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Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

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    #3842
    Padre_Pio
    Registered Users Posts: 4,934 ✭✭✭Padre_Pio


    Spoke to my friend who is an EA over the weekend.

    Never been so busy, houses selling themselves. Apparently people have their AIP running out and they're buying whatever they can.
    Don't know what it means for next year, but they can't find enough houses for all the buyers.


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    #3843
    hi!
    Registered Users Posts: 130 ✭✭hi!


    Padre_Pio wrote: »
    Spoke to my friend who is an EA over the weekend.

    Never been so busy, houses selling themselves. Apparently people have their AIP running out and they're buying whatever they can.
    Don't know what it means for next year, but they can't find enough houses for all the buyers.

    Which area is this? I bid on a house which has been taken off the market cause no other offers and looks like they were hoping for a bidding war. Not the first case of this either. Must depend on which area.


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    #3844
    Padre_Pio
    Registered Users Posts: 4,934 ✭✭✭Padre_Pio


    hi! wrote: »
    Which area is this? I bid on a house which has been taken off the market cause no other offers and looks like they were hoping for a bidding war. Not the first case of this either. Must depend on which area.

    Cork city.


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    #3845
    Smiley11
    Registered Users Posts: 246 ✭✭Smiley11


    Yep...business is booming in Cork city. Great time to sell because supply is brutal! We can't find anything & there are bidding wars on anything we're interested in.


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    #3846
    hi!
    Registered Users Posts: 130 ✭✭hi!


    Padre_Pio wrote: »
    Cork city.

    Interesting. I’m in North Kildare/ West Dublin. I’m wondering if anyone else in these areas has noticed things slowing in terms of second hand homes? Or is my experience a unique one


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    #3847
    random_banter
    Registered Users Posts: 614 ✭✭✭random_banter


    We are looking in South Dublin. The supply is truly awful. I've been watching the market for about 14 months, and it's really become quite bad in terms of options compared to this time last year. Been keeping a spreadsheet of houses of note and then going back to track the asking prices vs PPR prices they sold for. Even split between 5-7% over asking and 1-5% under.

    We've been holding off as we can't find anywhere we're happy to bid on, and some places we've viewed have gone way over asking. The "3 bed semi D with room to expand" category is in very high demand. The pandemic also affected our confidence in bidding, with the fear that we could suffer job losses/pay cuts etc in the near future, these have not materialised yet.

    Overall feeling very deflated about the whole thing. I hope we made the right decision to wait out this year.

    On the flip side, many of my peers have charged ahead and they're delighted. I actually know of 7 different people who have gone sale agreed in the last month.


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    #3848
    setanta1984
    Registered Users Posts: 818 ✭✭✭setanta1984


    cubatahavana wrote: »
    Feeling a bit deflated. Contracts signed and I contacted today my broker for drawdown timeline. We are buying a new build. He said that if the valuation is done this week, he expects drawdown around the 11/12. I never thought that it would take so long. Thought that 2 weeks max. We are with KBC. Anyone in the same boat?

    Hi, can I just ask for clarification - have you/your solicitor requested to start the drawdown procedure with KBC now, and you are being told you won't get the cheque until 11 of December? Or have is not been requested yet and the date is just an estimate?

    My our situation, I have signed contracts (not a new build) and they have been sent to the vendors for their signatures - solicitor has said they haven't requested the cheque from KBC yet - I hope that will happen this week or next - worried now that it may take weeks and weeks for them to actually give us the money! Our loan offer expires early december so I don't know what happens if drawdown takes longer than that... :eek:


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    #3849
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    setanta1984 wrote: »
    Hi, can I just ask for clarification - have you/your solicitor requested to start the drawdown procedure with KBC now, and you are being told you won't get the cheque until 11 of December? Or have is not been requested yet and the date is just an estimate?

    My our situation, I have signed contracts (not a new build) and they have been sent to the vendors for their signatures - solicitor has said they haven't requested the cheque from KBC yet - I hope that will happen this week or next - worried now that it may take weeks and weeks for them to actually give us the money! Our loan offer expires early december so I don't know what happens if drawdown takes longer than that... :eek:

    Haven't requested drawdown cheque yet. Only the last valuation is left (happening this week). Our broker is giving us an estimate of 11/dec to finish the whole precess


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    #3850
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    hi! wrote: »
    Interesting. I’m in North Kildare/ West Dublin. I’m wondering if anyone else in these areas has noticed things slowing in terms of second hand homes? Or is my experience a unique one

    Things have definitely slowed in North Dublin .


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    #3851
    GrumPy
    Registered Users Posts: 6,557 ✭✭✭GrumPy


    setanta1984 wrote: »
    Our loan offer expires early december so I don't know what happens if drawdown takes longer than that... :eek:

    Ours expires 26th December. I rang my broker and she was advised by KBC they would actually be willing to honour it until April - with no additional paperwork; but to just let them know before mid December, e.g. don't leave last minute!


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    #3852
    accensi0n
    Registered Users Posts: 2,745 ✭✭✭accensi0n


    What's the rationale behind folks rushing to buy before AIP expires?
    You can just renew it, and surely if you're going to run into problems with being able to renew, then you're likely to have an even bigger problem getting full approval/drawdown?


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    #3853
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    accensi0n wrote: »
    What's the rationale behind folks rushing to buy before AIP expires?
    You can just renew it, and surely if you're going to run into problems with being able to renew, then you're likely to have an even bigger problem getting full approval/drawdown?

    You just answered your own question. Plenty of those folks, including ourselves, have reasons for wanting to get a house now. It may be much harder to get one next year, who knows.


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    #3854
    accensi0n
    Registered Users Posts: 2,745 ✭✭✭accensi0n


    givyjoe wrote: »
    You just answered your own question. Plenty of those folks, including ourselves, have reasons for wanting to get a house now. It may be much harder to get one next year, who knows.

    I'm not following, and I don't see how I answered my own question.
    Maybe my point wasn't well put, apologies. I see comments saying that folks know of others who want to buy right now because their AIP is expiring soon.
    Why would your AIP expiring soon have any impact? You can just renew it before it expires.

    If they are worried that they won't be able to renew, then they have bigger problems. The AIP that they currently have, that's expiring soon, doesn't mean they're guaranteed approval from the bank.
    They're either a good candidate to the bank for full end approval or not, the AIPs before that shouldn't be a factor that dictates when you buy in my opinion.


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    #3855
    Padre_Pio
    Registered Users Posts: 4,934 ✭✭✭Padre_Pio


    givyjoe wrote: »
    You just answered your own question. Plenty of those folks, including ourselves, have reasons for wanting to get a house now. It may be much harder to get one next year, who knows.

    Open to correction, but your mortgage is based on the wages for the last 2 years.

    So if you're furloughed this year and apply next year, your mortgage limit is much reduced.


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    #3856
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    Padre_Pio wrote: »
    Open to correction, but your mortgage is based on the wages for the last 2 years.

    So if you're furloughed this year and apply next year, your mortgage limit is much reduced.

    No, it isn't. Where are you getting that from? Both my partner and I were on the WSS in the initial lockdown, we're not now and have been able to get our renewal AIP no problem. We were actually given an increase due to a delayed bonus that was paid out since our initial AIP. The problem is banks may, or may not, be less inclined to lend next year. We have significant sums saved as a buffer if things go to sh1t plus we'll have rental income from the house itself. We'll also be apportioning less on rent/savings.

    There could be a massive economic collapse along with crashing house prices next year, but that's what all the "experts" here saying 6 months ago. There's still a shortage of a supply and excess demand.


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    #3857
    Lia_lia
    Registered Users Posts: 6,691 ✭✭✭Lia_lia


    Padre_Pio wrote: »
    Cork city.

    Also looking in Cork City. There really is nothing.


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    #3858
    scamalert
    Registered Users Posts: 3,739 ✭✭✭scamalert


    accensi0n wrote: »
    What's the rationale behind folks rushing to buy before AIP expires?
    You can just renew it, and surely if you're going to run into problems with being able to renew, then you're likely to have an even bigger problem getting full approval/drawdown?
    my thoughts exactly, seems theres a bit of sudden rush in some areas, but seeing people losing rationale in bidding wars, buy anything etc, leads me to think that many sales could result in buyers backing out, smth similar to what happened during summer, as theres little time left in the year, and with next year possibly being continuation of all the mess and uncertainty seems a bit of a grasping for straws so late.


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    #3859
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    accensi0n wrote: »
    What's the rationale behind folks rushing to buy before AIP expires?
    You can just renew it, and surely if you're going to run into problems with being able to renew, then you're likely to have an even bigger problem getting full approval/drawdown?

    For me, I had a LTV exemption and a tracker porter approved in Feb/Mar, if I went to renew my AIP I feared I wouldn't get the same deal again. Also just really wanted to move house at that time.


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    #3860
    CarMc
    Registered Users Posts: 74 ✭✭CarMc


    hi! wrote: »
    Which area is this? I bid on a house which has been taken off the market cause no other offers and looks like they were hoping for a bidding war. Not the first case of this either. Must depend on which area.

    I think I know the house you are talking about, if it's the same one as I'm thinking of it originally went for sale around July? I bid on it then too at asking but it did go 30K over. Looks like that fell through at the last hurdle and it was back up on the market there recently and only one bid on it. Now it's been pulled.


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    #3861
    hi!
    Registered Users Posts: 130 ✭✭hi!


    CarMc wrote: »
    I think I know the house you are talking about, if it's the same one as I'm thinking of it originally went for sale around July? I bid on it then too at asking but it did go 30K over. Looks like that fell through at the last hurdle and it was back up on the market there recently and only one bid on it. Now it's been pulled.

    Sounds very much like the same house! The EA had said it went sale agreed before for 30k over and that’s what they wanted again- not sure when that’s was but July would fit. It’s now been taken off the market with just our one bid.


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    #3862
    Reins
    Registered Users Posts: 111 ✭✭Reins


    https://www.daft.ie/dublin/houses-for-sale/citywest/94-carrig-court-citywest-dublin-3100697/

    What's the logic behind this?

    Was on for €255 and highest offer on it Sat was €269 and noticed today they've changed the asking to €270


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    #3863
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Reins wrote: »
    https://www.daft.ie/dublin/houses-for-sale/citywest/94-carrig-court-citywest-dublin-3100697/

    What's the logic behind this?

    Was on for €255 and highest offer on it Sat was €269 and noticed today they've changed the asking to €270

    They realized they severely undervalued it and will have more viewings if there was an offer of 269 on Saturday it could well be above this now it means anyone looking at it wont be thinking wow its already 15k over when really it was undervalued to begin with


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    #3864
    Vikings
    Registered Users Posts: 2,788 ✭✭✭Vikings


    Reins wrote: »
    https://www.daft.ie/dublin/houses-for-sale/citywest/94-carrig-court-citywest-dublin-3100697/

    What's the logic behind this?

    Was on for €255 and highest offer on it Sat was €269 and noticed today they've changed the asking to €270

    I can see some logic in it, any new prospective buyers will be told the current bid is 269k when they enquire. No point in keeping it advertised for 255 having buyers approved for 250-260 wasting time.

    Though that said it's not a common tactic I've seen. Sellers may not be in a rush to accept the current offer and are willing to wait and see if any new suitors come to the table?

    The house we are sale agreed to buy right now was listed for under under 400k and the top bid was 20k over asking before we stepped foot in the door to view it.


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    #3865
    Padre_Pio
    Registered Users Posts: 4,934 ✭✭✭Padre_Pio


    givyjoe wrote: »
    No, it isn't. Where are you getting that from?

    My mortgage application was with Ulster Bank, who I have a current account with.
    I was required to bring in my last 3 months payslips, a salary cert from my employer and my P60 (or whatever it's called now)
    I get a bonus that's performance related, so I also needed my bonus details for the past 2 years.
    So, if you got furloughed in 2020, when you apply (or reapply) in 2021, the bank may see that your 2020 earnings are much lower than they should be and may be hesitant to give you the full amount.

    Obviously very dependent on individual circumstances, but nonetheless.


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    #3866
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Vikings wrote: »
    I can see some logic in it, any new prospective buyers will be told the current bid is 269k when they enquire. No point in keeping it advertised for 255 having buyers approved for 250-260 wasting time.

    Though that said it's not a common tactic I've seen. Sellers may not be in a rush to accept the current offer and are willing to wait and see if any new suitors come to the table?

    The house we are sale agreed to buy right now was listed for under under 400k and the top bid was 20k over asking before we stepped foot in the door to view it.

    How much did you pay for it just out of curiosity?


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    #3867
    Starlord_01
    Registered Users Posts: 443 ✭✭Starlord_01


    Reins wrote: »
    https://www.daft.ie/dublin/houses-for-sale/citywest/94-carrig-court-citywest-dublin-3100697/

    What's the logic behind this?

    Was on for €255 and highest offer on it Sat was €269 and noticed today they've changed the asking to €270
    Vikings wrote: »
    I can see some logic in it, any new prospective buyers will be told the current bid is 269k when they enquire. No point in keeping it advertised for 255 having buyers approved for 250-260 wasting time.

    Though that said it's not a common tactic I've seen. Sellers may not be in a rush to accept the current offer and are willing to wait and see if any new suitors come to the table?

    The house we are sale agreed to buy right now was listed for under under 400k and the top bid was 20k over asking before we stepped foot in the door to view it.

    Seen this happen to one property we were looking at, we pulled our bid out when we noticed.


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    #3868
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    Padre_Pio wrote: »
    My mortgage application was with Ulster Bank, who I have a current account with.
    I was required to bring in my last 3 months payslips, a salary cert from my employer and my P60 (or whatever it's called now)
    I get a bonus that's performance related, so I also needed my bonus details for the past 2 years.
    So, if you got furloughed in 2020, when you apply (or reapply) in 2021, the bank may see that your 2020 earnings are much lower than they should be and may be hesitant to give you the full amount.

    Obviously very dependent on individual circumstances, but nonetheless.

    Furloughed is not applicable in Ireland, WSS is. Folks are also assuming wages were decreased. Ours weren't and we were on the scheme. We essentially re-applied to get our new AIP and were given more due to the uplift from my latest bonus. If you dont have bonuses to factor in, it doesn't matter what your previous years salary is or if you were on the WSS, just that you are not on it now. (Assuming the p60 for the previous year doens't indicate you've taken a pay cut)


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    #3869
    shesty
    Moderators, Recreation & Hobbies Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 6,894 Mod ✭✭✭✭shesty


    I don't usually post here but looking for some outside opinions...

    We are currently house hunting.We have a home, just looking to trade up.We are mortgage approved.

    Our house is not on the market.It has been photographed and is ready to be put up for sale but I am very reluctant to put it up until we have something.We are in a position to put a large cash deposit on any house we might get to sale agreed with.

    A few estate agents have asked us is our home for sale, then suggested that we might be more desirable to potential sellers if ours was already up on the market or even better, sale agreed.The problem is we have only seen one house we want to put an offer in on (and that is going on in the background), nothing else has been suitable so far. Our house had extensive work done on it in the last 2 years, so is in a very good condition, with extension and attic conversion. I suppose my fear is that we would put it up and it would go sale agreed in a short period of time, leaving us under a lot of pressure to find something to move to.We have 3 small kids so I am extremely reluctant to be put in that position.

    Any thoughts?Would we better to take the risk of putting it up for sale with nowhere to go?Is it that off-putting to a potential seller to be offered a cash deposit, but to have to wait a bit for our house to go?


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    #3870
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Imagine you have a choice of two buyers offering the same amount:

    Buyer 1) ready to go, mortgage approved or cash in the bank
    Buyer 2) has to sell their house which isn't even on the market yet

    Which buyer would you pick?


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    #3871
    Reins
    Registered Users Posts: 111 ✭✭Reins


    They realized they severely undervalued it and will have more viewings if there was an offer of 269 on Saturday it could well be above this now it means anyone looking at it wont be thinking wow its already 15k over when really it was undervalued to begin with

    " Severely underpriced " It's a 2 bed Terrace house with an attic conversion :eek:

    Fools and their money more like!


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