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

Cash_Q

Draco wrote:

....and the 16th was a pipe dream. Finally closed on the apartment yesterday, bank still dragging their heels on final approval for the house. Vendors are getting itchy feet at this stage. I'm lucky in that we'd somewhere lined up to go to since the house is a complete renovation job anyway so didn't need to move right in.

Do you mind if I ask what bank you're with and what they're dragging their heels about? Our solicitor is submitting his final documents to the bank today for our drawdown, he anticipates it taking about 2 weeks and I dread it exceeding this!

Canyon86

Waiting frustratingly for the banks to release funds,
requested one week ago, no sign of them yet,eventhough my application is fine

very annoying to be told at this stage "Your in a massive queue, we cannot tell you when the funds will be released "

:mad:

GrumPy

Canyon86 wrote: »

Waiting frustratingly for the banks to release funds,
requested one week ago, no sign of them yet,eventhough my application is fine

very annoying to be told at this stage "Your in a massive queue, we cannot tell you when the funds will be released "

:mad:

I think anyone in that queue will be waiting 3-6 weeks at this stage. Unlikely to get in before Christmas for many, as the banks don't allow draw-down after mid-Dec, as is my understanding.

cubatahavana

Canyon86 wrote: »

Waiting frustratingly for the banks to release funds,
requested one week ago, no sign of them yet,eventhough my application is fine

very annoying to be told at this stage "Your in a massive queue, we cannot tell you when the funds will be released "

:mad:

What bank are you with? Our solicitor requested funds this week and our broker told us that drawdown is expected on 1/12

Canyon86

GrumPy wrote: »

I think anyone in that queue will be waiting 3-6 weeks at this stage. Unlikely to get in before Christmas for many, as the banks don't allow draw-down after mid-Dec, as is my understanding.

That would make sense as they wont commit to a date which is a worry, December is a shocking time to be finalising deals, its manic everywhere

Canyon86

cubatahavana wrote: »

What bank are you with? Our solicitor requested funds this week and our broker told us that drawdown is expected on 1/12

That's with the AIB, I had a positive experience with them to date up until now, disappointing

Best of luck with your drawdown it's good you have a date
My closing date is monday I dont know what will happen

cubatahavana

Canyon86 wrote: »

That's with the AIB, I had a positive experience with them to date up until now, disappointing

Best of luck with your drawdown it's good you have a date
My closing date is monday I dont know what will happen

I hope that the guys purchasing my apartment have no issues, otherwise I’ll be delayed

Good luck to you too

Cash_Q

GrumPy wrote:

I think anyone in that queue will be waiting 3-6 weeks at this stage. Unlikely to get in before Christmas for many, as the banks don't allow draw-down after mid-Dec, as is my understanding.

Do you mind if I ask why you think its going to be a 3-6 week wait? Our solicitor is requesting for 3rd but expecting funds for 11th which is 2 weeks time. He is dealing with banks every day of the week and he had a pretty accurate projection on our buyers (PTSB) so I'm hopeful that he has a good idea of their current wait times.

I've heard this before about mid-December, why is this? Everyone else is working until 23rd/24th

Pink11

cubatahavana wrote: »

What bank are you with? Our solicitor requested funds this week and our broker told us that drawdown is expected on 1/12

Hope you’re right. Requested today and we are waiting with baited breath too!

Smiley11

whatever76 wrote: »

Cork City has been like that for last 4 ~years and has not changed in Covid from what I can see - I started looking 2016 and eventually bought in 2019 after few set backs - Friends now trying to buy and hitting same problem as me its like a repeat of my experience even though they have bigger budget !! Supply in decent locations in city are slim pickings for under 400k and huge demand. Just need to keep viewing and hope right one comes up for you. Its torture though

Its terrible. My personal feeling is to step back from the madness for a few months because its all very draining. Husband is more anxious to get a house though so we're going to view a vastly overpriced one next week. I say overpriced but its clearly not at the moment because they're all selling so quickly! & generally over asking! A house is only worth what somebody is willing to pay as they say!

Canyon86

Hi All

To give an update
The AIB released my funds, solicitor has them now
I'm on track to close on Monday buzzing

Cash_Q

Canyon86 wrote:

To give an update The AIB released my funds, solicitor has them now I'm on track to close on Monday buzzing

Amazing that's great!

Meraf

From your experience how long usually takes for solicitor to review contract before asking buyer to sign ?

whatever76

Smiley11 wrote: »

Its terrible. My personal feeling is to step back from the madness for a few months because its all very draining. Husband is more anxious to get a house though so we're going to view a vastly overpriced one next week. I say overpriced but its clearly not at the moment because they're all selling so quickly! & generally over asking! A house is only worth what somebody is willing to pay as they say!

I can totally understand where you are coming from - it so hard to know what to do and its all so draining ( no right answer I dont think) - it should not be this hard. I know I paid over the odds ( ~40 k ) but I had to weigh it all up . I am early 40's and lived with my sister last few years to save and was getting very anxious with it all as time was just moving so fast ... It ticked alot my boxes so I just went for it and am thankful it all worked out now especially with the way 2020 is working out - so the security of it alone has been worth that extra eventhough I be saying Id have a lovely new kitchen for that . I can only say to just keep looking ( no harm in viewing and seeing how the bids are going etc) - if u see something that feels right and hits your limit or if you feel that extra 5/10 k is worth it then just weigh it all up and if its to be then its the one !! best of luck !

Canyon86

Meraf wrote: »

From your experience how long usually takes for solicitor to review contract before asking buyer to sign ?

In my experience it was very fast.. less than a week.
Straight forward enough part

Financesetc.

Smiley11 wrote: »

Its terrible. My personal feeling is to step back from the madness for a few months because its all very draining. Husband is more anxious to get a house though so we're going to view a vastly overpriced one next week. I say overpriced but its clearly not at the moment because they're all selling so quickly! & generally over asking! A house is only worth what somebody is willing to pay as they say!

Smily11 listen up. Listen to what i am saying and if it doesnt confince you to buy then you will never buy.
1. I starter looking at new homes in 2013 was saving for the deposit, new builds were lest than 200k for 3 bed semi d, fast forward to 2020 the same 3bed semis are 295k. So in 7 years they have gone uo over 95k, faster than i can save and faster than my wages increase to match it. Banks would only loan me 165k in 2013 as it was a single application. For years me and my partner when we got joint approval were nit picking homes that we viewed. We have put off having kids because we live in a rough area and didnt want to bring our kids up in that environment, too easy to go down the wrong road when they would hit there teens, fall in with the wrong crowd, drinking smokimg weed dropping out school etc. So we saved and saved and viewed and viewed and nit picked and nit picked, too small, too expensive etc. Now i/ we are still in the same place and in our 30s, life is passing by and we have not had the kids we planned to have. I got and epiphany a few months back and that was the turning point.
I taught to myself if we keep going the way we are going we will be still here when we are dead.
No kids, life wasted waiting for the right house right price, right area. And i taught in my head if i died in the morning my long term partner would be stuck here forever l, income not enough to buy a house on her own, no kids, grieving, sad, having to deal with all the anti social **** in the area. I said to myself we will buy that house we want even its over price but its in a nice area, good schools, a great place to bring up a family. And at least we are there what ever happens we are there. Taking away point- If i died in the morning where would i want my family to be.In that new house, it would be payed off from the insurance, it hers, she is safe the kids are safe, id rather be set up in a nice house, nice area and set up my loves ones when i am alive than be dead and be no help.
Dont wait too long, life is short, dont do what we did and spent the last 7years dreaming and wondering and wasting life. Its only now that we are actully doing we are finally buying. We are all going to die some day. Buy the house and live your life. You cant take money with you. When your dead your gone its too late. Spend it now while you can and live the one life that is giving to us.

pleh

Smiley11 wrote: »

Its terrible. My personal feeling is to step back from the madness for a few months because its all very draining. Husband is more anxious to get a house though so we're going to view a vastly overpriced one next week. I say overpriced but its clearly not at the moment because they're all selling so quickly! & generally over asking! A house is only worth what somebody is willing to pay as they say!

Re the overpriced properties, a First time buyers article in the Irish Times said: Even a few thousand above what you can afford could mean a drop in your standard of living, or leave you with very little money to get the things you need for the house.
This is something to think about, I didn't think about it as I was so crazy about the target house I was willing to overpay.
I think you're right to leave it until next year, unless you love a place and really think it irreplaceable. Possible negative equity won't matter in a house you intend on living in for 10 years or more.

Smiley11

I agree with all of the above but the reality for us at the moment is just that the supply is really bad in our areas & price range. The one we're viewing next week is a lovely house but very expensive for what it is & there are a lot of compromises for me in it but I'll view it in the hope I like it. Its very difficult searching for your last home in the current climate I think as the supply is so bad & the market is swamped with eager buyers like ourselves. It has to be a problem for EA's too at the moment as they have very little to sell. Thanks all!

theboringfox

That covers my fears really well when it comes to Cork City. Just pent up demand meets very little supply. I have the exact same step back from the madness feeling.

Smiley11

theboringfox wrote: »

That covers my fears really well when it comes to Cork City. Just pent up demand meets very little supply. I have the exact same step back from the madness feeling.

The problem I'm facing is that my husband is becoming more anxious to just get a house in one of our areas & be done with it. Whereas, I want to find a house I love with the potential to make it ours. I'm still licking my wounds over losing a house like that but to me, it just wasn't worth where the bidding got to. I just think stepping back for 2 or 3 months will help us get a bit of perspective & hopefully the supply will improve in the spring. Might be wishful thinking on my part but you never know with the property market what way its going to go at any given time really. The current situation is a case in point!

whatever99

Canyon86 wrote: »

Hi All

To give an update
The AIB released my funds, solicitor has them now
I'm on track to close on Monday buzzing

Do you mind me asking how long it took from you signing the contracts for the funds to be requested by your solicitor? And how long for the funds to reach the solicitor? I’m a buyer and signed on Wednesday, closing is down as 9th Dec, 2 weeks after signing. Vendor wants to move quickly too, so I’m really hoping to close on that date! I’m also with AIB.

random_banter

The posts above have all really hit close to home with me. We’ve been looking all year and have seen the supply get from bad to worse. And all around me my peers who said this would be a terrible year to buy have gone ahead and done it.

I’m going to be 35 in a few months, my partner is a couple of years ahead of me. We’ve finally identified an area that ticks boxes for us. We’ve seen lots of houses. They go within a week or so in many cases. Bidding wars for nearly all of them. It is South Dublin after all! Last week we decided we’d need to wait till the spring and hope supply improves - things are going for over what they’re worth at the moment. We could save a little more too. At the moment you could have a house selling for 650k (overpriced IMO) that needs 200k worth of work and you know it’ll never be an 850k house to sell. There seems to be a lot of desperation out there, a willingness to go too far on a house just to get one. We want to stay in the house for life but understanding what you put in vs what you’d get out if selling is still important IMO.

Anyway after making the decision to wait until next year and knowing that these seem to be the market conditions at the moment, a house popped up a few days ago. It ticked every box and was the best fit yet. I felt like perhaps this was our one and we might have a chance. Needs a lot of work. Which could put people off. Great.

We were the second viewer yesterday on the first day of viewing. I fell in love with it. The EA informed me that the first viewer offered asking price as soon as they walked in the door. We knew then we wouldn’t have a chance. EA reckons it will go for 70-90k over asking (lunacy from the buyers in my opinion, so much work required).

Anyway after all that, the hope was sucked out of me. We didn’t even have a chance! A few tears were shed on the way home.

Starting to accept that it’s going to take years for this to happen but I feel myself getting older too.

Just want to say thanks to everyone for sharing their similar experiences, it is good to get other perspectives.

theboringfox

Smiley11 wrote: »

The problem I'm facing is that my husband is becoming more anxious to just get a house in one of our areas & be done with it. Whereas, I want to find a house I love with the potential to make it ours. I'm still licking my wounds over losing a house like that but to me, it just wasn't worth where the bidding got to. I just think stepping back for 2 or 3 months will help us get a bit of perspective & hopefully the supply will improve in the spring. Might be wishful thinking on my part but you never know with the property market what way its going to go at any given time really. The current situation is a case in point!

Ya my sentiments are very similar. I also think the govt has been propping up economy. I am fearful there is a downturn next year. It is mainly how bad the supply is though. I think next year more ppl comfortable selling and youll see something a little better and some of the madness disappears.

Hope your viewing goes well though and it ends up being the house for ye!

Smiley11

theboringfox wrote: »

Ya my sentiments are very similar. I also think the govt has been propping up economy. I am fearful there is a downturn next year. It is mainly how bad the supply is though. I think next year more ppl comfortable selling and youll see something a little better and some of the madness disappears.

Hope your viewing goes well though and it ends up being the house for ye!

Thanks but its not..humouring my husband who tends to be a bit impetuous under pressure! I personally feel that the only thing for this market is a break from it! Its insanity. Genuinely wish we were selling our house now rather than last year as we had to drop the price to offload it this time last year!

Smiley11

random_banter wrote: »

The posts above have all really hit close to home with me. We’ve been looking all year and have seen the supply get from bad to worse. And all around me my peers who said this would be a terrible year to buy have gone ahead and done it.

I’m going to be 35 in a few months, my partner is a couple of years ahead of me. We’ve finally identified an area that ticks boxes for us. We’ve seen lots of houses. They go within a week or so in many cases. Bidding wars for nearly all of them. It is South Dublin after all! Last week we decided we’d need to wait till the spring and hope supply improves - things are going for over what they’re worth at the moment. We could save a little more too. At the moment you could have a house selling for 650k (overpriced IMO) that needs 200k worth of work and you know it’ll never be an 850k house to sell. There seems to be a lot of desperation out there, a willingness to go too far on a house just to get one. We want to stay in the house for life but understanding what you put in vs what you’d get out if selling is still important IMO.

Anyway after making the decision to wait until next year and knowing that these seem to be the market conditions at the moment, a house popped up a few days ago. It ticked every box and was the best fit yet. I felt like perhaps this was our one and we might have a chance. Needs a lot of work. Which could put people off. Great.

We were the second viewer yesterday on the first day of viewing. I fell in love with it. The EA informed me that the first viewer offered asking price as soon as they walked in the door. We knew then we wouldn’t have a chance. EA reckons it will go for 70-90k over asking (lunacy from the buyers in my opinion, so much work required).

Anyway after all that, the hope was sucked out of me. We didn’t even have a chance! A few tears were shed on the way home.

Starting to accept that it’s going to take years for this to happen but I feel myself getting older too.

Just want to say thanks to everyone for sharing their similar experiences, it is good to get other perspectives.

My heart goes out to you because I've shed those tears. Its awful & I made the mistake of falling for a house but just couldn't justify the insanity of the price plus renovation. I'm still gazing at it every day! I know I'll be happy in the home we find eventually but I just find it all too intense & cut throat at the moment. I'm hoping calm prevails in the next 6 months. Don't feel too disheartened..we're in our 40's with a young family & living between our very kind parents homes. We'll all get there eventually but the current market just isn't for me, I'm too soft!

Dolbhad

Financesetc. wrote: »

Smily11 listen up. Listen to what i am saying and if it doesnt confince you to buy then you will never buy.
1. I starter looking at new homes in 2013 was saving for the deposit, new builds were lest than 200k for 3 bed semi d, fast forward to 2020 the same 3bed semis are 295k. So in 7 years they have gone uo over 95k, faster than i can save and faster than my wages increase to match it. Banks would only loan me 165k in 2013 as it was a single application. For years me and my partner when we got joint approval were nit picking homes that we viewed. We have put off having kids because we live in a rough area and didnt want to bring our kids up in that environment, too easy to go down the wrong road when they would hit there teens, fall in with the wrong crowd, drinking smokimg weed dropping out school etc. So we saved and saved and viewed and viewed and nit picked and nit picked, too small, too expensive etc. Now i/ we are still in the same place and in our 30s, life is passing by and we have not had the kids we planned to have. I got and epiphany a few months back and that was the turning point.
I taught to myself if we keep going the way we are going we will be still here when we are dead.
No kids, life wasted waiting for the right house right price, right area. And i taught in my head if i died in the morning my long term partner would be stuck here forever l, income not enough to buy a house on her own, no kids, grieving, sad, having to deal with all the anti social **** in the area. I said to myself we will buy that house we want even its over price but its in a nice area, good schools, a great place to bring up a family. And at least we are there what ever happens we are there. Taking away point- If i died in the morning where would i want my family to be.In that new house, it would be payed off from the insurance, it hers, she is safe the kids are safe, id rather be set up in a nice house, nice area and set up my loves ones when i am alive than be dead and be no help.
Dont wait too long, life is short, dont do what we did and spent the last 7years dreaming and wondering and wasting life. Its only now that we are actully doing we are finally buying. We are all going to die some day. Buy the house and live your life. You cant take money with you. When your dead your gone its too late. Spend it now while you can and live the one life that is giving to us.

This was me. We starting viewing houses at the start of 2018. Had secured a new build but at the time it felt like we were settling as the location etc didn’t suit us. Those houses are going for about 40k more than we were paying. Then in 2020 we saw the market just dry up. We had been saving since but bidding was getting insane and it was going from bad to worse. I was willing to accept anything now.

Everyone kept saying “what’s meant for you, won’t pass you by”. I hated that. We were heading
Into our 30’s and no good having the savings when we couldn’t live together. The covid hit and we were on covid payments and I felt like we had missed our boat for a few years. We also were now getting less off the bank than we were on 2019. It was a tough time.

Then we chanced viewing a house where asking was well over our budget but asking was overpriced. But we managed to secure at our max budget. Yes there are issues - sellers have had to underpin a wall and fix drains but it ticks all our boxes. We have exchanged contracts and waiting to close. I still can’t believe it. 3 months ago we were ready to give up for a while.

goingagain

We’re hoping to sign this week and the close after Christmas. This is our third house.

Currently live in a 4 bed semi in south Dublin and when we moved into this in 2009 I thought we’d never move. In 2009 the market was falling but my sister bought around the corner from us for 120k less in 2011 and that stung. But in reality by 2011 our circumstances had changed and we wouldn’t have secured a mortgage to buy (we still own house no 1, 2005 purchase, rented out) But we could always afford to repay our mortgage and live happily. We had our family living in this house and we’re very happy here. We renovated over the years and did an extension etc

We have a big budget for our move and still found we had to make some big compromises. What we wanted wasn’t out there, but we want to buy and get on with our lives and not spend the next 3 years in limbo looking for the perfect house so we decided to make those compromises.

goingagain

Also to add we viewed 3 house , no 1 we liked but decided no. No 2 we loved and bid heavily on. It went over 20% over asking and we pulled out as we felt it wasn’t worth it. No 3 we hated.

.... we went back and decided to compromise and bought no 1.

We had a search area of 5 roads, it was all about location to us.

lcarrol3

Hi everyone we've been informed by our developer that the completion notice is due to be issued on our new build by Monday week (7th). We're signing off our loan offer this week and the broker has informed the bank we will be going straight to cheque issue after this. I have my solicitor informed and ready to move as soon as the notice is issued.

The developer has told us that booking leave the week of the 14th is most reasonable and we should be in for this. I want to organise floors and carpets etc to be delivered, does this seem like a reasonable time frame to be in by early that week? We're drawing down with Ulster Bank if that makes a difference.

Thanks for your help in advance!

cubatahavana

lcarrol3 wrote: »

Hi everyone we've been informed by our developer that the completion notice is due to be issued on our new build by Monday week (7th). We're signing off our loan offer this week and the broker has informed the bank we will be going straight to cheque issue after this. I have my solicitor informed and ready to move as soon as the notice is issued.

The developer has told us that booking leave the week of the 14th is most reasonable and we should be in for this. I want to organise floors and carpets etc to be delivered, does this seem like a reasonable time frame to be in by early that week? We're drawing down with Ulster Bank if that makes a difference.

Thanks for your help in advance!

You need to snag and then it’ll take probably a couple of weeks to fix issues. You could move in before all snags are completed if what’s left is not too important and they confirm that they’ll fix it later.