Auctioneers have been called on to withdraw their services from financial institutions and vulture funds seeking to sell distressed property.
The Irish Cattle and Sheep Farmers’ Association (ICSA) said the Institute for Professional Auctioneers and Valuers (IPAV) should withhold their services until all other avenues are explored.
ICSA rural development chair Seamus Sherlock said: “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.”
ICSA recently held a protest against the sale of distressed family farms outside the offices of BidX1, an online property trading platform. Prior to the protest BIDX1 committed to ceasing the sale of agricultural land until there was an agreed framework in place between all involved parties.
However, Sherlock said: “The problem has merely moved. 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.”
He said that following the protest a fresh wave of landowners had sought ICSA’s help. He said they felt aggrieved in the manner in which institutions had sold off their loans.
Sherlock concluded by saying: “It’s time auctioneers and 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.”
Permanent policy not a knee-jerk reaction needed on vulture sales – ICSA