Give up on a house purchase?

gmisk

Folks just looking for some advice really...
I think I nearly know the answer myself at this stage!!!!

I went sale agreed on a house way way back at the end of February (is this a record?!?!) (good area and a fair price). Booking deposit paid then.
If I knew there was an issue with the seller and negative equity I would have never got involved, but basically the seller is still talking to their bank so they can sell.

My solicitor has been great, following up constantly with vendors solicitor on a weekly basis via letters, calls and emails.

But the feedback is pretty much the same from them for many months
- we are at present awaiting a reply from our clients lending institution to queries raised by us on our clients behalf.

Seemingly there is nothing the EA can do, and to be honest he sounds frustrated as well.

My mortgage offer expires in mid November (8 weeks)...that means applying for another mortgage on the house, and getting another valuation! more cost and more delays.

Is there anything I can do? Is it worth me hanging in there?
Should I put a cut off date where my offer will no longer stand? (seems risky as I really do like the house).

Any advice would be much appreciated!.

D3PO

at this stage Id walk away tbh. Unless you had the deal of all deals on the accepted sale price why bother waiting around accruing cost. If the bank was gonna do a deal with them re the NE they would have done it by now.

pwurple

How much of a booking deposit have you put down? Can you arrange to get that back if you do back out? Discuss this with solicitor.

D3PO

pwurple wrote: »

How much of a booking deposit have you put down? Can you arrange to get that back if you do back out? Discuss this with solicitor.

of course the OP can. Unless you have signed contracts the booking deposit is always 100% refundable

gmisk

I have put down 5k, yes I can get that back I think whenever.
I might see if things move in the next few weeks...if not I am done.
Its just such a stagnant market atm, and I got a nice place at a decent price (a house a few doors up sold recently for 50k more).

Citizenpain

gmisk wrote: »

I have put down 5k, yes I can get that back I think whenever.
I might see if things move in the next few weeks...if not I am done.
Its just such a stagnant market atm, and I got a nice place at a decent price (a house a few doors up sold recently for 50k more).

maybe the vendors bank know this too .......

Forest Demon

It depends on the location and the deal you have but I would move on. Its held up because there has not been a decision somewhere. If it has gone on this long then its not a sure thing.

With prices rising in some areas and a bit more movement in the market it might cost you to wait around.

The Spider

We went sale agreed last July and didn't get the keys until November, similar situation, vendor was selling the house but we didn't know the bank were involved until booking deposit was paid, we really wanted the house it needed work but was a really good price for the area. It's a lot of messing about we were coming up on the expiry of our mortgage offer too.
Got the solicitor to let them know what the situation was and things accelerated pretty quickly.

Different market now, but I'd bounce it back to your solicitor.

Lou1984

Hi

I am i the same situation as you, went sale agreed at the start of June. No movement for 13 weeks untill yesterday the EA called to say the bank have agreed to let them sell and are sending out a valuer today. We often thought about calling them and giving a deadline our EA is great. But we are getting a good deal and love the house. Its our first house and we both live at home so no major panic but nice to see things progressing. It will happen hang in there it will be worth when you are in the house.

gmisk

Thanks for all the great feedback and advice. Randomly I just a phone call....word of some movement at last.....according to EA the bank have sent a valuer out to see the house....so I will keep fingers crossed for some movement in the next few weeks.......

Lou1984

You are in the same situation as me so, good to hear some feedback anyway.

Aoifebeefa

February is a really long wait for this, but from experience in these cases, the sellers bank always says yes in the end. The only reason that this is still ongoing is most likely because the offer the bank has made to the seller is not favorable for them - nothing to do with the sale of the house - just what balance is left over they have to pay back & perhaps this is what they are not happy with. Voluntary Sale For Loss is very common now & it takes ages for banks & clients to agree on the terms of whats left once the house is sold. As long as the bank gets their money they don't mind & the seller has to agree to pay back X amt over X term & that is usually the difficult part the seller has agreeing to.

Hope you get an answer soon, might be a good idea to try & contact the seller direct to get info on who is holding this up.
Good luck.

gmisk

Thanks for that, I know believe me! Thats encouraging though!

I have had a chat with bank where my mortgage is....and they are going to have a chat to another department (luckily vendors are with same bank.....) so we will see.
Vendors solicitor is adamant delay is from banks side not their client.
Letter recieved today by my solicitor did say, they are hopeful of some "positive developments in the next few weeks".

Hmmmm we will see.....

gmisk

Lou1984 wrote: »

Hi

I am i the same situation as you, went sale agreed at the start of June. No movement for 13 weeks untill yesterday the EA called to say the bank have agreed to let them sell and are sending out a valuer today. We often thought about calling them and giving a deadline our EA is great. But we are getting a good deal and love the house. Its our first house and we both live at home so no major panic but nice to see things progressing. It will happen hang in there it will be worth when you are in the house.

How are things progressing with your sale?

Lou1984

Hi gmisk

Funnily enough i have had some progress and are in your situation again. Independent valuer out to the house two weeks ago. We have also been told that the hold up is with the sellers bank and not the sellers. Our soliciator has again wrote to them insisting that we need to see some more progress soon. Doubt it will make much of a difference. It was 16 weeks ago yesterday for us, so can only imagine how annoyed you are at this stage!!!

Forest Demon

I wish there were some quality new houses on the market that are not ghost estates so that you could get a trouble free and quick sale from somebody who actually wants to sell. I am so sick of all the messing around by sellers and their banks.

gmisk

Lou1984 wrote: »

Hi gmisk

Funnily enough i have had some progress and are in your situation again. Independent valuer out to the house two weeks ago. We have also been told that the hold up is with the sellers bank and not the sellers. Our soliciator has again wrote to them insisting that we need to see some more progress soon. Doubt it will make much of a difference. It was 16 weeks ago yesterday for us, so can only imagine how annoyed you are at this stage!!!

Glad to hear things are moving a bit for you!
It is beyond frustrating but hopefully things will work out!

Lou1984

It is a nightmare. Starting this whole process mid may and sale agreed in early June, we had hoped to be in our new home by xmas didnt take long to realise that its not an option by a long shot.

Apparently the irish banks are trying tov look for solutions topeoples problem dunno if this is true. Our vendors lenders are kbc homelans.

ballyharpat

I am in the same situation, paid my deposit back on August 1st, from reading the threads on here, was thinking it might take up to 9 months to finally get the keys. Heard today from the estate agent, that the price has been agreed with the bank. Fingers crossed I'll get the contracts on Monday

Lou1984

Hi all.

Finally got official word that bank have released the deeds off the house to be sold. Contracts being signed next week fingers crossed. everything should be done and dusted in 5-6 weeks . Finally there is light at the end of the tunnel, well fingers crossed anyway

gmisk

Lou1984 wrote: »

Hi all.

Finally got official word that bank have released the deeds off the house to be sold. Contracts being signed next week fingers crossed. everything should be done and dusted in 5-6 weeks . Finally there is light at the end of the tunnel, well fingers crossed anyway

Congrats lou!
Can I ask what bank you were dealing with?

Lou1984

Thank you!!!!
We are dealing with BOI no problem with them at all however the vendors are dealing with KBC Homeloans and it took them almost 17weeks to release the deeds.

brayzer

Any update, gmisk?

I'm in a similar situation. Went sale agreed 8 weeks ago after the vendor's bank apparently approved the sale price (house is also NE) but still haven't released deeds. Little bit reassuring to hear that others are getting there in the end.

gmisk

Apologies only seeing this now.
According to vendors solicitor and EA, final questions from the vendors bank were answered 3 weeks ago, so everything is back with the bank.
So hopefully some movement in the next few weeks! (Mortgage renewed a few weeks ago for 6 months).

How are things progressing with your sale?

Lou1984

Contracts signed by us, waiting on vendor to do so. Money ready to be drawn down in bank. We are being told 2-3 weeks every week tho. I have had to change my holidays in work twice already!!!