Buying a house 2012

gmisk

Due to get my letter of offer today.....realistically...........is there nay chance I will draw down my mortgage before the end of this year?

killers1

gmisk wrote: »

Due to get my letter of offer today.....realistically...........is there nay chance I will draw down my mortgage before the end of this year?

With a willing vendor, 2 efficient solicitors and someone driving everything forward - absolutely!

bazwaldo

gmisk wrote: »

Due to get my letter of offer today.....realistically...........is there nay chance I will draw down my mortgage before the end of this year?

Its up to the solictors on both sides to not delay when contracts or queries are made. Keep hassling your solictor and if there they pull their finger out it, you could be drawing down in a couple of weeks.

Make sure you get your mortgage protection and house insurance sorted and the bank will need these policy docs to drawdown and that could take a few days.

TheDriver

Can I ask if offering a cash price (no mortgage) helps accept a lower offer or do vendors care? There is a house that is already a good price but was wondering if i offer cash but a lowish offer, should I be hopeful?

L1011

Depends how much the vendor values a quick sale.

drunkmonkey

red face dave wrote: »

I know its only 2,000 but we feel that we have been more the fair and have came up from our original price of €155,000.

Dave were you bidding against somebody?, why did you move from the 155, this is a classic trick of auctioneers, i'm a bit worried you went up when there was no need.

gmisk

Drunkmonkey is right....had this happen on a house I was bidding on....Im pretty sure I was bidding against myself for a bit!

drunkmonkey

gmisk wrote: »

Drunkmonkey is right....had this happen on a house I was bidding on....Im pretty sure I was bidding against myself for a bit!

I'm after doing it twice, even had to call their bluff when a phantom bidder entered the bidding. I've since withdrawn my offer on both places.
Will be making an offer on again some time this week i'd say, I'll probably shoot the estate agent this time if they start playing silly buggers I really have enough of their bull****.
I'd say there's a few people around the country wondering why their houses aren't selling, they should really look at who they employ to sell them.

If I was Dave, i'd call back up and put his offer back to 155 and see what happens, if there was nobody else in the bidding there was no need to go up.

House is now 170, In January if its not sold it'll be worth 155 as the FTB is gone and there will be very little people trying to close a deal.

gmisk

drunkmonkey wrote: »

I'm after doing it twice, even had to call their bluff when a phantom bidder entered the bidding. I've since withdrawn my offer on both places.
Will be making an offer on again some time this week i'd say, I'll probably shoot the estate agent this time if they start playing silly buggers I really have enough of their bull****.
I'd say there's a few people around the country wondering why their houses aren't selling, they should really look at who they employ to sell them.

If I was Dave, i'd call back up and put his offer back to 155 and see what happens, if there was nobody else in the bidding there was no need to go up.

House is now 170, In January if its not sold it'll be worth 155 as the FTB is gone and there will be very little people trying to close a deal.

I think its important to put a time limit on your bid as well.

I went back in for a house I had offered 142 on....he said there was a bid of 144...I said my offer stands til Friday...call on Friday saying they have accepted the 142.

I would say wait to the new year as well...I think prices in that range might drop slightly as well.

engineermike

drunkmonkey wrote: »

I'm after doing it twice, even had to call their bluff when a phantom bidder entered the bidding. I've since withdrawn my offer on both places.
Will be making an offer on again some time this week i'd say, I'll probably shoot the estate agent this time if they start playing silly buggers I really have enough of their bull****.
I'd say there's a few people around the country wondering why their houses aren't selling, they should really look at who they employ to sell them.

If I was Dave, i'd call back up and put his offer back to 155 and see what happens, if there was nobody else in the bidding there was no need to go up.

House is now 170, In January if its not sold it'll be worth 155 as the FTB is gone and there will be very little people trying to close a deal.

Hi -
The deadline for the Interest relief / FTB looming is causing headaches for most involved in the sector atm. EA's can be a pain at the best of times, but guaranteed solicitors in conveyancing , engineers are getting swamped right now.
We normally schedule an appointment to survey a property or do a snag list within 2 /3 days of confirmation of booking - but right now there getting pushed into 8 - 10 days due to the volume.
mike f

gmisk

engineermike wrote: »

Hi -
The deadline for the Interest relief / FTB looming is causing headaches for most involved in the sector atm. EA's can be a pain at the best of times, but guaranteed solicitors in conveyancing , engineers are getting swamped right now.
We normally schedule an appointment to survey a property or do a snag list within 2 /3 days of confirmation of booking - but right now there getting pushed into 8 - 10 days due to the volume.
mike f

Not really been my experience and I only got my valuation and structural survey done last week (a few days notice was plenty). It definitely pays to haggle as well.

The cost seems to vary wildly....and the valuation thing is a total waste of money and a box ticking exercise but has to be done alas.

marcus2000

MYOB wrote: »

Depends how much the vendor values a quick sale.

I havent been on this thread in ages. i think i had the 3rd comment back up on page 1 in March of this year mentioning I'll be in my new place in 4-6weeks.....It's now almost four years since I signed up to my 'quick sale'!!!

Saying that , I am STILL hopin to be in within 4-6weeks Im an eternal optimist!!!

TheDriver

I would have thought that starting to look at houses now, you would have very very little hope of closing before the end of December and hence FTB are now drying up? I notice houses aren't selling as quick as they were during the summer when there was a good pick up in the market.

engineermike

<< Happy in the knowledge were super busy then, must be doing something right !

drunkmonkey

TheDriver wrote: »

I would have thought that starting to look at houses now, you would have very very little hope of closing before the end of December and hence FTB are now drying up? I notice houses aren't selling as quick as they were during the summer when there was a good pick up in the market.

I'm noticing sellers are starting to panic a little. One house I was looking at was at 240 for ages dropped all of a shot to 140 this morning, No interested parties but now in the one morning 6 people interested. Should be interesting to see how it plays out. I've a feeling i'm gonna loose this one.

I think if things aren't sold/agreed by X-Mas people are going to get stuck with property. FTB will hold out if there's no Incentive in the Budget, if it's a terrible year for house sales then there might be something in next years budget. That's the way I'm looking at it, buy before x-mass or forget about it for a year unless there's an offer to good to refuse.

red face dave

The house started at 200,00 we are always fairly sure that it would go closer to 170,000,speaking with the EA he has said that were a few offers on it hence the jump now to 168,000.

We know that they were a good few viewings on the house because I'm friends with their neighbours they have been keeping a close eye so we presumed that there was a few bids.

We are supposed to ring back the EA tomorrow I will be putting an offer of 169,000 pending it gets sorted before 31st December if not we will offer a new price in 2013.

leahyl

drunkmonkey wrote: »

I'm noticing sellers are starting to panic a little. One house I was looking at was at 240 for ages dropped all of a shot to 140 this morning, No interested parties but now in the one morning 6 people interested. Should be interesting to see how it plays out. I've a feeling i'm gonna loose this one.

I think if things aren't sold/agreed by X-Mas people are going to get stuck with property. FTB will hold out if there's no Incentive in the Budget, if it's a terrible year for house sales then there might be something in next years budget. That's the way I'm looking at it, buy before x-mass or forget about it for a year unless there's an offer to good to refuse.

I don't know about that - I upped my offer by 2 grand last Monday and said that was as far as I could go (3k less than asking price) and told the agent to get back to me by last Friday....still no word. They're just messing me around now. And apparently they are 'mad to sell it before Christmas' - not with this carry on they won't!

Fearsneachta in Poland

Does anyone know when you sign contracts to buy a house, do you need to pay any more money by way of a deposit at this stage?

L1011

Fearsneachta in Poland wrote: »

Does anyone know when you sign contracts to buy a house, do you need to pay any more money by way of a deposit at this stage?

Usually the difference between what you put down on agreeing and 10%.

doc holliday

leahyl wrote: »

Bad news from the bank today. Had to reapply for the mortgage as the 3 months had lapsed so needed to apply again. Anyway the mortgage advisor rang today to say that they were now in a position to offer me only 110k as opposed to the 138k I was offered originally due to their credit rating going down (I think that's what she said) so they can now only offer 4 times your salary as opposed to 5...:( I don't think I can manage it now. Ah well all that for nothing

We are in the same situation. Our loan offer expires next Sunday, we have already spoke with our mortgage adviser in the bank who has advised that under their new lending conditions we will not qualify for the amount we need if we need to re apply.

The reason it has taken so long is that its a receivership sale so the contracts have to get signed by every tom, dick and harry before we get them back. Now our solicitor advised us that she is expecting the contracts back this week. I dont know what else she needs to do once they come back but is is there any conceivable chance that my solicitor could be requesting drawdown of funds by friday if contracts come back this week?

engineermike

doc holliday wrote: »

We are in the same situation. Our loan offer expires next Sunday, we have already spoke with our mortgage adviser in the bank who has advised that under their new lending conditions we will not qualify for the amount we need if we need to re apply.

The reason it has taken so long is that its a receivership sale so the contracts have to get signed by every tom, dick and harry before we get them back. Now our solicitor advised us that she is expecting the contracts back this week. I dont know what else she needs to do once they come back but is is there any conceivable chance that my solicitor could be requesting drawdown of funds by friday if contracts come back this week?

Receivers & their solicitors - are notoriously slow in the process.
I hope you are successful, but keep on at your solicitor daily , twice daily. Because unless they are following up like something is on fire on your behalf - a receiver or there legal rep. will leave you twisting in the wind with what ever fees you have accrued to date in the conveyancing process.
Its a process tailored to cash buyers in my experience - and even the simplest decision or issue in the process for a potential buyer in a time sensitive / mortgage agreed situation can have dire effects.
There are so many tiers to the process outside of the normal vendor / buyer and representation it boggles the mind.
I Apologize if I offend any solicitor or receiver out there - but I speak from experience in this process weekly.
Sincerely hope your successful doc,
mike f

doc holliday

Thanks Mike,

It seems thats all i can really do, pester my solicitor. I cant believe this could all fall through now at the very last hurdle, we have paid the full deposit(which i assume is at risk if this falls through), snagger, banks surveyor, even the esb and gas is in our names at this stage!!!!.

If, by some miracle, the contracts do come back this week do you think its feasible for my solicitor to request drawdown of funds by friday?

What is usually left to do once the contracts have come back from vendor/receivers?

dalies

Hi All,
Thread has been invaluable getting an idea of whats what in this minefield....we are bidding on a house currently in rural tax relief area in the mid west of ireland. The asking price is 159,000 however property has been for sale for close on 5 years afaik. It is builders finish and has abit of work to be done i.e kitchen, bathrooms, garage and any additions we would like i.e solar panels, back boilers etc. We have therefore placed an offer of 128k as we were inform by EA that offer of 120k was refused by sellers bank. Our offer of 128k was subsequently refused (apparenetly by sellers bank). When I pushed it with EA he told me it is NOT a bank enforced sale but that the seller obviously owes a lot of money (he brought 6 acres and built two houses and neither are sold) and must agree the sale price with him. I feel I am being led astray and it is frustrating as it take two weeks (at least)to come back with feedback on our offers. As the property is not in an area with alot of property sales happening at the moment (longford/leitrim/roscommon) I cant understand why they dont seem to be taking our offer seriously. Does anyone have any experience of a sale which must be agreed with sellers bank and what advice would you have??:mad: I am tempted to withdraw our offer...if we dont get to close before Dec deadline I would be reducing my offer.
Thanks to all for any advice or guide to may have.
Cheers

kimberlite

GER82 wrote: »

Hello. Im looking at renting a house in mulberry. It is located in Castleknock. Would anybody know of the area? What is it like? Is it quiet? Far from transport/services? Many thanks in advance.

Mulberry is a bit of a walk from the train station (nearest is coolmine). I reckon it would take about 20-25 minutes. The Bus station would be beside the carpenter pub, so about a ten minute walk.
We were looking at houses there. Its very close to the m50 so if your a light sleeper that may be an issue. The estate is quiet and the houses are lovely but perhaps just a bit of noise pollution and perhaps a little far from shops etc, but it depends on what your looking for. Id suggest taking a spin, sit in the car with the windows down. that's what you will be hearing from your back garden.

Galego

dalies wrote: »

Hi All,
Thread has been invaluable getting an idea of whats what in this minefield....we are bidding on a house currently in rural tax relief area in the mid west of ireland. The asking price is 159,000 however property has been for sale for close on 5 years afaik. It is builders finish and has abit of work to be done i.e kitchen, bathrooms, garage and any additions we would like i.e solar panels, back boilers etc. We have therefore placed an offer of 128k as we were inform by EA that offer of 120k was refused by sellers bank. Our offer of 128k was subsequently refused (apparenetly by sellers bank). When I pushed it with EA he told me it is NOT a bank enforced sale but that the seller obviously owes a lot of money (he brought 6 acres and built two houses and neither are sold) and must agree the sale price with him. I feel I am being led astray and it is frustrating as it take two weeks (at least)to come back with feedback on our offers. As the property is not in an area with alot of property sales happening at the moment (longford/leitrim/roscommon) I cant understand why they dont seem to be taking our offer seriously. Does anyone have any experience of a sale which must be agreed with sellers bank and what advice would you have??:mad: I am tempted to withdraw our offer...if we dont get to close before Dec deadline I would be reducing my offer.
Thanks to all for any advice or guide to may have.
Cheers

I am in the same situation than you. The EA says that the seller would love to accept my offer but that his bank would not let him take it as it is not enough. It sounds bulls**t to me. If the property is owned by an individual, I do not understand what the bank has to do with it. If the guy is in negative equity, the bank will have to sort out a personal loan for the difference between his debts and whatever he gets for the sale.
Does anyone have any advise on the above? Am I correct?

Blackjack

Galego wrote: »

I am in the same situation than you. The EA says that the seller would love to accept my offer but that his bank would not let him take it as it is not enough. It sounds bulls**t to me. If the property is owned by an individual, I do not understand what the bank has to do with it. If the guy is in negative equity, the bank will have to sort out a personal loan for the difference between his debts and whatever he gets for the sale.
Does anyone have any advise on the above? Am I correct?

The bank is legal owner of the title until any loans taken using the property as collateral (such as a mortgage) are discharged, so the bank is controlling the sale.
In fairness, the bank doesn't have to do anything in relation to this other than agree or not on the price, to ensure that they have minimised loss or risk of loss to themselves.
Read "themselves" as "taxpayer" in most instances, so it goes a little further.

Galego

Blackjack wrote: »

The bank is legal owner of the title until any loans taken using the property as collateral (such as a mortgage) are discharged, so the bank is controlling the sale.
In fairness, the bank doesn't have to do anything in relation to this other than agree or not on the price, to ensure that they have minimised loss or risk of loss to themselves.
Read "themselves" as "taxpayer" in most instances, so it goes a little further.

What can i, the EA or seller do to convince the bank to accept my offer?
They won't get the asking price as the house doesn't worth it and my bid is already quite generous to be honest. Next year they won't even be able to get the money i am offering at the minute.

gmisk

Maybe hold off until next year?
I do think things are being kept a tad high due to the flurry of end of year buyers

tim9002

I wouldn't worry about missing out on the interest relief. Whats the chances of houses dropping another 10% next year and more than what you would receive in interest relief in the next five years?

Ritchi

Do both life assurance and mortgage protection satisfy the banks needs for a mortgage. Or does it have to be life assurance. The letter of offer only mentions life assurance, but I can't see why mortgage protection wouldnt be enough.