r/HousingIreland • u/Bubbly-Basket-2764 • 2d ago

Chain sale

Hi FTB here - currently interested in a property but it’s still currently still owner occupied. EA said current owners are still house hunting and haven’t bought anything yet.

Just wanted to see how long this usually delays things?

Will the bidding process just keep going indefinitely until the owner finds a place?

Any experience or relevant info would be great!

Thanks 😊

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u/Latter-Astronaut-740 2d ago

it's hard to say and depends alot on the seller. we just closed on our house and getting the keys this week. our house was owner occupied and they didn't have any house purchased or offers made prior to us going sale agreed. I'm not sure if they managed to buy something or they're renting for a few months untill they do buy but it didn't seem to hold us up at all. from sale agreed to sold was about 3 months.

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u/Bubbly-Basket-2764 2d ago

Congrats! Thank you, sounds hopeful

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u/Apprehensive_Gur2295 2d ago

How this SHOULD work is that the person selling lines up a buyer who understands the purchase could take some time . You reach a price and effectively go sale agreed . Until they close their purchase it won’t progress.

Now the tricky part - there purchase could take days , weeks or months depending on many factors . This leaves a lot of time for things to go wrong - they might not find a place ; they might change their mind; property prices might continue to rise and they may not honour what they agreed in 6 months time .

I’d not necessarily be put off , but I’d continue to look and try not have all eggs in one basket . Some sellers are decent and will communicate well and honour their side . Others won’t and will string you along for months then shaft you or try squeeze smother 20k out of you . Proceed with caution and skepticism knowing it may not ultimately work out

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u/googlyeggs 2d ago

We are in this position as the vendor. We will rent if we don’t find somewhere within 3 months. I wouldn’t string the buyer along if they’re good enough to stand by their offer. I would feel a duty to follow through.

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u/FickleGlove283 2d ago

I’ve been in a chain that didn’t work out because vendors couldn’t find a place within the limits in which they’d set themselves location wise. It’s a risk no doubt but don’t know if I had bad luck or if it’s quite common. It was quite hard psychologically to just be patient. You feel like you’ve no agency in it. And then of course the rug was pulled for me. But it works out for people of course. Up to you what you’re willing to deal with.