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Re-negotiating a selling price at the last minute!

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  • 20-11-2008 6:44pm
    #1
    hoppy
    Registered Users Posts: 74 ✭✭


    Myself and my partner had an offer accepted on a cottage in need of renovation in august and although the deal has been slowly going through since then we signed with the bank for the cheque for the agreed price last week. today the solictor rang to say the cheque had arrived less 10% which the bank are hlding back untill the renovations are complete which means we now need to find the extra 10% to close the deal .can we re negotiate the price at this late stage or if we pull out would we loose our deposit?
    all advice gladly accepted !
    Cheers A-E


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    #2
    astrofool
    Registered Users Posts: 16,651 ✭✭✭✭astrofool


    Did the closing price include the renovations? e.g. Cottage cost €200,000, you have €10,000 deposit, need mortgage of €190,000. Renovations estimated to cost €20,000, and the bank is withholding 10% of the agreed price + renovations - deposit?

    Have you closed on the deal (i.e. signed contracts)

    This sounds a bit bizarre on the banks behalf.

    What is your equity % on the cottage as it would stand if you got the whole amount?


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    #3
    hoppy
    Registered Users Posts: 74 ✭✭hoppy


    astrofool wrote: »
    Did the closing price include the renovations? e.g. Cottage cost €200,000, you have €10,000 deposit, need mortgage of €190,000. Renovations estimated to cost €20,000, and the bank is withholding 10% of the agreed price + renovations - deposit?

    Have you closed on the deal (i.e. signed contracts)

    This sounds a bit bizarre on the banks behalf.

    What is your equity % on the cottage as it would stand if you got the whole amount?[/QUOTE

    the the idea was that the bank loaned us the full asking price asking price on the property and the we remorgaged an existing property for the renovation cost! but we hadnt intended drawing on the second mortgage until the renovations began in about 3 months


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    #4
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    If your contract included a "subject to loan" clause you might be able to get out of it without forfeiting your deposit. If you have a loan offer from the bank they should notbe introducing new conditions at the last minute. threaten the banking ombudsman on them.


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    #5
    hoppy
    Registered Users Posts: 74 ✭✭hoppy


    apprently it was in the small print but at no stage did the mortgage guy in the bank mention this!


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