Make offer to buy house from Bank

irishjulie

Hi,
my partner has put an offer in to buy a house through an ea which the banks are using, that was two weeks ago and he still has not heard anything back, just wondering if this is normal when buying from banks? He is a first time buyer so neither of us have any experience in buying houses!

D3PO

the process for certain will be much slower buying off a bank. The offer probably has to go by a committe who probably site maybe once a month and go through all offers made or whatnot.

id certainly be expecting to wait 4-6 weeks to hear anything before chasing to be honest.

irishjulie

Hello! My partner made an offer to bank and it was accepted and that was just about a month ago, we are now waiting on deeds being released from banks but estate agent does not have a time frame for when this could happen...has anyone any experience with buying a house from bank and how long did the process take?
Thanks

RATM

irishjulie wrote: »

Hello! My partner made an offer to bank and it was accepted and that was just about a month ago, we are now waiting on deeds being released from banks but estate agent does not have a time frame for when this could happen...has anyone any experience with buying a house from bank and how long did the process take?
Thanks

Going by what other posters have said on the thread buying from the banks is a slow process- one poster took 4 months from making the offer to actually moving in.

All you can do is to ring your solicitor for an update every couple of weeks.

Would be interested to hear how much the bank discounted the property by ?

irishjulie

Orignal asking price in 2009 was 169000, it dropped price over the years to 60000 asking price, he offered 55000 and it was accepted :-)

Standard Toaster

irishjulie wrote: »

... through an ea which the banks are using....

Hi,
Could you tell me what you mean by that? Does that ea have access to property not officially on the market?
I've been on the lookout myself for the last few months
Thanks

RATM

irishjulie wrote: »

Orignal asking price in 2009 was 169000, it dropped price over the years to 60000 asking price, he offered 55000 and it was accepted :-)

Sounds like you got a great deal, well done

irishjulie

Standard Toaster wrote: »

Hi,
Could you tell me what you mean by that? Does that ea have access to property not officially on the market?
I've been on the lookout myself for the last few months
Thanks

No the house was on the market but we did not know it was a bank house until about a week after putting in an offer. The ea only told us when I was questioning how come it was taking so long to get a reply! I also know of another person who bought a bank house but did not know it until contracts were signed! It seems ea are not telling people it is a bank property!

irishjulie

RATM wrote: »

Sounds like you got a great deal, well done

It is a great deal as it is in a small finished estate built about 12 years ago, no room for expansion of estate and house is structurally sound! Happy days :-D

dines08

Have many people bought successfully from the banks? It seems like there is value there but it takes an age to get it done.

irishjulie

dines08 wrote: »

Have many people bought successfully from the banks? It seems like there is value there but it takes an age to get it done.

I just know one person, through a friend...through a friend situation and it has worked out fine for her!

dines08

irishjulie wrote: »

I just know one person, through a friend...through a friend situation and it has worked out fine for her!

It seems to be based on individual circumstances. You can be lucky and you can get the run around. There's a house on my radar which ticks all the boxes for myself and the OH but it's been sitting idle and I want to know how much hassle it's going to be to pursue before getting horribly frustrated and hitting snags and dead ends.

irishjulie

dines08 wrote: »

It seems to be based on individual circumstances. You can be lucky and you can get the run around. There's a house on my radar which ticks all the boxes for myself and the OH but it's been sitting idle and I want to know how much hassle it's going to be to pursue before getting horribly frustrated and hitting snags and dead ends.

I have heard all the horror stories about sales falling through because people getting frustrated with the banks and all the messing that comes with them but I think if you go in prepared for it, it will be worth it in the end especially if your getting a good property at a good price! We are lucky in that we are renting a decent place and have the time to sit and wait for the banks to get their stuff together!

dines08

Can anyone who has successfully bought from the banks give me an idea of timeline involved? I've an offer made on a property since Thursday, I'm not in any sort of a rush but it would be good to know what to expect in terms of a reply time and where to go from there?

Woodville56

Having read the earlier postings in this thread, it appears that responses from banks to prospective buyers vary , depending on which bank is involved !
My partner and I are also prospective buyers and are interested in a house in a small development (half of which is occupied, the remainder completed to builders finish) and we were advised by the Estate Agent that the price advertised on property websites is not negotiable as the properties are now owned by " the bank" , we dont know which bank ?
The current prices quoted, depending on house size, vary from 100k- 110k and our own feeling is that we should enter an offer of (say) 75k and see where it goes from there - the houses were built about 4 or 5 years ago with a guide price then in the region of 220k, with few sales in past year .
Obviously we would be getting a structural review etc in advance of any firm committment to buy. A few questions arise on our part in this regard :
1. Is the EA required to transmit our offer to the bank concerned ? Can we find out which bank is involved if the EAs is'nt forthcoming with this information ?
2. Should our "conditional" offer be in writing to the EA and how will we know if the offer has been transmitted to be the bank by the EA, bearing in mind the lower commission earning capacity from a lower quote ?
3. Should we be asking from written confirmation from the EA/ the bank as to decision on our offer ?
4. Should we hold off on making an offer at all and see what happens to the remaining unsold properties in the development?
Any advice would be much appreciated
Woody

irishjulie

dines08 wrote: »

Can anyone who has successfully bought from the banks give me an idea of timeline involved? I've an offer made on a property since Thursday, I'm not in any sort of a rush but it would be good to know what to expect in terms of a reply time and where to go from there?

we have not finished buying house yet but so far it took 13 days until we got a reply with re offer and it then took nearly 5 weeks to get deeds released from banks. it took another 4 days for solicitor to recieve contracts (monday just gone) and there are, according to our solicitor, a lot of "holes" in contracts that need to be figured out- and that is where we are at, at the moment. our solicitor seems to think we will have keys in another 4-6 weeks...I am thinking it willl be longer!

Does anyone else who bought a bank house have any ideas on what happens to house contents, are they just dumped? does bank negotiate a price? thanks!

dines08

irishjulie wrote: »

we have not finished buying house yet but so far it took 13 days until we got a reply with re offer and it then took nearly 5 weeks to get deeds released from banks. it took another 4 days for solicitor to recieve contracts (monday just gone) and there are, according to our solicitor, a lot of "holes" in contracts that need to be figured out- and that is where we are at, at the moment. our solicitor seems to think we will have keys in another 4-6 weeks...I am thinking it willl be longer!

Does anyone else who bought a bank house have any ideas on what happens to house contents, are they just dumped? does bank negotiate a price? thanks!

Would you mind pm me the bank involved? We have an offer in on a property at the moment and its been a week without any indication of movement. I am trying not to come across too eager and annoy the estate agent but I'd like to know where I stand.

irishjulie

dines08 wrote: »

Would you mind pm me the bank involved? We have an offer in on a property at the moment and its been a week without any indication of movement. I am trying not to come across too eager and annoy the estate agent but I'd like to know where I stand.

I would if I knew it, EA will not tell us and we have asked people how to find out which bank as we want to try negociate a price for contents! I would ring EA and ask them when the bank board sits to discuss offers becase this only happens once a week or every 10days! You could say you have stopped another property you are interested in!

dines08

irishjulie wrote: »

I would if I knew it, EA will not tell us and we have asked people how to find out which bank as we want to try negociate a price for contents! I would ring EA and ask them when the bank board sits to discuss offers becase this only happens once a week or every 10days! You could say you have stopped another property you are interested in!

If you know the name of the developer or the builders company in our case as it was a builder who went into receivership then it is easy to find the appointed receivers and the bank that appointed them. Insolvencyjournal.ie

irishjulie

dines08 wrote: »

If you know the name of the developer or the builders company in our case as it was a builder who went into receivership then it is easy to find the appointed receivers and the bank that appointed them. Insolvencyjournal.ie

I will try that now but I doubt it will be up there beause our huse is inan estate thatis finished and is about 10-12yrs old!

Ladybird99

If the property is registered on landregistry.ie you may be able to order the folio document online. This should show which bank has an interest in the property. The folio costs around five Euro and will be emailed to you.

Sunny Dayz

dines08 wrote: »

Can anyone who has successfully bought from the banks give me an idea of timeline involved? I've an offer made on a property since Thursday, I'm not in any sort of a rush but it would be good to know what to expect in terms of a reply time and where to go from there?

I would recommend you sit on both hands to stop yourself ringing the EA like what we had to do!

From when we made our offer to when we got word it was accepted took about 2 months. Probably took a bit longer with Bank hols and Easter etc. I don't know if this is good or bad but it's how long it took us anyway. AFAIK the committees only sit every few weeks. They looked for proof of finance and then we had to wait for the next meeting for this to be reviewed.

you need to have great patience and not be in any rush to buy IMO.

dines08

We are moving into a rental on a 6 month lease tomorrow so time is on our side.

demac

Hi folks,

Looking to purchase a property and have been keeping an eye on the usual sites. I have heard and obviously read here that some have been successful in purchasing direct from the banks but I'd like to know, where one can view or find out what properties the banks have for sale.

Is it a matter of contacting each local branch of the banks and asking or is there somewhere else ?

Remember me

Sorry to bother this post, with something that wmy not be helpful, but how do you go about buying a repossesed house?
I am currently looking to buy a house in Co. Mayo and haven't got near enough of a mortgage to fund a house (prices here seem crazy compared to other counties).
thanks!

seaniemc17

Hi there,
I am looking to buy a property in Co. Cavan, the property has been on the market for the past 6-7 years and has lost an enormous amount of book value since then. I believe the property is with the banks but don't know which one.....there is also clear evidence that there are structural defects with the building such as heaving walls and a bulging roof that I am aware of. Collapso.ie has noted the property falling from €1,200,000 in 2007 to €450,000 two and a half years ago in 2010. Even with these structural defects I am in love with the property, a house just up the road of similar size and spec sold for €150,000 in November of last year according to propertypriceregister.ie This will be key to getting a good deal. The property is located in the middle of nowhere "Ballygobackwards" if you like.
I'm worried that an offer of say €80,000 would be an insult for a property that was on the market for 1.2 mil or will this matter? Can I haggle with a bank based on the structural soundness of a property?
The ea has not replied to any of my emails about the property and has told one of his clients that it nearly sold at €318,000 a while ago but that fell through.
Any advice on this would be of great help!

p.s. new to the forum #firstpost

Wolfie67

I was told when I went to view a house for sale that it was a bank repossession ...and it would be a longer process, I made a bid 3 weeks ago, have tried to get estate agent on phone to see what is happening (same estate agent who is selling my home and went sale agreed 2 weeks ago) Today I caught up with her she told me that she has heard nothing, I asked her again if it was a bank sale she said no, the couple who are selling are waiting approval from bank to except offers etc.....can anyone throws some light on this for me...thanks

phormium

The house is obviously in negative equity so the bank have to agree to the sale as there will be a shortfall to pay off the mortgage, this means the owners have to come to some agreement with bank as to how the shortfall will be met, maybe they are negotiating terms or are adding to a new mortgage, who knows! Either way banks are slow at sorting out these things so it is a very believeable reason for a delay.

evolving_doors

.at the moment the banks have an asset ..even if its in negative equity ..the Irish citizens have already thrown money into the banks to account for these bad loans, but the banks have not realised these losses by selling the asset.

Hence the hesitation on the bank to start showing large losses on the books by selling their assets at a loss .
They are playing a very very long game.
They also know if they wait long enough they might actually break even and not have used any of the billions we put in ...

Basically op you needn'texpect any big rush to sell the house..

Hoarding I think is the word..