Where should I go from here?

Sofiztikated

Hi all.

I have come up against a wall, and I'm not sure where to go from here.

Basically, myself and my fiancee are looking at buying a house. We have gone through the mortgage application process, to see if we could get approved, and we have. We have been approved for €105k, based on a house price of €120k.

We are looking as a specific property, which was advertised as €120k. (Which is why we went for that amount)

Now, I don't plan to draw down the full €105k, I would like to get the house for less than the €120k.

I have contacted the EA on viewing the house, informed them of our interest, I have even put in an offer, albeit of €90k, to draw the EA into dealing with us.

However, the EA just replied, "Nope, €120k, reduced to this price on orders of the recievers"

The estate that we are looking, the original builder went to the wall, it was taken over by a receiver, finished, and sold.

Where or what should I do from here?

stevoman

Sofiztikated wrote: »

Hi all.

I have come up against a wall, and I'm not sure where to go from here.

Basically, myself and my fiancee are looking at buying a house. We have gone through the mortgage application process, to see if we could get approved, and we have. We have been approved for €105k, based on a house price of €120k.

We are looking as a specific property, which was advertised as €120k. (Which is why we went for that amount)

Now, I don't plan to draw down the full €105k, I would like to get the house for less than the €120k.

I have contacted the EA on viewing the house, informed them of our interest, I have even put in an offer, albeit of €90k, to draw the EA into dealing with us.

However, the EA just replied, "Nope, €120k, reduced to this price on orders of the recievers"

The estate that we are looking, the original builder went to the wall, it was taken over by a receiver, finished, and sold.

Where or what should I do from here?

be clear that your willing to buy for a little less than that and walk away. even tell them you can only get mortgage for say 110k. let them mull it over. remember that theres no money in the country and no buyers about. the balls in your court!

Sofiztikated

I know that, but I don't know how to get her to even start dealing with me, I put in the offer, and it was just a case of, "No, this is the price. Kthnxbye"

I don't want to raise my offer without her even budging a bit first.

JuliusCaesar

I find this a bit strange. The receiver knows that a house is only worth what people are prepared to pay for it. His idea surely would be to get in as much money as possible, as soon as possible. Maybe you could ask a friend to phone the Estate Agent and make enquiries, or contact the receiver directly. Maybe he set it as a minimum acceptable price, just as a homeowner might.

The receiver may find that not enough people will spend 120K, and he'll have to review his instructions to the EA.

Sofiztikated

Thanks JC, I think thats the instructions given to the EA, alright. Minimum acceptable price.

So how would I find out who the receiver is, or should I just reply back to them something along the lines of

"Well its a shame you would turn away a sale, without even trying to "Sell" it to me."

Which I bloody find it is. Here's a person willing to purchase, and they can't even be bothered to try!

JuliusCaesar

I think maybe you should put your offer in writing and *insist* that they pass it on. After all, they're not doing their job if they are not passing offers on to the seller.

Maybe someone else here or on the Legal forum knows how to find out who the receiver is?

Senna

How are you dealing with the EA? if its through letters or emails it's going to be a lot harder to seem like a genuine buyer. You MUST meet with them face to face, you can give them an offer in writing when you're talking to them, but dont expect to get anything done via email.
An EA will find it a lot harder to say a blank "NO" if your standing infront of them, the answer may still be no, but you can alway put more presure on them in person.

As for the house, is there more than one, do you know have any sold? if there is more than one and their not being sold the liquidator will review the price after a set time frame. The liquidator may not be able to take less than 120k if that price has only be advertised for a short period of time, i.e. 1/2 months. But if they're not sell, the prices will drop.

Sofiztikated

Hi Senna

Yes, I'm communicating via email. Both myself and the house is in Cavan, the EA is in Sligo.

The houses have been on the market at that price for some time, you may remember about a year ago there was a thing about the houses in Cavan that was being sold off a la Fire Sale. Well, its still one of those.

I first contacted the EA in September, general enquiry more so than anything, and was told it was available then. Out of curiosity, got herself to contact them in November, to see if it was still available, well the one she originally told me was available wasn't, but there was another one available.

We applied for a mortgage then, and got told a few days before christmas that we were approved.

I've been doing most of the viewing of the house through the builder that happens to be on site, but as far as I know, they're nearly finished now.

JuliusCaesar

Sofiztikated wrote: »

So how would I find out who the receiver is,

Google the name of the developer....I was told

Sofiztikated

Right, I've found who the receiver is, found it on a different property site, so now...?

Senna

The receiver cant just sell at any price, they have to show diligence in achieving the best price.
If i really really wanted the house, i'd contact the receive and tell them you are interest in putting in an offer, but below their current price. Then put it in writing and ask for your offer to be considered should the house not sell at the current rate.
Its also likely that the receiver wont even talk to you and just direct you to the EA, but its worth a try.