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MissFloopster

House Buying Process In Ni

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Hi all ...

I'm interested in buying a property in Belfast and would appreciate some advice. I'm not from NI and I'm not familiar with the process of buying a house in Northern Ireland and was wondering if you could give me some tips and hints, as I am currently wondering why I don't hear back from the estate agent. This is not the normal way of buying property that I am used to (Holland and Switzerland).

I have submitted a bid (cash buy) on a property (currently bank-owned). I admit the bid was low but I included my reasons why I came to this bid. One of the reasons was that there was no land to speak of (for a detached house), another one was that I had doubts about the building guarantee for the house as the insurance company's website came up as "account suspended).

I got a confirmation from the agent that my bid was received and that it was probably too low. Also a mention that they had arranged for the building guarantee themselves and that the company probably has a new website.

If my bid was too low, and with what I'm used to, I would have expected a fairly quick reaction back (even thought my bid is valid for 2 weeks) with the confirmation that the bid is indeed too low and possibly with a counteroffer. In countries where I have bought property, any bid is considered legally binding and to be considered serious and usually only considered to be an opener for further discussions (unless accepted as is, of course). I also sent a message to the agent asking whether they had any further news on the construction guarantee. I have not received a response to my mail of last Friday (bid was submitted 5 days before that), nor to 2 telephone messages today with a request to be called back. I know I am a rather impatient person when doing business, but is this a normal way of proceeding?

Is there something like a usual timeframe for responding to offers? Am I too impatient? Do agents only get back to you when the bid expires (in a week's time)? I'm a bit at a loss here.

Thank you so much for your reactions! I appreciate your insights.

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Hi, if it really was a repossessed property then the EA couldn't have submitted your offer officially to the company dealing with the sale until you provided them with proof of funding to show that you really were a cash buyer. If they said it was probably too low then they didnt intend passing on the offer. Repossession companies don't listen to reasons why the offer is low, they simply see the figure and compare it to what the property was valued at by the surveyors and EA at the beginning or a recently revised valuation. If your offer is not close to this then its a case of computer says no. They will usually give the EA an instant response if the offer is too low but if its close enough they will refer it to their client (the bank) for an answer. There is no such situation as your offer expiring in 2 weeks time. You should have got a definite answer within a day and then could have made your next offer if you were still keen on buying the property. Reading between the lines it seems the EA thinks you are too much bother for the tiny fee they will get for this sale and maybe they thought your very low offer was a sign that you werent a serious buyer. You can never assume anything as I had a ridiculously low first offer from someone who wanted to buy a repo recently that was instantly rejected only for them to come back with a decent offer that was finally accepted. The EA in question should remember this as buyers are scarce and you may turn out to be the only cash buyer interested in this property.

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Hi, if it really was a repossessed property then the EA couldn't have submitted your offer officially to the company dealing with the sale until you provided them with proof of funding to show that you really were a cash buyer. If they said it was probably too low then they didnt intend passing on the offer. Repossession companies don't listen to reasons why the offer is low, they simply see the figure and compare it to what the property was valued at by the surveyors and EA at the beginning or a recently revised valuation. If your offer is not close to this then its a case of computer says no. They will usually give the EA an instant response if the offer is too low but if its close enough they will refer it to their client (the bank) for an answer. There is no such situation as your offer expiring in 2 weeks time. You should have got a definite answer within a day and then could have made your next offer if you were still keen on buying the property. Reading between the lines it seems the EA thinks you are too much bother for the tiny fee they will get for this sale and maybe they thought your very low offer was a sign that you werent a serious buyer. You can never assume anything as I had a ridiculously low first offer from someone who wanted to buy a repo recently that was instantly rejected only for them to come back with a decent offer that was finally accepted. The EA in question should remember this as buyers are scarce and you may turn out to be the only cash buyer interested in this property.

Thank you for taking the time to reply to my question! I really appreciate it. I think you were very right that our offer wasn't passed on, which I find truly strange but then again, I'm not really familiar with how things work (but learning fast). I visited the property myself (prior to that only my husband had seen it) and did indeed make another offer which must have been the "magic number the computer accepted" and we're awaiting confirmation of acceptance now. Thank you very much again!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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