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

pooch90

He's not asking for donations at all. He set up a Patreon, which has podcasts and interviews on it, which is a very small amount for the content he shares. He has never touted himself as an expert in anything but surely having a voice out there is a good thing?

Mad_maxx

Mad_maxx wrote: »

Must be on market a good while so ?

Think it's only a couple of weeks, I remember thinking it would go for way more!

errlloyd

I think it's three months today since I viewed the apartment I've "been buying" ever since.

I have to say that is super frustrating when people won't do things in parallel - even though I completely understand their individual reasoning.

My solicitor wouldn't start working on the offer of sale until the bank had approved the mortgage exemption. The bank wouldn't even submit the mortgage exemption application until I had gone sale agreed. The vendor waited ages to go sale agreed in order to wait on more bids.

Stage one - bidding - took 2 weeks
Stage two - mortgage - took 7 weeks
Stage three - solicitors - took 3 weeks and counting

At all stages of this process, the individuals I have dealt with have been great, but it seems no one is in a hurry except me! My solicitor is awesome, but why does he insist on only communicating with the vendor solicitor via post!!

Pussyhands

pooch90 wrote: »

He's not asking for donations at all. He set up a Patreon, which has podcasts and interviews on it, which is a very small amount for the content he shares. He has never touted himself as an expert in anything but surely having a voice out there is a good thing?

He is a chancer.

Why would he need a podcast? He's a fluffer.

He's just looking for soft money. He's also selling fitness plans on his personal profile (which he advertises) so he's a pure cowboy.

Emma2019

errlloyd wrote: »

At all stages of this process, the individuals I have dealt with have been great, but it seems no one is in a hurry except me! My solicitor is awesome, but why does he insist on only communicating with the vendor solicitor via post!!

If your solicitor is communicating by post, particularly during covid, they are not awesome.

optogirl

Just rang the EA there to see if any updates (we made a bid on Monday). He said they are showing again on Saturday and he actually said 'to a couple of younger couples on mad money'. Great, thanks for the heads up. Heartbroken trying to buy in this craziness.

Flibble

optogirl wrote: »

Just rang the EA there to see if any updates (we made a bid on Monday). He said they are showing again on Saturday and he actually said 'to a couple of younger couples on mad money'. Great, thanks for the heads up. Heartbroken trying to buy in this craziness.

That's so depressing, I'm so sorry

CAMAC

Hey all, long time lurker etc. This place is a goldmine of info so first off, thank you. Went sale agreed in the last month, glad to be out of the bidding war frenzy, it was wild. Survey and valuation done, awaiting contracts and provisional move in date in 8 weeks time. I’ve been looking up mortgage protection and insurance and got quotes, but at this stage should I proceed with completing quote? Ie on bonkers etc. Heard it’s good to get this stuff sorted early incase of delays but also unsure if I’m doing it too early not knowing when the exact move in window will be. It’s a second hand owner occupied place, they haven’t gone sale agreed themselves yet but was also informed that wasn’t necessary for them to move so I dunno. Any tips?

Edit: I have also already received loan offer pack

odyssey06

CAMAC wrote: »

Hey all, long time lurker etc. This place is a goldmine of info so first off, thank you. Went sale agreed in the last month, glad to be out of the bidding war frenzy, it was wild. Survey and valuation done, awaiting contracts and provisional move in date in 8 weeks time. I’ve been looking up mortgage protection and insurance and got quotes, but at this stage should I proceed with completing quote? Ie on bonkers etc. Heard it’s good to get this stuff sorted early incase of delays but also unsure if I’m doing it too early not knowing when the exact move in window will be. It’s a second hand owner occupied place, they haven’t gone sale agreed themselves yet but was also informed that wasn’t necessary for them to move so I dunno. Any tips?

You should complete the mortgage protection quote to get through underwriting if you have only gotten an online quote.
You don't have to confirm the policy start date until you are getting to mortgage drawdown \ have a firm move in date.

CAMAC

odyssey06 wrote: »

You should complete the mortgage protection quote to get through underwriting if you have only gotten an online quote.
You don't have to confirm the policy start date until you are getting to mortgage drawdown \ have a firm move in date.

Brilliant thank you, that makes sense

odyssey06

CAMAC wrote: »

Brilliant thank you, that makes sense

As for house insurance, unlike mortgage protection, often the bank \ building society has a discount deal with an insurer so if you go with them they will take care of the start date for you.
The house insurance only runs for a year in any case so you'll be shopping around in a year again regardless. Whereas mortgage protection you're probably going to stick with for the duration.

With mortgage protection, if you are buying a starter property and are a young age, you might want to consider life cover until you are 65 or 68 rather than mortgage protection which reduces over time & for a sum higher than you currently need. It'd mean if you upgrade later in life you might avoid needing new life cover \ new underwriting. Just something to consider, probably warrants its own thread.

CAMAC

odyssey06 wrote: »

As for house insurance, unlike mortgage protection, often the bank \ building society has a discount deal with an insurer so if you go with them they will take care of the start date for you.
The house insurance only runs for a year in any case so you'll be shopping around in a year again regardless. Whereas mortgage protection you're probably going to stick with for the duration.

With mortgage protection, if you are buying a starter property and are a young age, you might want to consider life cover until you are 65 or 68 rather than mortgage protection which reduces over time & for a sum higher than you currently need. It'd mean if you upgrade later in life you might avoid needing new life cover \ new underwriting. Just something to consider, probably warrants its own thread.

Thanks that’s good to know, I have a separate life cover through work so luckily just have to focus on a policy that pays off the mortgage itself as am otherwise covered.

Sweet.Science

optogirl wrote: »

Just rang the EA there to see if any updates (we made a bid on Monday). He said they are showing again on Saturday and he actually said 'to a couple of younger couples on mad money'. Great, thanks for the heads up. Heartbroken trying to buy in this craziness.

You never know . Fingers crossed

Busi_Girl08

Has anyone else had an experience that the banks are a pain in the hoop to deal with getting stuff for the loan offer etc? Have to wait 3-5 working days for KBC to post me a statement, or I have to trek into my nearest branch to get it printed, and my fella is having a mare getting up to date credit card statements from BOI. Broker is trying to get everything packaged together to send on to the bank for the final letter of offer.

Definitely glad we went with a broker, I think I would have had 5 nervous breakdowns by now otherwise

Reins

pooch90 wrote: »

Crazy house prices just shared this one, bought in 07 for €245k!

Bought in '17 not '07

pooch90

I'm just getting my AIP extended and rang KBC 7 days ago to get statements. Still no sign. He said on the Wed last week, it would be Friday or Monday. Sounded like he was lying on the couch watching Netflix at the time.
Luckily they extended my AIP without the statements and I got an extra €5,800 onto the approval amount

FrankN1

How far can prices go? I know this sounds like a stupid question but it seems like they have jumped about 40k in the past 6 months. I can't see any reductions in the next 3 years but surely they can't continue going so high or they have to become completely unaffordable ( like they already are ).

Pussyhands

FrankN1 wrote: »

How far can prices go? I know this sounds like a stupid question but it seems like they have jumped about 40k in the past 6 months. I can't see any reductions in the next 3 years but surely they can't continue going so high or they have to become completely unaffordable ( like they already are ).

We are in a mania at present. Prices were outrageously high 3 years ago.

I have AIP but I'm not panic buying. Do not give in to FOMO. Don't keep listening how there's no houses. Don't make a stupid decision that will haunt you for the next 25 years.

Everyone is buy buy buy when prices are going up and interest rates are low.

There's a finite amount of money out there for deposits. Wages haven't increased much/at all in the last year. I'm calm. I'd like to buy for my own comfort but I'm not panic buying.

stampydmonkey

Pussyhands wrote: »

We are in a mania at present. Prices were outrageously high 3 years ago.

I have AIP but I'm not panic buying. Do not give in to FOMO. Don't keep listening how there's no houses. Don't make a stupid decision that will haunt you for the next 25 years.

Everyone is buy buy buy when prices are going up and interest rates are low.

To be fair, everyone is in a different position in life. Some have plenty of time, others don't and the mortgage window is closing, or are stuck in tiny apartments with 2 kids (i.e. me) and pulling my last few strands of hair out. I see all the new housing developments through work and 4-5 years ago said to friends there is loads of large developments coming on line so prices have to come down. Fast forward to now, prices only going up and hardly anyone can get into these developments...how long exactly does one wait?

Emma2019

Busi_Girl08 wrote: »

Has anyone else had an experience that the banks are a pain in the hoop to deal with getting stuff for the loan offer etc? Have to wait 3-5 working days for KBC to post me a statement, or I have to trek into my nearest branch to get it printed, and my fella is having a mare getting up to date credit card statements from BOI. Broker is trying to get everything packaged together to send on to the bank for the final letter of offer.

Definitely glad we went with a broker, I think I would have had 5 nervous breakdowns by now otherwise

I've just requested statements online and whatever ones weren't available I've given screenshots from my online banking to cover.

kippy

Pussyhands wrote: »

We are in a mania at present. Prices were outrageously high 3 years ago.

I have AIP but I'm not panic buying. Do not give in to FOMO. Don't keep listening how there's no houses. Don't make a stupid decision that will haunt you for the next 25 years.

Everyone is buy buy buy when prices are going up and interest rates are low.

There's a finite amount of money out there for deposits. Wages haven't increased much/at all in the last year. I'm calm. I'd like to buy for my own comfort but I'm not panic buying.

Once the poster has a relatively stable income and well covered by insurance, assuming they can buy now, the mortgage will be well paid off in 25 years. That or hang around for a few more undefined amount of years.....waiting....
It's a risk either way but if you are not buying to make a profit there's only one real answer.

Pussyhands

stampydmonkey wrote: »

To be fair, everyone is in a different position in life. Some have plenty of time, others don't and the mortgage window is closing, or are stuck in tiny apartments with 2 kids (i.e. me) and pulling my last few strands of hair out. I see all the new housing developments through work and 4-5 years ago said to friends there is loads of large developments coming on line so prices have to come down. Fast forward to now, prices only going up and hardly anyone can get into these developments...how long exactly does one wait?

That's true. I think the vast majority of people buying could wait if they wanted to though. But human psychology doesn't change much...a lot of keeping up with the Jones's going on.

I was in traffic outside a new housing estate built 3 years ago. All Audis, BMWs, SUVs. No 2010 or 09's there I tell ya. I'm running my own race.

Pussyhands

kippy wrote: »

Once the poster has a relatively stable income and well covered by insurance, assuming they can buy now, the mortgage will be well paid off in 25 years. That or hang around for a few more undefined amount of years.....waiting....
It's a risk either way but if you are not buying to make a profit there's only one real answer.

Easy to say that now. 3 years time interest rates go up and prices drop, suddenly you're paying more interest as well as suffering 10-20k price drop.

If people have no issues with potentially losing 20k they could have bought a new car with, it's no issue.

kippy

Pussyhands wrote: »

Easy to say that now. 3 years time interest rates go up and prices drop, suddenly you're paying more interest as well as suffering 10-20k price drop.

If people have no issues with potentially losing 20k they could have bought a new car with, it's no issue.

And three years ago, you have the same attitude - they are too highly priced now, I am gonna wait till they come down. Where are you at now?
Paying rent or living at home for three more years (now likely looking at 6 years) and potentially priced out of what you could well afford to buy 3 years ago.

Are you looking for a place to live or a pension?

I firmly believe once you can afford the repayments on the loan, you are in stable job and the property ticks the boxes for your medium-long term, it's a good time to buy.

It's not really a keeping up with the Jones in the majority of cases. It's the desire for stability.

Stark

You'll spend a lot more than 20k renting a house over 3 years.

brianc27

Silly question but regarding the deposit I pay to the estate agent once I went sale agreed, how is this factored into the over all cost of the house? Am I right presuming this is just subtracted from the final price and the estate agent keeps that deposit.

Like if I have 50 grand saved to put towards the house and took 6 grand of that to pay the booking deposit to the estate agent then I only need to hand over 44 grand (plus mortgage loan from bank)

TheSheriff

I was much more active posting on this forum last year; we were about to buy and I was convinced prices would drop, we'd get a bargain etc. etc.

We ended up buying anyway, against my gut feeling, and indeed many people on here told me I was mad; in a mere 12 months if I had waited we would have gotten that bargain (supposedly).

I think people need to be realistic about what's going on in the property market; it is no longer controlled by mere Irish demand side buyers/ its dictated by large corporate investment funds who have a very long term outlook. They only see an upside in all of this. Purchasing large estates in Maynooth is a sure sign of their outlook.

Delighted we bought, the past year in our own house has been amazing.

If you can afford the property/repayments I'd just get on with your life. At the moment you are paying someone else's mortgage.

tobsey

brianc27 wrote: »

Silly question but regarding the deposit I pay to the estate agent once I went sale agreed, how is this factored into the over all cost of the house? Am I right presuming this is just subtracted from the final price and the estate agent keeps that deposit.

Like if I have 50 grand saved to put towards the house and took 6 grand of that to pay the booking deposit to the estate agent then I only need to hand over 44 grand (plus mortgage loan from bank)

Correct. Your solicitor takes that off the purchase price and sends the balance to the seller’s solicitor.

brianc27

tobsey wrote: »

Correct. Your solicitor takes that off the purchase price and sends the balance to the seller’s solicitor.

Nice one thanks, thought as much, but I haven't a clue what I'm doing in all this really, had an argument on the phone with the broker the other day because they kept referring to another estate agent and not the one I was dealing with for this purchase, I couldn't get my head around why they kept mentioning this random estate agency, turned out the estate agent they were referring to were the ones the bank got to do the valuation and they were looking for payment of me, took a few mins of back and forth before it dawned on me haha

smackbunnybaby

bubblypop wrote: »

The asking price has increased on that, it was listed at 495k originally

That estate agent did that for a different house in Inchicore last month.
Started at 395k. Within a week it was at 450k.

All interested parties bidding got an email saying

"We will now be changing the guide price online to €450,000 to reflect the bidding."