Sale interrupted by caronavirus!


#1

I am in the process of selling a one bed apartment in Dublin.
Its went sale agreed and sent all info from my solicitor to his.
Been with his solicitor for over a week now and he has not come back with any requests/queries at all to my solicitor.
I assume he is a bit spooked by the markets reaction to the coronovirus.

Not sure whats the best next move.
Was going to ask my solicitor to put some pressure on his solicitor to move the process on in the hope of pushing it through as quickly as possible.
If he is spooked by potential of recession and is thinking of maybe getting the apartment at a reduced price in a few months time i would be prepared to reduce the price now to push it through.
Its agreed for 245,000 now.
i know its impossible to tell for sure but are there are predictions out there as to how much prices will fall?
TIA


#2

Only a week with the solicitors. Ive never seen them do anything quickly.


#3

In reality it takes 6-8 weeks for the Legal’s to be completed - assuming there is nothing wrong with the title.


#4

I’ve heard of a few sale agreed transactions being renegotiated and also falling through. After the legal work is finished and before contracts are signed.

House prices depend on confidence. Confidence is falling as people expect to loose jobs and the economy to sink.