Steps involved in buying a house..?

Ninja_Go

Hello,

We have met a mortgage broker who has told us an amount that a bank will lend us. He has submitted all of our documents and is awaiting their response.

While we wait for official approval, can we make an offer on a house? Or must we wait to have approval?

What are the basic step by step procedures?

Thanks

Cuddlesworth

I wouldn't bother until you get AIP, it will take a week or two. Banks could take a issue with something in your statements or the broker could be embellishing what he thinks you can get off of them.

Ninja_Go

Cuddlesworth wrote: »

I wouldn't bother until you get AIP, it will take a week or two. Banks could take a issue with something in your statements or the broker could be embellishing what he thinks you can get off of them.

Thanks for the reply. The bank had told him the figures before he submitted all the paperwork as he had approached 3 different banks and they have offered the most. In that sense I am hoping that it's unlikely they will reduce what the originally forecast.

I do agree we should wait until we have AIP I am just wondering if we *must* wait before we can make an offer.

Once we do make an offer, what's next?
- lets say the offer is accepted ...do we then draw down money from bank/contact solicitor/pay booking fee?

I have a vague idea of the steps involved but I just don't know what order things happen in.

Cuddlesworth

Ninja_Go wrote: »

Thanks for the reply. The bank had told him the figures before he submitted all the paperwork as he had approached 3 different banks and they have offered the most. In that sense I am hoping that it's unlikely they will reduce what the originally forecast.

I do agree we should wait until we have AIP I am just wondering if we *must* wait before we can make an offer.

Once we do make an offer, what's next?
- lets say the offer is accepted ...do we then draw down money from bank/contact solicitor/pay booking fee?

I have a vague idea of the steps involved but I just don't know what order things happen in.

Since I am going through the process right now.

You can make bids on anything you want. Don't come across as desperate, ringing constantly, saying things in front of the estate agents like " this house is the one" and "we have to have it".

If the bid is accepted, you will be asked to provide a deposit to the estate agent(usually around 10k in Dublin), arrange a property survey, provide a solicitors details and usually provide proof of AIP. And then you go "Sale Agreed" and you are spending money.

Keep in mind, "Sale Agreed" means very little. Either party can drop out change agreed pricing etc. And the deposit is refundable.

Nothing says you can't do this with multiple property's either and play the odds.

You broker will need to go off to the bank to get full loan approval and these forms end up with your solicitor.

Your solicitor and their solicitor will go through their things, which usually ends up with contracts with your legal representative and a relative closing date in mind. This can take weeks or months.

Next step is signing the forms. You need to arrange insurance and assurance for the new property for this.

Next steps, I'll let you know when I know. Or maybe somebody else can fill you in.

Ninja_Go

Cuddlesworth wrote: »

Since I am going through the process right now.

You can make bids on anything you want. Don't come across as desperate, ringing constantly, saying things in front of the estate agents like " this house is the one" and "we have to have it".

If the bid is accepted, you will be asked to provide a deposit to the estate agent(usually around 10k in Dublin), arrange a property survey, provide a solicitors details and usually provide proof of AIP. And then you go "Sale Agreed" and you are spending money.

Keep in mind, "Sale Agreed" means very little. Either party can drop out change agreed pricing etc. And the deposit is refundable.

Nothing says you can't do this with multiple property's either and play the odds.

You broker will need to go off to the bank to get full loan approval and these forms end up with your solicitor.

Your solicitor and their solicitor will go through their things, which usually ends up with contracts with your legal representative and a relative closing date in mind. This can take weeks or months.

Next step is signing the forms. You need to arrange insurance and assurance for the new property for this.

Next steps, I'll let you know when I know. Or maybe somebody else can fill you in.

Thanks a million for the detailed answer, really appreciate it! Best of luck with completing your own purchase!

Juwwi

Hi I don't have much to add except maybe go to open viewings , you will get a view of how they go and you'll get experience of talking to estate agents asking questions and stuff.

Ninja_Go

robbie1977 wrote: »

Hi I don't have much to add except maybe go to open viewings , you will get a view of how they go and you'll get experience of talking to estate agents asking questions and stuff.

Thank you, yes we have been to 6 between today and yesterday! It's giving us a good sense of the market and estate agents.

TT rainbows

There are some decent youtube videos that help explain some of the jargon you will find in common use on your journey.
While slightly different in other countries, I found you can still learn a lot about the process and whats involved in the different steps.
You can also pick up some tips on making offers and closing the deal when you find a place.
Citizens advice info site www.citizensinformation.ie/en/search/?q=buying+a+home

and bonkers.ie websites also have some good info and videos or mortgages and steps to buy.
Keep reading on boards.ie too.

best of luck