Submitting a bid for a house

DulchieLaois

Can someone please explain the process of submitting a bid for a house and ensuring that all is above board when it comes to the nitty gritty of a house such as right of ways etc

Santy2015

DulchieLaois wrote: »

Can someone please explain the process of submitting a bid for a house and ensuring that all is above board when it comes to the nitty gritty of a house such as right of ways etc

Just gone through that process, recently sale agreed. I emailed my offer to the EA and then rang to confirm they received the offer. Also just got my surveyors report which explains boundaries and rights of way

SarahMollie

In terms of making a bid, just do what the EA asks of you, and perhaps follow up with an email to them if you wish.

The surveyor has nothing to do with access/rights of way. They are there purely to assess the condition of the property and point out any defects so you can make an informed purchase.

Any Land Law issues, such as rights of way are dealt with by your solicitor. If there is anything unusual about the property, ie, shared laneway, or an access route across land which is not part of the site, you need to ask your solicitor to explain this to you, and insure what the solicitor says matches what you've been sold by the Vendor/EA.

Hombre Lobo

What are peoples strategies when a bid is submitted and another bidder enters the fold?

Let's say there's a property for 150 but you think it's worth more than that and you have a budget for more.
Someone comes along and offers 151. Do you go up in ones and drag out the inevitable or would some find that jumping to say 155 might have more of an impact?

Santy2015

SarahMollie wrote: »

In terms of making a bid, just do what the EA asks of you, and perhaps follow up with an email to them if you wish.

The surveyor has nothing to do with access/rights of way. They are there purely to assess the condition of the property and point out any defects so you can make an informed purchase.

Any Land Law issues, such as rights of way are dealt with by your solicitor. If there is anything unusual about the property, ie, shared laneway, or an access route across land which is not part of the site, you need to ask your solicitor to explain this to you, and insure what the solicitor says matches what you've been sold by the Vendor/EA.

Being honest I didn't know that the engineer I picked actually worked on the site before and during development and had details of boundaries and rights of way.

K_P

Hombre Lobo wrote: »

What are peoples strategies when a bid is submitted and another bidder enters the fold?

Let's say there's a property for 150 but you think it's worth more than that and you have a budget for more.
Someone comes along and offers 151. Do you go up in ones and drag out the inevitable or would some find that jumping to say 155 might have more of an impact?

You'll get differing viewpoints on this but I really don't think there's any definitive best strategy other than have an amount in your head from the outset that is the limit of what you will pay and don't go above it. If bidding goes above that point, be happy to walk away.

I've bid on houses going up €5k at a time, €1k at a time but it all comes down to who you're up against, how high they're willing to go and of course what the vendor will accept. After all the bidding, the vendor might decide it's not enough and not accept any offer. The vendor could chose a lower offer from a cash buyer rather than a higher bid from someone in a chain. You'll drive yourself mad trying to figure out strategies.

DulchieLaois

Christ, all the above seem to be the case with me.

I submitted an offer yesterday, rang back yesterday evening and was told that it went up another 1K but I didn't receive a notification about it.

There are loads of questions I have still regarding the property but who do I ask is my question - heating / pipes in certain places etc

K_P

If you're unsure of anything to do with the house, make sure you get all your questions answered before you bid any further. Any EA worth his or her salt should be able to answer any queries you have . That's no guarantee they will though...

Hombre Lobo

There could be more than one other party interested in the property other than yourself and the EA is contacting them back with the latest offers in and waiting to hear back before updating you.

If there's things you are still unsure of, arrange another viewing and ask any questions you need. If you know someone that might have a better eye for those things bring them along.

If you do go sale agreed, get a survey done and if there's any red flags you are still concerned about you can withdraw your offer or see if they are willing to negotiate on price in the event anything major was uncovered. You'll be out of pocket the cost of they survey so ideally try and get anything you are unsure about answered before going sale agreed. Best of luck.

MarkAnthony

DulchieLaois wrote: »

Can someone please explain the process of submitting a bid for a house and ensuring that all is above board when it comes to the nitty gritty of a house such as right of ways etc

Submitting a bid - ask 15 people get 17 opinions. I'll just say, set a maximum and stick to it.

As for ensuring everything is above board it's a multistage process and by necessity doesn't finish until the day you move in. The very last thing that will happen is a search on the folio - I was literally in the van when I was told we couldn't complete. Nerve racking to say the bloody least! Thankfully all worked out in the end.

Your solicitor will make various enquiries during the time you go sale agreed to the time you exchange. It's normal for various problems to manifest themselves. The land registry maps are not the best and have a habit of mistaking sheds for boundaries and so forth. Nothing to worry too much about but you are going to get a very good idea of whether your vendor or vendor's (or indeed your own) solicitor is an asshat at this stage. This is why going for 'Mr./Ms. Cheap I gave it to the paralegal' is never the best idea especially if it's going to get in anyway complicated.

My suggestion is keep looking, even after you've gone sale agreed. If the vendor won't move at a pace you require, be prepared to move on. I wish I had - although I'm delighted with what I got there was a house down the road which was larger than what we needed, but arguably better value and completed in a fraction of the time!

The very best of luck but keep one thing in mind. It's the vendor's home and they're not going to put themselves out to close a sale generally. That and it's not a done deal until you're in the door.

KlausFlouride

Even if your bid is accepted, you still have the option to back out if there is a serious issue with structure/legal issues, you will need to get a surveyor and solicitor to review as part of the sale. Probably won't make you popular with your EA, but it's a huge commitment, don't rush anything.

MarkAnthony

KlausFlouride wrote: »

Even if your bid is accepted, you still have the option to back out if there is a serious issue with structure/legal issues, you will need to get a surveyor and solicitor to review as part of the sale. Probably won't make you popular with your EA, but it's a huge commitment, don't rush anything.

Just to underscore you can back out for any reason frankly and so can the vendor. Until contracts are signed nothing is certain. Booking deposits mean sod all, sorry should have said that above.

Technically a vendor can be forced to proceed with a sale after contracts are signed but in practice for any sale under say 2 million or so the legal costs are prohibitive.

DulchieLaois

Submitted a bid this morning and have the surveyor going out to the property on Friday morning - wish me luck

DulchieLaois

Can anyone give me an idea of banks mortgage lending on a house that has a galvanised roof ?