they advertised anywhere? How can I find out if there are repossessed houses in the area I want to buy? I heard about actions as well. Can any one give me more details?
> Thanks
> Fred


We found ours on a normal site, but did not know it was repossessed until we contacted the selling agent. There are some specific websites covering the Algarve area but none I know of in other regions. Repossessed houses are sold often through the local Financia and it may be worth contacting the banks in the area you want to buy, as I believe they often have lists of repossessed houses. 

A local advogado may also know of repossessed houses as they have a lot of local knowledge and there is website which lists bankruptcy stock for sale including properties. Some knowledge of Portuguese is needed to wade through these enormous lists. I have forgotten the website address but a Portuguese advogado would probably know of it.

Actually we are still waiting for the court to actually get round to selling us the house we are waiting for and this was an unexpected problem. We are told there is no way to get the court moving at a faster speed!


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## canoeman (Mar 3, 2011)

Most Banks sell repossessed property through nominated estate agents, best to contact in areas your interested in property.
Finanacas has it's own page :::: AT : VENDAS DE BENS PENHORADOS :::: 
CasaSapo has a section, with the sometimes minefield of ownership personally I wouldn't risk auction sites here, information here Imóveis da banca - Casa.Sapo.pt - Portal Nacional de Imobiliário


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## paramonte (Sep 9, 2007)

If you have a fiscal number you can enter financas.pt and join the mailing list for the repossessed houses, or see them all in the listing. Banks also have dont know the site


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## canoeman (Mar 3, 2011)

This is just one of Millennium banks offers imoveis


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## JohnBoy (Oct 25, 2009)

Sorry for the short notice but I have just received information of a Millennium Bank auction at their branch in Lousā at 5.30pm on Friday 2nd November.

The properties are:

1. A T2 duplex in Lousā starting at €39,000.

2. A V4 town house in Vilarinho, Lousā starting at €69,000.

3. A V2 dwelling for renovation 5kms from the centre of Miranda do Corvo starting at €10,000.

The bank is at Praça Cândido dos Reis, Nº 2A, 3200-209 LOUSÃ. Tel: 239 008 750

GPS co-ordinates

N 40º 6' 37'',W 8º 14' 47''
40.110436,-8.246505

Posted for the benefit of anyone on a property hunt in the area at the moment.


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## JohnBoy (Oct 25, 2009)

Future Millennium auctions in November are:

8th Setúbal
12th Estarreja
13th Ericeira
14th Lisbon
15th Condeixa-A-Nova
16th Mação 
19th Coimbra
20th Lisbon
21st Pinhal Novo
23rd Lisbon
27th Lisbon
28th Lisbon
29th Samora Correia

All start at 5.30 pm.


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