Buying a house in Negative Equity

2013Lara

Congrats Iguana, great news enjoy the moving in celebrations and the decorating!!

Were still waiting, completely fed up. Vendors solicitor has given us the contact details of their person in ebs and are open to me contacting her but I'm in 2 minds as to what to do. I'm not sure who decided it would be something worth doing- the vendor or I'm thinking maybe the person in the bank. I have threatened the papers and a complaint against ebs with the central bank and I'm ready to do this if it comes to it. We are 15 months in now and living in the house a year. If I lose the house, I will have no work as I work from home and have built myself up in the year. We're finally doing well for ourselves, but I'm just waiting for it to all come crashing down.

HouseHunter13

great news iguana, delighted for you!

wishing you the best in your new home

HouseHunter13

2013Lara wrote: »

Were still waiting, completely fed up. Vendors solicitor has given us the contact details of their person in ebs and are open to me contacting her but I'm in 2 minds as to what to do. I'm not sure who decided it would be something worth doing- the vendor or I'm thinking maybe the person in the bank. I have threatened the papers and a complaint against ebs with the central bank and I'm ready to do this if it comes to it. We are 15 months in now and living in the house a year. If I lose the house, I will have no work as I work from home and have built myself up in the year. We're finally doing well for ourselves, but I'm just waiting for it to all come crashing down.

is it possible the bank want you to pull out? - the vendor wants to walk away and is happy with the conditions and you want to close, its hard to figure out what the problem is.

I'd make it loud and clear that you would have to be forcefully removed with a media circus to go with it, maybe the hassle and threat of that may push it through. Its amazing situation because there is nowhere to turn to for advice as its probably never been a situation like this before.

..........................

my own mess continues, I have not been able to confirm contracts were signed in over 2 weeks since they were to be issued. its just an absolute shambles...

HouseHunter13

missjuly wrote: »

Apparently the bank has made a decision on how the vendor can repay some of the debts (think they had a separate loan out against the house) . The vendors solicitors got word of this last week but they don't know the terms the bank has set out and apparently are waiting on a letter from bank stating this and if the vendors agree its green light. ...but im afraid they have already seen the terms and don't agree I mean if bank made decision last week would they not have sent letter by now. Anyway what im wondering is has anyone else been at this stage am I still in for a wait....cracking up!! If anyone has any info would be much appreciated!

you seem to be doing well on the timeframe you mentioned to get as far as you have but as for how long more is anyones guess, like how long is a piece of string...

hope it works out for you, keep us posted

missjuly

HouseHunter13 wrote: »

you seem to be doing well on the timeframe you mentioned to get as far as you have but as for how long more is anyones guess, like how long is a piece of string...

hope it works out for you, keep us posted

Thanks! Yeah things seem to be moving thank god! They vendors signed the agreement with the bank on their repayments as far as I know. So they have to send that back to bank then an official letter of consent will be issued-I thought the vendors signing the letter was the consent as such. The vendor's solicitor wants us to sign contracts in the mean time to get things going on the "conveyancing" side of things. My solicitors was saying he could put a clause in if consent isn't in with a month that our deposit would be paid back and contract void?! Has anyone else done anything like this? Is there any harm in signing contracts? Also any of you who have bought a house before did you have a copy of contract so you could read through it before going into sign? Would it be a good thing to ask for or am I totally over thinking this. Opinions would be much appreciated!

lukesmom

missjuly wrote: »

Thanks! Yeah things seem to be moving thank god! They vendors signed the agreement with the bank on their repayments as far as I know. So they have to send that back to bank then an official letter of consent will be issued-I thought the vendors signing the letter was the consent as such. The vendor's solicitor wants us to sign contracts in the mean time to get things going on the "conveyancing" side of things. My solicitors was saying he could put a clause in if consent isn't in with a month that our deposit would be paid back and contract void?! Has anyone else done anything like this? Is there any harm in signing contracts? Also any of you who have bought a house before did you have a copy of contract so you could read through it before going into sign? Would it be a good thing to ask for or am I totally over thinking this. Opinions would be much appreciated!

When we went into sign a few months ago I took about 5/10 minutes to read the contract and noticed they had the address wrong! So had to have them done up again with the correct address. And of course I took my time to read over the new contract the day we signed.

HouseHunter13

missjuly wrote: »

Thanks! Yeah things seem to be moving thank god! They vendors signed the agreement with the bank on their repayments as far as I know. So they have to send that back to bank then an official letter of consent will be issued-I thought the vendors signing the letter was the consent as such. The vendor's solicitor wants us to sign contracts in the mean time to get things going on the "conveyancing" side of things. My solicitors was saying he could put a clause in if consent isn't in with a month that our deposit would be paid back and contract void?! Has anyone else done anything like this? Is there any harm in signing contracts? Also any of you who have bought a house before did you have a copy of contract so you could read through it before going into sign? Would it be a good thing to ask for or am I totally over thinking this. Opinions would be much appreciated!

this is in your interests. it just means you can pull out after this date without loosing your deposit even though a contract is signed just in case there are unforeseen delays. you don't have to activate this clause, its at your discretion.

missjuly

Wow they actually had the address wrong, will be reading the contract very carefully!

Yeah I understand the clause is in our interest! ! I was just thinking it could be messy if letter was delayed and we did activate clause refunding deposits and all that. I was thinking maybe we should just wait till the actual letter is in to sign contracts. But in reality we have been waiting five months nearly six and we do want it and will sign contracts and get the ball rolling on the conveyancing side of thing's-have no idea what that actually involves. Please god the confirmation letter will come quick. Think I'm just being over cautious because we have been waiting so long. Thanks for the replys :-)

riclad

Read the contract,
make sure your name is spelled right,
the address is correct ,
the dates are correct .
People make mistakes when typing from document to document .
A standard contract to buy is only 1 or 2 , pages long.

Don,t just sign it,without reading it.
banks have been known to make mistakes.

gmisk

http://www.myhome.ie/residential/brochure/5-woodfield-avenue-inchicore-dublin-8/2164008 (link fixed)

Good luck whoever buys this place!!!!!!!!!....(if they manage to!)
I was treated appallingly by the owner and strung along for over a year sale agreed on it...then my solicitor received a one line fax saying it was off the market...now its back on the market for a full 60k more than I was sale agreed at.

I am done with buying and Dublin for the next few years at least...things are gonna go boom again...only a matter of time.

If not I will move to somewhere else in the country where my budget will get me a decent house.

2013Lara

gmisk wrote: »

http://www.myhome.ie/residential/brochu ... -8/2164008

Good luck whoever buys this place!!!!!!!!!....(if they manage to!)
I was treated appallingly by the owner and strung along for over a year sale agreed on it...then my solicitor received a one line fax saiying it was off the market...now its back on the market for a full 60k more than I was sale agreed at.

I am done with buying and Dublin for the next few years at least...things are gonna go boom again...only a matter of time.

If not I will move to somewhere else in the country where my budget will get me a decent house.

Oh my god I'm so angry for ya Gmisk! Wouldn't ya feel like standing outside warning everyone off at the viewings. Your right though, prices have gone up too quick, it will all collapse again and you'll be ready waiting with even more savings.

TheDriver

when I see what mortgage I can get and we both have good public service jobs, I don't know how people are coming up with the cash to buy houses in Dublin...............

HouseHunter13

gmisk wrote: »

http://www.myhome.ie/residential/brochu ... -8/2164008

Good luck whoever buys this place!!!!!!!!!....(if they manage to!)
I was treated appallingly by the owner and strung along for over a year sale agreed on it...then my solicitor received a one line fax saying it was off the market...now its back on the market for a full 60k more than I was sale agreed at.

I am done with buying and Dublin for the next few years at least...things are gonna go boom again...only a matter of time.

If not I will move to somewhere else in the country where my budget will get me a decent house.

house has been removed from the link, fair play for posting it up. I know its not out of spite (which would be totally acceptable seeing how you were treated) but to warn others off it and spare them the cost and stress and upset you experienced.

if its put back up on myhome I'd give it its own thread and keep bumping it!

gmisk

http://www.myhome.ie/residential/brochure/5-woodfield-avenue-inchicore-dublin-8/2164008
I did something dodgy with the link when I posted but corrected....it is still there and for sale!

2013Lara - Hopefully a person would have the good sense to at least google a place before they buy it...they might see this!

I don't want to waste any more time or effort on it to be honest.

HouseHunter13

gmisk wrote: »

http://www.myhome.ie/residential/brochure/5-woodfield-avenue-inchicore-dublin-8/2164008
I did something dodgy with the link when I posted but corrected....it is still there and for sale!

2013Lara - Hopefully a person would have the good sense to at least google a place before they buy it...they might see this!

I don't want to waste any more time or effort on it to be honest.

is it the same EA's selling it?

gmisk

HouseHunter13 wrote: »

is it the same EA's selling it?

But of course!

HouseHunter13

gmisk wrote: »

But of course!

unreal...

I'm sure they'll disclose the NE situation to potential buyers

I'm genuinely angry for you here

gmisk

HouseHunter13 wrote: »

unreal...

I'm sure they'll disclose the NE situation to potential buyers

I'm genuinely angry for you here

"I'm sure they'll disclose the NE situation to potential buyers" ...Oh I am sure they will......I was told it was all in hand when I went sale agreed.................

To be honest I am angry with myself, I passed up other good opportunities to buy while being strung along for a year sale agreed on this place :mad:

The market has now shifted no doubt about it, and I really dont see anything I want to buy in my range....so I will continue to rent for the next while, and continue to save when I can...I am pretty sure prices will crash again but might be years.

gmisk

TheDriver wrote: »

when I see what mortgage I can get and we both have good public service jobs, I don't know how people are coming up with the cash to buy houses in Dublin...............

Bank robberies? Rich parents?
I can relate honestly!

HouseHunter13

gmisk wrote: »

"I'm sure they'll disclose the NE situation to potential buyers" ...Oh I am sure they will......I was told it was all in hand when I went sale agreed.................

To be honest I am angry with myself, I passed up other good opportunities to buy while being strung along for a year sale agreed on this place :mad:

The market has now shifted no doubt about it, and I really dont see anything I want to buy in my range....so I will continue to rent for the next while, and continue to save when I can...I am pretty sure prices will crash again but might be years.

I know the feeling believe me...

on the other hand apparently I'm still in with a shout in closing mine if the EA is to be believed but I'm not holding my breath, I'm also priced out now so might as well see it out at this stage.

coll30

It's disgraceful to be treated like this they have no regard for the buyer at all I was given a closing date of 12th September only to be told the day before that the husband hadent signed the contracts. I was then told on the 15 th September that the house was being put back on the market because they wanted more money as after 7 months it had gone up in value . I now think they only used me to have a buyer in place in order for negative equity to be sorted.

2013Lara

coll30 wrote: »

It's disgraceful to be treated like this they have no regard for the buyer at all I was given a closing date of 12th September only to be told the day before that the husband hadent signed the contracts. I was then told on the 15 th September that the house was being put back on the market because they wanted more money as after 7 months it had gone up in value . I now think they only used me to have a buyer in place in order for negative equity to be sorted.

Sorry to hear that. It's a terrible situation to be in. No protection for the buyer at all. I'd safely say my vendor would do the same if we weren't living in the house.

HouseHunter13

coll30 wrote: »

It's disgraceful to be treated like this they have no regard for the buyer at all I was given a closing date of 12th September only to be told the day before that the husband hadent signed the contracts. I was then told on the 15 th September that the house was being put back on the market because they wanted more money as after 7 months it had gone up in value . I now think they only used me to have a buyer in place in order for negative equity to be sorted.

I'm really sorry to hear it didn't happen for you. Its hard to believe after 7 months its perfect legal to do this.

Just another warning to people to keep away from these sales.

riclad

I presume you are in dublin ,where prices have gone up,
i don,t see much sign of price rises in rural area,s .

TheDriver

riclad wrote: »

I presume you are in dublin ,where prices have gone up,
i don,t see much sign of price rises in rural area,s .

even if the EAs keep harping on about it............with little or no evidence. Most don't even know how to price a house these days because there is so little sales except in 3 bed semi sector.
Seems like the best advice is to walk away after 2 months if its nothing but lies and shadows.......

coll30

I was buying in co meath I think the seller I will only get 1 or 2 thousand more than I was offering but I refuse after being sale agreed for so long to give any more. I've been looking around dublin and there's so many people going to view and bidding on each property it seems like it's going to be impossible to get anywhere

HouseHunter13

coll30 wrote: »

I was buying in co meath I think the seller I will only get 1 or 2 thousand more than I was offering but I refuse after being sale agreed for so long to give any more. I've been looking around dublin and there's so many people going to view and bidding on each property it seems like it's going to be impossible to get anywhere

its disheartening alright.

The NE must not be that much if he is looking for more money. The bank would have assessed him and agreed how much he needs to pay back, that's my reading of these situations anyways?

If he is getting a write down it will make little difference to him as the money goes to the bank and he still has to pay back what was agreed regardless. Unless he wanted the extra money in a brown envelope by any chance?!?!

Brego888

I just got the keys to my apartment in South county dublin last week. Negative equity sale. Started bidding in late April and closed 5 months later. Slow process but it can be done. Reading this thread I suppose I got lucky.

Locoladee

Hi all,
I'm buying in Louth, have been sale agreed on this one since late April. Discovered it was in NE in June, eventually got good news in mid-August, vendor's solicitor said they had received deeds from bank (is this what happens?) and that I would have contracts in 7 days. Almost 6 weeks later, not one word from the vendor's solicitor. I got fed up watching the post every day so eventually rang my solicitor's office last week, (after waiting 5 weeks). She called me back on Monday and told me that the vendor's solicitor is not responding to her calls or emails. She said his secretary has various excuses, 'he's in court today', 'he's with a client at the minute', etc. I begged her to ring me AS SOON as she hears from him and she promised to call him every day until he answers but havn't heard anything yet, 2 days later. I know I am probably wrecking my solicitor's head but I am 6 months in now and it is all getting very suspicious. I went to the estate agent back in early August to say that I was losing patience and all of a sudden I got word that I would have contracts soon. Now I'm thinking they were just trying to keep me on the hook a little longer. Why won't he answer calls? I mean just tell me already so I can get my deposit back and look elsewhere.
And prices in rural areas are definitely on the rise also. Houses in my estate sold last year for €30k less than they are selling now. I have noticed a huge increase since I started looking this time last year.
Delighted for those of you who have gotten good news after so many months waiting. I don't think I will be sticking this one out for very much longer. This is my second house in 12 months, first one fell through so in all I have wasted 10 months between the two of them and I am so fed up trying to be patient!

leinster93

@localadee We were in a similar position 6 months ago. We phoned the estate agent and arranged to view two similar properties. Low and behold the contracts were received the following day for us to sign. Two weeks away from being sale agreed 12 months ago. Still no house yet but we know it is just a few days away.