Vulture Funds and Property Sale Issues

dublinlush

We inherited a small apartment in Dublin from a widower uncle and we have put it on the market as we don't want to be landlords. It went sale agreed very quickly to a so-called vulture fund - the Vestry Partnership. They are taking forever to progress the sale and our solicitor says it's typical for them to delay the process for as long as possible. I am regretting accepting the bid but I didn't know who they were. Has anyone had any dealings with these people in regard to a property purchase? And how long did it take in the end for the sale to complete ultimately?

MoxoM

Can’t you give them an ultimatum in relation to the timeline?

Seth Brundle

My mother sold a property recently to a government agency which took time alright. Bureaucracy, I guess. However, whilst it took time, there was no messing around or anything.

You could impose a deadline or you'll back out. However, you'll have to relist the property which will incur a cost. Plus, will it sell as easily now and/or will you go sale agreed for the same amount?

dublinlush

https://www.boards.ie/discussion/comment/119726836#Comment_119726836

Yes we have done that and we are awaiting a response. They seem very keen and all but I am kind of annoyed with myself for not doing due diligence on them but it was difficult to do that before accepting their bid. I would prefer a home-owner bought the flat rather than these vulture fund people. But that is probably being too ideological.

dublinlush

https://www.boards.ie/discussion/comment/119726846#Comment_119726846

Yes it will sell for sure but it's a bit tricky! Thank you for your comment by the way ;-) I just put this out there in case anyone had experience with this specific Vestry Partnership crowd.

pebble1

To the OP - what was the outcome of this? I'm waiting months for a sale to close also, I'm very much regretting going sale agreed with them.

Peregrinus

If you are regretting going sale agreed, and would prefer to sell to an owner-occupier, you can talk to your solicitor about whether you are entitled to terminate the deal, or whether there are steps you can take that will entitle you to terminate it. Then you can remarket the property and choose a buyer that you are happy with. You may, of course, get less money, but maximising the sale price is not your priority.

3DataModem

https://www.boards.ie/discussion/2058266882/vulture-funds-and-property-sale-issues

"I am regretting accepting the bid"

• if you haven't signed contracts, then just pull out. Costs nothing (unless your solicitor has done a lot of work).

FledNanders

If the Estate Agents in these cases are aware that these types of sale take a long time, should they not be making this very clear to the vendor before they accept the bid?

Seems odd that vendors would only be realising this after the bid has been accepted

joebert80

https://www.boards.ie/discussion/comment/119727215#Comment_119727215

Did they close in the end? I went sale agreed with the same crowd last year.. They were so slow.. Now over 5 months and just got word that they pulled out.

dublinlush

Hi, apologies for the late response, my Boards notifications was off. We sold eventually with the Vestry Partnership but it took forever. 8 months in total from Sale Agreed to Full Purchase which is nuts! We should have pulled out but we were locked in by our solicitor and we had signed a thing with the agent too. Their own solicitors (HOS Partnership) didn't respond to emails or phone calls, sent incomplete and incorrect documentation, kept looking for more info, etc. It was all about stalling the sale which was completely unnecessary. The Vestry crowd ended up renting it out (obviously) for A LOT of money. Much more than direct neighbours are paying in the complex. I still regret going with them, not just because of the time it took, but because they are complete vultures. Our estate agents were DNG in Dublin 2; they pretended that it was unusual that it was taking so long but they knew fine well what was going on in hindsight. If you are in a position where you can get out, I would do it asap and find a real person who wants to buy the property and make it their home.

joebert80

https://www.boards.ie/discussion/comment/122296579#Comment_122296579

Yeah I had Vestry Partnership pull out after 5 months. Cowboys. They appear to pull out of plenty of deals.. The Estate Agent of course makes no mention of it upfront. Anyone who is sale agreed with an institutional buyer, I would ask your estate agent directly who the buyer is and do your own research

dublinlush

I checked out the Vestry crowd through solocheck. They're a bunch of accountants primarily, playing around with the property market etc. There's some info on them and their shenanigans in online journals too. If you are reading this and you are involved in selling property with them, I would pull out and either go with the underbidder or go back to the market through a different agent. Make sure you don't sign anything with your original agent until you are sure you know and want a particular buyer. I was completely naïve and hadn't a clue what I was doing. Learnt a lot the hard way!

joebert80

They are more than just a bunch of accountants according to this publication;

https://www.ontheditch.com/irish-investment-fund/