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what,s the procedure when buying a house

  • 21-05-2015 5:41pm
    #1
    irishivan
    Registered Users, Registered Users 2 Posts: 20 ✭


    hi all,

    ok heres our situation, we,re looking at buying a house to renovate as cash buyers.
    the house in question is a repossession & was on the market at €100000 & is currently bid at €140000 and rising
    we have €45k in the bank cash & have our flat on the market in UK at £330 sterling.
    what I want to know is if we bid on this house & win what,s the procedure of sale. do we need to have the flat sold before our offer is accepted or will the deposit be acceptable until completion? or will a letter from our solicitor showing proof our UK flat is on the market & the equity in it will cover the bill?

    any advice would be great.
    thanks
    ivan


Comments

  • #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,360 Mod ✭✭✭✭Gumbo


    Deposit will secure the house but you will need to close within a specified timeframe.

    You are in a chain and the estate agent may accept an offer from somebody that is not even if it's slightly lower than your offer.

    You would be classed as a riskier sale.


  • #3
    irishivan
    Registered Users, Registered Users 2 Posts: 20 ✭irishivan


    cheers for the reply.
    I know its a broad question but what would a specific time frame be? as the house is now owned by the receivers & they generally take their time completing. is it at the estates discretion to judge who is a risky buyer or the sellers?


  • #4
    Gumbo
    Moderators, Society & Culture Moderators Posts: 40,360 Mod ✭✭✭✭Gumbo


    irishivan wrote: »
    cheers for the reply.
    I know its a broad question but what would a specific time frame be? as the house is now owned by the receivers & they generally take their time completing. is it at the estates discretion to judge who is a risky buyer or the sellers?

    Took us 2 months recently but we stalled them for a week or two waiting for stuff. Ours was a forced sale too by the previous owner just on the verge of receivership.


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