Having trouble buying a house

[reddanmm]

Hi Guys hoping for some advice for my Cousin. He is renting a house for the last 2 years the house was owned by the builder who built the estate. the builder went in to recievership and the house went up for sale. The builder was tied to Danske bank who are closing in Ireland.He got Mortgage approval and put in an offer for the house which was accepted.

A couple of weeks later he heard from the Reciever that the Builders loans were going to Pepper along with a tranch of 700 other loans belonging to various Customers. Pepper will not sell to individuals. He said that they are trying to exclude his house but Danske Bank have not decided yet . The Auctioneer wants them to hold out as nothing is final but as far i i know it is. No contracts have been signed as deposit was only recently paid. Is there anything that he can do . He is paying market price for the house .

 

[mf1]

If there is no signed Contract, he is just an interested party. He has no legal standing to ask that the house be sold to him.

mf

 

[Rsa17]

Agree with mf

 

[reddanmm]

He is quiet aware of this. The bank are getting market value for the house it makes no sense to sell it to Pepper for probably half the value

 

[ryaner]

He is quiet aware of this. The bank are getting market value for the house it makes no sense to sell it to Pepper for probably half the value

What makes sense and what actually happens are two different things when it comes to banking. The main stumbling block will be the extra paper work and this is why most of these bundles are sold are lower prices than could be gotten individually.
If they are selling the loans to all the properties in the estate, then its unlikely that they'd sell one house individually. An estate is much more valuable as a unit than with one house owned privately.

 

[reddanmm]

Thanks Ryaner , this only involves 2 houses that the builder owned all the rest are sold. Its very frustrating. I would agree if it was a lot of houses but this is not the case.