Buying and selling a property

holg

Hi just wondering how long would you wait for the vendors of a house you're purchasing to find a property I'm sale agreed 10 weeks and estate agent is saying they're still looking ...I'm just afraid il loose the sale on my own property ...I know the market is terrible ...but how long is the average wait...

Thank you

SupaCat95

Feck that. No excuse. Out the door after a month. They have been paid. Dont accept rent in lieu, just get out, "take youself, your bag, your sandwiches and T-square and get out of my classroom" as my former tech drawing teacher used to say.

NNow when I was buying, I really wanted to buy and I asked how long should convayence be? I once got told it could take up to 4 months by an estate agent. I smelt a rat. It should only take less than a week if all parties are equally motivated. Reality maybe a month. I do get they are in a chain but finding it difficult. These people are taking the mick.

holg

Hi just wondering im sale agreed 9 weeks and the vendor still has not found a property yet.....how long is a reasonable time to wait...nervous of pulling out incase it happens again and I'm waiting all over again I have asked would vendor rent but they said no and are not sending contracts until they have a property...I already spent money on solicitors and surveyors report and bank valuation...what is your thoughts Thank you

Big Bag of Chips

2 threads merged and moved to appropriate forum.

28064212

https://www.boards.ie/discussion/comment/122530050#Comment_122530050

They have been paid

What are you talking about? OP is sale agreed, no contracts have been signed, and the vendors certainly haven't been paid.

OP, unfortunately pretty much the only card you have to play is threatening to pull out of the sale. You don't have any other leverage. And in this market, unless it's a particularly unattractive property or you're already well over the current market rate, that's not much leverage.

herbalplants

That is so poor. If I was you, I would pull out unless the house is unique.

SupaCat95

https://www.boards.ie/discussion/comment/122567816#Comment_122567816

I didnt have the "sale agreed" information when I posted, see timeline. I had the same problem when I was buying. I asked how long did conveyance take to the Estate agent. "well it all takes different times, I have seen it done in a week and a half or up to 4 months…". BS If a house is for sale its for sale and if you are getting wishy washy answers then that means they haven't a scooby doo what they are at. Time is a wasting, pass quickly if I were you.

suvigirl

https://www.boards.ie/discussion/comment/122575373#Comment_122575373

Conveyancing takes months. The quickest I have ever heard of was someone going sale agreed to getting keys in 4 weeks. Extremely unusual

28064212

https://www.boards.ie/discussion/comment/122575373#Comment_122575373

Both of the OP's posts say that they are sale agreed

SupaCat95

https://www.boards.ie/discussion/comment/122575419#Comment_122575419

It depends on the how fast solicitor and estate agents co-operate. My house only took 4 weeks. The first house I was seriously interested in, the sellers had nowhere solidly planned. It had also been on the market months before I took interest. That should have been a hint of problems.

suvigirl

https://www.boards.ie/discussion/comment/122576244#Comment_122576244

4 weeks is extremely unusual. It normally tak s longer. Definitely not one week as you stated earlier. The estate agent doesn't have a role in the conveyancing, that's up to the two solicitors and they're never in too much of a hurry!

Sono

I would say 3 months is a typical timeframe but unfortunately these are not normal times, going sale agreed on a house with the vendor yet to find their own house really is a balls, it's a situation I will find myself in too and I am dreading it.

A lot to be said for buying a new house avoiding all this but not everyone wants a new house.

Best of luck OP and I hope the sale all goes through ok.

Ezeoul

This can happen in a chain.

You're waiting ten weeks for your vendor to find a house, and when they do, they could then be in your position and get stuck waiting for their vendor to find a house…. and around and around it goes.

Once upon a time a someone might move in with family or rent a place for a month or two to complete a sale, but that doesn't seem to happen nowadays - besides, there is nowhere to rent!

Only you can decide how long you're prepared to hold out.

If I was selling, I personally wouldn't put my house up for sale until I had a pretty short shortlist of houses I was looking to buy.

Luckylow10

I’m currently selling in a chain,and buying.

i would not be waiting around any longer on the vendor to find a place. If they eventually find a place it could be In a chain and could cause months of further delays and even fall through and the while process starts again.

Some vendors aren’t in any hurry to find a place and just take their time, they may even not be fully committed to moving. . Ideally you need to find a vendor that is highly motivated to sell or even better a vacant property.

It’s been 12 weeks since my house went sale agreed. I had my deeds, NPPR cert, services in charge cert, LPT paid, all sorted within 2 weeks of sale agreed. Our delays have been precontract enquiries between the solicitors. As far as I can see they do one correspondence a week between themselves via email, dragging it out beyond belief.

Hontou

Seller here. There is only one interested party in my house that is for sale in a rural area of low demand. Hard to value the house as unique but priced in line with PPR prices and in walk in condition. The potential buyers want to knock too much off the asking price which would put it under the going rate for similar size and condition houses in the area. They know there are no other bidders and are refusing to negotiate. How should I proceed? Take it off the market altogether and put it back on the market in Spring at a more competitive price? Leave it on the market over the dreary Winter months? Drop the price a small bit now? The estate agent is getting impatient with both sides. No chain on either side thankfully. The house would cost a lot more to build than it is selling for.

LJ12345

Ultimately neither party wants to feel like they’ve been hard done by or sold themselves short. If they are genuine buyers, your best option is to let them know that selling at their offer doesn’t work for you but you would consider selling at x (x = somewhere between their offer and your asking). Then be prepared for a counter offer after which you either continue with the negotiation or walk away and refocus. If you leave their offer on the table, the next person would automatically come in at the reduced price which you may or may not want. It all depends on your circumstances as to what route you want to take. Xmas is not the quiet spell most think it is, it’s the time of year people are off work and dreaming about the year ahead, if you’ve an idyllic countryside spot it might do better than you think over winter.

SupaCat95

@suvigirl It would take a week if you had motivated solicitors. My house? We were cash buyers and werent in a chain but we had a glitch with the converted garage. There was no certificate of compliance (I never heard of it but it must be true because the solicitor said it must be true because we werent shifting until we got it).

We would have completed the purchase in 4 weeks instead of 5.

Best advice dont get into chains. Life is too short. There are parts of the chain you cannot control or see. Then you add in Estate Agents and hidden factors. Much the same as The Simpsons removing lawyers, If we could remove Estate Agents from the equation life would be easier.

suvigirl

https://www.boards.ie/discussion/comment/122580699#Comment_122580699

NNo it wouldn't. If you can point out just one single purchase that was completed in one week, I'd be truly amazed. Can't happen.

Luckylow10

I think it’s impossible to complete in one week no matter how motivated the solicitors are.

There are issues such as getting certs from councils, certs of compliance, property tax specific clearance, declarations of identity, copies of land registry instruments etc all of these time wise are out of the control of the solicitors..

SupaCat95

https://www.boards.ie/discussion/comment/122580710#Comment_122580710

If you had two focused solicitors, no hiccups like outstanding deeds registary, planning permission & certs of compliance, no distracting cases, Survayers reports, mortgages compliance, proof of funds, Cash buyers, etc etc, it could technically happen. Real life is that solicitors are working on multiple cases and backlogged. A tiny house conveyance could be done that fast IF there were none of those technicalities. Its only less than two grand usually for a fee, stuff that is pocket change for a solicitor. They are not motivated for it.