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Putting offer on house owned by bank

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  • 18-11-2014 9:49pm
    #1
    millionmystery
    Registered Users Posts: 53 ✭✭


    Hi, does anyone know how long it takes for an offer on a house takes when it's owner is the bank? The EA took the bid yesterday just wondering how long an acceptance or decline will take?
    Thanks in advance for any help!


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    #2
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    millionmystery wrote: »
    Hi, does anyone know how long it takes for an offer on a house takes when it's owner is the bank? The EA took the bid yesterday just wondering how long an acceptance or decline will take?
    Thanks in advance for any help!

    Im in the same situation as you. The part you are in takes about a week but thats only the beginning.

    We went sale agreed at end of sept and are no where near the finish line. Having bank issues with the mortgage (nothing to do with affordability) but have to do with house finishing and value, also have lots of legal issues with various certs etc.

    At this stage i would say we are 60/40 in favour of getting the house but thats only a guess

    Be prepared for a long haul and loads of hassle


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    #3
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    mickman wrote: »
    Im in the same situation as you. The part you are in takes about a week but thats only the beginning.

    We went sale agreed at end of sept and are no where near the finish line. Having bank issues with the mortgage (nothing to do with affordability) but have to do with house finishing and value, also have lots of legal issues with various certs etc.

    At this stage i would say we are 60/40 in favour of getting the house but thats only a guess

    Be prepared for a long haul and loads of hassle

    Thanks for your reply mickman, did you bid below the value of the house and get accepted? Our bid is a few grand under so I'm wondering would it be accepted or if the price stated is the price they need to get? I thought this would be a long one alright, only I think the original owner made a deal with the bank so wants to sell it, I hope this makes a difference!


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    #4
    jethrothe2nd
    Registered Users Posts: 579 ✭✭✭jethrothe2nd


    We bought from the bank in 2012 - for us the process was relatively painless, but at that time there was really very little activity on the market so that may have made things easier. Not sure if it has any bearing on the process, but our mortgage and general banking was with the bank we were buying from.

    We put in an offer below the asking price and it was accepted straight off -I think it was 3 or 4 days after we put in the offer that it was accepted

    Edit - going sale agreed to getting the keys was a little more messy but not too bad. If I recall the offer was accepted in November and we got the keys at the end of Feb


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    #5
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    jethrothe2nd wrote: »
    We bought from the bank in 2012 - for us the process was relatively painless, but at that time there was really very little activity on the market so that may have made things easier. Not sure if it has any bearing on the process, but our mortgage and general banking was with the bank we were buying from.

    We put in an offer below the asking price and it was accepted straight off -I think it was 3 or 4 days after we put in the offer that it was accepted

    Edit - going sale agreed to getting the keys was a little more messy but not too bad. If I recall the offer was accepted in November and we got the keys at the end of Feb

    Thanks for your reply, very helpful. Was there any issue with your mortgage approval running out in that time? I got approval with AIB but it will run out in a few months...


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    #6
    jethrothe2nd
    Registered Users Posts: 579 ✭✭✭jethrothe2nd


    millionmystery wrote: »
    Thanks for your reply, very helpful. Was there any issue with your mortgage approval running out in that time? I got approval with AIB but it will run out in a few months...

    No that was not an issue for us - it fell within the timeframe of the approval. I am not sure what the re-approval process is like if it does run out, but unless anything drastically changes in the meantime, I can't see that you would have issues there. I may be being naive on that point though.....


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    #7
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    millionmystery wrote: »
    Thanks for your reply mickman, did you bid below the value of the house and get accepted? Our bid is a few grand under so I'm wondering would it be accepted or if the price stated is the price they need to get? I thought this would be a long one alright, only I think the original owner made a deal with the bank so wants to sell it, I hope this makes a difference!

    we went over the asking price as there were a few people interested and a little bidding war erupted.

    We are at the legal stage now - all the stuff that usually is easy to get becomes harder to get with a house like this , things like title / certs of compliance etc


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    #8
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    jethrothe2nd wrote: »
    We bought from the bank in 2012 - for us the process was relatively painless, but at that time there was really very little activity on the market so that may have made things easier. Not sure if it has any bearing on the process, but our mortgage and general banking was with the bank we were buying from.

    We put in an offer below the asking price and it was accepted straight off -I think it was 3 or 4 days after we put in the offer that it was accepted

    Edit - going sale agreed to getting the keys was a little more messy but not too bad. If I recall the offer was accepted in November and we got the keys at the end of Feb

    Was your house finished ?


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    #9
    jethrothe2nd
    Registered Users Posts: 579 ✭✭✭jethrothe2nd


    mickman wrote: »
    Was your house finished ?

    Yes, the house was finished, and it had been unoccupied for at least a year.


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    #10
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    jethrothe2nd wrote: »
    Yes, the house was finished, and it had been unoccupied for at least a year.

    Did you have to get unoccupied house insurance or just the normal kind ?


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    #11
    jethrothe2nd
    Registered Users Posts: 579 ✭✭✭jethrothe2nd


    mickman wrote: »
    Did you have to get unoccupied house insurance or just the normal kind ?

    No, we just got normal house insurance - I presume you would only need unoccupied house insurance if you do not plan to move in to the house immediately


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    #12
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    jethrothe2nd wrote: »
    No, we just got normal house insurance - I presume you would only need unoccupied house insurance if you do not plan to move in to the house immediately

    k thanks


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    #13
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    mickman wrote: »
    we went over the asking price as there were a few people interested and a little bidding war erupted.

    We are at the legal stage now - all the stuff that usually is easy to get becomes harder to get with a house like this , things like title / certs of compliance etc

    I wonder if it makes any difference when the owner is handing it over to the banks, as in would it be done faster. Still waiting to hear back from the EA about the bid we put in


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    #14
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    millionmystery wrote: »
    I wonder if it makes any difference when the owner is handing it over to the banks, as in would it be done faster. Still waiting to hear back from the EA about the bid we put in

    Yeah if the owner is co operating then it will be faster I'd say . Things are picking up to maybe they are waiting for another offer


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    #15
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    I still haven't heard back from the estate agent, rang and left a message a week after the bid was put in and he didn't ring back at all. So frustrating... Anyone have to wait a longtime for bid to be accepted/rejected by bank?


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    #16
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    millionmystery wrote: »
    I still haven't heard back from the estate agent, rang and left a message a week after the bid was put in and he didn't ring back at all. So frustrating... Anyone have to wait a longtime for bid to be accepted/rejected by bank?

    Put a deadline in it. Tell them if nothing by next Friday then you walk away


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    #17
    millionmystery
    Registered Users Posts: 53 ✭✭millionmystery


    mickman wrote: »
    Put a deadline in it. Tell them if nothing by next Friday then you walk away

    Hi Mickman,
    Rang him over a week ago, gave him an increased bid as he had said that the bid was too low, and still have heard nothing even though he was all about ringing back the next day. I don't know is it that the bank takes forever to reply or is it that he is holding back until he gets the full asking price. Either way it is incredibly frustrating.. I would pay the full asking price but I think at this stage if I offered it they would still want more. House has been on the market for well over a year and prices in that region are generally fairly low anyway so I don't see why they wouldnt just want rid of it
    Any thoughts??


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    #18
    mickman
    Closed Accounts Posts: 4,661 ✭✭✭mickman


    millionmystery wrote: »
    Hi Mickman,
    Rang him over a week ago, gave him an increased bid as he had said that the bid was too low, and still have heard nothing even though he was all about ringing back the next day. I don't know is it that the bank takes forever to reply or is it that he is holding back until he gets the full asking price. Either way it is incredibly frustrating.. I would pay the full asking price but I think at this stage if I offered it they would still want more. House has been on the market for well over a year and prices in that region are generally fairly low anyway so I don't see why they wouldnt just want rid of it
    Any thoughts??


    Sounds like they are holding out for more . Only you can decide if the house is worth it

    We paid 30k over the asking and it was still cheap


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    #19
    Humour Me
    Registered Users Posts: 360 ✭✭Humour Me


    Has the agent confirmed that he has passed the offer to the bank? If you look at some of the threads in the Accommodation and Property forum, it looks like the bank only review all of the offers received every few weeks. The bank may not have even reviewed your offer yet.

    Don't increase your offer until he has gotten feedback from the bank.


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