ICSA call for all auctioneers to cease Vulture funds sales


ICSA - “Estate Agents and auctioneers need to come out publicly and state that they will not sell family farms, businesses or homes for vulture funds”.

ICSA call for all auctioneers to cease Vulture funds sales

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ICSA - “Estate Agents and auctioneers need to come out publicly and state that they will not sell family farms, businesses or homes for vulture funds”.

The Irish Cattle and Sheep Farmer’s Association (ICSA) have called on all auctioneers to cease the sale of distressed property for vulture funds.

That was the message from ICSA Rural Development chairman, Seamus Sherlock, who called on the Institute for Professional Auctioneers and Valuers (IPAV) to withdraw their services with regards to selling distressed properties to vulture funds and financial institutions. He said this should be the case until all avenues to reach a reasonable solution, for all parties, 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 on November 26th, as reported by us here, the site proceeded to withdraw contentious lots from its portfolio.

However, Mr Sherlock said that this meant that the problem has been moved onto other auction houses.

“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.” He said.

“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 reiterated.

Mr. Sherlock then continued by saying the recent protest in Dublin was followed by a “fresh wave” of landowners getting in contact with the organisation for help.

“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.” The ICSA Rural Development chairman said.

“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.” He concluded.

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