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Buying our House - Repossession - Contracts/Deeds

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  • 21-05-2013 10:31pm
    #1
    timotei11
    Registered Users Posts: 14 ✭


    Hi all,

    I just wanted to see if anyone has any similar experience with purchasing their property.

    We had an offer accepted on a house around 2 months ago - all the stuff from our side has been sorted as far as it can be, but the 'owners' of the property have not signed everything that is needed by their bank for the bank to release the contracts to my solicitor. This has been going on for the last month now.

    Either I call my solicitor or the estate agent each week to see if there has been any movement and they tell me the same thing and say they can't do anything until this couple get all their documentation in place.

    The estate agent dealing with it now seems to be as similarly peeved as myself and my partner, but still - is there anything I can do to move this along? It feels like I'm stuck in groundhog day - I assume this couple will be in no rush to do my a favour as they've just lost their home so do I just need to sit tight for two, three, four, five, six weeks?


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    all you can do is threaten to pull the plug if contracts aren't signed by X date and be prepared to do it.

    otherwise sit tight and wait till everything is sorted.


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    #3
    jim-mcdee
    Registered Users Posts: 373 ✭✭jim-mcdee


    I'm afraid you may have a fairly long wait


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    #4
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    jim-mcdee wrote: »
    I'm afraid you may have a fairly long wait

    Jim is right, brace yourself for another couple of months!


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    #5
    criticalmass
    Registered Users Posts: 3 ✭criticalmass


    Hi
    It could be a different reason in delay... the vendor may look for a better price
    and you may end up paying your solicitor/surveyor fees for nothing
    I would put a deadline for exchanging the contracts and on my offer and in the meantime will look for something else


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    #6
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    timotei11 wrote: »
    We had an offer accepted on a house around 2 months ago - all the stuff from our side has been sorted as far as it can be, but the 'owners' of the property have not signed everything that is needed by their bank for the bank to release the contracts to my solicitor. This has been going on for the last month now.
    Who are the owners? The bank or the people living there? If it's a repossession, I would think the seller would be the bank. Would it be possible that the people living there are trying to avoid getting evicted, thus the delay?


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    #7
    timotei11
    Registered Users Posts: 14 ✭timotei11


    Hi all.
    Thanks for the replies.
    Quick update - all the necessary documentation from the vendors is now with the bank (the actual vendors as someone pointed out) and has been for a month.

    My solicitor mentioned there may be something going on in the background with the bank deciding whether or not to accept the offer, but he also said it could just be taking a while as the bank overseeing the whole thing is based in Denmark. The estate agent says the bank have accepted the offer but they have told the solicitors working on behalf of the vendors that they will get round to issuing contracts when they feel like it basically.

    The only way to put any sort of pressure on appears to be to set a deadline for the sale but even that is apparently not any real sort of pressure as the bank won't really care or might not even hear of the deadline until it has passed.

    Both the solicitor and even the estate agent have said it might be worth keeping our eyes open for other properties, but at the same time hang in there with this house as it will almost certainly go through, but it might just take another few weeks/a month/several months.

    Any opinions on this from people with experience or knowledge of the situation would be greatly appreciated.


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    #8
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    How much do you want the house? Buying a repossession is painstaking. It could take up to 6 months. And there is nothing you can do to speed up the process.


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    #9
    Hootanany
    Registered Users Posts: 5,477 ✭✭✭Hootanany


    I dont think I could buy a repossessed house just seems so wrong.


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    #10
    Balmed Out
    Registered Users Posts: 4,716 ✭✭✭Balmed Out


    Hootanany wrote: »
    I dont think I could buy a repossessed house just seems so wrong.

    why!


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    #11
    timotei11
    Registered Users Posts: 14 ✭timotei11


    StillWaters wrote: »
    How much do you want the house? Buying a repossession is painstaking. It could take up to 6 months. And there is nothing you can do to speed up the process.

    We really want this house. It's in the perfect location for us and it's just the right fit.

    I've been in contact with the solicitor/estate agent frequently over the last few months, but it now looks like it's just a waiting game where I won't be in such regular contact with them as there will be no updates until these contracts drop through the door for us to sign - I'm just worried this will result in no one pushing our cause for us and our deal getting swamped by lots of other work and no one is putting pressure on anyone, should I be calling the solicitor/estate agent/their solicitor/the bank! etc... to try and keep pressure on them to make sure everyone is on top of things, or do I just not contact anyone for a month/two months/three months and wait and wait hearing nothing from anyone?


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    #12
    richballs
    Registered Users Posts: 15 ✭richballs


    timotei11 wrote: »
    We really want this house. It's in the perfect location for us and it's just the right fit.

    I've been in contact with the solicitor/estate agent frequently over the last few months, but it now looks like it's just a waiting game where I won't be in such regular contact with them as there will be no updates until these contracts drop through the door for us to sign - I'm just worried thihis will result in no one pushing our cause for us and our deal getting swamped by lots of other work and no one is putting pressure on anyone, should I be calling the solicitor/estate agent/their solicitor/the bank! etc... to try and keep pressure on them to make sure everyone is on top of things, or do I just not contact anyone for a month/two months/three months and wait and wait hearing nothing from anyone?

    Hi
    I am in a simallar situation as yours as I left a a deposit of a house over 6 months ago and then signed are contacts 8 weeks ago still no sign of the contracts just wondering are you still waiting or did you get sorted tks
    L


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    #13
    Lou1984
    Registered Users Posts: 27 ✭Lou1984


    Hi, I have been following this thread for a while, I am in the same situation as timotei11 and richballs, we went sale agreed on a house 6 weeks ago, everything done on our side, mortgage approved, deposit paid and still nothing apparently they are waiting for the bank to give the all clear to sell. As far as i know it is not being re possessed the couple are just going their separate ways but are taking a big drop in what they paid for it and what we are buying it for.


    Anyone have any updates on their situations????


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    #14
    gaius c
    Registered Users Posts: 3,528 ✭✭✭gaius c


    Hootanany wrote: »
    I dont think I could buy a repossessed house just seems so wrong.

    May not have been a PPR and could easily have been an "investment". 40% of the market in 2006 was BTL after all.


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    #15
    Duckjob
    Registered Users Posts: 2,859 ✭✭✭Duckjob


    Hootanany wrote: »
    I dont think I could buy a repossessed house just seems so wrong.

    What about a house where the renters has been turfed out because the landlord decided to sell it. Happens all the time but nobody gives a shiny sh**e because they're not "homeowners".


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    #16
    khards
    Registered Users Posts: 214 ✭✭khards


    Hootanany wrote: »
    I dont think I could buy a repossessed house just seems so wrong.

    In 2006 Person X decides they like a property and borrows €800,000 from the bank. The only reason they get this amount is that they lied to the bank about their income.

    Roll the clock forward to 2013, Person X has been unemployed since the bubble burst in 2009, has €100,000 mortgage arrears and will never be able to pay for the house.

    What is wrong with the bank taking back the house and selling it to recover the debt? this is how capitalism works.


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    #17
    timotei11
    Registered Users Posts: 14 ✭timotei11


    richballs wrote: »
    Hi
    I am in a simallar situation as yours as I left a a deposit of a house over 6 months ago and then signed are contacts 8 weeks ago still no sign of the contracts just wondering are you still waiting or did you get sorted tks
    L
    Lou1984 wrote: »
    Hi, I have been following this thread for a while, I am in the same situation as timotei11 and richballs, we went sale agreed on a house 6 weeks ago, everything done on our side, mortgage approved, deposit paid and still nothing apparently they are waiting for the bank to give the all clear to sell. As far as i know it is not being re possessed the couple are just going their separate ways but are taking a big drop in what they paid for it and what we are buying it for.


    Anyone have any updates on their situations????

    Hi guys,

    Not long after my initial post we went in to see our solicitor, he sounded very despondent about the whole thing, all the while telling us it'll eventually go through - but why not look at other properties 'while you wait' as the whole thing could continue to take months as the progress at the other end was slower than a snails pace and there was apparently nothing anyone could do to speed things up from our end.

    At first I was very frustrated, I couldn't understand how something could take so long and then be told it could take the same length of time, or more to finally get close to sealing the deal. I was almost blaming guys on my side for not working hard enough.

    Anyway, I took my solicitors advice and we started to look at other places, we seen a lot of rubbish in the last weeks, but we finally spotted a house, went and seen it again, took a few days to make sure we weren't rushing things (found out that it was a normal couple selling the house who were open to a quick sale). We went sale agreed on the house and got my deposit back from the other estate agent with no bad wishes.

    The process seems to be flying along and it makes such a difference to enduring what we went through the last few months - phoning people and getting no updates, or told there is nothing to report.

    Best thing we done, and we can now look forward to actually getting back on track with moving into our new home, rather than moping about about the repossession.

    I would suggest to anyone to have a look at other places while you wait.
    Something better and easier might pop up.

    Sincere good luck to anyone finding themselves in the same position as we were, horrible.


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