16 weeks sale agreed - finally got the keys!

jayjay2010

Well after 16 weeks since sale agreed I am DELIGHTED to say that I finally got the keys yesterday and the process is finally over!!!

I was a first time buyer and I went through an awful lot: signed contracts before the vendor had consent from the bank, had issues with the bank giving full approval and almost didn't get the apartment as the vendor was terminally ill and didn't look like he would be able to sign the closing documents for the sale to go ahead.

If any first time buyers need any help or advice, seen I've just been through so many scenarios during the process, don't hesitate to comment or to send me a PM!

The stress of buying is finally over and now the real stress of the mortgage is upon me! LOL

BabySlam

Congrats on your new home!

Denisoftus

Congratulation! Time will pass and mortgage stress will become just another ESB bill just keep on working and concentrate on making money

How long did it take to get the consent letter from the bank, from the time it was requested?

Cheers,

Miamiheat

Congrats, hopefully i'll be joining your ranks next friday...

PolaroidPizza

it really is a sad state of affairs that we are congratulating you for completing this in ONLY 16 weeks,
how come other countries like New Zealand/Canada, one can buy a house in a month?, and why is there such a reluctance to bring in those practices here?

jayjay2010

Denisoftus wrote: »

Congratulation! Time will pass and mortgage stress will become just another ESB bill just keep on working and concentrate on making money

How long did it take to get the consent letter from the bank, from the time it was requested?

Cheers,

Thanks guys! Seemed like a lifetime but I knew it was worth waiting for!

The vendor apparently requested the consent letter a few days after sale agreed, so I suppose it took about 14-15 weeks? The vendor was selling another property which had enough equity to cover the negative equity on the apartment I bought, so that made things move a bit quicker.

Spent all day cleaning and painting while drinking plenty of coffee! So happy

Denisoftus

jayjay2010 wrote: »

I suppose it took about 14-15 weeks?

So depressing, I heard worse stories, we are only on the 3rd week, don't know if we manage to wait even that time. Why don't banks make things moving quicker. it is theirs money after all

Well, I'm glad it finally over for you, enjoy your new home!

castle2012

Took us 30 weeks . Sale agreed in November only got the keys in may . Well done all the same

Dublin21

We are at 15 weeks now and due to right of way issue will probably end up pulling out
If we have to go for another house we shall be avoiding ones with an existing extension or shared alleyway!!!

gaius c

Dublin21 wrote: »

We are at 15 weeks now and due to right of way issue will probably end up pulling out
If we have to go for another house we shall be avoiding ones with an existing extension or shared alleyway!!!

What is frustrating is that it will be put back on the market at the exact same price in the hope that some other poor sap will miss it or gloss over it.
And they'll be told that a problem with your finance was the reason for the sale falling through.

P.S. Good luck to the OP.

Denisoftus

It will be great to have a "consumer issues" website where buyers/sellers can share their experience with particular houses/purchasers for others to avoid, that way EA wouldn't be able to hide the issue, which can lead to such dramatic ending, in every person's life such event is a big stress.

gaius c

Denisoftus wrote: »

It will be great to have a "consumer issues" website where buyers/sellers can share their experience with particular houses/purchasers for others to avoid, that way EA wouldn't be able to hide the issue, which can lead to such dramatic ending, in every person's life such event is a big stress.

Too much potential for it to go badly wrong though.

Don't like somebody who doesn't live directly next door? Just lob a grenade into their potential house sale for the craic.

Denisoftus

Then similar to priceregister every fallen sale agreed must be reported with a reason, or something like that, regulated

dori_dormer

We sold our place in 7 weeks, and there was a one week delay at the end due to the buyer. So could have been 6 weeks.

It can be done fast enough if people have their sh*t together and have on the ball solicitors

jayjay2010

My advice to any first time buyer is to put pressure on the solicitor CONSTANTLY. If is wasn't for all my 20 million phone calls in the last 2 weeks I definitely wouldn't have the apartment yet.

I was literally ringing/emailing the EA, my solicitor and my bank adviser pretty much daily looking for updates.

Denisoftus

True and true, but if bank is involved, no matter how often you call your solicitor it still will be slow

John Mason

took me 6 months back in 2004.

Dublin21

Plus one delays due to a bank being involved!

Initially the delays we had seemed to be due to the vendors solicitor but we bombarded the agent for updates and eventually got some answers.

The bank were fantastic all along, coming back to us on the same day, dealing with our queries on the phone. However as soon as this right of way issue came up its like they have gone into hiding.. They wont answer any of our emails or return our calls and haven't issued any response to our solicitor in over a week now..
The waiting game continues....

jayjay2010

I got the EA agent involved in the final 3 weeks before close of sale. I was just so sick of waiting. I emailed the EA branch manager and I threatened to pull out of the sale (even though the contracts had been signed) because I was sick of waiting so long and my mortgage approval was running out of time. As soon as I emailed the EA, things started to move again and I had my solicitor answering my emails on a daily basis (as compared to about 1 email per week).

Also, the bank decided literally LAST minute to not issue the cheque because they weren't happy with the address details (10B instead of 10 Block , they had to draw up a new offer letter which normally takes 3 days and then another 2 days to issue cheque. I rang the cheque approval team directly (which apparently I wasn't allowed to do) and told them to cop on and scan the file over instead of posting it! A manager in the office OK'd it and the approval letter was scanned and cheque issued all in the same day! I was delighted.

Putting pressure on the EA and your solicitor is the key I think. You literally have nothing to lose AND you're getting your money's worth from your solicitor!

lima

Try 8 months for me! After all the issues were sorted out, I got the keys this week :-D

seamus

Guess it depends on where you are in the chain. Went sale agreed with our purchaser in mid-March, and it was six weeks before we went sale agreed on our own place. Then it was another 8 weeks before we closed. And even then we were pushing pretty hard for a quicker closing but our vendor was going on holidays in June, so that was out.

So from our point of view it took 8 weeks (which felt like 8 months), but our purchaser was waiting 14 weeks.

I imagine the first time buyers generally get the crap end of the stick in these sales, especially the vendor doesn't have somewhere to go yet.

Miamiheat

Got my keys today.
8 weeks for me.
But all my stuff was ready and most of the seller's stuff was as well. My solicitor super reactive all the time.
The occasional call to the agent so that nobody gets complacent.
Glad to be done with that!

I think the EA's are the buying/selling pros in these transactions and the burden should be on them to verify 1) That all seller related paperwork is in order and 2) that the buyers are properly qualified and ready to move on.

jayjay2010

lima wrote: »

Try 8 months for me! After all the issues were sorted out, I got the keys this week :-D

Congrats!