The nightmare of Going Sale Agreed in IRELAND
It can take more than 6 months to close a sale from sale agreed to completion in Ireland, that is just nuts.
So you have gone sale agreed, or you are housing hunting and want to know what happens after going sale agreed in Ireland, if you are wondering why it takes so long to complete a sale and what to avoid some of the pitfalls, this video is for you.
I, have 20 years of experience in property, working on the sales side and buy side, commercial residential, for banks, agencies and large companies, I have seen all the nightmares when buying a property.
So you are all happy your bid has been accepted but what next, what should you expect and what mistakes should you avoid? In this video I am going to highlight 4 major areas that can slow down a sale completion,
But there are a few bases to get out of the way first.
When you go sale agreed, and your bid is accepted, the agent will ask for a booking depost, your solicitor’s details and surveyors’ details, so best to have then already arranged if you want to keep the ball rolling,
I always think it is a good idea to include the names of your solicitors and surveyors with your bid. It shows that you are ready to close.
The booking deposit will range depending on the property’s value from 5k to 50k; it is generally 1 to 2% of the property’s value, rounded up.
This booking deposit is fully refundable, meaning you can pull out any time up until contracts are signed. This leads to one of the first nightmares of going sale agreed; either party, the buyer or seller, can pull out at any time, going sale agreed in Ireland is not binding, If a buyer pulls out, the seller has to remarket or go back to under bidders, this leads to lost time and money. If a seller pulls out, the buyer will be out of pocket for the cost of their solicitor and surveyor as well as time, and potentially, they could have missed bidding on another property.
My name is Shane Fleming a chartered property expert with over 18 years of experience in real estate, a degree in property economics. The views in these videos are my own and are just entertainment.
Credit to : Shane Fleming