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

Mic 1972

IndieRoar111 wrote: »

We are so grateful for the advice we received on this forum after posting our situation yesterday.

We have decided to pull out of the deal, despite us being able to afford the mortgage, my husband ran the numbers and given the fact that the property sold for 168k in 2012, others on the road sold for between 170-195k in 2013 and then increased since then. We feel like we are catching a falling knife if we buy it now for 346k.

It was a hard decision to make as we really liked it and it was ideal, however we can easily save whilst renting and have decided we will move in with the folks in July for 6 months to accelerate the savings by hopefully another 25k and have 200k deposit to buy within the new year.

Thank you all so much for the advice and i hope you all get what you are looking for. In our situation we feel it is best not to buy right now.

Thank you all

Good decision! Between rent relief and dropping house prices you have nothing to lose

Mic 1972

awec wrote: »

IMO (and it's only my opinion) many potential sellers will hold off until there's light at the end of this tunnel. I don't mean the financial tunnel, I mean the societal problems that we have from this virus.

It's a stressful time, how many people are really going to want to move house in the middle of it?

Agreed, I was thinking how are people even going to arrange for property viewings with all this social-distancing and the fear to touch anything?

TheSheriff

IndieRoar111 wrote: »

We are so grateful for the advice we received on this forum after posting our situation yesterday.

We have decided to pull out of the deal, despite us being able to afford the mortgage, my husband ran the numbers and given the fact that the property sold for 168k in 2012, others on the road sold for between 170-195k in 2013 and then increased since then. We feel like we are catching a falling knife if we buy it now for 346k.

It was a hard decision to make as we really liked it and it was ideal, however we can easily save whilst renting and have decided we will move in with the folks in July for 6 months to accelerate the savings by hopefully another 25k and have 200k deposit to buy within the new year.

Thank you all so much for the advice and i hope you all get what you are looking for. In our situation we feel it is best not to buy right now.

Thank you all

Well done on what must have been a hard decision! I think you are both making the right call.

We've gone from being told we weren't serious bidders to having three houses offered to us in the last two weeks.

There is blood in the water.

Sheeps

Chickpea111 wrote: »

Be careful with KBC , when we enter a recession and we will, remember how they treated their customers during the last one. They hounded a family so bad the husband took his own life. I remember his poor wife on the late late show.

I've no doubt that getting on the wrong side of any bank will result in the bankks being horrible.

Greentree_uk

TheSheriff wrote: »

Posted this on the other proeprty thread, but relevant to readers here..... We are holding tight. We can afford our rent. Part of me is delighted some EAs are caving, I have nothing but absolute distrust of their profession.



Just as a general update for people on my micro-view of the market in D15.

Got an email today from another property we offered 10k under asking on a month back - told at the time the vendor wanted asking.

Vendor now willing to accept our offer should we choose to proceed.

We've spend months making offers on properties and got nowhere. Three previously rejected offers now potentially accepted in the space of two weeks

10k below this time of the year seems low even without COVID...

trucker

We're due to move in to our new home on the 30 March. As you can imagine, myself and my wife are concerned that it won't go ahead, as we're in a chain...if one falls apart they all do.

Has anyone moved home this week? I presume banks, solicitors, etc are working business as usual?

paul-2008

trucker wrote: »

We're due to move in to our new home on the 30 March. As you can imagine, myself and my wife are concerned that it won't go ahead, as we're in a chain...if one falls apart they all do.

Has anyone moved home this week? I presume banks, solicitors, etc are working business as usual?

all working as normal in my situation anyway, drew down mortgage Monday and due to get keys today!

tomister

trucker wrote: »

We're due to move in to our new home on the 30 March. As you can imagine, myself and my wife are concerned that it won't go ahead, as we're in a chain...if one falls apart they all do.

Has anyone moved home this week? I presume banks, solicitors, etc are working business as usual?

All full steam ahead on mine. Waiting for the nod on Monday to draw down but from speaking to the solicitor and the bank yesterday there's been no impact

JohnnyChimpo

might as well use this thread for an opportunity to vent concerns and canvass opinion.

Signed contracts were exchanged about a month ago, but we're still being slow-played by Vendor in terms of getting a Closing date (there were some compliance certificates and other paperwork that Vendor needed to apply and get).

Since we have no Closing date, we've held off giving our current Landlord notice to vacate. According to statute we are required to give 112 days notice (we've been renting longer than 8 years), and up until recently we had the operating assumption that Landlord would be happy to let us leave early (since we're paying probably 1k pm under the "market rate"). Landlord owns entire apartment block plus other properties. Now that we can no longer rely on that assumption, I'll take any recommendations on how to proceed:

- Delay Closing so that we can run out the 112 days notice, and risk Vendor possibly pursuing some legal action, or the Bank pulling their mortgage offer?

- Close, give month notice to Landlord, and tell them to go through PRTB for anything else?

- Close, pay both mortgage and rent simultaneously, maybe apply for either rent or mortgage relief due to emergency? (I'm basically not considering this option)

- Just talk to Solicitor, see what they say

- Hidden Option E - may involve full societal collapse and me becoming Immortan Joe of the Neo-Dublin apocalyptic wasteland.

I'm not stressing yet, but i'd rather not leave myself on the hook for a few grand if it can be avoided

Greentree_uk

JohnnyChimpo wrote: »

might as well use this thread for an opportunity to vent concerns and canvass opinion.

Signed contracts were exchanged about a month ago, but we're still being slow-played by Vendor in terms of getting a Closing date (there were some compliance certificates and other paperwork that Vendor needed to apply and get).

Since we have no Closing date, we've held off giving our current Landlord notice to vacate. According to statute we are required to give 112 days notice (we've been renting longer than 8 years), and up until recently we had the operating assumption that Landlord would be happy to let us leave early (since we're paying probably 1k pm under the "market rate"). Landlord owns entire apartment block plus other properties. Now that we can no longer rely on that assumption, I'll take any recommendations on how to proceed:

- Delay Closing so that we can run out the 112 days notice, and risk Vendor possibly pursuing some legal action, or the Bank pulling their mortgage offer?

- Close, give month notice to Landlord, and tell them to go through PRTB for anything else?

- Close, pay both mortgage and rent simultaneously, maybe apply for either rent or mortgage relief due to emergency? (I'm basically not considering this option)

- Just talk to Solicitor, see what they say

- Hidden Option E - may involve full societal collapse and me becoming Immortan Joe of the Neo-Dublin apocalyptic wasteland.

I'm not stressing yet, but i'd rather not leave myself on the hook for a few grand if it can be avoided

Why not just ask the landlord what notice he needs? he might be happy for an agreed short notice period.

JohnnyChimpo

Greentree_uk wrote: »

Why not just ask the landlord what notice he needs? he might be happy for an agreed short notice period.

You're right of course - I've been avoiding letting them know out of a sense of "starting the clock", but obviously there's no harm in just asking, purely hypothetically of course.

BrokenArrows

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

mcbert

BrokenArrows wrote: »

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

But would there not be a final check of some sort by the bank to make sure you are still employed?

BrokenArrows

mcbert wrote: »

But would there not be a final check of some sort by the bank to make sure you are still employed?

Don't think so.

But I'm more concerned with the fact that the property we purchase might crash in value if this virus keeps up.

I've no issues with just renting after we sell. I'm just trying to decide.

BrokenArrows

awec wrote: »

Think you'll have to cancel your sale, cause bank will probably pull mortgage for your purchase.

I'm 100% following through with the sale. I'll rent if needed. Don't want to live in this area anymore and we have got a good price for it.

Idbatterim

JohnnyChimpo wrote: »

You're right of course - I've been avoiding letting them know out of a sense of "starting the clock", but obviously there's no harm in just asking, purely hypothetically of course.

Given he get increased rent. I’d say nothing yet

jrosen

Totally still in limbo ourselves, we cant back out we have paid our full deposit. Sold our other house and are renting. Our LL thankfully is fantastic and happy to have us leave whenever as he knows the timing is somewhat out of our control.

Our delay is the local authority. We needed some compliance certs as the purchase house is a new build. The BER and another one, the name escapes me. The BER has come through but the other has not. Weeks the council knew to issue it and for some reason we are still waiting. We are not the only ones.
Currently our solicitors office is in full swing. Our EA is contactable the last couple of days and even the builder is frustrated with the wait.
But we have been assured by all sides that once this compliance letter comes we can close and draw down. Unsure if this is lip service.

road_high

BrokenArrows wrote: »

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

What industry do you work in? I can imagine even non directly effected industry cutting like this, people on probation and temp contracts are easy cuts to make fast. Had you moved from a perm job elsewhere? Very harsh to get caught in the middle like that

randoplh134

paul-2008 wrote: »

all working as normal in my situation anyway, drew down mortgage Monday and due to get keys today!

Brave man

Bargain_Hound

We are going full steam ahead too, although the EA for our vendor is strictly WFH and cannot get a valuation done, we are a bit in limbo.

We fear if we risk pulling the sale, waiting for the fantasy "2011/2012 bargain", this will be met with no chance of securing finance to purchase from banks. We are aware we are purchasing at another property price peak (~300k range) but considering its a property in Dublin with all our family close by, we don't feel we are over paying and stretching beyond our means.

paul-2008

randoplh134 wrote: »

Brave man

in what sense?

randoplh134

paul-2008 wrote: »

in what sense?

Buying property in a market which is nearly at all time highs, completely over valued and is about to fall off a cliff. The writing is on the wall

If you are currently paying sky high rents, can easily afford mortgage repayments if you suffer a drop in income then that's a different story. Wish you the best with your purchase

paul-2008

randoplh134 wrote: »

Buying property in a market which is nearly at all time highs, completely over valued and is about to fall off a cliff. The writing is on the wall

If you are currently paying sky high rents, can easily afford mortgage repayments if you suffer a drop in income then that's a different story. Wish you the best with your purchase

Also sold at all time highs after buying at low time. Cant win all the time. Contracts signed weeks ago, both of us in stable jobs and mortgage repayment is well affordable! Obviously there is a risk but this is a family home that will be owned for the long long foreseeable future

awec

paul-2008 wrote: »

Also sold at all time highs after buying at low time. Cant win all the time. Contracts signed weeks ago, both of us in stable jobs and mortgage repayment is well affordable! Obviously there is a risk but this is a family home that will be owned for the long long foreseeable future

Enjoy your new gaff paul!

FutureGuy

randoplh134 wrote: »

Buying property in a market which is nearly at all time highs, completely over valued and is about to fall off a cliff. The writing is on the wall

If you are currently paying sky high rents, can easily afford mortgage repayments if you suffer a drop in income then that's a different story. Wish you the best with your purchase

We bought for about 15k under asking on a modestly-priced house. The house was 50k more expensive last year. Similar houses selling for 30k more. Beautifully quiet estate. Great schools. Nice garden. 200/month cheaper than renting a 2-bed apartment while raising a 2-year old. Will be our house forever so wont be selling.

"nearly at an alltime high?" Not really, same houses sold for 290k 10 years ago. Bought for 220k.

FutureGuy

paul-2008 wrote: »

Also sold at all time highs after buying at low time. Cant win all the time. Contracts signed weeks ago, both of us in stable jobs and mortgage repayment is well affordable! Obviously there is a risk but this is a family home that will be owned for the long long foreseeable future

Enjoy

utmbuilder

TheSheriff wrote: »

We're likely to hand over a booking deposit in the next few days to a small EA in D15 - part of me worrying what if the EA goes bust in the coming weeks. They have very few properties, and will likely have even less now ! So much uncertainty.

If the ea is Duffy he's an exceptionally honest man , has a reputation for it

paulie13

Sale agreed on a property (had offered asking price, and was accepted). Still working through getting life assurance sorted, so not quite at the signing stage. EA rings out of the blue saying that the seller is checking that we are still on for the purchase.

Thankfully, we had started having discussions between ourselves the last few days as to what we would do, but assumed we'd be contacting the estate agent with our answer, rather than the other way around!

Anywho, told him that we were on the fence, that it was obvious that a crash was coming, and that in the interests of progressing things, it was prudent that we both assumed some of the risk coming down the tracks - us in the sense of continuing the sale knowing that prices are only going one way, and them from the point of view of it becoming more difficult to sell and for them to come back to us with the best price they'd be willing to sell for.

EA just came back there. They aren't budging, and are happy to put it back on the market! Pretty amazing. I think they've just made our decision for us.

setanta1984

paulie13 wrote: »

Sale agreed on a property (had offered asking price, and was accepted). Still working through getting life assurance sorted, so not quite at the signing stage. EA rings out of the blue saying that the seller is checking that we are still on for the purchase.

Thankfully, we had started having discussions between ourselves the last few days as to what we would do, but assumed we'd be contacting the estate agent with our answer, rather than the other way around!

Anywho, told him that we were on the fence, that it was obvious that a crash was coming, and that in the interests of progressing things, it was prudent that we both assumed some of the risk coming down the tracks - us in the sense of continuing the sale knowing that prices are only going one way, and them from the point of view of it becoming more difficult to sell and for them to come back to us with the best price they'd be willing to sell for.

EA just came back there. They aren't budging, and are happy to put it back on the market! Pretty amazing. I think they've just made our decision for us.

I'm confused by this.
Is it that you think you may not be able to afford the mortgage in the future/feel your jobs aren't secure enough? Is it that you felt you were over paying for the property in the first place? Or is it just that you wanted to see could you get a few quid off and are in no rush/happy to wait for potentially cheaper properties in an unknown few months?

Just putting myself in this position (which I hopefully will be soon, going to put in an offer for a place a saw yesterday) - I don't think I'd be happy missing out on a place I really liked and can afford just because a seller wasn't spooked and didn't offer a discount?

Mitch Connor

BrokenArrows wrote: »

I'm 100% following through with the sale. I'll rent if needed. Don't want to live in this area anymore and we have got a good price for it.

There is no check on draw down. it would only be an issue if you had to apply for an extention to your mortgage offer, should you not be able to close within your time limit (6 months for BoI)

If you are drawing down within your offer period, you will be fine to do so.

Unless your draw-down is related to finishing your probation period.

I know of others who changed jobs and applied for a mortgage - they were given approval but had to prove full (no probationary) employment before they could draw-down.