Estate agent delaying sale agreed

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laobhise

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Just wondering what people think. We put in an offer on a house about a month ago and after some negotiations we have agreed on a price. Well the estate agent said they wanted to accept the offer. However, on the same day they reduced the price of the house by 50000 on daft and have been delaying processing the sale further. We were told that they were meeting with their bank to see if they would let them accept our offer. We took this in good faith and gave things a few more days (that was last week). So on Monday I phoned the estate agent again and he said that he was just speaking with them and had some information to give them and would phone me back. He didnt return my call on Monday so I phoned him again on Tuesday and he said that he would call me back which he did that evening. He said that the family needed to sort things with their bank for buying the house they wanted to move to and that they had a form to drop into the bank which they had forgotten but that they definately wanted to accept the offer. I told estate agent that we would put in an offer on another house if he wasnt interested and explained our current situation as my husband and I are living with my mother and grandmother with our new baby which is far from ideal.
Now this morning the house price has been dropped on estate agents website by another 10000-which brings the price down to just 5000 more than what we are offering. I feel that the offer we have agreed on is very good as the house has been on the market for 2 1/2-3 years.
Just wondering what people think- do you think it could be an issue with the bank or do you think the estate agent is trying to delay and get more people interested? Cant understand why with the market the way it is and when asking price is now only 5000 more than what we offering? We are not in a chain and mortgage approved?? Any advice on how to proceed??
 
laobhise said:
Just wondering what people think. We put in an offer on a house about a month ago and after some negotiations we have agreed on a price. Well the estate agent said they wanted to accept the offer. However, on the same day they reduced the price of the house by 50000 on daft and have been delaying processing the sale further. We were told that they were meeting with their bank to see if they would let them accept our offer. We took this in good faith and gave things a few more days (that was last week). So on Monday I phoned the estate agent again and he said that he was just speaking with them and had some information to give them and would phone me back. He didnt return my call on Monday so I phoned him again on Tuesday and he said that he would call me back which he did that evening. He said that the family needed to sort things with their bank for buying the house they wanted to move to and that they had a form to drop into the bank which they had forgotten but that they definately wanted to accept the offer. I told estate agent that we would put in an offer on another house if he wasnt interested and explained our current situation as my husband and I are living with my mother and grandmother with our new baby which is far from ideal.
Now this morning the house price has been dropped on estate agents website by another 10000-which brings the price down to just 5000 more than what we are offering. I feel that the offer we have agreed on is very good as the house has been on the market for 2 1/2-3 years.
Just wondering what people think- do you think it could be an issue with the bank or do you think the estate agent is trying to delay and get more people interested? Cant understand why with the market the way it is and when asking price is now only 5000 more than what we offering? We are not in a chain and mortgage approved?? Any advice on how to proceed??
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Tell ea offer is only on the table for another 24hrs and if that doesnt work maybe you should start looking elsewhere
 
Drop your offer by another 5k and see what happens, show them thaty 2 can play at that game.
 
I think the thread heading is probably misleading - this probably has more to do with the Vendors than the EA.

I suspect it has more to do with the outstanding mortgage on the Vendors' house and whether or not they can actually close the deal at all. As in they may owe more on the mortgage than the purchase price. Which would mean they cannot sell without the Banks consent. But only guessing.

All you can do is put a time limit on your offer and, if that is not acted on, you need to move on and find another place.

It may just be a sign of the times we live in rather than any great conspiracy.

mf
 
OP, keep on looking for a house. Regardless of what the vendor's problem s with their Bank, they have a home and you don't. This is a buyer's market and if people want to be so stupid than to chase good intentions, that is their business. We all know greed is a disease and it does look like the vendor's of this house have contracted this epidemic. Stupid people.
 
Thanks for all the replies.
MF1, we did initially believe that maybe it was something to do with the bank but why do they keep reducing the price online since agreeing a price with us. We feel that they are trying to buy time and see if they get more offers. We just want to secure the house and the amount that we have agreed is now only 5000 less than the current advertised price. We feel that it is quite silly to not secure the deal for the sake of 5000.

Supposedly they were meeting their bank last Friday to see if they could accept offer and then we were told on Monday that they had to submit another form but that yes they wanted to accept offer. Supposedly this form was submitted yesterday and I was told that I would get a call yesterday or today. But the estate agent nevers contacts me to inform me what happening when he says he will- I have to chase him every day!! No call again today so I called him. He was busy again and had been in meetings again so he was going to ring vendor and ring me back but yet again no call came. And today the house price was dropped on the website again- I mean why bother doing this if they want to accept our offer???

Mercman, thanks for the comments. We feel it is quite silly. We have seen another house but we were hoping that this one might work out as it is nearer to family.

Bluespud- we may need to start doing that.

Foxylady- we told him that we had seen another house and that we needed to know that we had a house purchase rolling before Christmas and that we would put in an offer on that house if nothing was going to happen with this one. But maybe we need to be more agressive and set a specific time limit.

Thanks again for the comments
 
laobhise said:
Thanks for all the replies.
MF1, we did initially believe that maybe it was something to do with the bank but why do they keep reducing the price online since agreeing a price with us. We feel that they are trying to buy time and see if they get more offers. We just want to secure the house and the amount that we have agreed is now only 5000 less than the current advertised price. We feel that it is quite silly to not secure the deal for the sake of 5000.

Supposedly they were meeting their bank last Friday to see if they could accept offer and then we were told on Monday that they had to submit another form but that yes they wanted to accept offer. Supposedly this form was submitted yesterday and I was told that I would get a call yesterday or today. But the estate agent nevers contacts me to inform me what happening when he says he will- I have to chase him every day!! No call again today so I called him. He was busy again and had been in meetings again so he was going to ring vendor and ring me back but yet again no call came. And today the house price was dropped on the website again- I mean why bother doing this if they want to accept our offer???

Mercman, thanks for the comments. We feel it is quite silly. We have seen another house but we were hoping that this one might work out as it is nearer to family.

Bluespud- we may need to start doing that.

Foxylady- we told him that we had seen another house and that we needed to know that we had a house purchase rolling before Christmas and that we would put in an offer on that house if nothing was going to happen with this one. But maybe we need to be more agressive and set a specific time limit.

Thanks again for the comments
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Do set a time limit, but when dealing with this remember that these 'silly/stupid' people have their reasons for looking for more money. They presumably have taken a substantial drop in their asking and they may just 'need' more money rather than are just greedy for it.
If it is silly not to secure the deal for the sake of €5000 then offer €5000 more to seal the deal, when it's your money its not quite the same is it.
I would give a definitive time limit (close of business tomorrow) and be prepared to move on because if they really are stalling out of need then your not going to get the house for the price you want at a time that you want. If the EA could close this deal he would have a week ago, it doesn't bode well imo.
 
Also, bear in mind, even if you do get a Sale Agreed, that doesn't mean the sale will go through.
Sounds like the EA is just making up excuses to keep you on the long finger in the hopes the seller will sort themselves out. Alll that stuff about forms being dropped to the bank sounds like excuses.
If that was all the reason, they'd have accepted your offer by now.
Sounds like the seller may be in trouble with the mortgage and needs to sell, maybe they also need to show the bank they are trying to sell (hence the activity on Daft) - or some such situation.
Maybe they are pretending to sell but don't really want to, maybe they were just testing the market.

If there are problems with the sale already then chances are there could be further problems down the line. You could get Sale Agreed and then end up not being in the house till next Easter. So be prepared for that as well.

If your present living arrangements are driving you into making hasty decisions (just find a house, any house) then why don't you rent somewhere for a few months, and give yourselves proper time to find something else.
 
Still being kept on the long finger!! We were told about 8 days ago that the vendors had approval from bank but wanted written approval before they proceeded. Estate agent said they would know in next day or so but then no call to update us. Tried him today but no answer from office line or mobile-left message but no response again. We have decided to look at other houses and are going to view some places tomorrow. We can stay with family until next summer but if things not sorted with house or we havent seen anything else then we will probably rent. So frustrating!!! You would think that they would be happy to get buyers after almost 3 years on the market according to irishpropertywatch. Thanks for all the advice
 
I would agree with one other poster, let the estate agent come back to you now, & when he/she does, drop your offer by €10,000.

Never rush into buying property, too many people have been burnt in the boom times, including me. Take your time as another poster has pointed out to you.

They are playing the 'the buyer needs to purchase the house before christmas' card with you. The fact that you keep pestering them, by phoning them gives them that added power.

Take your time & play the game with them too, don't get frustrated, & let it be a lesson, but never tell an estate agent your needs or desires to want the house so badly.

Drop your price, in a way letting them know that your in control of the ball because its on your side of the court.
 
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