EA making submission to bank

Marchbride

Just wondering if anyone has bought a house from the bank and what was the process of the EA making the submission to the bank like? ie how long it took? The response? What bank was it with also? TIA

BeatNikDub

You are looking at generally 2 weeks for the bank to give a response.

ct5amr2ig1nfhp

Unfortunately, that would be best case scenario. Try 3 months waiting only to get refused. Offer was also above asking price.
Apparently market conditions have changed and the Bank feels it can get a better price now.

BeatNikDub wrote: »

You are looking at generally 2 weeks for the bank to give a response.

MouseTail

BeatNikDub wrote: »

You are looking at generally 2 weeks for the bank to give a response.

Thats very optimistic I would think.

Marchbride

Nico Nice Football wrote: »

Unfortunately, that would be best case scenario. Try 3 months waiting only to get refused. Offer was also above asking price.
Apparently market conditions have changed and the Bank feels it can get a better price now.

Oh no way projectmoose three months??? That is mental!! The EA told me we would know tues at the latest as its 10k over asking it should be no problem?? Now I'm worried!! What bank was that with? Was the house past all the neg equity issues?? This house was appointed to receiver and all process with vendor completed last yr! Don't know if that makes any difference. The market needs serious curtailing and a strong legislation to protect buyers.. Hearing too many bad stories

MouseTail

You might be lucky Marchbride. Dependent on the Bank, deciding committees or whatever they are called meet every month or so, you might have timed it well.

Marchbride

MouseTail wrote: »

You might be lucky Marchbride. Dependent on the Bank, deciding committees or whatever they are called meet every month or so, you might have timed it well.

Aw hopefully mousetail but seems that nothing's set in stone.. We were told by EA when we starting viewing the property that 'everything' was up to date on property, there was no need to go in front of a committee as there was one point of contact who says yay or nay?? It's with aib so am hoping that it goes smoothly (fingers crossed) as most of horror stories I've heard has been associated with Nama. But il keep you guys updated..

bohsfan

Went sale agreed on a house over a month ago. Was then told that the seller needed to get consent from the bank to sell the house. It's been tumbleweed ever since...

Marchbride

bohsfan wrote: »

Went sale agreed on a house over a month ago. Was then told that the seller needed to get consent from the bank to sell the house. It's been tumbleweed ever since...

Aw no way bohsfan (great name ) do you mean owner of the house when you say seller? Or the estate agent? Do you know what the situation is with the house? As in is in neg equity and not repossessed? Sorry that that is happening to you

gmisk

Marchbride wrote: »

Aw hopefully mousetail but seems that nothing's set in stone.. We were told by EA when we starting viewing the property that 'everything' was up to date on property, there was no need to go in front of a committee as there was one point of contact who says yay or nay?? It's with aib so am hoping that it goes smoothly (fingers crossed) as most of horror stories I've heard has been associated with Nama. But il keep you guys updated..

My vendor is with AIB.....waiting +9months for consent to sale.......defo keep us updated
(vendor is in neg equity, not with NAMA).
Handily they never got consent from their bank to sell house before they advertised and I went sale agreed.....

Marchbride

gmisk wrote: »

My vendor is with AIB.....waiting +9months for consent to sale.......defo keep us updated
(vendor is in neg equity, not with NAMA).
Handily they never got consent from their bank to sell house before they advertised and I went sale agreed.....

Oh no way gmisk!! That's the scenario I've been told can take months and months to work out ours is different, the owner was an investor (house was rented out) they started the process of repossessing the house over a yr ago. So my scenario is a little different that way. What happens with your AIP in that scenario? Did you have to reapply for your mortgage? I really hope you get some positive news very soon. What are they telling you is the story with it at the moment?

gmisk

So in your case the bank own the property?
That might make it more straightforward alright.

I am 3 months into my second mortgage application (with AIB).
Vendor is also with AIB.

They say they are just waiting for AIB to approve the sale (vendor is still eager to procede bla bla).....but I have been given the same line for months.

I sincerely hope yours is more straightforward for the sake of your sanity

Marchbride

gmisk wrote: »

So in your case the bank own the property?
That might make it more straightforward alright.

I am 3 months into my second mortgage application (with AIB).
Vendor is also with AIB.

They say they are just waiting for AIB to approve the sale (vendor is still eager to procede bla bla).....but I have been given the same line for months.

I sincerely hope yours is more straightforward for the sake of your sanity

Well that's what the EA told us when we began bidding.. We live very close to the house and there hasn't been anyone living there in the last 3-4mths so I am presuming EA is telling the truth. When we asked about the conditions of the sale and inquired about the stage of the repossession he said everything has gone through its process, receiver appointed and he is the only person he needs to liaise with. That it doesn't have to be submitted to a committee. He told us the sale should be like any other straight forward sale once our side of things were in good order. He said we'd know the ans this eve at the latest and he said that on Friday? Were you given a time frame when you went sale agreed? Would you not look at other houses now or how are you feeling about it all? Think if we were waiting longer than 2 wks for an ans we will walk away as something has to be wrong!

gmisk

Marchbride wrote: »

Well that's what the EA told us when we began bidding.. We live very close to the house and there hasn't been anyone living there in the last 3-4mths so I am presuming EA is telling the truth. When we asked about the conditions of the sale and inquired about the stage of the repossession he said everything has gone through its process, receiver appointed and he is the only person he needs to liaise with. That it doesn't have to be submitted to a committee. He told us the sale should be like any other straight forward sale once our side of things were in good order. He said we'd know the ans this eve at the latest and he said that on Friday? Were you given a time frame when you went sale agreed? Would you not look at other houses now or how are you feeling about it all? Think if we were waiting longer than 2 wks for an ans we will walk away as something has to be wrong!

To be honest I wouldnt really believe what a lot of EAs tell you.
The house I am trying to buy hasnt been occupied since Nov 2012...

So you are waiting for an answer RE the bid being accepted?
That might be more straightforward, i.e. the bank agree to sell at a certain level and then it procedes pretty quickly.

I was told 3/4 months lol.

The market has gone crazy, there is zero supply and that is definitely pushing up prices a bit. So if I dont get this I will keep saving and bide my time probably.

bohsfan

Marchbride wrote: »

Aw no way bohsfan (great name ) do you mean owner of the house when you say seller? Or the estate agent? Do you know what the situation is with the house? As in is in neg equity and not repossessed? Sorry that that is happening to you

When we viewed the house the EA said that the property was part of a portfolio owned by the seller, who wanted to release equity.

In hindsight, it was obviously negative equity. We weren't informed that there needed to be consent given by the bank. We only found this out after we went sale agreed and the EA was looking for the deposit.

We didn't give it to him- he said he would return to us once the consent was given. No news since then.

We will probably miss out on this house now (either the bank will try for more money, or we will get tired of waiting), but we are just trying to look at it as part of the learning curve with buying a property.

bohsfan

gmisk wrote: »

Handily they never got consent from their bank to sell house before they advertised and I went sale agreed.....

That's what really annoyed me too. There should be an obligation to clear the sale with the bank subject to a certain threshold being reached, or bettered. It's a real pain.

Marchbride

bohsfan wrote: »

When we viewed the house the EA said that the property was part of a portfolio owned by the seller, who wanted to release equity.

In hindsight, it was obviously negative equity. We weren't informed that there needed to be consent given by the bank. We only found this out after we went sale agreed and the EA was looking for the deposit.

We didn't give it to him- he said he would return to us once the consent was given. No news since then.

We will probably miss out on this house now (either the bank will try for more money, or we will get tired of waiting), but we are just trying to look at it as part of the learning curve with buying a property.

The one positive you can take from that is that you had the hindsight not to give deposit.. Thank god you don't have to worry about trying to retrieve that if you do walk away. It's awful that people are allowed put their homes up for sale when they're in a negative situation with the bank!!! The whole market is a joke. There needs to be more transparency and legislation in place to protect buyers as there doesn't seem to be a whole heap one can do if they do end up swannied!!
We heard from EA this afternoon, he was confident of an answer this morn and had arranged yest with our surveyor to come to the house in the morning at 11? We didn't know this until EA spoke with my husband. He's rang the bank back to see what the situation is so now we wait......

gmisk

The responsibility should really be with the EA imo not to try and sell a house in negative equity minus an agreement being in place between the vendor and their bank to allow it to be sold.

Marchbride

gmisk wrote: »

The responsibility should really be with the EA imo not to try and sell a house in negative equity minus an agreement being in place between the vendor and their bank to allow it to be sold.

Couldn't agree more! The EAs should have more cop when taking on these cases as they don't get their cut either until 'the end'..

MouseTail

Marchbride wrote: »

Couldn't agree more! The EAs should have more cop when taking on these cases as they don't get their cut either until 'the end'..

it doesn't make much difference if its the bank selling the property after agreement, or after reposession. Banks are incredibly slow as vendors, they simply do not have the same motivation as ordinary vendors for a timely sale. I do think these are dangerous times for people buying from Banks, I would not trust Banks not to renege in a rising market. You would want a top class, expedient solicitor.

Marchbride

Well... Got the fabulous news at 10.40 am that the bank didn't accept the offer!! Absolute greedy scumbags! The EA had arranged on Monday for the valuer to come to the house at 11. He was 99% sure all would be ok. Turns out 10 houses were submitted to the bank and 3 declined. 1 was under asking, other was asking and then ours at 10k over! The EA said he submitted 3 houses one of which went 100k over (holy cow) so he thinks the banks are comparing like with like. Now the bidding process on the house was.. 1st viewing- we bid asking price, following day someone went up 1k & went up 5. 2nd, 3rd & 4th viewing no other offers but good interest. Forced a 5th viewing, someone bid 1k up we up 2k. That was it, the others pulled out.
Now it stands that the EA has a conference call this afternoon with receivers to see what the story is.. Can they go sale agreed or put it back on market. Am sick to say the least. It's absolute greed. Must also add that the valuer said the house is worth 5k more than our bid, at a push!!!!

gmisk

Marchbride wrote: »

Well... Got the fabulous news at 10.40 am that the bank didn't accept the offer!! Absolute greedy scumbags! The EA had arranged on Monday for the valuer to come to the house at 11. He was 99% sure all would be ok. Turns out 10 houses were submitted to the bank and 3 declined. 1 was under asking, other was asking and then ours at 10k over! The EA said he submitted 3 houses one of which went 100k over (holy cow) so he thinks the banks are comparing like with like. Now the bidding process on the house was.. 1st viewing- we bid asking price, following day someone went up 1k & went up 5. 2nd, 3rd & 4th viewing no other offers but good interest. Forced a 5th viewing, someone bid 1k up we up 2k. That was it, the others pulled out.
Now it stands that the EA has a conference call this afternoon with receivers to see what the story is.. Can they go sale agreed or put it back on market. Am sick to say the least. It's absolute greed. Must also add that the valuer said the house is worth 5k more than our bid, at a push!!!!

Crap really sorry to hear that

Maybe this conference call will clear things up.

How long have you been sale agreed on the property?

Marchbride

gmisk wrote: »

Crap really sorry to hear that

Maybe this conference call will clear things up.

How long have you been sale agreed on the property?

Aw thank you gmisk
Sale agreed on Friday but were told by EA that he was 99% sure all would be ok when he made submission. Hence why HE arranged for valuer to come today otherwise he would have waited.
I get the impression it's going back on the market but will wait and see. It's so funny, my sister was with me when I got the call earlier and she said I acted as if I was completely expecting it. I was. Nothing surprises me when the bank is involved.

gmisk

Ah I wouldnt give up hope just yet.
Sounds like you are in a much better position than me and a lot of other people here waiting months and months for neg equity deals to be done with banks!

Marchbride

gmisk wrote: »

Ah I wouldnt give up hope just yet.
Sounds like you are in a much better position than me and a lot of other people here waiting months and months for neg equity deals to be done with banks!

I told the EA we would give him 5k more which is what the valuer said the house is worth at max. However if its back on market we are walking away and I told EA this. Emotionally I'm not going through all that again. So now we wait!!

Marchbride

So I said I'd update you guys.. Looks like we were completely screwed over. I'm so angry right now. We were told Wednesday our offer wasn't accepted but was under review. The valuer did his bit as the estate agent let it go ahead with informing us. We were told we'd get an update wednes evening but nothing. Thursday my husband rings estate agent who said the bank were overwhelmed with the amount of properties coming in that they were going to meet Fridays to make decisions. We would have a response Tuesday. 5.30pm this evening my husband rang me to say the bank were giving the 'owner' of the house 2 wks to buy the house as he requested it and claimed he'd have the money then. If not then its ours. How can this happen? Apparently the house has been going through the repossession process two years and the 'owner' had no connection to the house?! He's got three investment properties, this one being one of them.
How can they put it up for sale for a mth have 6 viewings and go sale agreed then do that? The estate agent isn't happy at all as he gets nothing for his efforts!!! Also, we now have a bill for a valuation for nothing. We did not arrange this appointment. The estate agent did. So annoyed right now.

MouseTail

What a rollercoaster for you. It sounds exhausting and very complicated. I think there is a story here you are not getting, either the EA is not being straight, or more likely the Bank is not being straight with the EA about ongoing negotiations with the owner.

Marchbride

MouseTail wrote: »

What a rollercoaster for you. It sounds exhausting and very complicated. I think there is a story here you are not getting, either the EA is not being straight, or more likely the Bank is not being straight with the EA about ongoing negotiations with the owner.

I'm drained from it. It's 100% the bank. The EA was very pissed off as he put a lot of time and effort into the house and now gets nout. The bank are bas#ards. There needs to be strict regulations around the banks involvement in house sales. How can they give a house back to an investor who was too greedy in the first place. I'd feel different if it was a family home but not a greedy investor. If you've been repossessed, that should be you off on your merry way!

Marchbride

And here's another one to add to the list... My husband was walking by the house this morning (we rent beside it) & seen a note on the door. I went and seen it and it said "apologies but the viewing us cancelled tonight due to unforeseen circumstances regards X".. Needless to say I was confused. So i googled the property thinking the previous owner has told the bank he'd have the money in 2 wks but is now selling it himself. But no, after been told at 5.30pm that the investor had requested two wk to pay his debt and if he couldn't, the house was ours. He now has the house up for rent. Quick moving eah?! I'm in shock... There has been so many twists and turns in this tale.. And I don't care what anyone says.. Yes I was emotionally attached to the property, why would I devote myself for the next 25 yrs to paying back a lot of money for something I'm not in love with. So I am sick over the whole thing!!

gmisk

Marchbride wrote: »

So I said I'd update you guys.. Looks like we were completely screwed over. I'm so angry right now. We were told Wednesday our offer wasn't accepted but was under review. The valuer did his bit as the estate agent let it go ahead with informing us. We were told we'd get an update wednes evening but nothing. Thursday my husband rings estate agent who said the bank were overwhelmed with the amount of properties coming in that they were going to meet Fridays to make decisions. We would have a response Tuesday. 5.30pm this evening my husband rang me to say the bank were giving the 'owner' of the house 2 wks to buy the house as he requested it and claimed he'd have the money then. If not then its ours. How can this happen? Apparently the house has been going through the repossession process two years and the 'owner' had no connection to the house?! He's got three investment properties, this one being one of them.
How can they put it up for sale for a mth have 6 viewings and go sale agreed then do that? The estate agent isn't happy at all as he gets nothing for his efforts!!! Also, we now have a bill for a valuation for nothing. We did not arrange this appointment. The estate agent did. So annoyed right now.

That actually sounds similar enought to my situation...however mine has been going on a LOT longer....plus as well as 2 valuation I have had to pay for a structural survey...all the time building up legal costs....

Marchbride

gmisk wrote: »

That actually sounds similar enought to my situation...however mine has been going on a LOT longer....plus as well as 2 valuation I have had to pay for a structural survey...all the time building up legal costs....

Oh no gmisk, that's horrendous.. That was a big bonus for us that we hadn't gone ahead with anything else. Feel very very sorry for you as that is alot of money for nothing