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How long to wait...

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  • 24-11-2013 11:58pm
    #1
    GM2013
    Registered Users Posts: 5 ✭


    Hi,

    Myself and my partner are in the process of looking to buy our first home.

    We have found a house that we like and have put in an offer on it. Our first 2 offers were rejected and we put in a third offer 2 and a half weeks ago, we also got approved for a mortgage at that time and advised the estate agent that we ready to go with the mortgage. She seemed very positive about our latest offer.

    I should also mention that the house is now owned by a bank. 2 weeks ago the estate agent rant to say that the bank were requesting a letter of proof of funds from our bank which we provided over a week ago. We still have not heard anything back from the estate agent regarding our latest offer.

    So I'm just wondering if anyone has any advice on how long we should leave our offer on the table? Should we be ringing the estate agent to see what the hold up is (we haven't wanted to appear over eager). We had an answer on the first two offers we made within 2 - 3 days so not sure what the hold up is this time.

    Any advice would be appreciated as we are new to the whole house hunt. Thanks.


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    #2
    Lou1984
    Registered Users Posts: 27 ✭Lou1984


    I am going through a house sale since June. There is nothing quick about it most of all if your dealingwwith the banks. And in my experience ea might take two weeks to call back


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    #3
    sarkozy
    Registered Users Posts: 1,476 ✭✭✭sarkozy


    Not sure how helpful it is, but, in getting our mortgage, we found our bank painfully slow about everything and extremely unprofessional. We fought with them tooth and nail to get the mortgage that they offered.

    Another thing is the whole repossessed property thing - it seems common that banks have stitched up contracts in such a way as to not take any responsibility for anything to do with the house you're buying, so be sure your solicitor explains in full the situation regarding indemnification and assurances, etc.


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    #4
    GM2013
    Registered Users Posts: 5 ✭GM2013


    Thanks for your replies. We actually found our own bank very quick in approving the mortgage, we received the approval within 1 week. It is the bank that owns the house that is holding things up.

    Maybe we are just being a bit impatient because they were so quick to get back to us regarding the first 2 offers. Just worried that they are being slow on purpose in case they can get any further offers.


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    #5
    Someday
    Registered Users Posts: 379 ✭✭Someday


    @GM2013 - Which bank did you use?


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    #6
    Valentine1
    Registered Users Posts: 434 ✭✭Valentine1


    it would not be unusual for banks to take weeks and weeks to respond to offers on their properties. It still might be a good idea to give the Estate Agent a call.


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    #7
    Sunny Dayz
    Registered Users Posts: 5,382 ✭✭✭Sunny Dayz


    OP - if it is the bank selling the property and not the owners, then I'm sorry but it is going to take a long time and will be a painful, drawn out process. In our case it took over one month from when we made our offer to them looking for proof of mortgage approval, then another month after that to hear that we were sale agreed. I will say though if they weren't seriously considering your offer they wouldn't have looked for proof of mortgage approval. But please be aware that the decision makers in the bank only meet up every so often to discuss the repossessions so unfortunately it takes time...


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    #8
    GM2013
    Registered Users Posts: 5 ✭GM2013


    Someday wrote: »
    @GM2013 - Which bank did you use?

    Hi Someday, we are with Ulster Bank, found them great.


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    #9
    GM2013
    Registered Users Posts: 5 ✭GM2013


    Sunny Dayz wrote: »
    OP - if it is the bank selling the property and not the owners, then I'm sorry but it is going to take a long time and will be a painful, drawn out process. In our case it took over one month from when we made our offer to them looking for proof of mortgage approval, then another month after that to hear that we were sale agreed. I will say though if they weren't seriously considering your offer they wouldn't have looked for proof of mortgage approval. But please be aware that the decision makers in the bank only meet up every so often to discuss the repossessions so unfortunately it takes time...

    Thanks for the advice Sunny Dayz. We knew it would take a while but we thought that because we had heard back so quickly about our first two offers that we might get a decision quicker.

    Anyway just got a call from the estate agent today to say that she still hasn't heard anything from the bank regarding our offer but that she has had an offer in from another party for €1000 more than our latest offer. So not sure if we are going to increase our offer now or not.


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