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

mickdw

Would you not have paid 10 percent on signing the contract?
If you have not paid and want to back out, dont pay and see where it goes.

theballz

Withdraw by any means necessary.

Millionaire only not

‘It’s fair acting the bolix pulling out at ths stage !
The seller may have another house bought on the strength of u buying there house !
Stand up and man up either u could afford it or u couldn’t ! Stop the nonsense what , if !
U signed a contract ! It will hold up and makes no sense 10% wasn’t paid !

hurler32

Be bad form at this stage to pull out but this Coronavirus is gong to do serious damage to world economies including our own . Property prices could well plummet in the coming months

Dav010

Op, you can take for granted the vendor has signed at this stage, once your solicitor raises a query about this, a signed copy will be produced.

Only your solicitor can give you informed advice about this.

awec

Ray Palmer wrote: »

It has no bearing on what will happen next this is way more than a recession. People may want to live differently going forward. Certain jobs will be gone forever as a result.

Nobody knows what will happen and speculation won't really help. Discussing it is no problem but remember nobody knows.

Good advice.

Remember that even though some on here portray themselves are being experts or "educated" in the matter, they know nothing. It is entirely speculation from everyone.

Go with your own gut, do you own research, don't base your decisions off random people on here.

Personally, my own 2cents, is I wouldn't buy anything that I didn't see as a long term home. Once you start buying for the short term, then you need to start caring about things like negative equity and the property maintaining value in the short term.

On the other hand, I can see your concern about being stuck renting long term when you have a family.

Good luck in your decision!

Badger242

I understand it is bad form to be thinking about pulling out at this stage but my job suddenly seems a lot less secure than it did a couple a weeks back.
We are buying a new build in an estate from a very large property development company. Its not ideal for them but im sure they will be able to sell to another buyer.

I suppose we are weighing up all our options at this stage. Pulling out may not be an option if we would lose deposit. Difficult to know what the correct decision is. Next step is to have a chat with our solicitor for clarifaction on contract.

ittakestwo

Pull out and don't give over money. Vendor can threaten specific performance but it will be an empty threat. I never once read a specific performance case here from the last recession and lots of people pulled out from buying new builds they signed to buy off plans in the good times before they went bad. Its not worth anyone's time to spend money going through the courts to get someone to complete a contract that you don't even know if their still in the position to do.

Dolbhad

Badger242 wrote: »

I understand it is bad form to be thinking about pulling out at this stage but my job suddenly seems a lot less secure than it did a couple a weeks back.
We are buying a new build in an estate from a very large property development company. Its not ideal for them but im sure they will be able to sell to another buyer.

I suppose we are weighing up all our options at this stage. Pulling out may not be an option if we would lose deposit. Difficult to know what the correct decision is. Next step is to have a chat with our solicitor for clarifaction on contract.

To be honest I haven’t heard of a case of specific performance being successful to force you buy the house. Contact your solicitor and check if a subject to loan clause is in. Usually that states if you can’t get a mortgage you get out of the contract and deposit back. Least if you lose your job or on reduced hours, you can get out of it.

Otherwise if you change your mind your at risk of losing the deposit. Under the contract they can take that so depends on the builder. However they may finder it harder to sell right at this moment.

Dav010

ittakestwo wrote: »

Pull out and don't give over money. Vendor can threaten specific performance but it will be an empty threat. I never once read a specific performance case here from the last recession and lots of people pulled out from buying new builds they signed to buy off plans in the good times before they went bad. Its not worth anyone's time to spend money going through the courts to get someone to complete a contract that you don't even know if their still in the position to do.

Unfortunately this is what happens when you put a question up online, you always tend to get ill informed replies. The op will have to take the advice of their own solicitor on this, it would be unwise to do anything without first hearing that advice. Saying it is an empty threat is naive, disputes like this probably don’t reach the court room often because a contract dispute of this type is hard to dispute, defending it may be throwing good money after bad. Forcing. though a purchase is highly unlikely, but at the very least, the buyer could expect to lose their deposit.

Op, talk to your solicitor, that is the only advice you need.

MarkJD

FutureGuy wrote: »

I just want to know what options are available to us.

Can anyone answer this please?

What is the actually process for EVERYTHING being signed. We signed the papers and we know the vendors have also signed. Now, do we have to sign something again before we can say that EVERYTHING is signed (and deposits are not returnable).

My understanding of the last things that will need to be signed are the land deeds and maybe one or two other things the week you draw down just before you get the keys but in terms of the sale etc once u transferred the full 10% and the vendor has also signed the sale is agreed and binding.

What im not sure is if the bank decide to pull out at this stage and not draw down are we due our deposit back or what happens ....

stinger31

Millionaire only not wrote: »

‘It’s fair acting the bolix pulling out at ths stage !
The seller may have another house bought on the strength of u buying there house !
Stand up and man up either u could afford it or u couldn’t ! Stop the nonsense what , if !
U signed a contract ! It will hold up and makes no sense 10% wasn’t paid !

Why???? Ridiculous statement

FutureGuy

FutureGuy wrote: »

Contract signed by both parties, our solicitor apparently has contracts but hasn’t responded to us since Monday last week.

Deposits sent over to our solicitor.

The contract stated that closing date is 2 weeks after contracts signed. That was 2 weeks ago.

If he doesn’t answer calls tomorrow I’m going to start panicking.

I got a call from the estate agent yesterday - the seller was looking to see what the delay was on our side.

I had sent queries to the seller a few weeks ago via the estate agent and I had sent queries to the solicitor 1.5 weeks ago that I was still waiting to hear from. Posted here and was reassured that I should sit back and let the professionals do their job.

Turns out the estate agent had got the response from the seller but never forwarded it to us because she couldn't open the attachments :rolleyes: and the solicitor hadn't read our email at all because all their secretarial staff have called in sick.

Maybe your solicitors are having a similar problem and a pointed nudge in their side might help?

Mic 1972

Elemeno wrote: »

How long during the last recession did it take before house prices started to fall?

I'm sale agreed on a house to buy, but now seriously considering pulling out of the sale incase property prices fall due to this coronavirus. I'm a cash buyer as I've already sold and completed the sale on my old apartment which I'd paid off so I'm in temporary accommodation which isn't ideal. The house I'm supposed to be buying isn't a long term house, I would have been hoping to sell in a couple of years when I can get a mortgage to buy a bigger property. If prices are likely to fall in the next 6 months then I'll hold out to buy but as I'm in temporary accommodation I can't wait forever. Finding a long term rental appears to be difficult as I have a disabled child and a dog.

Every recession is different. This one literally started with a bang and as far as we know it may end just as quickly, although I doubt
Last recession started in 2007, house prices started to fall in 2008 all the way until 2012

randoplh134

Millionaire only not wrote: »

‘It’s fair acting the bolix pulling out at ths stage !
The seller may have another house bought on the strength of u buying there house !
Stand up and man up either u could afford it or u couldn’t ! Stop the nonsense what , if !
U signed a contract ! It will hold up and makes no sense 10% wasn’t paid !

lol get real, it's been a sellers market for years and sellers and EAs alike have both taken advantage of it, EAs with phantom bids milking the already over stretched buyers dry. They enjoyed their time and now some of the EAs are going to get what they deserve.

randoplh134

ittakestwo wrote: »

Pull out and don't give over money. Vendor can threaten specific performance but it will be an empty threat. I never once read a specific performance case here from the last recession and lots of people pulled out from buying new builds they signed to buy off plans in the good times before they went bad. Its not worth anyone's time to spend money going through the courts to get someone to complete a contract that you don't even know if their still in the position to do.

Exactly this.

Also keep in mind estate agents are not salt of the earth folk and either are sellers, some have acted disgraceful over the past few years due to the shortage of housing stock and truly gave buyers the run around and milked them dry.

This is a buyers market now, take full advantage.

Dav010

randoplh134 wrote: »

Exactly this.

Also keep in mind estate agents are not salt of the earth folk and either are sellers, some have acted disgraceful over the past few years due to the shortage of housing stock and truly gave buyers the run around and milked them dry.

This is a buyers market now, take full advantage.

You may be right, the market may change as a result of what is going on, but contract law won’t. It’s all good and well you saying the above, but the buyer in question is still going to have to discuss the legal implications of pulling out after the contract has been signed with their solicitor.

Mic 1972

randoplh134 wrote: »

Exactly this.

Also keep in mind estate agents are not salt of the earth folk and either are sellers, some have acted disgraceful over the past few years due to the shortage of housing stock and truly gave buyers the run around and milked them dry.

This is a buyers market now, take full advantage.

I'd say cash buyers market, I can't see banks giving loans to buy houses for some time

randoplh134

stinger31 wrote: »

Why???? Ridiculous statement

Sheer insanity with that statement, i really hope they're trolling, for their own sake.

randoplh134

Mic 1972 wrote: »

I'd say cash buyers market, I can't see banks giving loans to buy houses for some time

I know someone who got AIP after a meeting with KBC within the past week, albeit the LTV was within the mid 60%.

Banks will still lend, however not to those with the bare minimum to meet requirements previously set by the CB and you can forget about exceptions.

Dav010

randoplh134 wrote: »

I know someone who got AIP after a meeting with KBC within the past week, albeit the LTV was within the mid 60%.

Banks will still lend, however not to those with the bare minimum to meet requirements previously set by the CB and you can forget about exceptions.

If you were head of a bank, would you be lending to any new borrowers from yesterday on?

Cash buyers will clean up.

randoplh134

Dav010 wrote: »

If you were head of a bank, would you be lending to any new borrowers from yesterday on?

Cash buyers will clean up.

If they have a steady job, large deposit, decent LTV on the mortgage and can easily make the repayments, yes, it's easy money for a bank.

lfen

Dav010 wrote: »

If you were head of a bank, would you be lending to any new borrowers from yesterday on?

Cash buyers will clean up.

We were approved yesterday.

A lot of people in this thread fairly certain that house prices will plummet! Everyone suddenly has become an economist overnight. Maybe prices will fall massively. Maybe only slightly. I say make your own decision and don’t move forward by taking peoples predictions as gospel.

Our jobs are secure so we are going ahead with our purchase. Hoping to get the property at a lower price though. Even 5k lower would do us.

Delighted to get approved. Mortgage will be €300 less on the house versus our current 1 apartment.

thunderdog

I submitted my mortgage application at the start of last week. It will be interesting to see what happens there. The bank originally said we should hear back in a few days-I imagine things have since changed quite a bit

Diemos

Don't try to time the market, it's a mugs game.

People look back with 20\20 rose tinted glasses.

The last drop lasted 4 years but not all areas dropped at the same time frame and the same velocity.
Also banks were not lending so most people would not get a loan for half the amount that they would have got previously.

You have a lot of responsibility, messing about with a core family need like accommodation is a terrible idea.

Dav010

randoplh134 wrote: »

If they have a steady job, large deposit, decent LTV on the mortgage and can easily make the repayments, yes, it's easy money for a bank.

Purchases will not be based solely on today’s monetary considerations, it will also be about confidence. People being confident they will have a job, confident to part with a huge chunk of their savings at once, confidence on the part of the banks that there will not be more job loses and wage reductions etc. It’s hard to say if it’ll be a buyer or sellers market a month from now, but cash buyers who want to buy/invest will not have the same concerns.

Millionaire only not

stinger31 wrote: »

Why???? Ridiculous statement

Oh it’s fine to make a clown of the builder ! Maybe he has family and bills to pay too besides playing with a customer signing contracts and then pulling out !
Contracts are a legal agreement between 2 parties the builder will have a list of things to complete I presume to honour his side ! How dare u call it a ridiculous statement ! It’s a low life that messes people around like this !

Ning

Different from 2008 - this coming recession is not fueled by a property boom.

fisgon

Any advice?

I have been looking for a few months and found a place I like in the last week. Don't have a mortgage approved yet, but it is likely that I will get one if I dot the eyes and cross the Ts.

The price is already very reasonable - I am in the west, well away from Dublin.

However, someone earlier said that you would want your head examined if you bought now, and I am wondering if that is true. Part of my income comes from a small business that will definitely be put on hold for the next six months, and the bulk of it is for teaching in Further Education which is vulnerable to a salary cut if 2011 is anything to go by.

At present I am paying a small rent (50% of future mortgage payment) in a shared house. I was and am ready to buy, but am scared sh1tless of how an economic collapse will effect me and everyone else. Any advice?

road_high

fisgon wrote: »

Any advice?

I have been looking for a few months and found a place I like in the last week. Don't have a mortgage approved yet, but it is likely that I will get one if I dot the eyes and cross the Ts.

The price is already very reasonable - I am in the west, well away from Dublin.

However, someone earlier said that you would want your head examined if you bought now, and I am wondering if that is true. Part of my income comes from a small business that will definitely be put on hold for the next six months, and the bulk of it is for teaching in Further Education which is vulnerable to a salary cut if 2011 is anything to go by.

At present I am paying a small rent (50% of future mortgage payment) in a shared house. I was and am ready to buy, but am scared sh1tless of how an economic collapse will effect me and everyone else. Any advice?

I’d say the biggest thing with you may be difficult to get approval? If part of your income is effected by the crisis?