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House selling fees

  • 12-05-2013 9:39am
    #1
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭


    I am in the process of selling my house. If I sell the house for €115,000 do the bank take the full €115,000 and I pay the solicitor and estate agent fees or do the fees get taken from the €115,000 and the bank get the rest. I am selling for a loss so just wondering if I have extra expenses after selling.


Comments

  • #2
    GerardKeating
    Registered Users, Registered Users 2 Posts: 7,806 ✭✭✭GerardKeating


    BlackEdelweiss wrote: »
    I am in the process of selling my house. If I sell the house for €115,000 do the bank take the full €115,000 and I pay the solicitor and estate agent fees or do the fees get taken from the €115,000 and the bank get the rest. I am selling for a loss so just wondering if I have extra expenses after selling.

    They bank take the full value of the outstanding mortgage, plus any fees/changes for closing the loan early

    If you are in negative equity, you might still owe them money after the sale.


  • #3
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭BlackEdelweiss


    GerardKeating wrote: »
    They bank take the full value of the outstanding mortgage, plus any fees/changes for closing the loan early

    If you are in negative equity, you might still owe them money after the sale.

    I will still owe them money but I am trying to work out how much. Thanks for your reply but I am still not sure who pays the solicitor and estate agent. Do their fees come from the €115000 or do the bank take all that and I have to find the fees myself?


  • #4
    NinjaTruncs
    Registered Users, Registered Users 2 Posts: 2,528 ✭✭✭NinjaTruncs


    The bank will want the full sale price, you'll need to come up with the fees out of your own pocket.

    However depending on the amount outstanding the bank may be willing to add the fees onto the outstanding balance, but you will need to discuss that with them.

    4.3kWp South facing PV System. South Dublin



  • #5
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭BlackEdelweiss


    I think we will be left with a shortfall of about E115,000. I cant afford to pay any fees on top of it. If I pull out of the sale now do I still owe anybody any fees? I have not signed anything yet and the buyer is starting to be difficult about a few things.


  • #6
    blueythebear
    Registered Users, Registered Users 2 Posts: 1,074 ✭✭✭blueythebear


    BlackEdelweiss wrote: »
    I think we will be left with a shortfall of about E115,000. I cant afford to pay any fees on top of it. If I pull out of the sale now do I still owe anybody any fees? I have not signed anything yet and the buyer is starting to be difficult about a few things.


    In the normal course of events, your bank will allow you to deduct reasonable costs for solicitors and estate agents. You need to discuss this with your bank as you would also need to get permission from the Bank to sell where there is a mortgage. I presume that you have already done so. As has been mentioned above, you will still be liable for the shortfall.


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  • #7
    BlackEdelweiss
    Registered Users, Registered Users 2 Posts: 1,549 ✭✭✭BlackEdelweiss


    We have done all the talks with the bank etc and are arranging a loan to cover the shortfall but I thought all the fees would be deducted from the sale figure but then I heard I might have to pay these separately. With regard to pulling out of the sale do I still have to pay legal and real estate fees? If so are solicitors etc flexible about payment plans for fees or do they want it all in one go?


  • #8
    blueythebear
    Registered Users, Registered Users 2 Posts: 1,074 ✭✭✭blueythebear


    BlackEdelweiss wrote: »
    We have done all the talks with the bank etc and are arranging a loan to cover the shortfall but I thought all the fees would be deducted from the sale figure but then I heard I might have to pay these separately. With regard to pulling out of the sale do I still have to pay legal and real estate fees? If so are solicitors etc flexible about payment plans for fees or do they want it all in one go?

    If you pull out of the sale, you would still be liable to the Estate Agent and Solicitor. If you want to find out if your solicitor is flexible about fees, you'll have to contact them and ask. I would imagine that your solicitor would not be very amenable to being flexible unless you have a very good reason for pulling out of the sale...


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