Buying a house in Negative Equity

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