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House sale that collapsed 3 times

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  • 31-05-2019 5:36pm
    #1
    [Deleted User]
    Posts: 0 ✭


    Hi all

    Recently knew someone trying to buy a house, wasted a lot of time and effort and was promised issues with VAT and property tax were sorted. Turns out it wasnt and there was unanswered issues with title deeds. She pulled out of the deal and I've heard since it has collapsed with the same problems twice already.

    Well i checked the area today and the house is up for sale again after only 2 weeks of it collapsing

    I was wondering surely the estate has a legal obligation to advise to potential buyers, people go through the whole process wasting time and money and the same issues are there


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    #2
    Dav010
    Registered Users Posts: 14,070 ✭✭✭✭Dav010


    These issues may not matter to a cash buyer.


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    #3
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    Dav010 wrote: »
    These issues may not matter to a cash buyer.

    They may not matter however you would still expect them to be notified of this as im sure the ea marketting tjis wants to find a buyer will to close with these flaws in mind. Normally this type of deal would come with a discount as well


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    #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Fol20 wrote: »
    They may not matter however you would still expect them to be notified of this as im sure the ea marketting tjis wants to find a buyer will to close with these flaws in mind. Normally this type of deal would come with a discount as well

    The VAT outstanding was 20k, they never paid the property tax or the non principal tax before it which I think comes with hefty interest if not paid. Even a cash buyer wouldn't buy with these amounts that could become his issue

    I was just a bit shocked that an EA can willingly leave this information out, its like defrauding someone


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    #5
    Fol20
    Registered Users Posts: 3,624 ✭✭✭Fol20


    [Deleted User] wrote: »
    The VAT outstanding was 20k, they never paid the property tax or the non principal tax before it which I think comes with hefty interest if not paid. Even a cash buyer wouldn't buy with these amounts that could become his issue

    I was just a bit shocked that an EA can willingly leave this information out, its like defrauding someone

    Depending on the agreed price, i would still consider a deal. Vat, property tax etc are monetary prices that are easy to calculate and resolve. Issues with deeds and structural problems are more difficult to assess.

    Its not defrauding someone. The ea acts on behalf of the seller and there is always a disclaimer at the end if their ad. It is up to the buyer to identify these issues. The one thing i would say about the ea, is that they are wasting their time advertising if trying to achieve market rate as it will fail to sell unless there are other motives behind this like being forced to advertise without any intention of selling.


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    #6
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Deleted User wrote: »
    The VAT outstanding was 20k, they never paid the property tax or the non principal tax before it which I think comes with hefty interest if not paid. Even a cash buyer wouldn't buy with these amounts that could become his issue

    I was just a bit shocked that an EA can willingly leave this information out, its like defrauding someone

    There is hefty interest- yes, but no penalties.
    And yes- the debt is associated with the property- not the owner- so if you buy the property and its not satisfied- you inherit the debt.


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    #7
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    The_Conductor wrote: »
    There is hefty interest- yes, but no penalties.
    And yes- the debt is associated with the property- not the owner- so if you buy the property and its not satisfied- you inherit the debt.

    Surely this is somewhat criminal trying for a 4th time to sell it in the hope its missed


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    #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,279 Mod ✭✭✭✭The_Conductor


    Deleted User wrote: »
    Surely this is somewhat criminal trying for a 4th time to sell it in the hope its missed

    If it is missed- its a civil matter between the purchaser and the seller- or more pertinently- the purchaser and their solicitor- who will not have done the required due diligence, if this managed to slip through the cracks.

    There is a property ID associated with the property.
    There is debt associated with the property ID.
    Once you buy the property- the property ID- and its historic debt- is associated with *you*.

    Count yourself lucky that your solicitor did their job- however, the other way of looking at this is- in the knowledge of the o/s debt- would you be willing to make a lower offer to take the debt into account- and clear the whole lot as a series of close following transactions?

    What I'm curious about- is how or why the local estate agents are happy to take this trainwreck of a sale on? Its nothing but trouble- they'll never get reasonable recompense for the time and efforts out of the sale.


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    #9
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,829 Mod ✭✭✭✭L1011


    Dav010 wrote: »
    These issues may not matter to a cash buyer.

    At a massive discount to market foran equivalent "clean" property. The OP might able to let us know if this is the case


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