ICSA CALLS FOR ALL AUCTIONEERS TO CEASE THE SALE OF DISTRESSED PROPERTY FOR VULTURE FUNDS

11 DECEMBER 2018

ICSA rural development chairman Seamus Sherlock has called on the Institute for Professional Auctioneers and Valuers (IPAV) to withdraw their services with regard to selling distressed property for financial institutions and vulture funds until all avenues to reach a reasonable solution have been explored. “Estate agents and auctioneers need to come out publicly and state that they will not sell family farms, businesses or homes for vulture funds while meaningful engagement is taking place,” said Mr Sherlock.

As a result of ICSA’s recent protest at the offices of online property trading platform BidX1, the site acceded to withdrawing contentious lots from its portfolio. However Mr Sherlock said, “The problem has merely moved in that other auction houses have taken up the mantle and continue to act on the instructions of vulture funds. This needs to stop. The last thing struggling families need is the threat of losing their home while they are trying to deal with their obligations to lenders.”

Continuing Mr Sherlock said, “In the aftermath of our protest at BidX1 a fresh wave of landowners have looked to ICSA for help and support. All feel aggrieved at the way their loans have been sold off by the same institutions who had made large profits off the back of farm investment. Many are faced with losing everything and the possibility of standoffs where families feel they have been mistreated is high. It’s time auctioneers & solicitors stand with the people and refuse to aid vultures in their quest for a quick profit. ICSA’s stance has always been mediation not confrontation. We will continue to seek outcomes that are palatable to all.”

ENDS