Waiting time buying a house

johnyrourke

Im trying to purchase a house Im willing to pay the asking price for it. Anyway it's after coming out of a marriage break up so there is two people involved there two solicitors and the bank witch I believe the money will be going to. the estate agents can't take a deposit until every one agrees to it. they said the man and the women have. they have to wait for the bank to get back to them now. Its bein nearly 7 weeks now and they just keep saying that they haven't heard nothing back yet and they can't do nothing till they do. I went down to them last week and they said it could take 6 months or even 12 months. I dont no Wat way to take all of this as it's my first time buying. Is this normal or has anyone ever bein in this situation before

The_Conductor

You're waiting on a bank to agree to a sale.
If the property is in negative equity (which you should clarify with the estate agent)- the two parties can agree to sell it to their hearts content- however, until they agree and put in place a mechanism for covering any negative equity associated with the property- its simply not going to be approved by the bank.

Lenders normally review any mortgage disposals at monthly meetings- providing all the paperwork is in order- so if everything was submitted to the bank- and there was a plausible plan put in place for dealing with any costs and negative equity- the bank 'may' get back in 8-10 weeks.

The elephant in the room is- the bank own a loan secured on a property. The warring parties are trying to swap this for a loan with no security associated with it (or perhaps they are trying to get the bank to write off the debt altogether- you simply don't know).

You need to get the estate agent to find out what the hold-up is- saying its the banks fault- is simply playing the blame game (as-in- its the bank's fault- they won't write off the negative equity- or we haven't come to an agreement on how to deal with the negative equity with them).........

If there was equity in the property- and a surplus over after the sale- you'd find there was no issue- the current morass is indicative that you have not been told the full story.............

johnyrourke

Is it normal for the estate agent not to want to take a deposit till this is sorted. Because the won't take one off me

kippy

johnyrourke wrote: »

Is it normal for the estate agent not to want to take a deposit till this is sorted. Because the won't take one off me

Why would the take a deposit if the offer hasn't been accepted by the relevant parties?
As the conductor said there are usually a lot of things going on here behind the scenes with these types of sales before an offer can be accepted.

johnyrourke

Ok sure I never thought of it like that. Im new to all this. So Ill just sit it out it should sort it's self out

L1011

johnyrourke wrote: »

Ok sure I never thought of it like that. Im new to all this. So Ill just sit it out it should sort it's self out

Probably. Do not go buying furniture, arranging trades, etc until much much much much further down the line.

afatbollix

The estate agent is doing you a favour here. Don't pay anything until the sellers and bank have made a deal to sell. It could take months for them to work it out. For all you know the sellers might be stalling so the bank will write off the debt.

Depending on how much you want this house the best option might be to walk away.

Juwwi

I wouldn't walk away I'd keep looking at other houses until they accept your offer or you could find another in the meantime .

I wouldn't sit waiting for them to get back to you they might not.

TT rainbows

Saw plenty of houses and heard plenty of stories from EAs when the banks were the owners or heavily involved.. Took forever to respond to offers and go sale agreed..Id imagine it was like a phone call Friday evening from the EA to the bank 'ah sure give it another week and see if the interest picks up..' .
They then can use your offer to the next swathe of hungry hunters. I walked away from such places. Didn't have time for that malarkey with offers taking forever for an answer. In the end made a conditional offer on a place with a 48 hour response deadline.

johnyrourke

3 weeks later now haven't heard a thing. Rang two weeks ago they just said we heard nothing. Its draging a bit now. Over two months since we made the offer and still nothing. I dnt understand they have the house up for E165000 I said I would pay E165000 and cant even put a deposit on it.

Hollister11

There could be behind the scene factors that hold up a purchase.

My aunt is waiting 18 months for a property to close. There is a dispute in the will, so she is playing a waiting game. Although if she gets it at the agreed sale price, she has made 40-50K on equity. This is before the house is remodeled.

johnyrourke

So finally the house came trough for me. Tanks for all d advice. In the end it ended up there was a dispute over a €175 bill that neither person would pay. Its sorted now anyway thanks again

It has been known for divorcing couples to place a house on the market as a way of valuing it or could even be that one party buys out the other at the price determined by the market (yourself). Can be messy.