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

optogirl

Sweet.Science wrote: »

Heard an estate agent on the radio say similar

Music to my ears! Except my AIP runs out in June and will have to start an application from scratch but hey ho - might be able to get something before then.

Monsieur Folie

Has anyone had any luck engaging with EAs using a redacted approval in principle letter, or will I have to share the full letter with the loan amount included?

It just feels sort of shady handing over what is basically my maximum budget to the person who's job it is to extract the most money out of me, but from reading here it seems a lot won't deal with you otherwise.

givyjoe

Monsieur Folie wrote: »

Has anyone had any luck engaging with EAs using a redacted approval in principle letter, or will I have to share the full letter with the loan amount included?

It just feels sort of shady handing over what is basically my maximum budget to the person who's job it is to extract the most money out of me, but from reading here it seems a lot won't deal with you otherwise.

Mine didn't have enough to cover my bid, so I asked my broker to confirm we had the funds to cover our offer. No way was I handing over bank statements, i.e. an invitation to milk us. That EA was happy enough in that circumstance.

cousin_borat

All estate agents were fine when we shared AIP with amount approved redacted, except for Sherry Fitz Sutton. We didn't view the property.

I have to agree with you. For example, if submit your letter with full approval amount to an EA now during level 5. What about in a few weeks when level 5 restrictions are lifted, and new interested parties don't have to share AIP letter.

cousin_borat

cousin_borat wrote: »

Went sale agreed on a 3 bed sd house in Raheny last December. We had originally pulled out of the bidding, EA came back a few weeks later as we were the underbidder. Our sale agreed price is still 10% over asking. Asking price was mid 420s.

Our solicitor still hasn't gotten contracts yet. There's a problem with a charge still existing from an old INBS mortgage from former owners. It should have been dealt with by current owners/their bank/their solicitor when they bought it. IMO Estate Agents should advise sellers to pay €5 to Land Registry and check the folio for their property as part of basic checks when thinking of selling!

Still no contracts from the sellers solicitor. Since last week the sellers solicitor has the KPMG/IBRC contact who can arrange filing of the eDischarge. Therefore the sellers solicitor could issue contracts with a legitimate undertaking he can sort out the deeds issue (as described above).

We've made it clear we'll accommodate whatever closing date needed by the sellers to finalise the purchase on their new home.

We put our position to the EA yesterday morning, who called the seller and left a VM. No response by the seller to their EA yet.

If this goes on much longer, we'll feel more like we're being strung along by the seller...

zinfandel

how much extra weight does a cash buyer with no chain have in the present market, would you think a seller would take a slightly lower offer, from somebody like this over another bidder who has a property to sell and may be riskier of things falling through down the road ?

kippy

zinfandel wrote: »

how much extra weight does a cash buyer with no chain have in the present market, would you think a seller would take a slightly lower offer, from somebody like this over another bidder who has a property to sell and may be riskier of things falling through down the road ?

It would depend on the sellers own position I would say.
Are they in a rush to sell bring the key thing.

Sweet.Science

cousin_borat wrote: »

Still no contracts from the sellers solicitor. Since last week the sellers solicitor has the KPMG/IBRC contact who can arrange filing of the eDischarge. Therefore the sellers solicitor could issue contracts with a legitimate undertaking he can sort out the deeds issue (as described above).

We've made it clear we'll accommodate whatever closing date needed by the sellers to finalise the purchase on their new home.

We put our position to the EA yesterday morning, who called the seller and left a VM. No response by the seller to their EA yet.

If this goes on much longer, we'll feel more like we're being strung along by the seller...

I'm the same . Sale agreed since the end of December . Vendor hasn't found a place and wont instruct a solicitor until she does

Not much I can really do just hope either she finds someone soon or another house comes up so I can pull out of this one

cnocbui

zinfandel wrote: »

how much extra weight does a cash buyer with no chain have in the present market, would you think a seller would take a slightly lower offer, from somebody like this over another bidder who has a property to sell and may be riskier of things falling through down the road ?

Possibly. I hope to put my house on the market if something else goes through. It doesn't quite meet planning regs on a couple points so a cash buyer would get it for less than I'd be asking after forking out to meet compliance. By that I mean there would be a slight discount so a buyer would be ahead after the cost of compliance.

house25675e

Hi all,
I am wondering if anyone has an answer for a query I have about purchasing a new build. We hope to buy in Dublin in the next few months, we are wondering when you pay your full deposit do you need to show proof you have all the money saved plus HTB and mortgage to afford the property. We know we will be short about 15k but will have it saved by the time the property is ready and before we pay the full amount. Hope that makes sense. Any advice would be appreicated!

kippy

cnocbui wrote: »

Possibly. I hope to put my house on the market if something else goes through. It doesn't quite meet planning regs on a couple points so a cash buyer would get it for less than I'd be asking after forking out to meet compliance. By that I mean there would be a slight discount so a buyer would be ahead after the cost of compliance.

Interesting outlook.
If the cost of gaining compliance is that "slight" why don't you go after it yourself instead of limiting your potential buying market?

catrionanic

house25675e wrote: »

Hi all,
I am wondering if anyone has an answer for a query I have about purchasing a new build. We hope to buy in Dublin in the next few months, we are wondering when you pay your full deposit do you need to show proof you have all the money saved plus HTB and mortgage to afford the property. We know we will be short about 15k but will have it saved by the time the property is ready and before we pay the full amount. Hope that makes sense. Any advice would be appreicated!

Yes you need to show proof of funds before they'll accept your offer.

cnocbui

kippy wrote: »

Interesting outlook.
If the cost of gaining compliance is that "slight" why don't you go after it yourself instead of limiting your potential buying market?

To save time and bother. Same reason I haven't put my other property on the market and have only offered it to a couple of people privately.

The most likely scenario is that I will go ahead with the fixes, but if a cash buyer came along leading to a months quicker sale, That would be attractive.

niniboots

Wonder how you got AIP on a new build that's 15k outside price range, without having access to fund the 10% required + the additional 15k, if you were short. No judgement at all we just found it impossible to get mortgage approval without having the 10% and any additional costs of house which were outside the 3.5 salary range. If you just speculatively acquired AIP and then saw something 15k outside, the only thing or option left is to register a gift amount. It's still no guarantee the lender with AIP will allow you to draw down unless you have those funds in place. You can pay your booking fee 5000 to 10k on some properties and won't be liable to lose the full 10% unless you sign contracts which is usually required within 21 days of solicitor receiving. The Gov affordable scheme is really where you would look as option, that's if they had details with lenders in place before you need to pay to reserve.. Best of luck with it all

house25675e

niniboots wrote: »

Wonder how you got AIP on a new build that's 15k outside price range, without having access to fund the 10% required + the additional 15k, if you were short. No judgement at all we just found it impossible to get mortgage approval without having the 10% and any additional costs of house which were outside the 3.5 salary range. If you just speculatively acquired AIP and then saw something 15k outside, the only thing or option left is to register a gift amount. It's still no guarantee the lender with AIP will allow you to draw down unless you have those funds in place. You can pay your booking fee 5000 to 10k on some properties and won't be liable to lose the full 10% unless you sign contracts which is usually required within 21 days of solicitor receiving. The Gov affordable scheme is really where you would look as option, that's if they had details with lenders in place before you need to pay to reserve.. Best of luck with it all

We have a good bit saved ourselves. More than the 10 percent needed . We just got AIP for 4 times our salaries and with what we saved we are 15k short of new builds we are interested in. Hope that makes more sense .

Bitconfused

Hi All

Currently there are some suitable looking property advertised in my area so hoping to get the ball roiling with the ea. Two of the apartments are in the same building are the same as each other and look to be in similar condition. There is an asking price difference of 2500 between so no major difference there. The one significant differences is the BER is B3 & C3.

There were 3 other apartments (same spec) in this building that sold in Nov/Dec last year at €150k on average the asking price for theses apartments are approx 10 k more , given that there was 3 apartments I am taking that as a good guide as to what the property is worth.

These went up recently and there is no bids on them yet so hoping to get a viewing soon.

As Im a first time buyer Im cautious of bidding more than the property is worth so I would think of bidding maybe 5 k below the price the other apartments went for which would be 15kish below the asking price for these apartments. Part of me would like to see a bid made already to see what it is and i could go from there. Does bidding 15k below asking price seem laughable? Its for that 10% below what the seller wants

Also it will be my first time viewing so do you have any hints as to what might make me seem a good candidate in the ea eyes? Any things to say when viewing that might leave a good impression that I am ready to buy soon?

optogirl

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

cubatahavana

optogirl wrote: »

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

Not great feeling

Hayley363

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

cnocbui

Hayley363 wrote: »

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

They should come back at the level of your highest bid.

JimmyVik

BER ratings are like shiny knobs on things.
More people are attracted to them and the price goes up, but there is not as much difference as you think.
You can always add the shiny knobs on yourself later.

Go for a D, E or F BER and bring it up a to a C for less than €5 - €10k. Go for a B if you like but the savings vs the cost of bringing it to B are all wrong.
Less people blinded by the shiny high BER, so less people bidding.

Ubbquittious

BER ratings are like shiny knobs on things.
More people are attracted to them and the price goes up, but there is not as much difference as you think.
You can always add the shiny knobs on yourself later.

Go for a D, E or F BER and bring it up a to a C for less than €5 - €10k. Go for a B if you like but the savings vs the cost of bringing it to B are all wrong.
Less people blinded by the shiny high BER, so less people bidding.

I concur

cousin_borat

Hayley363 wrote: »

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

We bid 10k under the sale agreed price which was 5k under our highest bid and went to sale agreed.

Treppen

Hayley363 wrote: »

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

It's open season ...to a point.

If there were just 2 or 3 of ye in the bidding war the seller mightn't want the hassle of starting with viewings all over again so will take whatever their offered (within reason). No harm in making an offer under, then the EA can get back to you again if they get a higher offer from any other bidders.

Ladybird25

Hello, looking to a buy a place ourselves and we had the situation that no house can be visited at the moment, however we have been told to go for an online tour of the house and that people is doing offers based on that. It seems to me like this a very serious purchase to be done based on a virtual tour.

However were interested in a couple of houses and we have just been notified one has an offer and the other has been sold. We have not got even the opportunity of visiting the house, so I was wondering if people it's actually purchasing based on these virtual tours? Do we have to wait until April to be able to visit houses? Meantime the times passes from the approval...

optogirl

Ladybird25 wrote: »

Hello, looking to a buy a place ourselves and we had the situation that no house can be visited at the moment, however we have been told to go for an online tour of the house and that people is doing offers based on that. It seems to me like this a very serious purchase to be done based on a virtual tour.

However were interested in a couple of houses and we have just been notified one has an offer and the other has been sold. We have not got even the opportunity of visiting the house, so I was wondering if people it's actually purchasing based on these virtual tours? Do we have to wait until April to be able to visit houses? Meantime the times passes from the approval...

Yeah in the exact same position. Have bid on a couple of houses based on virtual viewings only ....and been outbid. It's madness.

Ladybird25

optogirl wrote: »

Yeah in the exact same position. Have bid on a couple of houses based on virtual viewings only ....and been outbid. It's madness.

Without visiting the house? Can you see it afterwards?

TobyHolmes

optogirl wrote: »

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

how does that work?

odyssey06

TobyHolmes wrote: »

how does that work?

Survey issue perhaps led to a lower negotiated price.

optogirl

Ladybird25 wrote: »

Without visiting the house? Can you see it afterwards?

Yeah once the vendor has accepted your offer you can view. It's ridiculous. I go to Lidl every week - why can't I view an empty house using a mask & sanitiser?