Monday, 21 July 2014

REA South East Auction Disrupted by Land League.

Last Friday’s REA’s Regional Auction held in Dooley’s Hotel in Waterford on the 18th of July 2014
took an unexpected twist when members of the land league objected to the properties being offered for sale. The auctioneer appointed to sell the lots, Harry Sothern, engaged with the protesters and asked them which specific properties had they a problem being offered for sale. Solicitor, John Foley, Bagenalstown, challenged the protesters, as he was acting for vendors of a pub in Graiguenamanagh, which was not a repossessed property.

After some exchanges, the protesters agreed that they would not object to any property being offered for auction, unless a former owner objected from the floor of that property being offered for sale.

Mr. Sothern agreed to commence the auction and ask the floor first if there were any objections to the property being sold.

He proceeded to offer each lot without any objection being raised from the floor, and the auction proceeded smoothly from there on. Mr. Sothern indicated that the REA group are very careful about the properties that they take in for sale, and avoid contentious repossessions. He went on to say that many former owners of repossessed properties are keen to have finality which requires repossessed property to be sold.  Many of the repossessed properties are buy to lets and part of a portfolio held by individuals that can no longer afford to service the repayments, or in many cases, even interest only.

In order for the market to return to something approaching normality, all of these properties must be sold. Harry Sothern is MD of REA Sothern, 37 Dublin Street, Carlow.