EA closed & has our money

M

miss1978

Guest
Just wondering if anyone has any advice. Basically we were selling our house and buying another through EA. THey had deposit from us for house we were buying and deposit from purchaser of our house. Suddenly EA closes all offices and no-one knows whats going on. Our contact syas they were just told they were out of jobs and sent home. Our purchase fell through so we're looking for deposit back and we proceeded to sell our house but had to agree that it would be up to us to get the pruchaser's depoist back from EA. In total we're now down 10k. Have spoken to Gardai but they say nothing they can do and our solicitor is looking into it but syas would probably have to go to High court which would costs even more. Any ideas on what we could do next? EA hasn't been put into liquidation officially.
 
i don't think EA's have to maintain a client account so you could be joining a long list of creditors, realistically you probably will get little or nothing back.
What location roughly is this, if you don't mind ?
 
coolhandluke said:
i don't think EA's have to maintain a client account .....
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I thought they were and that the maintenance of client accounts was a requirement of the Auctioneers and House Agents Acts.

In addition would an EA's indemnity insurance pay out in the OP's case?

To the OP - you could try and contact the IAVI to see what normal procedures are in cases like this.
 
miss1978 said:
...we proceeded to sell our house but had to agree that it would be up to us to get the purchaser's deposit back from EA. In total we're now down 10k.
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That was a big risk you took on in the circumstances, and the buyer got a good deal to get you to agree to this! Were you in a rush to get the sale ?
 
OP I think you did the right thing re the purchaser's deposit in order to get your house sold which one assumes is the most important thing. But as it's the purchaser's deposit and does not belong to you I don't believe the auctioneer owes you anything in relation to this. Also you had a fee to pay the auctioneer for selling, how much was this and you can subtract it from the 10K.
 
Purchaser paid deposit to EA as agent for Vendor - OP. Therefore Purchaser had only to pay balance of purchase price on closing to complete their side of the bargain. The deposit belongs to the Vendor - OP now that the deal is closed and it is for them to pursue the EA. And given that he/they appear to have upped sticks, does not sound good.

mf
 
Isn't there an interim Property Services Regulatory Authority set up?

Would they offer advice?
 
MF1 if the Estate Agent disappeared with the money before the property sale closed does the deposit belong the the OP or to the purchasers? If the sale had not gone through the seller would definately not be entitled to the money.

Anyone know do auctioneer's not have something like professional indemnity insurance or a bond that covers deposits? Otherwise people would be well advised not to hand over any booking deposits to auctioneers.
 
hi thanks fo rthe replies. EA is north east. we decided to proceed with sale as had taken 4 months to get it and since then 5 other houses on same street have benn put on for sale and none have gone. our solicitor enquired about bond but its only 13k so long goneas he had 4 offices and all closed. gardai say nothing they can do. what a farce
 
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