Feeling hard done by

Vivienne23

Hi everyone just trying to figure out if these is any way to salvage this situation ,

I want to purchase a run down cottage in the country , the asking price was approx 60k , first bid went in at 30k from another bidder there was basically 3 bidding for it at one stage , I followed it to 44k where the auctioneer told me I was the highest bidder , and as its a court sale they would inform the courts solicitor that it was a fair bid and to complete the sale , this was 3 weeks ago

Since then in order to get a loan ( have the deposit and savings myself already but as a back up was going to the credit union for a handy loan , so as to not finance it all myself ) I had to get an engineers report and costings which cost me 150 euro. Called to the auctioneer only last week to tell them I was going to organise the finances and everything seemed in order ,

Until today where I got a call that it's now got a bid of 46k , i know myself if i go up against the other bidder I won't be able to compete ,

I know we didn't sign contracts but if I had known they were going to keep accepting bids I would have waited before getting engineers etc, we had a verbal agreement my bid was accepted but they never informed the solicitor in three weeks

Maybe it's just one of life's hard lessons but I feel like I have been f#*ked over

maynooth_rules

Maybe it's just one of life's hard lessons but I feel like I have been f#*ked over

Sounds like typical estate agent work to me

TheDriver

were you sale agreed and a refundable deposit paid? or did you presume through informal chat it was sale agreed??

Nekarsulm

walk away. Country is full of houses lying idle.

davo10

Vivienne23 wrote: »

I followed it to 44k where the auctioneer told me I was the highest bidder , and as its a court sale they would inform the courts solicitor that it was a fair bid and to complete the sale , this was 3 weeks

Maybe it's just one of life's hard lessons but I feel like I have been f#*ked over

I'm afraid you were jumping the gun a little, this is not "sale agreed". The auctioneer may have felt it was a "fair bid" but he is only an agent for the seller, the seller receives the bid, considers it, informs the auctioneer to formally accept bid at which time you are asked to pay a deposit while contracts are being drawn up and you arrange finance. The auctioneer never has the power to accept a bid as final nor to instruct the seller to complete the sale, he can advise the seller which sounds exactly like what he said he was doing, but the seller can think about it for as long as they like, during which time they are free to consider any other bids that come in.

Also OP, consider this a double edged sword, you went to arrange finance after you thought your bid was accepted, if you had been turned down, you may have pulled out of the deal leaving them high and dry.

Eldarion

I'm seeing a lot of complaints from people about paying for engineer's reports/surveys etc on properties and then not winning the bidding war. Is it not made perfectly clear from the outset that these are unrecoverable costs regardless of whether the sale goes through or not?

I know in my first property purchase it was made crystal clear that this was the case. I'm wondering if we're seeing instances of people getting the wool pulled over their eyes by dodgy estate agents or are people just not really paying attention.

Vivienne23

It was informal I know that , I'm a first time buyer and I suppose I got emotional with purchasing the property and yesterday just sank my heart , it's not really the money for the engineer report that's bothering me they basically told me it was a done deal

What bothered me is in 3 weeks they didn't contact the solicitor with my highest offer which they said they would do , then we could have gone sale agreed and that would be it ,

It's just a pity that's all must go to the credit union today to finish off the paperwork for the loan ...bit of a waste of time now

Thanks for the replies

Little Miss Cutie

Hi Vivienne,

I understand exactly how you are feeling, we have just bought a house after 2 years of bidding, been outbid at the last minute and generally messed around. I know it is a horrible feeling but try not to let it get you down for too long.

Vivienne23 wrote: »

then we could have gone sale agreed and that would be it

Being sale agreed isn't a done deal, other people can still make offers on the property right up until you sign contracts and pay the 10% deposit. Also the seller can decide not to sell between sale agreed and contracts signed ( this happened to us after many weeks being sale agreed).

Best of luck with your continued search

patjack

Vivienne23 wrote: »

It was informal I know that , I'm a first time buyer and I suppose I got emotional with purchasing the property and yesterday just sank my heart , it's not really the money for the engineer report that's bothering me they basically told me it was a done deal

What bothered me is in 3 weeks they didn't contact the solicitor with my highest offer which they said they would do , then we could have gone sale agreed and that would be it ,

It's just a pity that's all must go to the credit union today to finish off the paperwork for the loan ...bit of a waste of time now

Thanks for the replies

Hi Vivienne, You should do the paperwork with the CU anyway and tell them that you don't want to draw it down just yet. That way you have your finance organised and if you have the savings you say you could probably follow the property for a little longer. You would be surprised with the last bid if you came in over that bidder say twice and you are heading toward the 50k mark they may be inclined to pull out. The big question I suppose is is it worth 50K? If you think it is, then I think you are in a better position than most to follow it on a bit. Try make your own decision on what it's worth to you and follow it until your happy that it's gone over and above what you value it at.
Hope it works out for you!

TwoShedsJackson

Vivienne23 wrote: »

I'm a first time buyer and I suppose I got emotional with purchasing the property and yesterday just sank my heart , it's not really the money for the engineer report that's bothering me they basically told me it was a done deal

Buying a house is a business transaction like any other, try not to get emotional about it.

handlemaster

If y ou can go The extra few grand do. A home is just that and will always seem expensive when you buy.