6 weeks and counting for Bank to accept an offer?

BookBook

Can anyone tell me if waiting over 6 weeks for a bank to formally accept an offer on a house is normal?

House is a repossessed house with long term tenants in it by the way and no more viewings or bids being accepted at this time.

Are some banks worse than others?

L1011

I've heard of it taking as long and longer than that. Four months on an apartment was the worst anyone has told me of, so quite a bit longer could be possible yet.

gaius c

Took us only slightly less than that for a property in positive equity.
If you really want it, you'll have to be patient.

BookBook

Jebus. After reading some of the threads here I thought getting the offer accepted and putting down initial deposit was the quickest part and after that was when things really slowed down.

on_my_oe

We waited seven months for the vendors bank to come back with a 'No'

L1011

BookBook wrote: »

Jebus. After reading some of the threads here I thought getting the offer accepted and putting down initial deposit was the quickest part and after that was when things really slowed down.

It is on a private sale. This is very different.

BookBook

MYOB wrote: »

It is on a private sale. This is very different.

Thanks MYOB.

In this particular case it was supposedly the bank who rang the estate agent to put an end to the bidding war and who said they would accept highest offer above asking price at close of business. Estate agent then expected formal approval in two weeks.

Tenants won't be given their 4 months notice until instructed by buyers solicitor so assume so another big wait ahead there too apart from all the other things that can slow sale down.

I thought bank/receiver sales were quicker than negative equity private sales once offer was above asking price as no waiting on consent for sale etc but I guess they can sometimes be just as long.

BookBook

Well after 8 weeks the bank have withdrawn the sale and have decided to sell the property and 7 others to a foreign investor.

The foreign investor will probably buy it much cheaper and charge high rents.

Meanwhile there is a shortage of housing for people who actually want to buy homes to live in. Grrrr

TheDriver

tell me about it. Bid on a house that was a receiver sale who wanted it wrapped up ASAP etc, bidding went on, we lost out but alas its still not sale agreed 5 weeks later. FWIW, glad we're not stuck in a loop with it. BookBook, probably for the better you're out of it but sick of looking for houses at this stage.......