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some advice needed please

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  • 18-04-2013 10:58pm
    #1
    cyberblade 918c
    Registered Users Posts: 193 ✭✭


    hi folks

    I have put an offer on a house that was in the process of liquidation. EA was anxious to get a good low offer in for us as it was due to be handed over to another EA for auction.

    Have been doing a lot of reading here and I understand when dealing with banks that it can be a slow process to get any answers from them.

    Offer was placed on the 11th april - and I have just seen the property re-listed on daft by the auction EA. Auction is set for the 17th may.

    I dont have a loan offer yet - but I was told by my bank that they were 100% sure i'd be approved and to come back to them when I had found a property.

    My main concerns at the minute are:

    what are the chances of my offer being put before the selling banks board before the auction date?

    And would if i were to talk to my bank on monday - what would be the chances of a loan offer being made prior to may 17th. As I obviously dont want to put bid / or put a deposit on anything at auction before I have loan offer in my hand.

    Any advice would be appreaciated - Im very new to the whole property purchasing procedures.


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    #2
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    cyberblade 918c wrote: »
    hi folks

    I have put an offer on a house that was in the process of liquidation. EA was anxious to get a good low offer in for us as it was due to be handed over to another EA for auction.

    Have been doing a lot of reading here and I understand when dealing with banks that it can be a slow process to get any answers from them.

    Offer was placed on the 11th april - and I have just seen the property re-listed on daft by the auction EA. Auction is set for the 17th may.

    I dont have a loan offer yet - but I was told by my bank that they were 100% sure i'd be approved and to come back to them when I had found a property.

    My main concerns at the minute are:

    what are the chances of my offer being put before the selling banks board before the auction date?

    And would if i were to talk to my bank on monday - what would be the chances of a loan offer being made prior to may 17th. As I obviously dont want to put bid / or put a deposit on anything at auction before I have loan offer in my hand.

    Any advice would be appreaciated - Im very new to the whole property purchasing procedures.

    If you made an offer on the 11th April it should have been communicated to the selling bank by now. Check with the EA you put it to. Chances are it has been declined if they've gone ahead and put it up for auction.

    What bank are you trying to get a loan offer from? You have 1 month to have a loan offer in place which is more than enough time to have the property valued and offer in place prior to the auction.


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    #3
    cyberblade 918c
    Registered Users Posts: 193 ✭✭cyberblade 918c


    thanks Killers ... with the Ulster bank & have a meeting with them on Tuesday so will see what the crack is then. EA was fairly confident it would be accepted so It was a bit of a kick in the teeth to see it up for auction.

    have no clue as to what is involved in auctions .. Do ya have to register on day and have cheque book for deposit etc ?? sorry for what might seem like silly questions


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    #4
    cyberblade 918c
    Registered Users Posts: 193 ✭✭cyberblade 918c


    btw - amv for auction is 50,000 which i know doesnt mean much on the auction day- I had an offer in of 85k with the EA


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    #5
    killers1
    Registered Users Posts: 1,443 ✭✭✭killers1


    cyberblade 918c wrote: »
    btw - amv for auction is 50,000 which i know doesnt mean much on the auction day- I had an offer in of 85k with the EA

    Here's a good guide to buying at auction;

    http://www.scsi.ie/search/?query=guide+to+auction&p[submit_button]=+

    Ring the original EA tomorrow and ask for an update on your offer.


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