I am looking at buying a bank reposession. The bank want me to put down 1500 euro and complete within 30 days. If i dont complete within 30 days i loose the 1500 euro. Does anybody know if the banks are willing to extend this 30 days or is it set in stone?
That's strange. I made an offer for a bank repo just a few weeks ago and was told there was nothing to pay for a while. In fact, they said it would likely take the bank several months to process the sale. That was one of the things that made me pull out of the deal in the end - I wanted to get on with it!
Are you sure it's the bank stipulating this, and not the estate agent? When the bank has been hanging onto the property for (probably) several years, I would have thought a little flexibility would have been possible, although the agent may be in a hell of a hurry. I imagine there's no mortgage involved as that would be highly unlikely to go through in a month. What then? It all sounds rather odd, IMHO. Have you consulted a lawyer? A simple yes/no answer to your question may well come free, particularly if you're likely to be future clients.
Hiya Sheila
Thanks for the reply, our lawyer says this is the case but we may be able to come to some agreement with the bank and it is the bank who are stating this in there conditions.Its not on La Capellania so we wont be neighbours. Thanks for the other info too
I think the one we bought in marina village had this stipulation but in the end it was the bank who held things up. Still managed to complete in just over a month - if there's no mortgage involved there's really no reason why you can't complete in 30 days with a good solicitor.