Buying a house in Negative Equity

macnug

Well still no word from the receivers yet even though it's been two weeks since they talked to nama, getting seriously sick of this now, so tempted to pull the plug on this.

leinster93

8 Weeks since signed contract and paid deposit. Vendor still hasn't signed. Don't want to walk away after all the work with solicitors fees, survey and what not. So frustrating!

macnug

leinster93 wrote: »

8 Weeks since signed contract and paid deposit. Vendor still hasn't signed. Don't want to walk away after all the work with solicitors fees, survey and what not. So frustrating!

Signed in September, although contracts wernt sent back to them until ten week ago(my solicitor had questions). Ridiculous amount of time to wait. I would make you wonder are any neg eq/bank/repo/nama sales being completed at all.

gmisk

macnug wrote: »

I would make you wonder are any neg eq/bank/repo/nama sales being completed at all.

It really would..........I am doubting it myself......:mad:

gmisk

HouseHunter13 wrote: »

I don't think you have much to loose Lara, its worth a shot.



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.

Have you had any luck?

2013Lara

gmisk wrote: »

Have you had any luck?

I'm in a lucky position that since we're living in the house, all the vendors post from his bank comes here so I'm aware of every bit of movement. A letter arrived last week from the vendors bank acknowledging that they had received everything they needed. There is definitely one person working on the case as the letters that arrive always have the same hand writing On the envelope. So the vendor is at the very end of the process but who knows how long the consent (or no consent) letter will take to issue. I'm running for the letter box every morning as soon as the post arrives! I can't see it taking much longer. The bank were on to the estate agent before Christmas and he sent some sort of forms into them, house has been valued by the bank and vendor has all the paper work with the bank. There has been at least one letter a week for the past three weeks so someone is very much on the case. Will update as soon as we know any more.

rionn

Hi 2013 Lara how come you got to live in the house were you tenants all along? Who do you pay rent to, sorry for all the questions just it might help me as were are hoping to ask if we can move in when the rest of the deposit is paid.

We are living in rented accommodation and will have to give a date for moving which is looking like it is going be a hard as things seem to drag on forever:mad:

2013Lara

rionn wrote: »

Hi 2013 Lara how come you got to live in the house were you tenants all along? Who do you pay rent to, sorry for all the questions just it might help me as were are hoping to ask if we can move in when the rest of the deposit is paid.

We are living in rented accommodation and will have to give a date for moving which is looking like it is going be a hard as things seem to drag on forever:mad:

We offered to rent it from the vendor while we waited for the sale to close. That was in October, I didn't think we'd be waiting so long. We moved 20 mins drive from where we were and with schools etc we either had to rent it or pull out. While there are the obvious advantages, we still can't fully enjoy the house as this is all hanging over us. We also have the worry that if this doesn't go through, we have to uproot the kids and pack up the house again. It was our only option though and I'm glad we did it, although I'm sure the vendor is regretting the decision haha, I'm way more involved in the whole process than I really should be, but that's down to the vendors post being sent here so we're in constant contact with him.

TheDriver

Conspiracy theory but the more he delays, the more rent he collects....

HouseHunter13

gmisk wrote: »

Have you had any luck?

I'm waiting for my mortgage to be renewed as it expired because this circus (sale) has taken so long, so hoping to have that next week so I can sign and pay the deposit but that means nothing until the bank says the contract is worth the paper its written on by giving their permission for the sale.

So still in limbo basically...

gmisk

Sorry to hear that

Hopefully something happens for you soon!
================================
With regards mine.
The EA spoke to the vendors solictor, he is getting nowhere with bank and has scheduled a call with the owner of the property (he isnt based in ireland) to assess how they are going to make some progress....

We will see!

on_my_oe

Heard a horror story at work yesterday; colleague was heard his 'sale agreed' property had fallen through as the bank won't give consent to sale, and he's the *fourth* attempted purchaser of the property. He is tearing his hair out as he was promised 'everything was in place' when he made the offer.

We have gone 'sale agreed' a month ago, with promises that the consent to sale is in place, but as yet it hasn't been provided - between reading the stories here and the guy at work, I'm beginning to think I'm paying €600 directly so the vendor can pretend to their bank they're going to move... With theories that many of the homes listed for sale are only for 'show', something needs to be done to protect sellers like in other countries

bovril

leinster93 wrote: »

8 Weeks since signed contract and paid deposit. Vendor still hasn't signed. Don't want to walk away after all the work with solicitors fees, survey and what not. So frustrating!

Do you know if the vendor's bank have consented to the sale? In our case of buying a house in neg equity our solicitor requested consent from the bank before we organised a surveyor or signed contracts. It did take a few months to get but during that time we weren't out of pocket for anything and could have walked away had something else turned up.

rionn

Hi Bovril have you bought a negative eq house and finalised everyth, would like to hear how long it took. We are 5 months in and still no contract/deeds issued tks!

riclad

The bank have the deeds,they decide if the house is worth x,
not the person on the loan
i know a person in ne,
House was advertised for sale, she was offered,
90k, bank would not let sale go thru.
90k was a good offer for a house 50 miles from dublin,
house is 10 years old.
House semi d was empty for 2 years,
after a year ,the house was sold to another buyer for 90k.
This was in 2011, outside dublin, house values were still falling.
This house was on the corner ,garden was nearly twice the size of the other houses ,on the estate.
Bank was owed 110k, wrote off 20k.

bovril

rionn wrote: »

Hi Bovril have you bought a negative eq house and finalised everyth, would like to hear how long it took. We are 5 months in and still no contract/deeds issued tks!

Hi, we're not quite finalised just yet but fingers crossed we're days away from getting the keys. We're 4.5 months from going sale agreed. It was only after our booking deposit was paid we found out that the house was in negative equity. Our solicitor advised us not to sign anything or not to incur any expenses of surveyor until the vendor's bank had issued a letter consenting to the sale. It took 3.5 months for this consent to arrive. During this time we were ringing the agent every week looking for an update. Our solicitor was looking for updates from the other solicitor too. We weren't getting much info though. The agent would tell us we should be moving the next week but then there would be more delays. It's very frustrating and we always had it in the back of our mind that we wouldn't get the house. We were always on the look out on myhome for other properties. It depends so much on the vendor's bank consenting to the sale. I think it's unfair of ne vendor's putting their houses up for sale without this consent from the bank in place. Good luck with your purchase and don't incur expenses until the consent arrives.

rionn

Thanks for info Bovril, we got the consent for sale issued 2 months after we went sale agreed, we have been waiting 3 months since this for the contract/deeds to be issued.. Yea our solicitor has kind of given up he now, he asks me to get in contact with estate agent etc everyone seems to have just left it now and are just waiting on banks to release the deeds.

bovril

rionn wrote: »

Thanks for info Bovril, we got the consent for sale issued 2 months after we went sale agreed, we have been waiting 3 months since this for the contract/deeds to be issued.. Yea our solicitor has kind of given up he now, he asks me to get in contact with estate agent etc everyone seems to have just left it now and are just waiting on banks to release the deeds.

In our case the vendor's bank lost the deeds and it took them 6 weeks to find them. Our solicitor was told about this though. Perhaps they have been lost in your case too.

murphy2

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

leinster93

bovril wrote: »

Do you know if the vendor's bank have consented to the sale? In our case of buying a house in neg equity our solicitor requested consent from the bank before we organised a surveyor or signed contracts. It did take a few months to get but during that time we weren't out of pocket for anything and could have walked away had something else turned up.

We were assured by the estate agent that the vendor had no problems except that there was a small amount outstanding loan on the house which was evident when we saw the deeds with the contract.
Took it that the bank were allowing the house to be sold when the deeds were released by the bank... which in fact took nearly 3 months to happen after we had gone sale agreed. Cash buyers so lucky in one respect. Will be out of pocket in the survey and on solicitor fees if things don't go through. At this stage looking at other properties anyway...
Solicitor is not getting any contact from vendors solicitor and estate agent not getting any replies from vendor or solicitor either... Agent said we just have to keep our solicitor on top of it or put a closing date in a letter addressed to vendors sol'r...
ready to walk

leinster93

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

The system needs to be changed. Could very well end up in a similar position. Sorry to hear that after investing so much.

2013Lara

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

Oh my god that's so worrying.

lukesmom

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

So very sorry to hear this.

The whole system is bloody farcical to say the least, something has got to give. I wish you all the luck in the world on your next property search.

gmisk

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

That is absolutely shocking.
Auctioneers, EAs etc should not be allowed to put houses up for sale that arent allowed to be sold!!!!

rionn

This is all wrong shouldn't be able to treat people like this, soo wish u luck with your next house hopefully it'll be bigger and better x

macnug

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

Ah ffs 5 months, do you have to still pay solicitor? Should be able to claim damages if the house was never sellable and it cost you money IMO. Going to put people off buying houses if this messing keeps.

macnug

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

Ah ffs 5 months, do you have to still pay solicitor? Should be able to claim damages if the house was never sellable and it cost you money IMO. Going to put people off buying houses if this messing keeps.

lukesmom

How can they get away with shattering peoples dreams this way? Not to mention the costly fees to solicitors. As a previous poster said estate agents should NOT be allowed to advertise a property in negative equity unless the banks have given the go ahead to sell. Its an absolute disgrace and a rule needs to be implemented and regulated asap. Im sure some will say in the current climate its a chance you have to take, but that is not good enough.

HouseHunter13

murphy2 wrote: »

Just got a phone call from the auctioneer, we've been sale agreed for the past 5 months and have just been told today that the vendor's bank will not give consent to sale. Our deposit is being refunded to us but the auctioneer unfortunately has no other houses for sale in the area.
Very disappointing after waiting patiently for so long.

I'm really sorry to hear this, its a really ****ty thing to happen. I hope your luck turns around and you get a home quickly and as stress free as possible!

2013Lara wrote: »

Oh my god that's so worrying.

Big time worrying

gmisk wrote: »

That is absolutely shocking.
Auctioneers, EAs etc should not be allowed to put houses up for sale that arent allowed to be sold!!!!

100% Its ridiculous that people can cost somebody so much time, money and stress, something should be done...

lukesmom wrote: »

How can they get away with shattering peoples dreams this way? Not to mention the costly fees to solicitors. As a previous poster said estate agents should NOT be allowed to advertise a property in negative equity unless the banks have given the go ahead to sell. Its an absolute disgrace and a rule needs to be implemented and regulated asap. Im sure some will say in the current climate its a chance you have to take, but that is not good enough.

Its lousy alright. The thing is it could cost you a lot more with the way prices have moved in the last 6 months. What's even more annoying is that you only have somebody's word that this is the case. You could find that house back up for sale in 6 months with an increased price tag...

riclad

THE bank should say to the agent, we want say 120k, for the house ,
if we get offered 120k, sale will go thru.
Rather than wait for months than stopping the sale at the last minute.
Which is an awful waste of time for the buyer and the other people involved in the sale.

House will probably be for sale again ,especially if prices in that area are going up.
MY friend had house empty ,for sale for 2 years ,before bank would allow a sale to go thru,
she got 2 or 3 offers on it.
Country houses, at that times prices were not going up in that county.