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Buying a negative equity house

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    #32
    yellow hen
    Registered Users Posts: 4,030 ✭✭✭yellow hen


    [Deleted User] wrote: »
    Many vendors don't actually want to sell. At heart they are messers and this is part of the reason why they are in difficulties with their banks. These houses are on the market as an excuse to pretend to the banks that they are doing something about their situation but, in truth, they will delay indefinitely and take any excuse to crash the sale.

    Really? Do you know 'most' of these vendors? That is such an uninformed and unhelpful post.


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    #33
    castle2012
    Registered Users Posts: 1,014 ✭✭✭castle2012


    yellow hen wrote: »
    Really? Do you know 'most' of these vendors? That is such an uninformed and unhelpful post.

    Agreed . This should be about sharing solutions and helping


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    #34
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    yellow hen wrote: »
    Really? Do you know 'most' of these vendors? That is such an uninformed and unhelpful post.
    castle2012 wrote: »
    Agreed . This should be about sharing solutions and helping

    If you have a problem with a post please use the report post function.

    Mod


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    #35
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    yellow hen wrote: »
    Really? Do you know 'most' of these vendors? That is such an uninformed and unhelpful post.

    Before you critisice a post at least quote it correctly.

    I said 'many' not 'most' and it is based on personal experience.

    The point being that if the sale process looks to be proceeding wrong, get out. The vendor might well be a messer who doesnt actually want to sell and there are plenty of those around these days.


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    #36
    Denisoftus
    Registered Users Posts: 757 ✭✭✭Denisoftus


    Deleted User wrote: »
    The vendor might well be a messer who doesnt actually want to sell

    How would you know that for sure :(


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    #37
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Denisoftus wrote: »
    How would you know that for sure :(

    You won't- thats the problem.
    At the moment the bigger issue is people bidding on property- with the expectation that their mortgage pre-approval, means they are entitled to draw down a mortgage for the value on their pre-approval........ Proof of access to funds- and not being in a chain- are probably worth 10% each of the value of any given bid (in the current market).

    Anyhows- its sleepy time now in the market- it'll be the second week in Sept before business as usual returns.


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    #38
    yellow hen
    Registered Users Posts: 4,030 ✭✭✭yellow hen


    [Deleted User] wrote: »
    Before you critisice a post at least quote it correctly.

    I said 'many' not 'most' and it is based on personal experience.

    The point being that if the sale process looks to be proceeding wrong, get out. The vendor might well be a messer who doesnt actually want to sell and there are plenty of those around these days.

    Fair call, apologies for misquoting you. YH


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    #39
    Lucy B
    Registered Users Posts: 97 ✭✭Lucy B


    Have been logged out of boards for weeks and couldn't get back in, forgot password. But my phone just accepted my password now. (The same one I might add!!!!!)

    Wanted to update this. Someone wondered a page or 2 back what had happened. 14 weeks sale agreed today. Went in and signed contracts yesterday. Thought we had all the paperwork we needed finally, after the deeds going missing for a couple of weeks and vendors solicitor being on holidays and then our solicitor going on holidays, us threatening to pull out if said deeds weren't found, then they decided thy the wording on the letter of consent wasn't to vendors solicitors satisfaction, but today we found out its all sorted and our solicitor set off the contracts for vendor to sign and solicitor requested the drawdown!!!!!! Finally!!! She is saying 2 weeks to keys!!!! We can't believe it!! So happy. It's been a long 14 weeks! Didn't think it was going to happen at some stages and were even looking at other houses.

    My advice to anyone buying a house.....annoy annoy annoy your solicitor. Keep ringing them, keep asking for progress reports. Forget dignity, you are paying your solicitor to get this done. So if you feel that they could be moving at a quicker pace....annoy them!!

    Make sure there is a letter of consent if it's a negative equity house and make sure they know where the deeds are. Turned out ours wasn't even with the vendors bank, it was in an outside solicitors!!


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    #40
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    Those of you that SOLD a house in negative equity, what kind of stuff did you have to do for the bank?

    I'm (trying) to buy a house in negative equity at the minute and it's taking ages. I was wondering what sort of stuff the bank may be asking of the vendor.


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    #41
    castle2012
    Registered Users Posts: 1,014 ✭✭✭castle2012


    TheBody wrote: »
    Those of you that SOLD a house in negative equity, what kind of stuff did you have to do for the bank?

    I'm (trying) to buy a house in negative equity at the minute and it's taking ages. I was wondering what sort of stuff the bank may be asking of the vendor.

    I sold my house in negative equity in May of this year. Went sale agreed in November. The only thing that held me up was the house I was buying. With negative equity mortgage you cant sell till you have a house to buy and move into (The chain). Also in advance of me putting my own house for sale I needed writing approval from my bank which took 3-4 weeks to get.


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    #42
    TheBody
    Registered Users Posts: 5,624 ✭✭✭TheBody


    castle2012 wrote: »
    I sold my house in negative equity in May of this year. Went sale agreed in November. The only thing that held me up was the house I was buying. With negative equity mortgage you cant sell till you have a house to buy and move into (The chain). Also in advance of me putting my own house for sale I needed writing approval from my bank which took 3-4 weeks to get.

    Thanks for that.

    I think the people I'm trying to buy from are moving abroad. In other words, they are not looking to buy a new house. I think this just makes everything even harder!!


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    #43
    yellow hen
    Registered Users Posts: 4,030 ✭✭✭yellow hen


    castle2012 wrote: »
    With negative equity mortgage you cant sell till you have a house to buy and move into (The chain).

    I think this is case-dependent. In our case, the bank have drawn up a residual balance agreement that outlines the repayment of our negative equity should we not buy immediately.


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    #44
    FR_JACK
    Registered Users Posts: 2 ✭FR_JACK


    After 16 weeks the vendor finally has consent to sell the house to me. I was so close to pulling out. Need a solid structural report now. Fingers crossed!


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    #45
    Quandary
    Registered Users Posts: 5,319 ✭✭✭Quandary


    Myself and my wife have been sale agreed on a property since the beginning of August. We viewed the property twice and each time I grilled the estate agent about the vendors situation ie were they in negative equity, are they a distressed seller etc... The estate agent point blank confirmed that the seller was 100% not in negative equity. To make a long story short here we are now waiting for the seller to get bank consent to sell the property after finding out that he clearly was in negative equity. In my personal experience many(not all) of the estate agents I have dealt with over the last year are a combination of some if not all of the following - incredibly unprofessional, incompetent, dishonest and unwilling/evasive when it comes to answering direct questions. The estate agent had this house on their books for almost a year so it's not as if they didn't know the sellers situation.

    We have since been bidding on other properties and have told the vendors solicitor this and that they are going to lose the sale if they don't provide a letter from their lender indicating the bank have consented to the sale.

    The house in question meets every single part of our criteria and it will be very frustrating if we have to pull out :mad:


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    #46
    Gemmy46gemmy
    Registered Users Posts: 4 ✭Gemmy46gemmy


    I know this is an old post. But I find myself in same situation. Went sale agreed 2 days before Xmas 2017. Vendors met with bank to get letter of consent on Jan 26th. They originally had letter and it expired after 6 months. Going on 4 weeks now and still no sign. Have been told another 2 weeks last Thursday after being initially told 2 weeks. That came and went. Driving me mad now and seriously thinking of pulling the plug on the whole lot. Im hoping that in 2018 this process of getting the letter from the bank has improved slightly!


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    #47
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    Gemmy46gemmy wrote: »
    I know this is an old post. But I find myself in same situation. Went sale agreed 2 days before Xmas 2017. Vendors met with bank to get letter of consent on Jan 26th. They originally had letter and it expired after 6 months. Going on 4 weeks now and still no sign. Have been told another 2 weeks last Thursday after being initially told 2 weeks. That came and went. Driving me mad now and seriously thinking of pulling the plug on the whole lot. Im hoping that in 2018 this process of getting the letter from the bank has improved slightly!

    Oh God. The memories you have brought up posting here haha! I still have nightmares about it all. Hope it works out for you. We're in the house a while now and loving it, it was worth it all in the end


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    #48
    Gemmy46gemmy
    Registered Users Posts: 4 ✭Gemmy46gemmy


    2013Lara wrote: »
    Oh God. The memories you have brought up posting here haha! I still have nightmares about it all. Hope it works out for you. We're in the house a while now and loving it, it was worth it all in the end

    Aw it’s a disaster. I’m literally losing sleep over it now. How long did you have to wait for your consent letter?


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    #49
    2013Lara
    Closed Accounts Posts: 456 ✭✭2013Lara


    Gemmy46gemmy wrote: »
    Aw it’s a disaster. I’m literally losing sleep over it now. How long did you have to wait for your consent letter?

    I can't even remember, it's all a blur now. 18 months from sale agreed to close.


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