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House sale question?

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  • 02-07-2015 1:15pm
    #1
    UsBus
    Registered Users Posts: 1,390 ✭✭✭


    We are in the process of selling our house.
    The house has been marked sold by the auctioneer. Contracts have been signed by both the purchaser and ourselves.
    The closing date was to be next week, but yesterday we heard the buyer would be getting a valuation done...?

    I assume this means they are getting a mortgage. I always thought valuation, mortgage offer etc. would all need to be in place before contracts are signed ..??

    Anyway, I am just wondering what the usual length of time is from valuation being done to cheque being available to complete sale.? Obviously the buyer is not able to close as agreed even though contracts are all signed..


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    #2
    wench
    Registered Users Posts: 1,648 ✭✭✭wench


    Valuations are only considered valid for two months now, so the bank may be asking for an updated one before they release the money.


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    #3
    Cathmandooo
    Registered Users Posts: 17,324 ✭✭✭✭Cathmandooo


    It shouldn't cause a hold up, it's just a last check by their bank to make sure what they're lending is in line with the value of the house at present.

    It's just a box ticking exercise, could be all done in a day.


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    #4
    farrerg
    Registered Users Posts: 133 ✭✭farrerg


    UsBus wrote: »
    We are in the process of selling our house.
    The house has been marked sold by the auctioneer. Contracts have been signed by both the purchaser and ourselves.
    The closing date was to be next week, but yesterday we heard the buyer would be getting a valuation done...?

    I assume this means they are getting a mortgage. I always thought valuation, mortgage offer etc. would all need to be in place before contracts are signed ..??

    Anyway, I am just wondering what the usual length of time is from valuation being done to cheque being available to complete sale.? Obviously the buyer is not able to close as agreed even though contracts are all signed..

    If it's definitely the last item, then the funds should be released within a couple of days of receipt by the bank.


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