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Buying a house in Negative Equity

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13567…17

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    #62
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    HouseHunter13 wrote: »
    No valuer has been out as far as I know but I haven't really been kept in the loop at all, its hard to know if you are being told the truth.

    I haven't sorted the renewal yet, leaving that with the broker to sort out, thank god I have one as its hard enough trying to make sense of what is going on.

    Well I keep my fingers crossed i'll log on next time to find you've closed the deal! :)

    I had a "drive by" valuation done on the house by someone apparently.....oh 5/6 months ago.....nothing since.


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    #63
    markuskon
    Registered Users Posts: 7 ✭markuskon


    HouseHunter13 wrote: »
    Anybody made any progress?

    still waiting here
    the latest and greates I have is that currently BoI is verifying if I can still buy the property for the priced sale agreed last August. Vendor's solicitor confirmed that theowner handed over all documents and payments and paers were passed to the bank to release the deeds. This is likely to happen within two weeks- fingers crossed. So stressed here and it refelcts both in personal and professional life.
    Hoping for the best best
    Will post when statsu has changed
    all the best for everybody who is in the same situation


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    #64
    lukesmom
    Registered Users Posts: 4,400 ✭✭✭lukesmom


    HouseHunter13 wrote: »
    Great to hear something positive!

    Was there any question of the current market value compared to the sale price you agreed after such a long time?

    No and that's what we were quite worried about!


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    #65
    rionn
    Registered Users Posts: 109 ✭✭rionn


    I haven't got any further ahead, been told that there was a dispute between bank and their solicitor regarding fee's and that this is now sorted and contracts should follow this I heard 2 weeks ago but nothing since..

    Is taking over my head lol cant think off much else:eek:

    Will keep u up 2 date of any development


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    #66
    lukesmom
    Registered Users Posts: 4,400 ✭✭✭lukesmom


    gmisk wrote: »
    Great to hear some movement for people...........I have had zero......mortgage application valid for 3 1/2 months more......

    Any hints or tips about tactics for moving along would be appreciated.

    I presume your onto your solicitor frequently?


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    #67
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    lukesmom wrote: »
    I presume your onto your solicitor frequently?
    I was and have been but she has sent multiple letters and we seem to be getting the same response from the vendors solicitors.

    Any hints or tips about what I could get them to be doing would be appreciated.


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    #68
    lukesmom
    Registered Users Posts: 4,400 ✭✭✭lukesmom


    gmisk wrote: »
    I was and have been but she has sent multiple letters and we seem to be getting the same response from the vendors solicitors.

    Any hints or tips about what I could get them to be doing would be appreciated.

    That's the thing though your solicitor is well versed in procedures of this kind I'm sure. It's just a long drawn out process and I know how frustrating it is. All you can do is keep on to her and hope that the vendor gets the ok from the bank soon. Fingers crossed for you.


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    #69
    Mr.McLovin
    Registered Users Posts: 470 ✭✭Mr.McLovin


    gmisk wrote: »
    I went sale agreed in February.

    You have passed the year mark? That is a horrendous amount of time to be waiting. Surely they can give you an answer either way and let you move on.


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    #70
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    Mr.McLovin wrote: »
    You have passed the year mark? That is a horrendous amount of time to be waiting. Surely they can give you an answer either way and let you move on.
    You would think so....
    I have 3 months left on this mortgage application....
    I know another person who is going through the purchasing process a month more than me as well....


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    #71
    facepockets
    Registered Users Posts: 14 ✭facepockets


    Hi All.
    Just to give a quick update. We have just got the keys of our house. The property we bought was in negative equity and our whole process took a long 6 and half months( we went sale agreed on 5th September 2013)

    The IBRC was the sellers bank and when they issued the letter of consent to say we could buy the house. The IBRC gave a time limit on when the sale was to be closed by. if we did not close by this date the sellers would have to get an extension on the letter of consent to buy which means further delays.

    The last week has been horrendous. We literally had to contact our bank and solicitor every day to get the funds paid and make sure we closed by the 1st of March.


    All i can say is just keep at the banks and your solicitors because that is what we did. I am sure they are glad not to hear from me anymore!


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    #72
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    facepockets wrote: »
    Hi All.
    Just to give a quick update. We have just got the keys of our house. The property we bought was in negative equity and our whole process took a long 6 and half months( we went sale agreed on 5th September 2013)

    The IBRC was the sellers bank and when they issued the letter of consent to say we could buy the house. The IBRC gave a time limit on when the sale was to be closed by. if we did not close by this date the sellers would have to get an extension on the letter of consent to buy which means further delays.

    The last week has been horrendous. We literally had to contact our bank and solicitor every day to get the funds paid and make sure we closed by the 1st of March.


    All i can say is just keep at the banks and your solicitors because that is what we did. I am sure they are glad not to hear from me anymore!

    Nice to see someone finally close on a sale. You did better than us, were almost 9 months in now. Well done and best of luck in your New home. Glad it worked out for you in the end! I'd say the relief is huge!


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    #73
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    2013Lara wrote: »
    Nice to see someone finally close on a sale. You did better than us, were almost 9 months in now. Well done and best of luck in your New home. Glad it worked out for you in the end! I'd say the relief is huge!
    Same as you Lara :mad:...but congrats on closing facepockets! :)
    Some good news!

    I think at this stage we could start a support group!


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    #74
    HouseHunter13
    Registered Users Posts: 109 ✭✭HouseHunter13


    facepockets wrote: »
    Hi All.
    Just to give a quick update. We have just got the keys of our house. The property we bought was in negative equity and our whole process took a long 6 and half months( we went sale agreed on 5th September 2013)

    The IBRC was the sellers bank and when they issued the letter of consent to say we could buy the house. The IBRC gave a time limit on when the sale was to be closed by. if we did not close by this date the sellers would have to get an extension on the letter of consent to buy which means further delays.

    The last week has been horrendous. We literally had to contact our bank and solicitor every day to get the funds paid and make sure we closed by the 1st of March.


    All i can say is just keep at the banks and your solicitors because that is what we did. I am sure they are glad not to hear from me anymore!

    delighted for you! gives me a little more hope too!

    best of luck in your home :)


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    #75
    rionn
    Registered Users Posts: 109 ✭✭rionn


    Thanks Facepockets for the update it gives me hope, Big Congrats on your new house!!


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    #76
    macnug
    Registered Users Posts: 619 ✭✭✭macnug


    facepockets wrote: »
    Hi All.
    Just to give a quick update. We have just got the keys of our house. The property we bought was in negative equity and our whole process took a long 6 and half months( we went sale agreed on 5th September 2013)

    The IBRC was the sellers bank and when they issued the letter of consent to say we could buy the house. The IBRC gave a time limit on when the sale was to be closed by. if we did not close by this date the sellers would have to get an extension on the letter of consent to buy which means further delays.

    The last week has been horrendous. We literally had to contact our bank and solicitor every day to get the funds paid and make sure we closed by the 1st of March.


    All i can say is just keep at the banks and your solicitors because that is what we did. I am sure they are glad not to hear from me anymore!

    Congrats facepockets, we first vieved the house in June, went sale agreed in August and still haven't got the contracts back yet. I think the solicitor is getting pissed off now with me emailing. I would never ever buy form a bank/nama ever again, it may seem like a bargain but its just not worth it at all.


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    #77
    lukesmom
    Registered Users Posts: 4,400 ✭✭✭lukesmom


    We went sale agreed last June! Signed the contracts last week 8 months later only to be told that there was a mistake with the address on the contract and they have to be amended and signed again. Feels like it's never ending it's actually laughable at this stage if it wasn't so serious.


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    #78
    leinster93
    Registered Users Posts: 306 ✭✭leinster93


    Just reading through the posts and empathise with all who are going through this crap. Myself and the missus signed contracts early january, 2014 after going sale agreed end of October, 2013. Vendor hasn't signed yet.
    Still haven't received the contracts from vendors solr....8 weeks after we signed. Feedback got is the bank delayed the release of the deeds initially and after we got the contracts to sign. We got some feedback last week that the vendor was still having issues with his bank.
    There is an outstanding amount of 50K by the vendor on the house. i feel out solicitor is gettin pissed off with me with all the emails asking him to keep hassling the vendors solr to find out whats going on... Even got on to the estate agent who was assured by vendor all would be in the post by last friday...
    Still nada... very frustrating. Have lined up another couple of houses to view over the next few days.


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    #79
    HouseHunter13
    Registered Users Posts: 109 ✭✭HouseHunter13


    Update on my case:

    Contracts arrived yesterday (36 weeks after sale agreed!) so a step in the right direction, although there is a clause in the contract is only viable for when/if the bank consent to sale.

    I'm still at the mercy of the banks decision but I do feel a little better today!


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    #80
    macnug
    Registered Users Posts: 619 ✭✭✭macnug


    Hopefully this will speed up NAMA sales.

    http://www.rte.ie/news/business/2014/0228/507420-nama-chairman/


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    #81
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    Latest from EA

    I spoke with my clients solicitor today. He said he has been in touch with AIB again but he is having no luck in making any progress with them. He said his client is eager to proceed and that the delay lies solely with the bank.

    Not really sure what I can do.....my Solicitor is recommending.....
    - Ask the vendors solicitor to issue contracts and to make them subject to AIB's consent.

    However this clause would need to have a cut off date....
    So I am effectively putting a deadline on the sale....



    Any advice would be really appreciated.....loathe to lose this house at this stage....


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    #82
    HouseHunter13
    Registered Users Posts: 109 ✭✭HouseHunter13


    gmisk wrote: »
    Latest from EA

    I spoke with my clients solicitor today. He said he has been in touch with AIB again but he is having no luck in making any progress with them. He said his client is eager to proceed and that the delay lies solely with the bank.

    Not really sure what I can do.....my Solicitor is recommending.....
    - Ask the vendors solicitor to issue contracts and to make them subject to AIB's consent.

    However this clause would need to have a cut off date....
    So I am effectively putting a deadline on the sale....



    Any advice would be really appreciated.....loathe to lose this house at this stage....

    That's exactly where I am now with contracts issued. The clause for the cut off date is at your discretion, you may hold on longer, its just a gentle nudge to help move things along which may have no effect on the pace of their decision at all but its definitely worth a shot!


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    #83
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    HouseHunter13 wrote: »
    That's exactly where I am now with contracts issued. The clause for the cut off date is at your discretion, you may hold on longer, its just a gentle nudge to help move things along which may have no effect on the pace of their decision at all but its definitely worth a shot!
    Glad to hear I am not on my own!

    Are you not worried about having to walk away if the date passes with no agreement?
    How much longer have you given them?
    Do you mind me asking how long you have been sale agreed etc?

    Thanks :)


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    #84
    HouseHunter13
    Registered Users Posts: 109 ✭✭HouseHunter13


    gmisk wrote: »
    Glad to hear I am not on my own!

    Are you not worried about having to walk away if the date passes with no agreement?
    How much longer have you given them?
    Do you mind me asking how long you have been sale agreed etc?

    Thanks :)

    Worried? - my stomach is in knots to be honest, I'm afraid they will look for more money for the house which I don't have tbh.

    The clause we have inserted is for the end of March, it just means after signing a contract you are allowed walk away and get your deposit back. I have no idea will it have the desired effect but anything is worth a go at this stage.

    Sale agreed on the 22nd of June. The NE is with PTSB.

    Get the contracts sorted with their solicitor is the only thing you can do for the time being, just be ready to go and keep the fingers crossed!


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    #85
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    HouseHunter13 wrote: »
    Worried? - my stomach is in knots to be honest, I'm afraid they will look for more money for the house which I don't have tbh.

    The clause we have inserted is for the end of March, it just means after signing a contract you are allowed walk away and get your deposit back. I have no idea will it have the desired effect but anything is worth a go at this stage.

    Sale agreed on the 22nd of June. The NE is with PTSB.

    Get the contracts sorted with their solicitor is the only thing you can do for the time being, just be ready to go and keep the fingers crossed!
    Wow fair play!

    So that means if the bank dont agree to the sale before the end of March you are walking away?

    I am sale agreed since end of May so similar timeframe to yourself. Now over 9 months into morgage applications (so still 3 months to go on this one).

    I am nervous about backing myself into a corner I suppose... I really want this house.


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    #86
    HouseHunter13
    Registered Users Posts: 109 ✭✭HouseHunter13


    gmisk wrote: »
    Wow fair play!

    So that means if the bank dont agree to the sale before the end of March you are walking away?

    I am sale agreed since end of May so similar timeframe to yourself. Now over 9 months into morgage applications (so still 3 months to go on this one).

    I am nervous about backing myself into a corner I suppose... I really want this house.

    no point me walking away as if this doesn't work out I most likely will not be buying....

    you wouldn't be backing yourself into a corner as the clause can only be activated by you, it just gives you the option. if you sign contracts and the bank never make a decision lets say, it just means you wont forfeit your deposit by walking away. it can be seen as a bluff I suppose but it encourages the vendor to make the deal or at least put some pressure on the bank to offer him one.

    its worth a shot, it may all just be in vain...


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    #87
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    Thanks for that HouseHunter13.
    I have talked to my solicitor and going to do the same as you. I am going to give them til end of April...so we will see.

    My solicitor has recommended walking away as they believe there is a bigger issue than just the bank holding things up.....but has agreed to this so we will see.


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    #88
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    gmisk wrote: »
    Thanks for that HouseHunter13.
    I have talked to my solicitor and going to do the same as you. I am going to give them til end of April...so we will see.

    My solicitor has recommended walking away as they believe there is a bigger issue than just the bank holding things up.....but has agreed to this so we will see.

    Thinking of doing the same and setting a deadline. What's the situation if you walk away with regard solicitor fees etc? I take it all searches etc will have to be paid anyway?


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    #89
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    2013Lara wrote: »
    Thinking of doing the same and setting a deadline. What's the situation if you walk away with regard solicitor fees etc? I take it all searches etc will have to be paid anyway?
    Yes I am afraid so.

    They havent charged me anything yet but have made it clear I have incurred costs sending letters etc already to vendors solicitor.

    My solicitor has said she has proceded and closed a large number of neg equity sales since mine.....so think seller is withholding something.
    So maybe we will see with this.


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    #90
    HouseHunter13
    Registered Users Posts: 109 ✭✭HouseHunter13


    2013Lara wrote: »
    Thinking of doing the same and setting a deadline.

    I don't think you have much to loose Lara, its worth a shot.
    gmisk wrote: »
    Thanks for that HouseHunter13.
    I have talked to my solicitor and going to do the same as you. I am going to give them til end of April...so we will see.

    My solicitor has recommended walking away as they believe there is a bigger issue than just the bank holding things up.....but has agreed to this so we will see.

    I hope it works out for you.

    Its so hard to walk away though, you could find yourself walking by the house a month later with somebody else moving into it... its an absolute nightmare.


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    #91
    gmisk
    Registered Users Posts: 32,316 ✭✭✭✭gmisk


    HouseHunter13 wrote: »
    Its so hard to walk away though, you could find yourself walking by the house a month later with somebody else moving into it... its an absolute nightmare.

    Very true!
    I just hope this puts pressure on people involved to push it through....
    I think I have been more than patient.
    But it would definitely be heartbreaking to lose it at this stage.


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