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Buying from the bank?

  • 10-02-2014 6:40pm
    #1
    Registered Users, Registered Users 2 Posts: 188 ✭✭


    Hi guys
    Just wondering has anyone had experience of buying a house from the bank? If so how did it go? Was it a lengthy process?
    TIA


Comments

  • Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    Marchbride wrote: »
    Was it a lengthy process?
    Longer than a normal house buy, as your bid doesn't goto the owner straight away. It goes to a meeting that may only be held every few weeks. They will only take what they want. They can (mostly) play the long game. There was a thread somewhere here about people waiting for months to close the sale after it went "sale agreed".


  • Registered Users, Registered Users 2 Posts: 3,568 ✭✭✭thewools


    Marchbride wrote: »
    Hi guys
    Just wondering has anyone had experience of buying a house from the bank? If so how did it go? Was it a lengthy process?
    TIA

    Very slow - I was the only bidder but it took aver 2 months to get my second offer accepted.

    Then once it went sale agreed I ran into further problems getting them to sign documentation etc. I first viewed the property in April and started bidding in May. Got the keys mid October. So wasn't too bad in the end but there were some very frustrating weeks.


  • Registered Users, Registered Users 2 Posts: 188 ✭✭Marchbride


    thewools wrote: »
    Very slow - I was the only bidder but it took aver 2 months to get my second offer accepted.

    Then once it went sale agreed I ran into further problems getting them to sign documentation etc. I first viewed the property in April and started bidding in May. Got the keys mid October. So wasn't too bad in the end but there were some very frustrating weeks.

    Ouch that was a long process thewools :( the house is right beside where we are renting so it's ideal but the fact it's the banks turns me off :( found out that it's gone through all the NE consent part and went to receivers who passed it to EA. EA alleges that all ready to go once a price has been agreed but with what you've said, that could go on forever!! So it took you 7 months to get in that's mental. Have you ever heard of any good stories of people buying from banks?


  • Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    Marchbride wrote: »
    So it took you 7 months to get in that's mental. Have you ever heard of any good stories of people buying from banks?

    That is a good story most bank sales go on for longer than 7 months anywhere upwards of a year.

    you normally get a better deal than you would for a non bank sale so its a cse of weighing up the wait time verys the money you will save on the sale and deciding if its worth it or not.


  • Registered Users, Registered Users 2 Posts: 355 ✭✭nemo32


    I bought from a Bank and they accepted my offer within the same week of making it (maybe I was lucky the board meeting was the same week). accepted my offer on 14th of Feb and had the keys on May 18th.


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  • Registered Users, Registered Users 2 Posts: 188 ✭✭Marchbride


    nemo32 wrote: »
    I bought from a Bank and they accepted my offer within the same week of making it (maybe I was lucky the board meeting was the same week). accepted my offer on 14th of Feb and had the keys on May 18th.

    Oh I like your story nemo :) may the 14th feb be a lucky date here so.. I put in offer yest but EA said that bank want at least two viewings before offer considered. Hate the waiting. Glad your sale went well and hope you love your new home :)


  • Registered Users, Registered Users 2 Posts: 355 ✭✭nemo32


    Marchbride wrote: »
    Oh I like your story nemo :) may the 14th feb be a lucky date here so.. I put in offer yest but EA said that bank want at least two viewings before offer considered. Hate the waiting. Glad your sale went well and hope you love your new home :)

    Yeah it seems to all depend on who is looking after it in the bank.. our house was up quite a while as far as I know and maybe they just wanted rid by the time I came along. Let this be your lucky week xx


  • Registered Users, Registered Users 2 Posts: 586 ✭✭✭Waesfjord


    just wondering how you find out that a house is for sale by a bank. Don't all sales still go through an estate agent so looks like any other sale? Does the estate agent have to disclose if a bank sale or something or are banks selling houses outside the normal estate agent route?


  • Registered Users, Registered Users 2 Posts: 355 ✭✭nemo32


    brian1976 wrote: »
    just wondering how you find out that a house is for sale by a bank. Don't all sales still go through an estate agent so looks like any other sale? Does the estate agent have to disclose if a bank sale or something or are banks selling houses outside the normal estate agent route?

    The EA told me after I put my offer in


  • Registered Users, Registered Users 2 Posts: 44 craic90


    Hi Guys,

    We put an offer to the EA (85% of asking price), which the EA told us they would not forward to the seller (bank) as it was under the limit they had been given.

    Our experience with this EA is that they were very profressional and dismissed us and our questions, so my faith in them is virtually zero.

    I'd much rather go to the bank directory. I just called the bank tho, asking if there was someone that I might speak with. I was told that there is no such person in the bank I could speak with and that I needed to deal with the EA.

    My understanding is that there is a legal obligation that the EA should pass on our offer - but I just can't see this happening.

    Any advice?

    Should I write to the bank?

    Thanks


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  • Registered Users, Registered Users 2 Posts: 134 ✭✭iceman777


    I had a great conversation (most straight talking one I have dealt with and I've met some devious ones lately) with an EA that is selling some bank property and if done correctly, the EA acting on behalf of the bank has to do the following:
    • Record all people that view the property
    • Take the necessary contact details
    • List all the offers
    • Submit all this data to the bank in question

    Why?

    The bank may then call the prospective applicants to ensure that the applicants are "fairly dealt with" and that all offers are recorded.

    He also told me that there can be no bidding war as there is a max. price listed.
    If this price is met with the correct backing from the prospective buyer e.g. mortgage approved, proof of cash payment etc. then it goes Sale Agreed until it is sold or else if that falls through the others that made offers are contacted to see if they are still interested.

    He also went onto say that I can expect this process to take months and it has taken up to 6 months in his experience to close on "bank" properties.


  • Registered Users, Registered Users 2 Posts: 188 ✭✭Marchbride


    craic90 wrote: »
    Hi Guys,

    We put an offer to the EA (85% of asking price), which the EA told us they would not forward to the seller (bank) as it was under the limit they had been given.

    Our experience with this EA is that they were very profressional and dismissed us and our questions, so my faith in them is virtually zero.

    I'd much rather go to the bank directory. I just called the bank tho, asking if there was someone that I might speak with. I was told that there is no such person in the bank I could speak with and that I needed to deal with the EA.

    My understanding is that there is a legal obligation that the EA should pass on our offer - but I just can't see this happening.

    Any advice?

    Should I write to the bank?

    Thanks

    Unfortunately, from what I have come across, there is nothing further you can do. We are 10k+ over asking price on the house we are interested in and am wondering if bidders are real etc and wanted to go to the bank directly but a good friend of mine worked high up in bank and told me I'd better chance winning the lotto than getting any information from the bank re the house. Do you know which bank it is? Maybe contact a broker see if they had contact on that bank if anything could be done??


  • Registered Users, Registered Users 2 Posts: 188 ✭✭Marchbride


    iceman777 wrote: »
    I had a great conversation (most straight talking one I have dealt with and I've met some devious ones lately) with an EA that is selling some bank property and if done correctly, the EA acting on behalf of the bank has to do the following:
    • Record all people that view the property
    • Take the necessary contact details
    • List all the offers
    • Submit all this data to the bank in question

    Why?

    The bank may then call the prospective applicants to ensure that the applicants are "fairly dealt with" and that all offers are recorded.

    He also told me that there can be no bidding war as there is a max. price listed.
    If this price is met with the correct backing from the prospective buyer e.g. mortgage approved, proof of cash payment etc. then it goes Sale Agreed until it is sold or else if that falls through the others that made offers are contacted to see if they are still interested.

    He also went onto say that I can expect this process to take months and it has taken up to 6 months in his experience to close on "bank" properties.

    I don't believe that part about no bidding war. I'm in one right now with at least 3 others and its 10k over asking price. It's killing me permanently being in bidding wars. This will be the 7th house. The EA told us that he has to be shown to have given the house a good chance on the market and advertise with for at least 2 wks with four viewings within this time. He will then make his submissions to the bank following this. At which point the house could be 20 k past asking price.


  • Registered Users, Registered Users 2 Posts: 134 ✭✭iceman777


    Marchbride wrote: »
    I don't believe that part about no bidding war. I'm in one right now with at least 3 others and its 10k over asking price. It's killing me permanently being in bidding wars. This will be the 7th house. The EA told us that he has to be shown to have given the house a good chance on the market and advertise with for at least 2 wks with four viewings within this time. He will then make his submissions to the bank following this. At which point the house could be 20 k past asking price.


    I empathise with your situation as there is no visibility on offers and I can tell you some really frustrating stories about EAs over the past few weeks, don't mind the past few years.

    It seems to me the EAs are all telling us different stories, but maybe it depends on the bank in question.

    I hope to view a property this week with this EA so I'll grill him on the bank he is representing in this case and if there is a difference in each banks' bidding process e.g. does it depend on the property, how much is owed by the seller etc.

    I have tried contacting a bank on a previous offer I made as I had serious issues with the less than ethical way of working of an EA so that I could make an official complaint, but I couldn't get a contact at all. It seems the banks handover the sales to an EA and don't care unless they get their money.

    Best of luck with it all, and I'll report back if I get any further information after this property viewing.


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