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House Sale - Purchaser didn't disclose they are in a chain

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  • 14-05-2017 5:58pm
    #1
    Mad Benny
    Registered Users Posts: 581 ✭✭✭


    My property went sale agreed after receiving a number of bids over the asking price. We accepted a lower bid of a purchaser who was not in a chain. We discovered later by chance that the purchaser was in a chain too.

    Should our estate agent have picked this up?

    It didn't cause any problems. They sold their own property pretty quickly.


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    #2
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,374 Mod ✭✭✭✭Gumbo


    Did they tell your estate agent?
    Your estate agent can only 'pick up' what they are told from the other side.


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    #3
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    The other side of the EA is asking for a load of stuff and I don't know why threads!


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    #4
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    How long did it take for them to sell ? im in a situation where im about to sell my house and looking at bidding in another house is this ok to do? Should I inform the estate agents when buying


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    #5
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    davedub2015 wrote: »
    How long did it take for them to sell ? im in a situation where im about to sell my house and looking at bidding in another house is this ok to do? Should I inform the estate agents when buying
    Absolutely. People fire in all sorts of bids in all sorts of scenarios.

    The estate agent will usually ask what your situation is, as the purchaser will want to know if you're in a chain, etc etc.

    Increasingly they're also looking for proof of funds, be that mortgage approval, etc.


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    #6
    Cloudio9
    Registered Users Posts: 1,351 ✭✭✭Cloudio9


    davedub2015 wrote: »
    How long did it take for them to sell ? im in a situation where im about to sell my house and looking at bidding in another house is this ok to do? Should I inform the estate agents when buying

    What you're doing is fine. Unless you're a first time buyer, most people are doing this.

    Chains were a big problem 6-7 years ago when stuff was sitting on the market for years in a falling market but in a fast moving area like Dublin, an EA or seller is unlikely to be too bothered about a chain.


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    #7
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    Cloudio9 wrote: »
    What you're doing is fine. Unless you're a first time buyer, most people are doing this.

    Chains were a big problem 6-7 years ago when stuff was sitting on the market for years in a falling market but in a fast moving area like Dublin, an EA or seller is unlikely to be too bothered about a chain.

    My question is should i start bidding on a house even though i havent got my house up yet? There is a house i want and was thinking id sell with estate agent selling the house so theyd know the situation im in? Im wondering if I got sale agreed wouldthey be ok with the waiting around? Would it work out cheaper also doing selling and buying with solictor also?
    Thanks for advice


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    #8
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    seamus wrote: »
    Absolutely. People fire in all sorts of bids in all sorts of scenarios.

    The estate agent will usually ask what your situation is, as the purchaser will want to know if you're in a chain, etc etc.

    Increasingly they're also looking for proof of funds, be that mortgage approval, etc.

    Should i tell the agent re my situation or keep it to myself? Was thinking if i let him sell my house he would give me time... ea jst want houses sold and off market quick these days


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    #9
    ThisRegard
    Closed Accounts Posts: 27,833 ✭✭✭✭ThisRegard


    If you're sale agreed I'm sure you'll be fine. If it's not even on the market yet your bids most likely won't be entertained.


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    #10
    Cloudio9
    Registered Users Posts: 1,351 ✭✭✭Cloudio9


    davedub2015 wrote: »
    My question is should i start bidding on a house even though i havent got my house up yet? There is a house i want and was thinking id sell with estate agent selling the house so theyd know the situation im in? Im wondering if I got sale agreed wouldthey be ok with the waiting around? Would it work out cheaper also doing selling and buying with solictor also?
    Thanks for advice

    Yeah you can bid but you should get your house on the market asap if you're bidding. You can have a house in the market within a couple of days. If you get your house up now, both sales could close around the same time which is what you want.

    Solicitor will probably not be much cheaper as it is two separate transactions.


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    #11
    chris_d
    Registered Users Posts: 112 ✭✭chris_d


    We are currently in the market and need to sell our apartment to be in a position to buy.

    Our apartment has gone sale agreed (for the second time). Our previous offers on properties before we put the apartment up for sale were being ignored on the whole.

    Even now we are sale agreed we are still behind cash buyers in peoples preferences, and there seem to be plenty of them around. We just missed out on a great house because we are in a chain while the other bidders were cash, (I'm assuming). Never heard back from the estate agent after our second bid. We were willing to go higher, but never got the chance. Seemed like the estate agent had a couple of cash bidders and were happy to keep us on the long finger.

    Our first buyers for our apartment told us they were cash buyers during the bidding process. One of the main reasons we went with them. Two months down the line we find out they actually needed a load, which the bank had just refused. Wasted two months of our time.

    Going by our experience, if you are in Dublin you will really need to have your place up for sale at least before your bids will be considered.


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    #12
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    Yeh I probably wont say anything to estate agents? i want to sell mine so hoping if I go with estate agent of house I want to sell my house might give us an advantage


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    #13
    spaceHopper
    Registered Users Posts: 3,992 ✭✭✭spaceHopper


    Mad Benny wrote: »
    My property went sale agreed after receiving a number of bids over the asking price. We accepted a lower bid of a purchaser who was not in a chain. We discovered later by chance that the purchaser was in a chain too.

    Should our estate agent have picked this up?

    It didn't cause any problems. They sold their own property pretty quickly.

    How can he, they lied, is he supposed to follow them home to check for a forsale sign or do a lie detector test?


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    #14
    Gabico
    Registered Users Posts: 182 ✭✭Gabico


    spaceHopper wrote: »
    How can he, they lied, is he supposed to follow them home to check for a forsale sign or do a lie detector test?

    He should have asked for proof of funds.


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    #15
    Ray Palmer
    Registered Users Posts: 8,394 ✭✭✭Ray Palmer


    Gabico wrote: »
    He should have asked for proof of funds.

    This is probably true but reality can be somewhat different. I would be really annoyed about it as basically they are getting a discount for being chain free.

    When I was buying a house I told the vendor I was selling another house first but it was directly to a family member. He told the sellers I was chain free. There was delay on our sale because somebody spelt my relatives name wrong. Their surname the same as mine and it was their lawyer for years! Anyway the sellers went mental about it claiming I lied and their estate agent went to say I did until I sent him back the e-mail I said it in.
    I even heard about it from one of my new neighbours. Just told them the estate agent lied and was instantly believed


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    #16
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    Gabico wrote: »
    He should have asked for proof of funds.

    And this is why we do. Yet you will see lots of posters saying that it's none of our business. Can't win!! Lol.


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    #17
    CeilingFly
    Closed Accounts Posts: 3,378 ✭✭✭CeilingFly


    chris_d wrote: »

    Our first buyers for our apartment told us they were cash buyers during the bidding process. One of the main reasons we went with them. Two months down the line we find out they actually needed a load, which the bank had just refused. Wasted two months of our time.

    Going by our experience, if you are in Dublin you will really need to have your place up for sale at least before your bids will be considered.

    I'd assume a "cash buyer" is a mortgage approved buyer with no dependency on a property sale.

    I wouldn't think its a buyer with actual cash sitting in their bank account.

    EA should have asked for the loan approval letter.


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    #18
    Askthe EA
    Registered Users Posts: 724 ✭✭✭Askthe EA


    CeilingFly wrote: »
    I'd assume a "cash buyer" is a mortgage approved buyer with no dependency on a property sale.

    I wouldn't think its a buyer with actual cash sitting in their bank account.

    EA should have asked for the loan approval letter.

    This happened to me and I saw proof of funding. It was an investor and their accountant pointed out that it was more tax favourable to borrow some of the funds. Pushed the sale back by a month.


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