Buying a house in Negative Equity

gmisk

markuskon wrote: »

after 10 moths of waiting the sale agreed property fell through
Vendor is not interesed in selling it at a price agreed last August and is playing nasty ticks by not reaching an agreement with bank which demanded the sale ....
Decided to give up.
A bit pity after so much time, effort and money has been invested.....

I am very sorry to hear that...your story sounds pretty much identical to mine.
Believe me I understand not just the time lost but the money spent on surveys, valuations and solicitors fees.

HouseHunter13

markuskon wrote: »

after 10 moths of waiting the sale agreed property fell through
Vendor is not interesed in selling it at a price agreed last August and is playing nasty ticks by not reaching an agreement with bank which demanded the sale ....
Decided to give up.
A bit pity after so much time, effort and money has been invested.....

something should be done about this, I'm feeling I am going to be posting something similar in the next week or so...

I've signed my contracts over a week ago and nothing has come back as of yet.

I'm really sorry to hear that, its shocking that people are allowed to cost people so much time, stress and money.

gmisk

HouseHunter13 wrote: »

something should be done about this, I'm feeling I am going to be posting something similar in the next week or so...

I've signed my contracts over a week ago and nothing has come back as of yet.

I'm really sorry to hear that, its shocking that people are allowed to cost people so much time, stress and money.

You are in a much better position I would think as you have signed contracts....has the vendor?

HouseHunter13

gmisk wrote: »

You are in a much better position I would think as you have signed contracts....has the vendor?

I have but not the vendor. Courier dropped them out nearly 2 weeks ago to their solicitor haven't heard a dicky bird since. How long does it take for somebody to sign a piece of paper, its my first house so I don't know how long it should be taking.

I just don't know what to think anymore, my whole life is just on hold this last year because of this farce.

2013Lara

That is just awful. Another person who has been screwed over. I have two TDs on the case for me. Both have been in touch with Michael Noonan. Policy needs to change. Something has to happen to protect the buyer. It should be the vendor out of pocket.

One thing is for sure, if my sale doesn't go through, I will be staying rent free until I recoup all my losses, I'm an honest person but if we don't do that we won't have the money to buy anything else. Almost a year in now.This weekend one year ago we viewed the house for the first time. Feels like years ago. What a stressful experience it has been.

on_my_oe

I'm delighted that your TDs are on the case - fingers crossed they come up trumps... I'm being told to be patient and wait, but after reading the stories here, I'm overly cynical that I'm being strung along.

riclad

i would not not spend money on surveys ,unless my offer is accepted ,and
I have some document saying the seller and the bank are happy to go ahead with the
transaction, at the price i offered.

ie in a negative equity situation ,
THE bank have to write off some money owed,
or have an agreement that the seller will pay off the rest of the loan after the house is sold.

iguana

I know this is nothing compared to most people here, but it's 2 months since we were told the banks accepted our offer and we went sale agreed and things have actually gone backwards since then. We're now waiting for the bank to decide whether or not they are actually accepting our offer that they supposedly accepted in March. I just feel bloody impotent because we have so little power here and I just want to get on with my life. I've started house-hunting again as at this rate, we could be as quick to find some place new and start over.

Mr.McLovin

iguana wrote: »

I know this is nothing compared to most people here, but it's 2 months since we were told the banks accepted our offer and we went sale agreed and things have actually gone backwards since then. We're now waiting for the bank to decide whether or not they are actually accepting our offer that they supposedly accepted in March. I just feel bloody impotent because we have so little power here and I just want to get on with my life. I've started house-hunting again as at this rate, we could be as quick to find some place new and start over.

Is the property still advertised as for sale by any chance?

iguana

Yup.

Mr.McLovin

iguana wrote: »

Yup.

they're holding out for a better offer or at least keeping their options open for such an offer.

I know a couple who were in a similar situation and the bank took a better offer 3 months in when it was 'sale agreed', the house remained for sale despite being 'sale agreed' during this time.

Out of interest which bank?

iguana

Mr.McLovin wrote: »

they're holding out for a better offer or at least keeping their options open for such an offer.

The EA admitted to us that the bank is insisting on this until they give their decision in writing. It makes sense from their perspective, I know, but it really leaves us very messed around. I knew from reading this thread that it's very drawn out process but I'm still feeling very fed up about it all.

leinster93

riclad wrote: »

i would not not spend money on surveys ,unless my offer is accepted ,and
I have some document saying the seller and the bank are happy to go ahead with the
transaction, at the price i offered.

ie in a negative equity situation ,
THE bank have to write off some money owed,
or have an agreement that the seller will pay off the rest of the loan after the house is sold.

20/20 hindsight wish we did this. The estate agent assured us that the seller had no problems. Sale agreed last October, signed contracts beginning of January and transferred over deposit to our solr. Vendor still hasn't signed. Received a letter from vendors solicitor 5 weeks ago informing us that the sale is about to go through now that all documentation has been received by his bank. Pulling out as of end of this week if no contracts signed. Gone beyond giving a continental f*&k anymore....

Mr.McLovin

iguana wrote: »

The EA admitted to us that the bank (BoI) is insisting on this until they give their decision in writing. It makes sense from their perspective, I know, but it really leaves us very messed around. I knew from reading this thread that it's very drawn out process but I'm still feeling very fed up about it all.

I'd keep this house as a safety net and seriously look in the meantime at something else, if it comes good great but I wouldn't hold my breath particularly if its BOI selling (I get the impression they're not as willing to write down money like the others imo).

If you feel its the market value you agreed on hang on in there but they could drag it out for another 6 months and take a better offer if one comes in or ask you for more money depending on which way the market it goes...

its a lousy situation, I really hope it works out for you though!

Good luck

iguana

I really do think I'm going to start doing some viewings again soon. I think the price we've agreed on is fair, considering the work that it will need. Looking on Daft/myhome, we could probably get a similar house that doesn't need that work for not too much more than the price of our offer plus the cost of the work but although it would be in an equally nice area, it wouldn't be in the particular area that suits us so well personally. I guess that we will keep looking and waiting and eventually either the scales will tip toward buying a house in a different area or a miracle will happen and this sale will go ahead. Or maybe even a similar house in this particular area will come up.

I think keeping our eyes and options open is key.

kaki

Joining this thread again, 3 months down the road we are still Sale Agreed. Our Mortgage/Life Cover/House Insurance has been sorted out for weeks, rest of deposit has been paid in full and contracts have been signed.

After increasingly impatient emails/calls to my solicitor (who is not at fault in all of this) it transpires that the elusive consent to sell - which we were assured was in place by the Estate Agent - was in fact never given, and that the vendors are only now going through the process. God only knows how long this will take. Was also told that the vendors were in a position to clear the NE with cash savings, although this should probably be taken with a truckload of salt too.

Also just noticed that the house (which had been removed from the Estate Agents' site) is now back up with Sale Agreed.

And to think that we actively avoided houses with the slightest whiff of NE/receivers' sales... only to have this transpire after half a year of house hunting. BALLS. I'm sorry for anyone else in this position (I know that I'm only in it short haul compared to some of ye).

Any point in getting on to the EA to vent/ask that they remove the listing/pass along our displeasure to the vendors?

macnug

So finally after after 9-10 months we finally got the keys to the house yesterday. Absolutely over the moon. Now for the real work to begin.

lukesmom

macnug wrote: »

So finally after after 9-10 months we finally got the keys to the house yesterday. Absolutely over the moon. Now for the real work to begin.

Great news congratulations!

rionn

Good news here to got contracts back signed by bank yippee getting keys next week after going sale agreed on the 15th of October long wait but well worth it .. Sooo chuffed tk u guys for keeping me sane when things got to me, it was a great help seeing how others where getting on with there sale & knowing I wasn't on my own with the long wait x

lukesmom

rionn wrote: »

Good news here to got contracts back signed by bank yippee getting keys next week after going sale agreed on the 15th of October long wait but well worth it .. Sooo chuffed tk u guys for keeping me sane when things got to me, it was a great help seeing how others where getting on with there sale & knowing I wasn't on my own with the long wait x

Brilliant!!!! Enjoy your new home

2013Lara

It seems people are finally getting somewhere with these sales. Great news.

I am beyond even caring at this stage. Still waiting on further news. Vendor is still waiting on the bank to come back to him with a deal on the negative equity.

I wish they could just sell us the house and deal with their issues with the shortfall after, especially since they have the consent.

We stopped paying rent about 5 weeks ago. Told the vendor that it is there for him but we're not paying any more until we have proof that the sale is going ahead. It's our last resort, we have literally tried everything else to no avail. We're worried were being used for the rent.

You'd think he'd be on the phone to the bank every day, annoying someone so much that things will be done.

Fingers crossed for news this week.

coll30

I'm sale agreed on negative equity property since 14th March and no sign of letter of consent from sellers bank yet .

My own house is sale agreed since same time and I'm under pressure from my buyer to set date for completion which I can under stand .

So i'm stuck on what to.

I've looked at other houses but prices are going up and as i am separated I have to sell my house

.So stressful not knowing when or if sale will go through looked at renting but have to sign for 12 months .

reading some these threads makes me think that maybe I should rent for 12 months.

HouseHunter13

coll30 wrote: »

I'm sale agreed on negative equity property since 14th March and no sign of letter of consent from sellers bank yet .

My own house is sale agreed since same time and I'm under pressure from my buyer to set date for completion which I can under stand .

So i'm stuck on what to.

I've looked at other houses but prices are going up and as i am separated I have to sell my house

.So stressful not knowing when or if sale will go through looked at renting but have to sign for 12 months .

reading some these threads makes me think that maybe I should rent for 12 months.

I went sale agreed in June last year with a house in NE and I still haven't got my keys and still no guarantee the sale will be completed even after signing contracts just something to think about...

macnug

coll30 wrote: »

I'm sale agreed on negative equity property since 14th March and no sign of letter of consent from sellers bank yet .

My own house is sale agreed since same time and I'm under pressure from my buyer to set date for completion which I can under stand .

So i'm stuck on what to.

I've looked at other houses but prices are going up and as i am separated I have to sell my house

.So stressful not knowing when or if sale will go through looked at renting but have to sign for 12 months .

reading some these threads makes me think that maybe I should rent for 12 months.

Renting is going to cost you 10k+ for the year though. If I was you id put a date on it and if they dont have a letter of consent by then just walk away. I know I was one of the lucky ones but honestly I would never buy nama/ne again. It was not worth the stress, should have just paid the extra few quid for a quick sale.

HouseHunter13

A quick question for all those waiting/successful/unsuccessful with purchasing a house in NE, do you know which bank the vendor is trying to get a write down from? - if so, who?

thanks

2013Lara

HouseHunter13 wrote: »

A quick question for all those waiting/successful/unsuccessful with purchasing a house in NE, do you know which bank the vendor is trying to get a write down from? - if so, who?

thanks

EBS here

grumpydwarf

HouseHunter13 wrote: »

A quick question for all those waiting/successful/unsuccessful with purchasing a house in NE, do you know which bank the vendor is trying to get a write down from? - if so, who?

thanks

We have gone 'sale agreed' on three properties, none completed (as yet); one was BoI, two were/are ICS... We are waiting on the second of the ICS properties. Naively. We do have a back up property that we are eyeing up and will probably put a bid on this week 'just in case'.

coll30

Bank is ics any idea if they take long ? I'm going to view other house today but price could go too dear for me

on_my_oe

We are ICS too... Five months ��

HouseHunter13

2013Lara wrote: »

EBS here

PTSB and like yourself, still waiting

grumpydwarf wrote: »

We have gone 'sale agreed' on three properties, none completed (as yet); one was BoI, two were/are ICS... We are waiting on the second of the ICS properties. Naively. We do have a back up property that we are eyeing up and will probably put a bid on this week 'just in case'.

The two unsuccessful ones, do you know why or what happened that they didn't go ahead and how long did it take to find out they weren't happening?

Also 3?!? one has been enough to drive me insane

coll30 wrote: »

Bank is ics any idea if they take long ? I'm going to view other house today but price could go too dear for me

how long is a piece of string would be the answer to that unfortunately

....................

would be comforting to know anyone that closed with any of these lenders or even how long it took to get some sort of answer.

I sent back my contract just over a month ago now and I cant even get their solicitor on the phone despite that fact he is holding onto thousands of euro belonging to me!

grumpydwarf

HouseHunter13 wrote: »

PTSB and like yourself, still waiting
The two unsuccessful ones, do you know why or what happened that they didn't go ahead and how long did it take to find out they weren't happening?

Also 3?!? one has been enough to drive me insane

how long is a piece of string would be the answer to that unfortunately

I think I might be crazy, and wife is indulging me... the first (ICS) one we didn't realise the drama involved, the next time we thought being BoI it would be less drama than a sub-prime (it was worse!), and this time we were told they already had approval from ICS (they lied).

coll30

Well guess what ?? House I went to see today is a repossession agent said everything in place and should only take 3 months to complete .

I left and didn't look back.

grumpydwarf

coll30 wrote: »

Well guess what ?? House I went to see today is a repossession agent said everything in place and should only take 3 months to complete .

I left and didn't look back.

Someone learning from our mistakes?

HouseHunter13

grumpydwarf wrote: »

I think I might be crazy, and wife is indulging me... the first (ICS) one we didn't realise the drama involved, the next time we thought being BoI it would be less drama than a sub-prime (it was worse!), and this time we were told they already had approval from ICS (they lied).

glutton for punishment!

I think it was mentioned in the thread BoI didn't seem to be engaging with people looking for write downs

It should be illegal not disclosing NE on property, it turns into a hideous amount of time wasted and money for that matter if you don't manage to close

on_my_oe

According to TD Róisín Shortall, buyers wasting their time (and money!) on Negative Equity properties isn't a wide spread problem.

iguana

Are people here buying from vendors who are private individuals or companies. Is there a difference?

Ms2011

I'm buying or trying to buy from PTSB

grumpydwarf

Ours have all been vendor sales

2013Lara

I'm buying from a couple who can't keep up the repayments and who dont want the house anymore. I got a letter from Michael Noonan. In short, it's not his problem.

on_my_oe

Ours is a vendor sale

HouseHunter13

vendor sale, divorce with big NE

HouseHunter13

on_my_oe wrote: »

According to TD Róisín Shortall, buyers wasting their time (and money!) on Negative Equity properties isn't a wide spread problem.

i missed this post...

what a **** attitude, obviously not enough votes in it for her to give a fcuk

.......................

I'm starting to feel really stupid for waiting a year for a house and still no sign of them sorting it out, nobody can even tell me whats going on.

I know somebody who knows the vendor, would it be really inappropriate of me to get in touch with them directly?

TheDriver

I would start to pull out as a year is too long, either you get a solution or walk away which sounds like the inevitable end answer........involving friends makes it personal which would make it harder to just walk
p.s. Divorces are known for difficult sales, anyone I know said couple start arguing and not agreeing to make a point to each other

leinster93

HouseHunter13 wrote: »

i missed this post...

what a **** attitude, obviously not enough votes in it for her to give a fcuk

.......................

I'm starting to feel really stupid for waiting a year for a house and still no sign of them sorting it out, nobody can even tell me whats going on.

I know somebody who knows the vendor, would it be really inappropriate of me to get in touch with them directly?

When you have invested so much time and money in something it is very hard to let go but under the circumstances you'd probably be better just looking for another house.
Why not start by making an appointment to view some other houses with the same estate agent even if you have no interest. It will show you mean business and you're ready to walk...
Some people would say what would you have to lose by going to the vendor direct but obviously the vendor has got financial problems and the last thing they'd want is someone hassling them where a forced sale or the likes is happening that they dislike...

HouseHunter13

thanks for the replies,

unfortunately plan b has become out of my reach since the year i have waited for a similar property in the area i want to live!

the lack of communication is the biggest torment, second guessing everything and any scenario, in a way i don't think i have anything to loose by getting in touch as at least i may know once and for all what exactly is going on. I am really uncomfortable with the idea of getting in touch but I'm desperate at this stage!

think i'll sleep on it over the weekend

riclad

Why do people buy negative equity homes,
are they cheaper.
OR is it there,s a shortage of houses in the area , they want to live in.

You could be in negative equity by 10k,
or 100k.
10 k should not be a problem if the seller is working and can afford to pay the mortgage.

on_my_oe

I've unfortunately viewed 42 properties in Dublin since last August; two were deceased estates, five were developers selling up after renting the properties during the downturn, and the remainder were negative equity. Our budget is Dublin €200,000 max.

If there is an abundance of uncomplicated, reasonable 3 bedroom properties (apartments / duplexes acceptable), please let me know. Our requirements aren't terrible - 3 bedroom, allocated car parking, two bathrooms, outside space (balcony ok), safe enough that I feel comfortable walking from the car to the front door without an armed escort, and gas heating. The pickings at very, very slim.

riclad

Plenty of houses going for 150k plus,
in clonsilla dublin 15.or castleknock.
Most houses there are 3 bed ,
front,back garden.
With driveway for parking .
IN my experience its a safe area.
I like the roselawn area.http://property.trovit.ie/roselawn-dublin-15

Castleknock might be considered a bit more upmarket ,than clonsilla.

ted1

HouseHunter13 wrote: »

i missed this post...

what a **** attitude, obviously not enough votes in it for her to give a fcuk

.......................

I'm starting to feel really stupid for waiting a year for a house and still no sign of them sorting it out, nobody can even tell me whats going on.

I know somebody who knows the vendor, would it be really inappropriate of me to get in touch with them directly?

With raising house prices expect the sake to fall through

iguana

riclad wrote: »

Why do people buy negative equity homes,
are they cheaper.
OR is it there,s a shortage of houses in the area , they want to live in.

It's not like most people set out to buy such a house. If you actually read the thread you'll know that most posters bid first, went sale agreed then later found out the mortgage status. It's why one of the repeated things posters are stating should be mandatory, is automatic disclosure of the mortgage status to all potential buyers, so those who wish to avoid such (attempted) purchases, immediately know to walk away.