FTB - Seller is a bank

M

Maling

Registered User
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Hi Folks!

Appreciate any help/info on this. We are first time home buyers and have put an offer to this property. The real estate agent mentioned to us that 'they are recommending us as the purchaser' to the seller and that the seller is a bank. That has been close to 4 weeks ago and we havent heard anything back.
- Is this normal in terms of delay?
- Any information on dealing with a seller that is a bank? Ive gotten anecdotes about how its easier to deal with a bank because they are only looking to get market value for the property and also that it will take longer compared to a private individual selling because of the additional red-tape that happens in office decision making.

Thanks!
 
This is my experience delay wise. It took me 6 weeks to get a sale agreed and then 9 months for the actual sale. The problem/hold up is usually because the house is still in the loanees name and he/she has to give consent. Given that they are probably losing everything they are (quite understandably) not in any hurry to co-operate. There is no reason why you can't keep asking the EA for updates. Also when sale agreed the solicitor will go about his business but he will stop and advise you of the hold up and all you can do at that point is wait. Go looking at other places in the meantime and don't be afraid to go sale agreed elsewhere if it is a better offer.
 
Thanks! The timeline seems disheartening. I believe the house is already possessed by the bank so I think the previous owner is no longer in the picture.
 
We went sale agreed on bank sale in September (2016), we finally got the keys in June.... so 9 months give or take.
It was stressful, things took forever to get from the bank and we almost lost the house at the last minute because the person in the bank just didn't want to sign the last bit of paper apparently. We had to apply for a new loan offer for the house as the time was running out on the original offer, which was just another bit of bother with everything else going on.
We got a great deal on the house but it wasn't without stress and a small few tears. We always kept an eye on what else was on the market, just in case.
(The above is a very short summary (and simplified version) of the process we had, I was constantly emailing and on the phone. I'm sure my place of work hated me!)
 
You would assume buying from a bank would be much easier but there are many things which can slow down the process.
Talk with your solicitor and see what they think.
It can take weeks too months
 
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