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Buying a house from a receiver

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  • 30-10-2015 7:38am
    #1
    mce2010
    Registered Users Posts: 24 ✭


    Hi
    I am attempting to buy a property in Dublin from a receiver and it feels like its taking forever. I paid a booking deposit almost three months ago, and no contracts have issued yet.

    I'm dealing with an agent who tells me there is a major backlog in properties in the bank that owns the property.

    He says that solicitors haven't even been appointed for the vendor and can't tell me the name of the receiver.

    My solicitor feels the whole thing is very unusual but I've talked to others who feel this delay is not unusual in receiver sales.

    Has anyone any experience in receiver sales? I would like to buy this property, but if it keeps dragging on without even an indication of movement, I may need to look elsewhere.

    If anyone else has gone through a similar situation, I'd love some advice on the matter


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    #2
    antoinolachtnai
    Registered Users Posts: 9,776 ✭✭✭antoinolachtnai


    Leave your deposit in place for a while if you like but look for something else.

    I would be very concerned if the agent cannot tell you who his client (the receiver) is.


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    #3
    Rew
    Moderators, Sports Moderators Posts: 8,679 Mod ✭✭✭✭Rew


    There are various threads on here with people experiences, most will tell you that it takes a long long time. If you not prepared to wait 6 months to year move on.


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    #4
    CaoimheSquee
    Registered Users Posts: 359 ✭✭CaoimheSquee


    Not unusual at all. Each stage of the process takes weeks with banks on ALL receiver sales. Some banks are definitely worse than others but all sales are long and it is not uncommon at all for buyers to pull out along the way. Totally understandable also.


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    #5
    mce2010
    Registered Users Posts: 24 ✭mce2010


    Rew wrote: »
    There are various threads on here with people experiences, most will tell you that it takes a long long time. If you not prepared to wait 6 months to year move on.

    Thanks a mill for coming back to me, that has given me some peace of mind, I always knew there would be delays during the sale, I just hoped I would have the process at least started by now with contracts issued.


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    #6
    mce2010
    Registered Users Posts: 24 ✭mce2010


    CaoimheSquee wrote: »
    Not unusual at all. Each stage of the process takes weeks with banks on ALL receiver sales. Some banks are definitely worse than others but all sales are long and it is not uncommon at all for buyers to pull out along the way. Totally understandable also.

    Again, thanks for taking the time to reply. Would you not be concerned that the agent won't provide the name of the receiver?


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    #7
    CaoimheSquee
    Registered Users Posts: 359 ✭✭CaoimheSquee


    That is also very common in my experience. I don't know the legality behind it, or the even the purpose really, but it is certainly something regularly practiced.
    I doubt there is much benefit to you knowing though anyway, they would not deal with you and would just direct you back through the estate agent/ appointed solicitor.

    I have watched how frustrating these sales are and believe me they are for the ea too. The commission is usually very low and are difficult sales from start to finish with difficult viewings to arrange with a sitting tenant being booted out soon or an owner losing their home and then frustrated buyers. There is constant following up and lack of answers from banks.

    Good luck!


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    #8
    mce2010
    Registered Users Posts: 24 ✭mce2010


    CaoimheSquee wrote: »
    That is also very common in my experience. I don't know the legality behind it, or the even the purpose really, but it is certainly something regularly practiced.
    I doubt there is much benefit to you knowing though anyway, they would not deal with you and would just direct you back through the estate agent/ appointed solicitor.

    I have watched how frustrating these sales are and believe me they are for the ea too. The commission is usually very low and are difficult sales from start to finish with difficult viewings to arrange with a sitting tenant being booted out soon or an owner losing their home and then frustrated buyers. There is constant following up and lack of answers from banks.

    Good luck!
    Thanks again, that sounds exactly like my position, the agent us following up but seems to be hitting a brick wall


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