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Vendor in negative equity

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  • 27-06-2014 10:49am
    #1
    Dopsche
    Registered Users Posts: 9 ✭


    Hi ,

    went sell agreed 3 months ago.

    Was pushing my solicitor as I wanted to have a quick sell and it seemed the other side wanted a quick sale as well.

    Today it turned out the reason of the delays is that the property is in negative equity.

    So I have to wait now if the vendors bank agrees to sale or not.

    Shouldn't have my solicitor known that from the start or fairly quick as this should have come up in the searches?

    Also is there any legal obligation to disclose this during a sell?

    I honestly don't know and would appreciate some answers

    Thanks

    Dopsche


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  • Options
    #2
    groovyg
    Registered Users Posts: 1,049 ✭✭✭groovyg


    Dopsche wrote: »
    Hi ,

    went sell agreed 3 months ago.

    Was pushing my solicitor as I wanted to have a quick sell and it seemed the other side wanted a quick sale as well.

    Today it turned out the reason of the delays is that the property is in negative equity.

    So I have to wait now if the vendors bank agrees to sale or not.

    Shouldn't have my solicitor known that from the start or fairly quick as this should have come up in the searches?

    Also is there any legal obligation to disclose this during a sell?

    I honestly don't know and would appreciate some answers

    Thanks

    Dopsche

    Maybe have a read of this thread, there are alot of posters in the same boat!

    http://www.boards.ie/vbulletin/showthread.php?t=2057011064&page=18


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