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Is it possible to close house sale in 4 weeks?

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  • 26-07-2015 11:04am
    #1
    thelid
    Registered Users Posts: 4 ✭


    I have just had offer accepted for house. My Mortgage approval runs out in 4 weeks. Can I close this in time without needing extension. Any ideas from brokers etc welcome.


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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,417 Mod ✭✭✭✭Gumbo


    It's technically possible but Currently I would say no. It's taking a lot longer than that for some reason.
    I would approach your bank first thing in the morning and tell them the situation. You may not need an extension.


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    #3
    wenbo
    Registered Users Posts: 15 ✭wenbo


    Your loan offer should remain valid for at least 3 months, right?


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    #4
    kippy
    Registered Users Posts: 18,597 ✭✭✭✭kippy


    Its highly unlikely.


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    #5
    MouseTail
    Registered Users Posts: 1,663 ✭✭✭MouseTail


    kippy wrote: »
    Its highly unlikely.

    This, its possible if there are no issues with title, planning and with exceptional solicitors on either side, but I would say its very very unlikely. Get paperwork etc ready to apply for an extension or reapply if necessary.


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    #6
    Royale with Cheese
    Registered Users Posts: 9,123 ✭✭✭Royale with Cheese


    Offer accepted last October. I had nowhere to sell, vendor had nowhere to buy holding anything up. No negative equity, nothing at all really that should have held anything up. A couple of shìte banks and a dodgy solicitor on the vendor's side and it was over 4 months before I got the keys. Seems to be the norm according to anyone I've talked to, for some reason it's accepted too.


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    #7
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Mortgage approval and approval on an actual house are usually two separate things. That's how some lenders are claiming very long approval times. Also you may find a bank is will to play ball with extensions if you're closing on a particular property - I know KBC were.

    There is also the potential that your solicitor might drawdown and father ted the money (leave it resting in the client account) I know mine wasn't willing to do that but in the end I didn't need to so I don't know if he would have done if pushed on the matter.

    Basically, and I know it's Sunday and you're probably having a minifreak as I did on a semi regular basis when buying my place, you're asking in the wrong place. Speak to your bank and solicitor.

    Best of luck!


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