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Bank does not agree agency fee

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  • 23-10-2014 1:25pm
    #1
    kellyin
    Registered Users Posts: 24 ✭


    Hi all,
    quick one liner explanation: Buying property through an agent and the seller is in negative. Got all approved and bank agreed to release the title deeds last week.

    Today got reply from agent and I wonder if anyone out there understood what does he meant by "Bank does not agree with the agency's fee"?

    He needs to contact the bank and discuss again thus more delay time.

    does anyone understand?

    regards


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    #2
    doubter
    Registered Users Posts: 451 ✭✭doubter


    kellyin wrote: »
    Hi all,
    quick one liner explanation: Buying property through an agent and the seller is in negative. Got all approved and bank agreed to release the title deeds last week.

    Today got reply from agent and I wonder if anyone out there understood what does he meant by "Bank does not agree with the agency's fee"?

    He needs to contact the bank and discuss again thus more delay time.

    does anyone understand?

    regards

    I think you need to clarify which bank he's referring to? Generally, in Ireland, the agency fee is covered by the seller so it's really non of your concern?


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    #3
    kellyin
    Registered Users Posts: 24 ✭kellyin


    hey ya, true, not my concern but it's the delay that's getting into me. been waiting for 90 days and still in the precontract phase.
    Was hoping to get the draft contract out to our solicitor this week....so...
    thanks!


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    #4
    doubter
    Registered Users Posts: 451 ✭✭doubter


    kellyin wrote: »
    hey ya, true, not my concern but it's the delay that's getting into me. been waiting for 90 days and still in the precontract phase.
    Was hoping to get the draft contract out to our solicitor this week....so...
    thanks!

    Well, you could put a deadline in when this needs to be sorted. Any chance you could talk directly to the seller?


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    #5
    L1011
    Registered Users Posts: 68,904 ✭✭✭✭L1011


    doubter wrote: »
    I think you need to clarify which bank he's referring to? Generally, in Ireland, the agency fee is covered by the seller so it's really non of your concern?

    As it's negative equity, I imagine the seller has nothing to pay it with and the bank feel it's too high.


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    #6
    kellyin
    Registered Users Posts: 24 ✭kellyin


    doubter wrote: »
    Well, you could put a deadline in when this needs to be sorted. Any chance you could talk directly to the seller?

    I have not spoke to the seller directly because I wasn't sure if I allowed to do so? I didn't want to jumped the agent.


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    #7
    kellyin
    Registered Users Posts: 24 ✭kellyin


    doubter wrote: »
    Well, you could put a deadline in when this needs to be sorted. Any chance you could talk directly to the seller?

    I have not spoke to the seller directly because I wasn't sure if I allowed to do so? I didn't want to jumped the agent.

    and yes, I wanted to set a dateline so thanks for the suggestion, I'll try contact the seller.


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    #8
    kellyin
    Registered Users Posts: 24 ✭kellyin


    MYOB wrote: »
    As it's negative equity, I imagine the seller has nothing to pay it with and the bank feel it's too high.

    If I understood you looks like the bank is protecting the seller? :)


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    #9
    L1011
    Registered Users Posts: 68,904 ✭✭✭✭L1011


    kellyin wrote: »
    If I understood you looks like the bank is protecting the seller? :)

    No. Protecting themselves from having to write off or convert to unsecured even more money


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    #10
    doubter
    Registered Users Posts: 451 ✭✭doubter


    and you're in the middle of it. Keep in mind you're the one with the money. set a deadline


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