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

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    #632
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    Greentree_uk wrote: »
    More thinking about county councils and planners, land registry etc. And then finally actually moving - movers or van rentals will they be open/working


    Just emailed a guy about doing a pre-purchase survey - doesnt seem to be a problem yet.


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    #633
    Queasy Tadpole
    Registered Users Posts: 219 ✭✭Queasy Tadpole


    Thought I'd just ask here. I'm looking to buy at the moment. Lets say my budget is €500k... this is what I have it set on daft... should I set it higher to €550k and try throw in some cheeky bids?


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    #634
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    Queasy Tadpole wrote: »
    Thought I'd just ask here. I'm looking to buy at the moment. Lets say my budget is €500k... this is what I have it set on daft... should I set it higher to €550k and try throw in some cheeky bids?


    Yes. Have just done same.


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    #635
    minty81
    Registered Users Posts: 165 ✭✭minty81


    Would like to get some thoughts on my situation folks...
    I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
    Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
    But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
    Thoughts?


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    #636
    ittakestwo
    Registered Users Posts: 1,647 ✭✭✭ittakestwo


    Queasy Tadpole wrote: »
    Thought I'd just ask here. I'm looking to buy at the moment. Lets say my budget is €500k... this is what I have it set on daft... should I set it higher to €550k and try throw in some cheeky bids?

    Definitely, nothing to lose. A bid within 10% of asking will be taken seriously in this market.


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    #637
    ittakestwo
    Registered Users Posts: 1,647 ✭✭✭ittakestwo


    minty81 wrote: »
    Would like to get some thoughts on my situation folks...
    I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
    Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
    But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
    Thoughts?

    IMO if you went sale agreed before Corona you should now be looking for about 10% of that price.

    The EA is expecting a call from you saying you're pulling out or want to renegotiate a price.

    You're also in an advantageous position of being a buyer in a secure employment. Some of your competitors might not be so fortunate and be dropping out of the market in the next few months putting you in a relatively better position.


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    #638
    LuckyLloyd
    Registered Users Posts: 36,226 ✭✭✭✭LuckyLloyd


    minty81 wrote: »
    Would like to get some thoughts on my situation folks...
    I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
    Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
    But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
    Thoughts?

    Get at least a 10% reduction off the agreed price (though ask for 15% initially) or walk away. With your income secure you’ll get a better deal in the coming months.


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    #639
    Shellzer123
    Registered Users Posts: 24 ✭Shellzer123


    Any Update on this and what Council are you with? Im the exact same. I contacted the Council last week to see if they would still take the applications in and they said they can be posted and we could have a telephone call but waiting to get that telephone call still.. Any help on this would be great.. Thanks


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    #640
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    minty81 wrote: »
    Would like to get some thoughts on my situation folks...
    I'm a FTB and went sale agreed on a property on outskirts of Dublin just prior to the coronavirus hitting us. Had viewed dozens of properties but this one ticked all the boxes for me and i felt i had done a good deal at the time.
    Now this crisis has thrown me. No contract signed yet so still have time to pull the plug. If i do and stall for a few months could I secure a much better deal on another place down the line?
    But its a property that I loved and workwise my income is secure. And i plan on it being for the longterm, not just a property to flip in a couple of years.
    Thoughts?
    It's probably worth at least asking. Even stalling the process is probably a signal to the seller.

    The liklihood of success depends on how long before the Coronavirus measures you made the bid, and if you were the only bidder.

    As long as you approach it in a reasonable manner (i.e. don't threaten, make ultimatums, or suggest extremely large discounts that would suggest you would pull out unless they give you most of what you want), I would think the question is entirely fair and nearly expected.


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    #641
    dowhatyoulove
    Registered Users Posts: 155 ✭✭dowhatyoulove


    We signed contracts and our vendors signed 3 weeks ago - just waiting for snag list to be complete this week and drawdown/complete to occur I guess. Bit nervous about it all now - we signed before any of these things occurred so we are locked in.

    It’s nerve wracking to hear so many people guess the economic fallout - ourselves included. But the matter is we would be paying significantly less to a mortgage than rent and then there is the less than secure rental conditions atm. I’d just do what’s right for you/your family


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    #642
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    dowhatyoulove wrote: »
    We signed contracts and our vendors signed 3 weeks ago - just waiting for snag list to be complete this week and drawdown/complete to occur I guess. Bit nervous about it all now - we signed before any of these things occurred so we are locked in.

    It’s nerve wracking to hear so many people guess the economic fallout - ourselves included. But the matter is we would be paying significantly less to a mortgage than rent and then there is the less than secure rental conditions atm. I’d just do what’s right for you/your family

    You've nothing to worry about, unless you were planning to sell the house you've purchased in the next couple of years.


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    #643
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    dowhatyoulove wrote: »
    We signed contracts and our vendors signed 3 weeks ago - just waiting for snag list to be complete this week and drawdown/complete to occur I guess. Bit nervous about it all now - we signed before any of these things occurred so we are locked in.

    It’s nerve wracking to hear so many people guess the economic fallout - ourselves included. But the matter is we would be paying significantly less to a mortgage than rent and then there is the less than secure rental conditions atm. I’d just do what’s right for you/your family
    If your career is stable and you're not planning to sell within five years then you have very little to worry about. Recessions do not automatically mean massive structural house price falls even though 2008 might have drilled that into us - they will float back to this ballpark eventually, even though there will be variance area to area.

    It's all very nerve wracking right now, but in three months it'll seem a lot more manageable.


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    #644
    tusk
    Registered Users Posts: 5,882 ✭✭✭tusk


    Our buyer's buyer pulled out so we're going back on the market when all this blows over. No viewings or anything for the time being, but they're being lined up for when things get somewhat back to normal


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    #645
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    tusk wrote: »
    Our buyer's buyer pulled out so we're going back on the market when all this blows over. No viewings or anything for the time being, but they're being lined up for when things get somewhat back to normal
    It will be interesting if you post your experiences here!

    It's hard to predict what your experience will be - the number of buyers will definitely be thinned out and there might be certain expectations of drops for those that are left, but the amount of properties for sale will definitely be lower too, especially in the immediate aftermath.


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    #646
    DaveyDave
    Registered Users Posts: 6,213 ✭✭✭DaveyDave


    Solicitor and sales coordinator emailed today. We received the completion notice, the help to buy has been claimed and the mortgage was drawn down today.

    I'm doing the final inspection tomorrow, once the money has reached their account in the next 3-5 working days and the solicitor is happy it sounds like we could potentially get the keys by the end of next week, wasn't expecting anything for at least 2-3 weeks.

    Exciting, but I hope we have enough time to arrange floors and furniture!


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    #647
    Donald Trump
    Registered Users Posts: 19,175 ✭✭✭✭Donald Trump


    DaveyDave wrote: »
    Solicitor and sales coordinator emailed today. We received the completion notice, the help to buy has been claimed and the mortgage was drawn down today.

    I'm doing the final inspection tomorrow, once the money has reached their account in the next 3-5 working days and the solicitor is happy it sounds like we could potentially get the keys by the end of next week, wasn't expecting anything for at least 2-3 weeks.

    Exciting, but I hope we have enough time to arrange floors and furniture!


    I'd have to imagine that they made sure to expedite everything through in order to lessen the chance of the cash not being handed over.

    Best of luck!


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    #648
    Monumental
    Registered Users Posts: 65 ✭✭Monumental


    Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !


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    #649
    ittakestwo
    Registered Users Posts: 1,647 ✭✭✭ittakestwo


    Monumental wrote: »
    Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !

    Good luck...btw was the reduction agreed before or after Corona hit?


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    #650
    Monumental
    Registered Users Posts: 65 ✭✭Monumental


    ittakestwo wrote: »
    Good luck...btw was the reduction agreed before or after Corona hit?

    After


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    #651
    teddy_irish
    Registered Users Posts: 54 ✭✭teddy_irish


    You should watch this carefully : https://www.youtube.com/watch?v=0yZ5mjbB11I
    Best Documentary of the Housing Market Crash (of 2020?) | Inside the Meltdown | Behind the Big Short


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    #652
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    teddy_irish wrote: »
    You should watch this carefully : https://www.youtube.com/watch?v=0yZ5mjbB11I
    Best Documentary of the Housing Market Crash (of 2020?) | Inside the Meltdown | Behind the Big Short

    I am particularly impressed that a video uploaded in 2017 purports to document something that hasn't happened in 2020. :rolleyes:


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    #653
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    Monumental wrote: »
    Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !

    Fair play, seems like a good move to get it over the line


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    #654
    IvoryTower
    Registered Users Posts: 3,825 ✭✭✭IvoryTower


    Monumental wrote: »
    Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !

    Fair play, seems like a good move to get it over the line


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    #655
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Monumental wrote: »
    Seller here ,deposit paid by buyer Asking price reduced by 10,000 Survey being done tomorrow Fingers crossed !

    smart decition to act quickly on the price reduction, you won't regret it


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    #656
    milhous
    Registered Users Posts: 415 ✭✭milhous


    https://www-thejournal-ie.cdn.ampproject.org/v/s/www.thejournal.ie/ireland-recession-pandemic-5058011-Mar2020/?amp_js_v=a3&amp_gsa=1&amp=1&usqp=mq331AQFKAGwASA%3D#aoh=15852154172206&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.thejournal.ie%2Fireland-recession-pandemic-5058011-Mar2020%2F

    Yeh I'd say property prices are nice and stable. Nothing to see here.
    Why someone would buy now is beyond me.! If you're worried about the banks not giving you a mortgage in a few months, it's probably with good reason. You can't afford it.. Be it the risk of your job or not having enough of a deposit...


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    #657
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    milhous wrote: »
    https://www-thejournal-ie.cdn.ampproject.org/v/s/www.thejournal.ie/ireland-recession-pandemic-5058011-Mar2020/?amp_js_v=a3&amp_gsa=1&amp=1&usqp=mq331AQFKAGwASA%3D#aoh=15852154172206&referrer=https%3A%2F%2Fwww.google.com&amp_tf=From%20%251%24s&ampshare=https%3A%2F%2Fwww.thejournal.ie%2Fireland-recession-pandemic-5058011-Mar2020%2F

    Yeh I'd say property prices are nice and stable. Nothing to see here.
    Why someone would buy now is beyond me.! If you're worried about the banks not giving you a mortgage in a few months, it's probably with good reason. You can't afford it.. Be it the risk of your job or not having enough of a deposit...
    Thanks for your advice. Maybe I should just resign myself to moving back out of the folk's home in another decade when I'm 43 so it's nice and safe for you, despite me having spent the last half a decade of my life on hold, whilst I saved almost triple the deposit the median earner would save for a house living the most frugal lifestyle I can.

    The additional hidden savings of my missus not being able to have kids at that stage of our lives will save us even more money in the long run...


    Let me help you with your understanding. Even if there's a short to medium term downturn in house prices and affordability. The prospect of negative equity for a while is far more palatable to people's current living situation. If you can afford a home in this market, the odds are you are not in the type of job that will be affected by the closure of the service industry.


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    #658
    Plumbthedepths
    Closed Accounts Posts: 12,653 ✭✭✭✭Plumbthedepths


    ERSI predicts the economy to retract by over 7 % . Recession coming soon.


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    #659
    milhous
    Registered Users Posts: 415 ✭✭milhous


    Sheeps wrote: »
    Thanks for your advice. Maybe I should just resign myself to moving back out of the folk's home in another decade when I'm 43 so it's nice and safe for you, despite me having spent the last half a decade of my life on hold, whilst I saved almost triple the deposit the median earner would save for a house living the most frugal lifestyle I can.

    Nice and safe for me..? It won't make a difference to me. I was just offering advice.. These posts are like a car crash.
    I'm just waiting to buy a second property, have been waiting for this turn down for some time. Just another 6-12months should save 100k or so where I'm looking.

    But of course, by all means, Buy right now before the market takes a tumble. It just feels like the right thing to do I suppose


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    #660
    Limpy
    Users Awaiting Email Confirmation Posts: 1,105 ✭✭✭Limpy


    I remember seen load's of old farmhouses sold. As the recovery came these junk stocks were doubling in price. A 2 bed rural home near me was purchased for 48k in 2014 and put back on the market in same condition for 160k in 2016!!

    Id imagine these type of properties will fall the most. What about holiday homes, id imagine Covid19 will be around for a long time. People would holiday more in Ireland so they might be a good investment.


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    #661
    Necronomicon
    Registered Users Posts: 11,589 ✭✭✭✭Necronomicon


    We went sale agreed before all the madness started (buyers). The sale stalled because of some contract issues, and while it's stalled the whole market situation has led to some soul searching. We have a baby on the way and living with parents, so really want our own space ASAP, but it's hard not to be spooked.

    Thankfully I'm in a stable job situation, and this is a medium-long term purchase, so while the idea of negative equity gives me the heebie jeebies, we're proceeding for now (pending resolution of the contractual stuff). But I'd be lying if I said we didn't consider pulling out and waiting to see if we could get something cheaper (or bigger) a few months down the line.


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