Buying a house 2012

leahyl

folan wrote: »

can make that 3 houses. the bidding on this latest house had gotten to well over the asking price when i last checked. whoever is buying that house really believes in it.

Just need to stick to your guns again and don't get drawn into a bidding war - you have to believe everytime that the EA is lying through their teeth! It'll pay off in thr end! :-) that's what I'm telling myself anyway cos there are a serious lack of houses in Cork City at a reasonable price and in good condition!

folan

leahyl wrote: »

Just need to stick to your guns again and don't get drawn into a bidding war - you have to believe everytime that the EA is lying through their teeth! It'll pay off in thr end! :-) that's what I'm telling myself anyway cos there are a serious lack of houses in Cork City at a reasonable price and in good condition!

tbh, i cant see why. Its 3 houses its cost us now, just in the belief that theres a better deal out there.

but at the end of the day, thats 3 houses i really liked gone for more than the asking. it definatly seems like its just this area, so im glad of that for everyone else, but its gotten to the stage where its not worth trying a lighter bid in our case

leahyl

folan wrote: »

leahyl wrote: »

Just need to stick to your guns again and don't get drawn into a bidding war - you have to believe everytime that the EA is lying through their teeth! It'll pay off in thr end! :-) that's what I'm telling myself anyway cos there are a serious lack of houses in Cork City at a reasonable price and in good condition!

tbh, i cant see why. Its 3 houses its cost us now, just in the belief that theres a better deal out there.

but at the end of the day, thats 3 houses i really liked gone for more than the asking. it definatly seems like its just this area, so im glad of that for everyone else, but its gotten to the stage where its not worth trying a lighter bid in our case

Well if you are going to pay above the asking price then the house ought to be really amazing but that's just my opinion :-) I'm having no luck myself cos house prices are so dear I'm not even bothering to go look at some.

Anyway, best of luck, hope you find a house that you love :-)

folan

leahyl wrote: »

Well if you are going to pay above the asking price then the house ought to be really amazing but that's just my opinion :-) I'm having no luck myself cos house prices are so dear I'm not even bothering to go look at some.

Anyway, best of luck, hope you find a house that you love :-)

thanks. me too. im just so bloody frustrated

irbx

hi guys was looking at a house in castletroy.
it's a superwarm home. there is a crack in the front going from the roof to first floor. ( i will be getting a engineers report done) just need advise do. i do this before making a offer? or make a offer subject to crack been cosmetic and then get engineer's report done?

sarkozy

I guess you can do either. You're taking the risk. I'd say, if you do really like the house (and there aren't many like it that you're interested in), then it may be worth employing a professional to investigate the crack. It may be a minor issue, but all the stronger a negotiating position to know what it would cost to repair. If you bid without knowing, you risk showing your cards too early and find it harder to negotiate downwards in order to account for the cost of repair.

Plus, you can use it as an excuse to squeeze even more out of the vendors.

efb

Sale agreed. Deposit paid but still no contract aargh!!! Mortgage insurance everything sorted

heltipp

efb wrote: »

Sale agreed. Deposit paid but still no contract aargh!!! Mortgage insurance everything sorted

be paitent . its a long process. we paid our deposit last october and its only this week we are drawing down mortage. we got contracts finally signed in July and everything is gone back to bank for drawdown since early in week but no sign of money yet..... its so fustrating but i am praying that this time next week I will have the keys to my house. But from experience you need to be paitent but also follow up on everything and stay on top of your solicitor at all times. Mine was great but it still helps to keep ringing once a week or so to see if there is any progress.

efb

Oh my sol and the bank are great- its the estate agent and the other side that are v laissez-faire

quarryman

sarkozy wrote: »

These high demand areas, IMO, are Dublin metropolitan red brick neighbourhoods of the 3-bed townhouse variety or the inner suburbs such as Dundrum with 3-4 bedrooms and more garden - all going for in and around the €200-250k mark. So it's conceivable that this is happening in these kinds of houses, but not across the board in any sense.

€200-250k for a 4 bed house in Dundrum? What are you smoking?

folan wrote: »

can make that 3 houses. the bidding on this latest house had gotten to well over the asking price when i last checked. whoever is buying that house really believes in it.

Can you provide links to these houses? Properties will go for over asking... if the asking is a lot lower than similar houses in the area.

Asking prices mean nothing anything, it's what people are offering that determines it's "value".

sunbeam12

Hi guys,
First time posting but a long time follower of this thread, its been addictive reading for the last few months. Just wondering if anyone has any advice on the following: Have been luckily approved by both aib and boi but would like to know which bank offers the best variable mortgage interest rates. Any advice appreciated.

Ush1

I have been told of a few houses in Tallaght that have gone for over asking.

I just put a deposit on a house with the EA but the same EA just put up a house that i`d be interested in, can I pull out of the original and check out the other one without losing the deposit?

Felexicon

Ush1 wrote: »

I have been told of a few houses in Tallaght that have gone for over asking.

I just put a deposit on a house with the EA but the same EA just put up a house that i`d be interested in, can I pull out of the original and check out the other one without losing the deposit?

Yes. It's only a booking deposit with the EA to show you're serious. It's fully refundable

I Dropped My Yop

I'm a FTB looking to purchase a house before the end of the year and Ive a few questions to ask.
I've just started reading this thread but it'll take me a while to catch up so apologies if i repeat any questions!

My partner and I have decided to buy a house so we went to a BoI mortgage advisor to discuss our options, where to start etc.
Originally we were planning to move back to our parents' in Jan 2013, out of our current rented accomodation so we could save our arses off for a whole year to save up the deposit for a house.
We have been renting for 2 years and for the past 10 mths weve been saving a lot every month as well, all done through BoI.
We're both in stable jobs so we seemed to tick all the right boxes with regard to approval... we just needed to save.

Since we spoke to the advisor last week I have been told by my parents that they will help me out with the deposit, so essentially I would have it right away. Originally we had anticipated buying from the beginning 2014, but as we have the deposit now we have no need to wait.
While obviously I would love to have my own house ASAP, I dont want to rush into it. Saying that I'm worried about missing out on the interest relief if I dont buy before the end of 2012. On the flip side, if I do wait, will prices come down more?

How likely is it for us to be approved (from what little info I've given) and how long does it normally take?

How long does the process typically take from applying for the mortgage to getting the keys?

If the mortgage application is accepted, my understanding is that we will be issued a MIP up to a certain value. We then can make an offer on any house up to that value, is that correct?

What do I need to have done to not miss the deadline for interest relief? Do I need to have applied for the mortgage; had offer accepted; gotten keys etc before Jan 2013?

Whats the consensus on variable vs fixed rate?

Is there much point in shopping around for mortgages?

Any help would be appreciated!

heltipp

We sent in all documents last tuesday to bank for drawdown but nothing back yet. Only thing they asked for was a letter confirming that we were ok with the change in interest rate, which we sent in. I keep asking my guy in the branch (Ulster bank) but he doesnt seem to have a clue, just says he will check the computer. Surely there is someone he can ring to check. I know it can take to up to a week but surely he can find out that everything is ok and get an idea when the money will be issued???

any help anyone??

quarryman

I Dropped My Yop wrote: »

How likely is it for us to be approved (from what little info I've given) and how long does it normally take?

Approval took about a week for us with AIB.

How long does the process typically take from applying for the mortgage to getting the keys?

Well after you get the approval you still need to shop around for a house right? But once you have agreed a price with the vendor allow another 6 weeks until you get the keys.

If the mortgage application is accepted, my understanding is that we will be issued a MIP up to a certain value. We then can make an offer on any house up to that value, is that correct?

Yep, plus whatever you have as deposit.

What do I need to have done to not miss the deadline for interest relief? Do I need to have applied for the mortgage; had offer accepted; gotten keys etc before Jan 2013?

I was told you need to make your first repayment before the 31st of December.

Is there much point in shopping around for mortgages?

of course!! Even a .1% difference in the interest could mean a 6k difference over the life of the loan (on a 300k mortgage).

DavyD_83

heltipp wrote: »

We sent in all documents last tuesday to bank for drawdown but nothing back yet. Only thing they asked for was a letter confirming that we were ok with the change in interest rate, which we sent in. I keep asking my guy in the branch (Ulster bank) but he doesnt seem to have a clue, just says he will check the computer. Surely there is someone he can ring to check. I know it can take to up to a week but surely he can find out that everything is ok and get an idea when the money will be issued???

any help anyone??

Even though our application ran smoothly from that point, our UB guy also said that his only way of tracking our request was on the system.
The Mortgage Completion department are the ones you need to talk to.

heltipp

thanks a mil. just a bit fustrating at this point that no one can give me an answer. Just to even know its on the way or that everything is in order.

I will try the completions department tomorrow, just have to find a number for them now!!

thanks again

DavyD_83

I did have a number for them, but don't seem to be able to find it now. If I do i'll PM it on.
My branch guy gave it to me while he was on holidays to check on approval status. When I rang they told me he shouldn't be giving the number out, but then gave me some info anyway

heltipp

wow that would be a great help, cause i did ring the number on top of the letter of offer last week but they didnt seem to have any information.
its unreal that you can't find out whats happening with it though.
My solicitor said she also tried ringing but they were trying to put her through to england so she gave up but said she is hoping that she would have a cheque by tomorrow or thursday at the latest but i would rather know for def.

killers1

heltipp wrote: »

wow that would be a great help, cause i did ring the number on top of the letter of offer last week but they didnt seem to have any information.
its unreal that you can't find out whats happening with it though.
My solicitor said she also tried ringing but they were trying to put her through to england so she gave up but said she is hoping that she would have a cheque by tomorrow or thursday at the latest but i would rather know for def.

Your solicitor contacting the cheque issue dept directly is the best way to find out when funds are due to issue.... The branch staff will probably only be able to tell you after the loan has been issued and the mortgage is 'live'... Nearly there now!!

kingQuez

It's taken a few evenings to get through all the posts on this thread, it's a really great resource; especially with the extra knowledge chipped in by Killers.

I'm looking at buying soon myself as a single FTB; have most of my finances in order to start looking for AIP and have been to view a few properties. Before I go to chat to a mortgage advisor I'd love to have a better handle on how mortgages actually work. I've talked to various people who have mortgages and I find it worrying how little they can explain about how they work and how to compare them. This might be the wrong thread to ask on, but I figure plenty of contributors here will have been looking into this too so might have some useful links/pointers?

The types of things I'm interested in knowing are things like this: Are there caps on the rate a variable rate mortage can increase to (it seems a stressed mortage repayment is estimated at 6%, but what stops it going higher than that)? How often does/can the rate change? How is the interest actually calculated on the loan (how frequently is it applied, what is it computed on, is the mortage amortized etc.)? Basically how do you figure out what the mortage is going to cost by the time it's repaid I imagine the answers to these questions possibly define the various mortgage products, but I haven't seen any of them detailed on the various lending sites I've looked at. If anyone has a link to mortgages for dummies I'd really appreciate it!

killers1

kingQuez wrote: »

It's taken a few evenings to get through all the posts on this thread, it's a really great resource; especially with the extra knowledge chipped in by Killers.

I'm looking at buying soon myself as a single FTB; have most of my finances in order to start looking for AIP and have been to view a few properties. Before I go to chat to a mortgage advisor I'd love to have a better handle on how mortgages actually work. I've talked to various people who have mortgages and I find it worrying how little they can explain about how they work and how to compare them. This might be the wrong thread to ask on, but I figure plenty of contributors here will have been looking into this too so might have some useful links/pointers?

The types of things I'm interested in knowing are things like this: Are there caps on the rate a variable rate mortage can increase to (it seems a stressed mortage repayment is estimated at 6%, but what stops it going higher than that)? How often does/can the rate change? How is the interest actually calculated on the loan (how frequently is it applied, what is it computed on, is the mortage amortized etc.)? Basically how do you figure out what the mortage is going to cost by the time it's repaid I imagine the answers to these questions possibly define the various mortgage products, but I haven't seen any of them detailed on the various lending sites I've looked at. If anyone has a link to mortgages for dummies I'd really appreciate it!

Just a quick response to some of your questions....

There's no cap on the variable rate unless its specifically a 'Capped rate product' which don't tend to exist anymore. The stress testing at circa 6% is a figure the bank use to satisfy themselves that the mortgage is affordable. A variable rate can change at the lenders discretion and there may be a couple of rate changes in a year or there may not be any changes for a couple of years, really depends on the banks pricing policy and cost of funds. Interest is calculated on a daily basis on the balance outstanding and debited monthly (usually) to the mortgage. To find out the cost of credit multiply the monthly repayment by the number of months you are borrowing over I.e for 25 yrs = 300 mths and then subtract the amount borrowed and you're left with the cost of credit. I don't have a link for 'mortgages for dummies' but feel free to send me a pm with any other queries...

heltipp

Oh my god still no sign of our money. Cant get hold of guy in branch and my solicitor cant get through on her end. I am fit to scream....if i could get just some kind of idea as to where its at

irbx

hi guys

Can anyone recommend a engineer in Limerick area to check the structure of house?

can pm me

frebel

folan wrote: »

tbh, i cant see why. Its 3 houses its cost us now, just in the belief that theres a better deal out there.

but at the end of the day, thats 3 houses i really liked gone for more than the asking. it definatly seems like its just this area, so im glad of that for everyone else, but its gotten to the stage where its not worth trying a lighter bid in our case

Not so sure about this "Trust no agent approach" ...

Got into a bidding war over a house that would have come furnished and would have been the most literally turnkey property I have seen with everything I could have wanted - amazing light, room, flow from room to room etc

bidding led us from an initial offer of guide price - 25k to guide price + 18k. Thought had crossed my mind on more that one occasion that the EA was codding me but I had been very reserved in any dealings with him.

My last offer was 10k over my budget (but would have saved considerably on furniture and fittings as all the things I would like to add over the years were in situ already - wiring, ethernet, speakers etc)

I really loved the property but didn't want to be in a situation where I would have to take on tenants in the future..

Neither,did I want to walk away from a dream property thinking I could have offered/ done more

Now, I have no regrets as I went as far as I wanted to go

Think you need to find that balance between what you're comfortable paying for the next 30 years and getting the type of property that you want to spend the rest of your life in (whether you actually will or not)

Is it better to buy a house under budget that will never feel like home?

frebel

leahyl wrote: »

Just need to stick to your guns again and don't get drawn into a bidding war - you have to believe everytime that the EA is lying through their teeth! It'll pay off in thr end! :-) that's what I'm telling myself anyway cos there are a serious lack of houses in Cork City at a reasonable price and in good condition!

but at the end of the day, thats 3 houses i really liked gone for more than the asking. it definatly seems like its just this area, so im glad of that for everyone else, but its gotten to the stage where its not worth trying a lighter bid in our case[/QUOTE]

Not so sure about this "Trust no agent approach" ...

Got into a bidding war over a house that would have come furnished and would have been the most literally turnkey property I have seen with everything I could have wanted - amazing light, space, flow from room to room etc

bidding led us from an initial offer of guide price - 25k to guide price + 18k. Thought had crossed my mind on more that one occasion that the EA was codding me but I had been very reserved in any face to face dealings with him as were all the offers (+2k,+3k, +5k)

My last offer was 10k over my budget (but would have saved considerably on furniture and fittings as all the things I would like to add over the years were in situ already - wiring, ethernet, ceiling speakers etc)

I really loved the property but didn't want to be in a situation where I would have to take on tenants in the future..

Neither,did I want to walk away from a dream property thinking I could have offered/ done more

Now, I have no regrets as I went as far as I wanted to go

Think you need to find that balance between what you're comfortable paying for the next 30 years and getting the type of property that you want to spend the rest of your life in (whether you actually will or not)

Is it better to buy a house under budget that will never feel like home?

Mr. Loverman

frebel wrote: »

Is it better to buy a house under budget that will never feel like home?

Of course not. There are literally thousands and thousands of properties to choose from.

Anyone making a rash, emotional decision in today's market is being silly.

I still believe we have many years of falling house prices ahead of us, so no one should be in a rush.

frebel

Mr. Loverman wrote: »

Of course not. There are literally thousands and thousands of properties to choose from.

Anyone making a rash, emotional decision in today's market is being silly.

I still believe we have many years of falling house prices ahead of us, so no one should be in a rush.

There are 1000s but many of those in places where a lot of people just don't want to live... relief is going next year... rents are increasing... poor value in renting in cork right now...

Can places like this http://www.myhome.ie/residential/brochure/22-south-channel-court-26-28-south-terrace-cork/349519
drop anymore?...

Realise 2 bed apartments can be poor value - but even so, its going to be very tempting for someone - think it's dropped from 295k

EA told me he had sold 25 properties already this year which was roughly the same at 2006

leahyl

You're def right about there being loads of houses where a lot of people just don't want to live. I was born and raised in Cork City so I'm not moving out to Watergrasshill just cos there are good value houses there. I want to be near town but it's very hard to find a 3 bed semi in a good area in good condition for a reasonable price in today's market (in Cork I mean)

I'm starting to get worried now cos I'm looking at daft everyday and barely anything new is coming on the market :-(