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Buying house/apartment from banks megathread

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    #62
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    CIARAN_BOYLE wrote: »
    Usually a bank have an asset divestment team that meets monthly to decide what to do regarding property disposals.

    So they meet monthly with two bids on a property and tell the estate agent I'm not accepting either get them bidding against each other. I will look at it next month.
    Then everyone is waiting a month for the bank to meet again.

    Also when it is time for signing the same process applies, get the contracts, review the contracts, query the solicitor about something, wait a month til next meeting.

    Its like something out of Dickens, more 19th century administration than 21st. They need a shake up.


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    #63
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    In relation to getting a property that has been repossessed by the banks, who has been paying the LPT or the NPPR?
    I know the property that I am looking to buy was rented out for years by the owner and then it was taken over by the banks.  If I go to buy the house will I have to pay all the tax built up?


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    #64
    Ms2011
    Registered Users Posts: 3,129 ✭✭✭Ms2011


    lbyrne121 wrote: »
    In relation to getting a property that has been repossessed by the banks, who has been paying the LPT or the NPPR?
    I know the property that I am looking to buy was rented out for years by the owner and then it was taken over by the banks.  If I go to buy the house will I have to pay all the tax built up?

    Ours was paid by the bank, we closed in April so we had to pay Jan-April of that year when closing, I think it was about €46.


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    #65
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    Thank you for your response can I ask you how long your process with the banks took?
    Ms2011 wrote: »
    Ours was paid by the bank, we closed in April so we had to pay Jan-April of that year when closing, I think it was about €46.


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    #66
    Ms2011
    Registered Users Posts: 3,129 ✭✭✭Ms2011


    lbyrne121 wrote: »
    Thank you for your response can I ask you how long your process with the banks took?

    17 months. I think ours was extraordinarily long & probably would have been longer only some trees blew down on the property & damaged a neighbours wall which the bank was liable for so at that point they decided to cut their losses & sell.
    We already had a house & were buying this house in cash so we could afford to wait around, we knew we'd never get as much house & land for the price we paid again so we were willing to wait it out & it paid off in the end.


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    #67
    lbyrne121
    Registered Users Posts: 206 ✭✭lbyrne121


    The house that I am looking to buy is currently under receivership (grant thorton are the receivers) Does anyone know what this means?  Has anyone ever dealt with them?
    Any advice would be great/...


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    #68
    Cunning Stunt
    Registered Users Posts: 1,292 ✭✭✭Cunning Stunt


    My mother just had her bid accepted on a bank sale property, two weeks ago. She was expecting to hear details of when to pay deposit, how much etc. but her solicitor has not heard anything on it yet. The property is still listed for sale online. Surely this is not right? I was a bit wary about her going in on a bank sale as she is in her seventies and does not want to wait years to get into the house, but her solicitor had apparantly checked the details on the sale and said that it should be straightforward enough. now we are starting to doubt, seeing as there is already a delay.


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    #69
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Cunning Stunt wrote: »
    My mother just had her bid accepted on a bank sale property, two weeks ago. She was expecting to hear details of when to pay deposit, how much etc. but her solicitor has not heard anything on it yet. The property is still listed for sale online. Surely this is not right? I was a bit wary about her going in on a bank sale as she is in her seventies and does not want to wait years to get into the house, but her solicitor had apparantly checked the details on the sale and said that it should be straightforward enough. now we are starting to doubt, seeing as there is already a delay.

    Is there an estate agent involved? Its they who should take the initial deposit and take the property off the market (or at least mark it sale agreed and not take any more viewings).
    Your solicitor should get the contract and the title deeds and the bank ok to sell from the vendors/bank solicitor. This can easily take a few weeks, even in a normal sale. In my experience you need to keep a fire lit under your solicitor as things tend to be left otherwise.


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    #70
    ballyharpat
    Registered Users Posts: 1,805 ✭✭✭ballyharpat


    Yeah, the solicitor needs to take it off the market, I wouldn't be too concerned about that though, just maybe suggest it to them. A lot of EA's just couldn't be bothered, but it would then bother me that if they are too lazy to do that, what else are they too lazy to do?
    They should be taking the deposit, but generally, I give 5/10% of a refundable deposit as soon as I make an offer.
    As Dr Donkey had said, you may need to light a fire under the EA's ass.

    My paperwork all came through, but it was owned by the council until 30 years ago, so now I'm just waiting on a letter from the council saying that they have no ownership in the property.
    Deleted User wrote: »
    Is there an estate agent involved? Its they who should take the initial deposit and take the property off the market (or at least mark it sale agreed and not take any more viewings).
    Your solicitor should get the contract and the title deeds and the bank ok to sell from the vendors/bank solicitor. This can easily take a few weeks, even in a normal sale. In my experience you need to keep a fire lit under your solicitor as things tend to be left otherwise.


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    #71
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    ballyharpat wrote: »
    generally, I give 5/10% of a refundable deposit as soon as I make an offer.


    1,000EUR to the Estate Agent when the bid is accepted and property goes sale agreed and 10% to the Solicitor when the contracts are signed and returned to the vendors solicitor.


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    #72
    ballyharpat
    Registered Users Posts: 1,805 ✭✭✭ballyharpat


    If your offer is accepted it is usually called ‘sale agreed’ and you will need to pay a booking deposit to the estate agent. Booking deposits vary – they can be a specific amount such as €5,000, or a small percentage of the offer you have made.

    The booking deposit is refundable up until you sign the contracts and enter a legally binding agreement. Paying your booking deposit is a strong signal to the estate agent that you intend to buy the property and will usually mean that the home won’t be put on the market again for three to four weeks.
    I've always given 5k and always been suggested by my solicitors that I give 5k-it can vary.


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    #73
    Bella86
    Registered Users Posts: 42 ✭Bella86


    I am currently sale agreed on a house in receivership (grant thornton) owned by AIB UK, my solicitor has not received the contracts yet and it is over 4 weeks.. The solicitor is <mod snip: please do not identify legal companies>. Has anyone house sale been completed by any of these?


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    #74
    ELM327
    Registered Users Posts: 21,990 ✭✭✭✭ELM327


    How do you find these bank sale properties.
    Is it just the standard daft/myhome etc or are there specific listings?


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    #75
    Bella86
    Registered Users Posts: 42 ✭Bella86


    I seen the house through estate agents... I knew from looking at the pictures it must have been a bank sale as there was no furniture/fittings etc... Then the EA told me it was in hands of a receiver on behalf of bank


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    #76
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    ELM327 wrote:
    How do you find these bank sale properties. Is it just the standard daft/myhome etc or are there specific listings?


    Bought mine from bank after seeing it on daft. If you're looking at a house and it's empty in the pictures it's most likely a bank repo. Estate agent will confirm it for you.


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    #77
    Bella86
    Registered Users Posts: 42 ✭Bella86


    dbagman, how did you get on with your bank sale?  How long where you waiting from sale agreed to getting contracts to completion?


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    #78
    dbagman
    Banned (with Prison Access) Posts: 1,216 ✭✭✭dbagman


    Bella86 wrote:
    dbagman, how did you get on with your bank sale? How long where you waiting from sale agreed to getting contracts to completion?


    It took about 6 months from sale agreed to getting the keys. Going on what iv heard that is pretty quick for a bank sale. It was all systems go at the start for about 6 weeks, then suddenly it ground to a halt for.about 4 months. We had signed contracts and returned them to bank then it went dead. Months chasing the estate agent and getting nothing. It was in an "internal review". And that was that for months. We got so disheartened by the whole process we even went sale agreed on another house. Low and behold the very next day we got the call to say bank were ready to sell. From there it all went so fast and I think maybe 10 days later we had the keys. But them months in middle without anything were torture. Not knowing what's going on and being f bed off at every hands turn. Worked out in the end but was touch and go for a while.


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    #79
    Bella86
    Registered Users Posts: 42 ✭Bella86


    dbagman wrote: »
    It took about 6 months from sale agreed to getting the keys. Going on what iv heard that is pretty quick for a bank sale. It was all systems go at the start for about 6 weeks, then suddenly it ground to a halt for.about 4 months. We had signed contracts and returned them to bank then it went dead. Months chasing the estate agent and getting nothing. It was in an "internal review". And that was that for months. We got so disheartened by the whole process we even went sale agreed on another house. Low and behold the very next day we got the call to say bank were ready to sell. From there it all went so fast and I think maybe 10 days later we had the keys. But them months in middle without anything were torture. Not knowing what's going on and being f bed off at every hands turn. Worked out in the end but was touch and go for a while.


    Thank you for your response. Was a reciever involved in the sale? <mod snip>


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    #80
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    Bella86 you have already been asked not to mention companies on this thread.

    Mod


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    #81
    ELM327
    Registered Users Posts: 21,990 ✭✭✭✭ELM327


    dbagman wrote: »
    Bought mine from bank after seeing it on daft. If you're looking at a house and it's empty in the pictures it's most likely a bank repo. Estate agent will confirm it for you.
    Empty as in all rooms devoid of furniture and personal effects?

    Looks like a couple I have been looking at were bank repos so. Funny the EA never mentions it!


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    #82
    Bella86
    Registered Users Posts: 42 ✭Bella86


    yes empty of all furniture and sometime applicances.. You will know if it looks unkept etc it is a house that has probably been rented out and now is currently in receivership/bank sale
    no they normally don't unless you ask.. I didn't know until I asked why was in it bad shape and the EA confirmed that it is a property in receivership... It tool 2 months from making offer for it to be accepted and they only wanted asking price.. Now I am sale agreed 1 month and nothing, still waiting on contracts..
    So I was wondering if anyone else had been in the same boat..


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