Buying a house in Negative Equity

HouseHunter13

Mr.McLovin wrote: »

anyone else on this thread make any progress on closing?

10 months on Tuesday since I handed over the deposit and still waiting...

contracts out but my mortgage expired, still waiting for it to arrive at solicitors, problem with valuation so more delays...

even when I sign and they sign it is subject to the banks consent so it means very little...

I'm mentally exhausted with worry and stress...

macnug

Mr.McLovin wrote: »

anyone else on this thread make any progress on closing?

We got the contracts back, just waiting on a completion date now. Step in the right direction anyway.

on_my_oe

We have been sale agreed 11 weeks with a 'motivated vendor who has consent to sale already completed' - so said the estate agent...

About seven minutes after our surveyor started examining the property, the consent to sale mysteriously disappeared in an explosion of the proverbial. I seriously don't know anyone holds out for 42 weeks or 11 months... My bull**** sensor is already beeping away so loud it's going to deafen me

2013Lara

on_my_oe wrote: »

We have been sale agreed 11 weeks with a 'motivated vendor who has consent to sale already completed' - so said the estate agent...

About seven minutes after our surveyor started examining the property, the consent to sale mysteriously disappeared in an explosion of the proverbial. I seriously don't know anyone holds out for 42 weeks or 11 months... My bull**** sensor is already beeping away so loud it's going to deafen me

Very very hard to Wait. If we hadn't been living in the house I couldn't have done it. They'd tell you anything. That's why I'm trying not to get too excited until we have official word from our solicitor. Although I have actually formed a good relationship with the estate agent (he's actually a very good man, never thought that possible), so I know he wouldn't lie to me. Phonecall Tuesday so if the consent doesn't arrive with my solicitor by today I'll be starting to wonder.

lukesmom

2013Lara wrote: »

Very very hard to Wait. If we hadn't been living in the house I couldn't have done it. They'd tell you anything. That's why I'm trying not to get too excited until we have official word from our solicitor. Although I have actually formed a good relationship with the estate agent (he's actually a very good man, never thought that possible), so I know he wouldn't lie to me. Phonecall Tuesday so if the consent doesn't arrive with my solicitor by today I'll be starting to wonder.

Hey any update? Hopefully positive

2013Lara

lukesmom wrote: »

Hey any update? Hopefully positive

The vendor rang me last night and there is still a deal to be done on the negative equity so unfortunately no positive developments and the phorecall Tuesday was of little relevance. So frustrating. I'm mentally drained from it all. It has taken all the joy and excitement out of buying our first home. I actually got quite upset last night after finally feeling relief during the week. There was a niggling doubt there all week though. He assured me he has had the consent to sell but it's his side of things that were waiting on now.

TheDriver

2013Lara wrote: »

still a deal to be done on the negative equity .

that's the blasted problem, you are the bargaining chip in the middle for someone elses financial bargaining.

iguana

TheDriver wrote: »

that's the blasted problem, you are the bargaining chip in the middle for someone elses financial bargaining.

That's one thing when the vendor is an owner-occupier who desperately wants to hang on to their home. In Lara2013's case, she is the occupier of the house in question, so presumably the vendor is an investor. Whatever about there being a deals cut to help owner-occupiers to hang on to their property (and I don't agree with that, tbh), deals being cut to help investors hold on to business assets that they can't afford is a disgusting state of affairs. Especially if they are using the person who's home it actually is, as a bargaining chip.

rionn

Hi I'd like to keep you all updated. I got word on Wed that our contracts were in. We went to solicitors who advised us that there were some documents missing but that it is unlikely we will get them.

The documents missing are the planning premission and the architech signing off cert. Our solicitor has requested these but has advised us that it is unlikely we will receive them and that we might have bother selling it later if we decided to sell:mad:

They have also put a closing date on the contract been the 15th of May, 2 weeks time after waiting nearly 7 months Im in no hurry to jump and run about getting money etc

Thank god we have got this far tho as I really had lost all hope

Regards Marie

HouseHunter13

Well I've signed contracts yesterday and paid the rest of my deposit but still no consent for them to sell as of yet.

Their solicitor will have them sign this week hopefully but it still depends on the bank giving the nod. Unfortunately their solicitor can't give any update on this front as its a third party negotiating on the NE

I viewed the house this time last year!

Unreal...

macnug

HouseHunter13 wrote: »

Well I've signed contracts yesterday and paid the rest of my deposit but still no consent for them to sell as of yet.

Their solicitor will have them sign this week hopefully but it still depends on the bank giving the nod. Unfortunately their solicitor can't give any update on this front as its a third party negotiating on the NE

I viewed the house this time last year!

Unreal...

Wow that is crazy.

Last time I viewed the house was November I think, there's no one living in our house so im worried of damage due to the weather or break-ins but I haven't had the time to get the keys off the EA.

Ms2011

macnug wrote: »

Last time I viewed the house was November I think, there's no one living in our house so im worried of damage due to the weather or break-ins but I haven't had the time to get the keys off the EA.

I have similar worries about our house as there is a way into it without the keys:eek:

I emailed my EA again 2 weeks ago & he told me it was out of his hands & he'd forward on my mail, I've heard nothng since so I've decided to go over his head & sent a letter to his head office to see if anyone there can move things along.
I'm at the stage now where I'm going to hound people until they either tell me to get lost or actually get a move on, either way I want answers on this sale. Being patient & waiting has gotten me nowhere over the last 6 months!

HouseHunter13

macnug wrote: »

Wow that is crazy.

Last time I viewed the house was November I think, there's no one living in our house so im worried of damage due to the weather or break-ins but I haven't had the time to get the keys off the EA.

our house (hopefully) hasn't been occupied in a year, this stuff has occurred to me too. I asked the EA for keys to have a look around a few months back and was told out of the question but sure he couldn't give me a straight answer about anything since this whole nightmare started, fingers crossed for a happy ending anyways!

good luck!

gmisk

HouseHunter13 wrote: »

our house (hopefully) hasn't been occupied in a year, this stuff has occurred to me too. I asked the EA for keys to have a look around a few months back and was told out of the question but sure he couldn't give me a straight answer about anything since this whole nightmare started, fingers crossed for a happy ending anyways!

good luck!

Er what was EAs reason for not giving you the keys to have a look around?
Seems a bit odd to me....

I hope your sales work out (as you already know...mine ended in disaster).

So much so that I am actually considering quitting Dublin to move to Belfast....I dont think things property wise will get any better for the foreseeable down here.

HouseHunter13

gmisk wrote: »

Er what was EAs reason for not giving you the keys to have a look around?
Seems a bit odd to me....

I hope your sales work out (as you already know...mine ended in disaster).

So much so that I am actually considering quitting Dublin to move to Belfast....I dont think things property wise will get any better for the foreseeable down here.

he just told me no but things are a little further along now so will try him again if I can catch the slimy git

I still can't believe that guy pulled out, it should be illegal what he done to you.

I wont patronise you with the what's meant to be clichés as they drive me mad but I do wish you luck in whatever you decided to do.

if things don't work out on this place I'm probably out of the property game too for the foreseeable too.

and I thought house hunting would be fun!

gmisk

I would keep on at him if I were you definitely!

Thanks for the good luck wishes .

House hunting is not for the faint hearted alright!

macnug

Ms2011 wrote: »

I have similar worries about our house as there is a way into it without the keys:eek:

I emailed my EA again 2 weeks ago & he told me it was out of his hands & he'd forward on my mail, I've heard nothng since so I've decided to go over his head & sent a letter to his head office to see if anyone there can move things along.
I'm at the stage now where I'm going to hound people until they either tell me to get lost or actually get a move on, either way I want answers on this sale. Being patient & waiting has gotten me nowhere over the last 6 months!

I asked my solicitor if we could come to an arrangement were I get the keys early so I can check on the place from time to time but was kinda fobed off (by solicitor) because it was unorthodox. At one time I was considering getting the keys off the EA (he let us have them before) and get a copy made but ive got busy since then and the weeks have just flown by. Contracts are signed now so I dont know if there is any point, should be any week now hopefully although I have to say the excitement has gone out of it for me.

macnug

gmisk wrote: »

Er what was EAs reason for not giving you the keys to have a look around?
Seems a bit odd to me....

I hope your sales work out (as you already know...mine ended in disaster).

So much so that I am actually considering quitting Dublin to move to Belfast....I dont think things property wise will get any better for the foreseeable down here.

Have you thought about the Dublin commuter belt gmisk or is commuting not your cup of tea? Ive seen your budget in another thread and you would get a nice 3 bed house within 45min of Dublin city centre (by train) for that kind of money.

gmisk

macnug wrote: »

Have you thought about the Dublin commuter belt gmisk or is commuting not your cup of tea? Ive seen your budget in another thread and you would get a nice 3 bed house within 45min of Dublin city centre (by train) for that kind of money.

Thanks for that.
If you can suggest some areas or options? Would really appreciate it.

markuskon

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.....

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.