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Unusual move from sale agreed to fallen through to sale agreed again

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  • 17-02-2015 4:23pm
    #1
    Baby01032012
    Registered Users Posts: 1,622 ✭✭✭


    Hi all,

    I want to get opinions on the scenario below. Its probably all above board but i wasnt prepared to speed at which this apartment went off the market.

    It had been previously sale agreed. Buyer couldnt come up with deposit so was put back on market. First viewing since going on sale again was last Thursday. I was at the viewing. I had tried to contact agent yesterday. However today i learnt that it was now sale agreed again and off the market. I had been advised on thursday that all previously interested parties had moved on hence why going on view again.

    Obviously i wasnt quick enough off the mark.

    Any views or opinions. It was put back on market at 20% discount to the original sale agreed price. It went sale agreed sometime since Thursday at 5k under previous sale agreed price.


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    Baby01032012 wrote: »
    Any views or opinions. It was put back on market at 20% discount to the original sale agreed price. It went sale agreed sometime since Thursday at 5k under previous sale agreed price.
    I've heard anecdotally that in order to sell a property in negative equity, the banks are insisting that the property is advertised for sale (in order to get the best price for it).
    So all I can think is that the original offer was approved by the bank, but then fell through. And although someone came in with a lower offer, the bank insisted that it was advertised and viewed again, to satisfy their processes. So although the property was advertised and viewed, it was effectively already sale agreed?

    It could also simply be the case that someone who was originally interested after it went sale agreed but hadn't made an offer, saw it go back up and instantly made an offer on it that the vendor dived on.

    On the foot of originally going sale agreed, the vendor could have gone sale agreed on another property, signed documents and agreed a closing date. So if a cash buyer came along and made an offer, the vendor might have taken it there and then to save his own ass.


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