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Is it a bad idea to...

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  • 10-10-2018 9:33pm
    #1
    shelly24
    Registered Users Posts: 77 ✭✭


    We went sale agreed on our hosue that we are selling in August, we were then sale agreed on another property but that fell through and luckily we found another hosue and our offer was accepted but the people buying our hosue are waiting patiently to move in and signed the contracts a couple of weeks ago.
    We are going in tomorrow to sign our end of the contracts.
    The contracts for the house we are buying should be with my solicitor at the end of this week but I don’t think we can sell them until we have our official loan offer from the bank?
    We had the valuation done on Monday and have approval so I’m not sure how long it takes for the loan offer to form through?
    My Mam thinks it’s a bad idea to sign the contracts on the sale of our hosue until we are signing for the new house too but we think we should and not potentially lose out on the sale of our house.
    The house we are buying is vacant so we can move in as soon as possible after we sign the contracts.
    Our plan tomorrow is to sign off on our hosue and formalise the moving date (I think it’s 2 weeks) and hope we can sign the contracts for the new house next week?
    Does that sound ok?
    We have storage rented for our stuff and have somewhere to stay for a week or 2 if we end up without a house for a couple of weeks


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    #2
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    You run a risk of committing to selling your house while there is no committment for your sellers to sell to you. What would happen that the purchase of your intended house falls through totally? You cannot guarantee that the contract will be signed.
    Most solicitors would advise you not to do this.


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    #3
    Brego888
    Registered Users Posts: 1,314 ✭✭✭Brego888


    What has your solicitor advised?


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    #4
    Juwwi
    Registered Users Posts: 4,247 ✭✭✭Juwwi


    That would be a crazy thing to do unless you really want rid of the house your selling and don't mind renting if the other house falls through .

    The people buying yours haven't been waiting that long if only sale agreed since August .


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    #5
    April 73
    Registered Users Posts: 846 ✭✭✭April 73


    I just reread your first post. It looks like your loan approval hasn’t even come through yet. You need to explain to your buyers (or get your solicitor) where in the process you are & ask them to wait.
    A lot can still go wrong with your potential purchase process.


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    #6
    shelly24
    Registered Users Posts: 77 ✭✭shelly24


    Now that the purchasers have signed the contracts on our house is there anything that can go wrong if we do wait a couple of weeks?
    We really want to sell our hosue and move and it seems that even if the worst happened and the sale fell through on the house we are buying we’d still be in a very strong position to bid again on another house if ours is completely sold?
    I don’t think it’ll fall through because the couple divorced many years ago and rented the hosue for a few years and now it’s vacant so they are as keen to move forward as we are.


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    #7
    Juwwi
    Registered Users Posts: 4,247 ✭✭✭Juwwi


    Yes they can pull out at any stage until you sign the contracts .

    Have they been putting pressure on you to sign ?

    If you plan on signing tomorrow you must have an appointment with your solicitor to sign them ,,have they not been advising against this ?

    You could always pass a message onto them via your estate agent , even ask him to ring them to get a sense of their feelings .


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