Bank does not agree agency fee

kellyin

Hi all,
quick one liner explanation: Buying property through an agent and the seller is in negative. Got all approved and bank agreed to release the title deeds last week.

Today got reply from agent and I wonder if anyone out there understood what does he meant by "Bank does not agree with the agency's fee"?

He needs to contact the bank and discuss again thus more delay time.

does anyone understand?

regards

doubter

kellyin wrote: »

Hi all,
quick one liner explanation: Buying property through an agent and the seller is in negative. Got all approved and bank agreed to release the title deeds last week.

Today got reply from agent and I wonder if anyone out there understood what does he meant by "Bank does not agree with the agency's fee"?

He needs to contact the bank and discuss again thus more delay time.

does anyone understand?

regards

I think you need to clarify which bank he's referring to? Generally, in Ireland, the agency fee is covered by the seller so it's really non of your concern?

kellyin

hey ya, true, not my concern but it's the delay that's getting into me. been waiting for 90 days and still in the precontract phase.
Was hoping to get the draft contract out to our solicitor this week....so...
thanks!

doubter

kellyin wrote: »

hey ya, true, not my concern but it's the delay that's getting into me. been waiting for 90 days and still in the precontract phase.
Was hoping to get the draft contract out to our solicitor this week....so...
thanks!

Well, you could put a deadline in when this needs to be sorted. Any chance you could talk directly to the seller?

L1011

doubter wrote: »

I think you need to clarify which bank he's referring to? Generally, in Ireland, the agency fee is covered by the seller so it's really non of your concern?

As it's negative equity, I imagine the seller has nothing to pay it with and the bank feel it's too high.

kellyin

doubter wrote: »

Well, you could put a deadline in when this needs to be sorted. Any chance you could talk directly to the seller?

I have not spoke to the seller directly because I wasn't sure if I allowed to do so? I didn't want to jumped the agent.

kellyin

doubter wrote: »

Well, you could put a deadline in when this needs to be sorted. Any chance you could talk directly to the seller?

I have not spoke to the seller directly because I wasn't sure if I allowed to do so? I didn't want to jumped the agent.

and yes, I wanted to set a dateline so thanks for the suggestion, I'll try contact the seller.

kellyin

MYOB wrote: »

As it's negative equity, I imagine the seller has nothing to pay it with and the bank feel it's too high.

If I understood you looks like the bank is protecting the seller?

L1011

kellyin wrote: »

If I understood you looks like the bank is protecting the seller?

No. Protecting themselves from having to write off or convert to unsecured even more money

doubter

and you're in the middle of it. Keep in mind you're the one with the money. set a deadline