Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

losing job after sale agreed on house

  • 23-08-2020 5:55pm
    #1
    Registered Users, Registered Users 2 Posts: 97 ✭✭


    Hi,

    I am sale agreed and paid a holding deposit on a house to auctioneer the past Friday,

    I know my current work situation will finish in around 2 months...current job will be finished and doesn't look like employer has further projects after that yet! (construction industry).

    Will the sale of house be done in that time? the house I'm buying is vacant and owned by bank? I'm worried the sale won't be gone through in 2 months and il be out of current job and won't be able to get final letter of offer from bank to draw down.

    any advice, info please?
    Cheers


Comments

  • Registered Users, Registered Users 2 Posts: 8,576 ✭✭✭Rows Grower


    newfy wrote: »
    Hi,

    I am sale agreed and paid a holding deposit on a house to auctioneer the past Friday,

    I know my current work situation will finish in around 2 months...current job will be finished and doesn't look like employer has further projects after that yet! (construction industry).

    Will the sale of house be done in that time? the house I'm buying is vacant and owned by bank? I'm worried the sale won't be gone through in 2 months and il be out of current job and won't be able to get final letter of offer from bank to draw down.

    any advice, info please?
    Cheers

    This has to be a wind up, you joined here 3 years ago and this is your first ever post?

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



  • Registered Users, Registered Users 2 Posts: 58 ✭✭Hollybeg


    newfy wrote: »
    Hi,

    I am sale agreed and paid a holding deposit on a house to auctioneer the past Friday,

    I know my current work situation will finish in around 2 months...current job will be finished and doesn't look like employer has further projects after that yet! (construction industry).

    Will the sale of house be done in that time? the house I'm buying is vacant and owned by bank? I'm worried the sale won't be gone through in 2 months and il be out of current job and won't be able to get final letter of offer from bank to draw down.

    any advice, info please?
    Cheers

    Aside of your current suitation, when you say "owned by the bank", has the estate agent shared any other information with you about that position?

    Just because you went sale agreed with the vendor doesn't mean the bank have agreed to the price you've agreed (I say that on the basis that the property is mortgaged and there's potential for a shortfall after sale). It's important to know who the vendor actually is... is it a receiver or the title deed holder? Either way, you're probably at the lap of the gods when it comes to executing this transaction quickly. Add covid into the mix and you get where I'm going with this. You could get lucky and close in a week or two (unlikely when a bank is involved).

    However, do you really want a mortgage around your neck knowing the suitation you're about to face into?


  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    This has to be a wind up, you joined here 3 years ago and this is your first ever post?


    Yes, I had an account and never used it!

    Thanks for your pointless input


  • Registered Users, Registered Users 2 Posts: 51 ✭✭pancyk


    I hope that mortgage is not too high, and you will get it.
    I was in a similar situation, and was happy to "have mortgage around my neck" rather than paying ridiculous money for the rent.


  • Registered Users, Registered Users 2 Posts: 8,576 ✭✭✭Rows Grower


    newfy wrote: »
    Yes, I had an account and never used it!

    Thanks for your pointless input

    A bit like the mortgage account you're hoping to get.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



  • Advertisement
  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    pancyk wrote: »
    I hope that mortgage is not too high, and you will get it.
    I was in a similar situation, and was happy to "have mortgage around my neck" rather than paying ridiculous money for the rent.


    No it’s not high at all, thanks!


  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    A bit like the mortgage account you're hoping to get.

    Cheers


  • Moderators, Society & Culture Moderators Posts: 17,643 Mod ✭✭✭✭Graham


    Mod Note

    Rows Grower improve the standard of your posts or stop posting.


  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    Hollybeg wrote: »
    Aside of your current suitation, when you say "owned by the bank", has the estate agent shared any other information with you about that position?

    Just because you went sale agreed with the vendor doesn't mean the bank have agreed to the price you've agreed (I say that on the basis that the property is mortgaged and there's potential for a shortfall after sale). It's important to know who the vendor actually is... is it a receiver or the title deed holder? Either way, you're probably at the lap of the gods when it comes to executing this transaction quickly. Add covid into the mix and you get where I'm going with this. You could get lucky and close in a week or two (unlikely when a bank is involved).

    However, do you really want a mortgage around your neck knowing the suitation you're about to face into?


    It’s the title deeds holder that is selling it for the bank, the bank have approved the price!

    I understand what you mean, I feel if I don’t do it now I might not get another chance to buy, the mortgage is cheap and I can always rent a room! It’s in a good location


  • Registered Users, Registered Users 2 Posts: 51 ✭✭pancyk


    newfy wrote: »
    No it’s not high at all, thanks!

    that's what's wrong with this country, they prefer to stuff the landlord pockets, cases should be reviewed individually and whoever can pay rent should afford the mortgage


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 58 ✭✭Hollybeg


    newfy wrote: »
    It’s the title deeds holder that is selling it for the bank, the bank have approved the price!

    I understand what you mean, I feel if I don’t do it now I might not get another chance to buy, the mortgage is cheap and I can always rent a room! It’s in a good location

    On the basis the bank have agreed to the price you could get it over the line in less than a month assuming no other issues (am thinking executor sale) and assuming your solicitor has done the necessary work beforehand. But it's very hard to know without knowing the full details in fairness. However nothing will happen unless you have an offer letter in place, everything else is relative... I'd be talking to the bank first thing tomorrow morning.


  • Registered Users, Registered Users 2 Posts: 2,242 ✭✭✭brisan


    Hollybeg wrote: »
    On the basis the bank have agreed to the price you could get it over the line in less than a month assuming no other issues (am thinking executor sale) and assuming your solicitor has done the necessary work beforehand. But it's very hard to know without knowing the full details in fairness. However nothing will happen unless you have an offer letter in place, everything else is relative... I'd be talking to the bank first thing tomorrow morning.

    If he talks to the bank would you advise him to tell the the bank that he will soon be unemployed


  • Registered Users, Registered Users 2 Posts: 43,028 ✭✭✭✭SEPT 23 1989


    As soon as current projects are finished the construction industry is going to collapse

    Don't take on debt


  • Registered Users, Registered Users 2 Posts: 3,817 ✭✭✭Darc19


    Banks tend to want to get a deal done as quickly as possible.

    You’ll find most of the paperwork is ready.

    Once you know you will have no issues paying the mortgage, there's no real reason to inform the bank, you'll probably be in another job soon enough.

    2 months is plenty of time


  • Posts: 24,714 ✭✭✭✭ [Deleted User]


    As soon as current projects are finished the construction industry is going to collapse

    Don't take on debt

    We still have a massive need for housing, there might be a slow down in hotels etc but the demand for housing is going nowhere and expect the government to ramp up social housing also in a big way. It also looks like the gov will be spending on other infrastructure projects also again needing lots of construction workers. Look at house prices they haven't fallen, in fact a house went up for sale close to us last week at a higher prices than houses sold for at the end of last year. Same for rent, rents are not falling and are actually increasing as stats are showing.

    It might be his only chance of getting a mortgage for quite some time so if he is confident of getting work himself and being able to pay the mortgage I would say nothing to the bank and try to get it over the line before the job goes.

    Can always rent out rooms etc to cover part of the mortgage and likely the mortgage would be less than rent so a better position to be in.


  • Registered Users, Registered Users 2 Posts: 3,170 ✭✭✭antimatterx


    As soon as current projects are finished the construction industry is going to collapse

    Don't take on debt

    It really isn't. The company me dad works for has never been doing better. They're booked out until March 2021.


  • Registered Users, Registered Users 2 Posts: 89 ✭✭sheepondrugs


    The bank could still ask for updated documents , (payslips etc) right up to before you draw down the mortgage. Even if you have AIP now.
    This has happened to us. The banks are very wary because of COVID-19. Not trying to worry you or anything but we have been asked for updated statements, payslips etc several times now since sale agreed/mortgage approval.

    edit- I noticed now you didn't say if you needed a mortgage, but just in case you do.


  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    I need to give a salary cert every 30 days and a payslip every 7 days....this was when I was looking for a house...I have everything sorted now, house picked...holding deposit paid and all updated info given....I’d imagine if the sale is not gone through in another month il have to give updated info again!!

    I say 2 months with work...but that could drag out a bit longer hopefully!!
    The bank could still ask for updated documents , (payslips etc) right up to before you draw down the mortgage. Even if you have AIP now.
    This has happened to us. The banks are very wary because of COVID-19. Not trying to worry you or anything but we have been asked for updated statements, payslips etc several times now since sale agreed/mortgage approval.

    edit- I noticed now you didn't say if you needed a mortgage, but just in case you do.


  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    I’m still getting calls for starts on other projects....I could worry about what will happen in the future, covid might effect other industry aswell! Maybe...maybe not...at the moment I’m in a good position to buy and payments are small....can always rent a room or 2 aswell!!

    But I understand what your saying! Thanks
    As soon as current projects are finished the construction industry is going to collapse

    Don't take on debt


  • Registered Users, Registered Users 2 Posts: 97 ✭✭newfy


    Hopefully that’s the case
    Darc19 wrote: »
    Banks tend to want to get a deal done as quickly as possible.

    You’ll find most of the paperwork is ready.

    Once you know you will have no issues paying the mortgage, there's no real reason to inform the bank, you'll probably be in another job soon enough.

    2 months is plenty of time


  • Advertisement
  • Registered Users, Registered Users 2 Posts: 2,676 ✭✭✭thunderdog


    My brother in law was in a similar position last month, In that he was being made redundancy close to mortgage drawdown time. He didn’t mention anything to the bank on it and had no issues drawing down the mortgage. He is now in the house and currently looking for a new job, while his wife’s salary is all good for now to cover the mortgage


Advertisement