Bank / receivership sale

pbody1985

Hello

Ok bit of back ground , we seen a house we liked back in January , was told it was through a bank and we said ok and put in an offer , bank came back a week later said they needed proof of funds which we got and sent to EA and paid a deposit 3000 euro in mid February , EA said it would be few weeks to come back to accept offer well we literally only found out his Monday that KBC accepted the offer after weeks and weeks of waiting , we are happy now that offer has been accepted but worrying how long more it's going to take now .

EA said in Monday that details of sale where being sent to solicitors and that it's down to vendor and here solicitor to get things moving , has anyone been through this and how long was the wait after details of sale was sent ???

Anyone's input would be much appreciated .

Thanks

MarkAnthony

Plenty of these types of sales chronicled here, just search. I hope you've kept looking.

Graham

It can happen in as little as 4 weeks if the solicitors have everything in order and there's no issues with the searches etc.

DubCount

Bank sales are very slow. I recently had a gap of 3 months between sale agreed and signing contracts. The delay was partially due to the banks just being slow, and partially due to more complicated paperwork (establishing title etc.).

Hang in there - it will complete eventually.

Graham

DubCount wrote: »

Bank sales are very slow. I recently had a gap of 3 months between sale agreed and signing contracts. The delay was partially due to the banks just being slow, and partially due to more complicated paperwork (establishing title etc.).

Hang in there - it will complete eventually.

Bank sales can be very slow, it's safer not to assume they will be.

pbody1985

DubCount wrote: »

Bank sales are very slow. I recently had a gap of 3 months between sale agreed and signing contracts. The delay was partially due to the banks just being slow, and partially due to more complicated paperwork (establishing title etc.).

Hang in there - it will complete eventually.

Thanks , we just concerned now that our mortgage will run out , our letter of offer is valid until mid September so I can see this going belly up after waiting so long for the offer to be accepted

Jet Black

Have you completed your application for the house? If they only accepted your offer you still have to go to the bank and complete the application. Your six months starts from then.

I bought off KBC this year and it was a long process. I was offered the house in October and was 3 months waiting to go sale agreed.

A bit of a warning for you KBC don't do loan approval clauses, which means once you sign the contract you'll have to complete the sale, if you don't you will loose your deposit, have to pay your solicitors fees and could be sued.

Jet Black wrote: »

I went sale agreed with KBC the second week in January and only got the keys last week. I was the same as you thinking it won't take long, I had everything in place, great solicitor and the house was unoccupied. The only major delays that I could have avoided was the underwriters requested additional info in January from me but the mortgage advisor didn't know. It wasted two weeks.

Here's a rough time line of how it went.

11 Jan - sale agreed
11 Jan - contact my bank to tell them
13 Jan - complete application
14 Jan - Send booking deposit
18 Jan - Arrange survey
30 Jan - Survey done

1 Feb - Contact bank with details of survey
11 Feb - Solicitor raising pre contact queries.
1 Feb to 30 Feb - Have meeting with bank/outstanding docs complete.

3 Mar - No reply from pre contact queries, re submitted
11 Mar - Some pre contact queries answered. Meet solicitor
16 Mar - Pay remaining deposit
21 Mar - Queries rasied re contact with my bank
23 Mar - Bank reply, bank give OK. Solicitors warns about no loan approval clause
30 Mar - Agree to sign contracts

Both solicitors were on holidays for 1-2 weeks.

22 Apr - Due to complete. Pay solicitors fees
28 Apr - Request funds from bank

2 May - Receive funds
4 May - Complete and get keys

pbody1985

Jet Black wrote: »

Have you completed your application for the house? If they only accepted your offer you still have to go to the bank and complete the application. Your six months starts from then.

I bought off KBC this year and it was a long process. I was offered the house in October and was 3 months waiting to go sale agreed.

A bit of a warning for you KBC don't do loan approval clauses, which means once you sign the contract you'll have to complete the sale, if you don't you will loose your deposit, have to pay your solicitors fees and could be sued.

Ours seems to be done backwards for some reason , we got pre loan approval with ebs , went house hunting and found house , bid with another person and we won . EA asked for booking deposit which we paid 19th February , as the house is being sold through a receiver we had to send proof of funds so started the process and got letter of offer which was sent to the receiver , waited 9 weeks for the receiver to come back to accept ( apparently was going an internal audit which was slowing everything up ) Monday gone EA said they got everything back from the receiver and details of sale was going to solicitors .

We have everything done evaluation , approval of mortgage complete which we have till September as we had to get letter of offer before back would accept our offer .

Basically now we being told its up to the Vendor and here solicitor to get things going .

CruelCoin

pbody1985 wrote: »

Hello

Ok bit of back ground , we seen a house we liked back in January , was told it was through a bank and we said ok and put in an offer , bank came back a week later said they needed proof of funds which we got and sent to EA and paid a deposit 3000 euro in mid February , EA said it would be few weeks to come back to accept offer well we literally only found out his Monday that KBC accepted the offer after weeks and weeks of waiting , we are happy now that offer has been accepted but worrying how long more it's going to take now .
s

I've been in exactly the same situation, buying a house from KBC.

I made the offer in May 2014 and didn't get the keys untill December 2014....

Here is a copy paste from my post in that thread -

"Offer made in May 2014, only got the keys mid-December.

Everything was drawn out for seemingly no reason. I'd be asked to send in a piece of paper, done. Then they'd take 2 weeks to ask for something else, rinse wash repeat. Why they couldn't just ask me to submit everything at once?

Then there was a long time where i felt like i was playing a game of chicken with them, that they were waiting for me to pull out and forfeit my deposit.

No amount of phone calls, letters, e-mails would get the most basic of info.

"Where am i in the queue for execution, how long is the queue and how long till i get to the head of it". Only answer i got, was ONCE they told me, "we're working on it", in those exact words.....4 words from their solicitors. Not even from the solicitor herself, but her ****ing secretary.

Horrible experience, but one i laugh at now. I bought the home for 25% less than it's currently valued one month later. I is Winnar"

Your solictor will eventually be furnished with a contract (in a few months time) and will be told "we're supplying no more paperwork, take it as it is, take it or leave it".

Between you/me, keep looking. Prices are rising, and KBC seem so fickle the whole thing could fall through in wintertime, and meanwhile you'll be 10-20k out of pocket looking for something else.

Keep your options open.

From another thread my post - "One danger with these properties, is that i can take a very long time to finalise the financial dealings of the person the home was seized from. In my case, there were 3 banks squabling over the proceeds of my purchase, and that absolutely had to be sorted out prior to my purchase, as opposed to after.

My advice to you, ask lots of questions. If you get even the slightest hint that there is some unfinished business regarding the previous owner, then run. Save yourself a half year, and drop the bid."

Rew

We have offered on 2 bank sales. First took 2 months to accept the offer and we pulled pout after another month of nothing happening. 2nd we offered and we were out bid it went sale agreed last October, its still sale agreed ATM.

pbody1985

CruelCoin wrote: »

I've been in exactly the same situation, buying a house from KBC.

I made the offer in May 2014 and didn't get the keys untill December 2014....

Here is a copy paste from my post in that thread -

"Offer made in May 2014, only got the keys mid-December.



Everything was drawn out for seemingly no reason. I'd be asked to send in a piece of paper, done. Then they'd take 2 weeks to ask for something else, rinse wash repeat. Why they couldn't just ask me to submit everything at once?

Then there was a long time where i felt like i was playing a game of chicken with them, that they were waiting for me to pull out and forfeit my deposit.

No amount of phone calls, letters, e-mails would get the most basic of info.

"Where am i in the queue for execution, how long is the queue and how long till i get to the head of it". Only answer i got, was ONCE they told me, "we're working on it", in those exact words.....4 words from their solicitors. Not even from the solicitor herself, but her ****ing secretary.



Horrible experience, but one i laugh at now. I bought the home for 25% less than it's currently valued one month later. I is Winnar"

Your solictor will eventually be furnished with a contract (in a few months time) and will be told "we're supplying no more paperwork, take it as it is, take it or leave it".

Between you/me, keep looking. Prices are rising, and KBC seem so fickle the whole thing could fall through in wintertime, and meanwhile you'll be 10-20k out of pocket looking for something else.

Keep your options open.

From another thread my post - "One danger with these properties, is that i can take a very long time to finalise the financial dealings of the person the home was seized from. In my case, there were 3 banks squabling over the proceeds of my purchase, and that absolutely had to be sorted out prior to my purchase, as opposed to after.

My advice to you, ask lots of questions. If you get even the slightest hint that there is some unfinished business regarding the previous owner, then run. Save yourself a half year, and drop the bid."

Thanks for your reply , we really don't want to give up as its in an estate that we wanted and it was a bargain too , we will stay in for the long haul how ever long that will be , it's just the getting nothing back from any mine that annoys us , we where sitting in limbo for ages before offer was accepted , then glad the offer got accepeted on Monday so now it's down to solicitors , at least I can contact solicitor now too he can put some pressure on I hope

pbody1985

Rew wrote: »

We have offered on 2 bank sales. First took 2 months to accept the offer and we pulled pout after another month of nothing happening. 2nd we offered and we were out bid it went sale agreed last October, its still sale agreed ATM.

It's crazy how long and dragged out this process is , if we had of known at the start it would take this long we would have kept looking , but we gonna stay put for as long as we can as there ain't much else where we want .

CruelCoin

pbody1985 wrote: »

Thanks for your reply , we really don't want to give up as its in an estate that we wanted and it was a bargain too

Eaxtly the same here.

House was valued at €110k and i offered 105k. Offer accepted.
By the time i got the keys, the house was worth 140k.

It may be worth staying for the bargain, but now that you know how long it takes and in the face of rising prices, i still advise you to keep looking and keep your options open.

When it comes to tens/hundreds of thousands of euro, always have a plan b, and c!

pbody1985

CruelCoin wrote: »

Eaxtly the same here.

House was valued at €110k and i offered 105k. Offer accepted.
By the time i got the keys, the house was worth 140k.

It may be worth staying for the bargain, but now that you know how long it takes and in the face of rising prices, i still advise you to keep looking and keep your options open.

When it comes to tens/hundreds of thousands of euro, always have a plan b, and c!

How long where you waiting for the whole process ???? We ain't giving up just yet we where just about too and the offer got accepted so will hang in a while longer

Nua

I'm still in limbo with a KBC sale - offer accepted Sept '15, they consented to sale Dec '15, contracts issued Feb '16 but still to & fro between receiver/solicitors (theirs & mine)/Management Company . . . personally, I'm finding it difficult to make any progress as any attempt gets swallowed up in bureaucracy & no one on their side has any urgency to complete, to the extent that it seems the receiver & their own solicitor are communicating via MY solicitor . . . Anyhow, be patient as everyone else has said but also do keep looking - best of luck & I hope it works out

pbody1985

Nua wrote: »

I'm still in limbo with a KBC sale - offer accepted Sept '15, they consented to sale Dec '15, contracts issued Feb '16 but still to & fro between receiver/solicitors (theirs & mine)/Management Company . . . personally, I'm finding it difficult to make any progress as any attempt gets swallowed up in bureaucracy & no one on their side has any urgency to complete, to the extent that it seems the receiver & their own solicitor are communicating via MY solicitor . . . Anyhow, be patient as everyone else has said but also do keep looking - best of luck & I hope it works out

It's such a drawn out process , I don't see how they plan on getting these houses sold if they are leaving them going on so long ??? People get peed off and pull out they will never sell it ..... Do you know who the solicitor for the bank is ??? I've found out that's its mason and Hayes dealing with our house sale , and apparently they are very good to deal with so we shall see how it goes

pbody1985

Just to update we did get an email from the receiver today ( Kpmg ) that they got approval early this week from kbc for the sale of the house to go ahead so I'm taking it that's a good thing ?

pbody1985

Back again regarding sale of receivership house , our contracts arrived with solicitor last week , but our solicitor has advised that the vendors solicitor will not issue contracts until closing ??? Will this delay even more ?

We don't really get it

Michael D Not Higgins

Mod note: threads merged.

tafuwa

Hi all,

I might be in the same boat and would want to get an idea of the timeline.

There has been no contract yet and the EA agreed for the selling price and promised that we will get the contract from the back within 5 -10 days but that has flown past now and it is now 2 months since the EA said that.

Should I be looking else where instead of hanging around? The bank is BOI and the receiver is KPMG.

Mod Note

Please don't post the same question in multiple threads

Graham

There is no generic timeline.

Experience suggested by other posters is anything from 4 weeks from offer being accepted to getting the keys, right up-to 12months+ and the bank pulling out.

MeeMoo

Went sale agreed at the end of May 2016 and got the keys middle of August 2016. My solicitor told me from the very begining to keep looging for another house because the process might be long . In my case the process were quiet fast .
The hope die last

gordonalt

Hi all,
Can I put my own receivership sale post here?
I am in the similar boat and not sure where and how to start a tread?

gordonalt

Hi All,

First of all I have no idea if this post in the right place of boards.ie
Forgive me if I make mistakes!

On may 2017 we went on sale agreed on a house. All our paper works are completed by June. Our bank ready to release the funds etc.
We sent our part of the contract and waiting for them to return and close the sale. Few months after we found out that there was outstanding nppr and lpt had to be paid by them. That was in august. Our solicitor saying that it's really hard to get hold of them. They answer whenever they feel like.
Nppr paid eventually in early September and my solicitor got the receipt of it. Now waiting for LPT to be paid. This shouldn't take 2 months.
Our credit expires on December 28 2017.
My worry is are they delaying this because prices gone up and trying to sell it for higher price. Maybe they want us to pull out so they can put it back to market for higher price.
Since sale agreed date property prices gone up quite a lot.

My main question is would I be able to bring them to court for delaying this sale.?
My wife gone sick in the last 2 months because of this stress. Anxiety, insomnia you name it. She went to Doctor and got even treaphy sessions.
Calming and sleeping pills. This is effecting her badly.
I know they haven't signed their part but is there any chance to bring them up to court for all the damages they cost us. And try to close this sale of course!
My solicitor send them an email this afternoon and said if we don't get a date by Monday evening we are starting legal court proceedings!

What are your thoughts!!?
Thank you in advance!

wetlandsboy

Similar situation here. Am currently residing in an apartment that is owned by the bank. As the apartment is part of a portfolio of apartments in my development that are in liquidation, the auctioneer and liquidator agreed to a private sale (without the apartment being placed on the open market.)
The bank gave oral agreement to my offer around two months ago, but since then nothing. They requested an independent valuation of it, but still no formal, written agreement. My big fear is that they could increase the price when finally things begin to move.
It’s been a long, frustrating process, but thankfully I’m already resident in the property.

mel123

gordonalt wrote: »

Hi All,

First of all I have no idea if this post in the right place of boards.ie
Forgive me if I make mistakes!

On may 2017 we went on sale agreed on a house. All our paper works are completed by June. Our bank ready to release the funds etc.
We sent our part of the contract and waiting for them to return and close the sale. Few months after we found out that there was outstanding nppr and lpt had to be paid by them. That was in august. Our solicitor saying that it's really hard to get hold of them. They answer whenever they feel like.
Nppr paid eventually in early September and my solicitor got the receipt of it. Now waiting for LPT to be paid. This shouldn't take 2 months.
Our credit expires on December 28 2017.
My worry is are they delaying this because prices gone up and trying to sell it for higher price. Maybe they want us to pull out so they can put it back to market for higher price.
Since sale agreed date property prices gone up quite a lot.

My main question is would I be able to bring them to court for delaying this sale.?
My wife gone sick in the last 2 months because of this stress. Anxiety, insomnia you name it. She went to Doctor and got even treaphy sessions.
Calming and sleeping pills. This is effecting her badly.
I know they haven't signed their part but is there any chance to bring them up to court for all the damages they cost us. And try to close this sale of course!
My solicitor send them an email this afternoon and said if we don't get a date by Monday evening we are starting legal court proceedings!

What are your thoughts!!?
Thank you in advance!

They wont give two flying you know whats about your threat to bring them to court. IMO i wouldnt even say its because prices are gone up and they want to get more for the property, its because everything in banks is done so so slow. There are no decision makers, everything is passed to another, then that person gets a promotion and moves to a different department. It makes their life easier to get the property sold, rather than having to do the whole process again with a new buyer, but no one cares. You would be wasting time even trying to bring them to court in my opinion, nothing would come of it, i couldn't see you being awarded anything, house sales fall through every day of the week unfortunately.

gordonalt

Hi Mel,
You are right they are very slow and too many heads are involved but still I can't get my head around about their solicitors that won't even reply or answer to my solicitor!