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Buying a house when the seller is the bank

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  • 28-06-2016 6:37pm
    #1
    MeeMoo
    Registered Users Posts: 17 ✭


    Hi, everyone !

    I`m wondering if there is someone who bought or is in the process to buy a house which is sell by the bank and wants to share their story ? e.g. How long was the process , or if it failed at the end ?

    Currently, I`m in this process - to buy a house which is selling by the bank . When I found that the bank is the seller , I told to myself that I`m not the first and not the last person who is involved in this game . A game which is not easy at all . :(
    I`m first buyer, I went sale agreed over a month , all my paperwork(loan pack approved by the bank , house valuation, surveyor) is done just I wait for closing date . What it left to be done is house insurance+mortgage protection ... and obviously to pay solicitor, stamp duty , etc .

    My solicitor told me to look for another property, but I`m not sure what to do .

    Thank you in advance !


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    #2
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Try doing a search on here. This comes up so often it's bordering on needing a forum sticky.


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    #3
    MeeMoo
    Registered Users Posts: 17 ✭MeeMoo


    athtrasna wrote: »
    Try doing a search on here. This comes up so often it's bordering on needing a forum sticky.

    I`ve search already but nothing concluded . :( .


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    #4
    LionelNashe
    Registered Users Posts: 1,961 ✭✭✭LionelNashe


    I bought an apartment 12 years ago. Didn't realise until after I signed that I was buying from a bank. If I had realised, then I would have offered 10 or 15k less, because I got the impression that they just wanted rid of it. There wasn't any delays or hitches with the sale.


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    #5
    campingcarist
    Registered Users Posts: 337 ✭✭campingcarist


    When buying from a bank (receiver) be prepared to wait 4,5 or even 6 months for all the paperwork to be completed. Banks and receivers are not very quick in dealing with any queries your solicitor may have.


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