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

RockIT

houseyhouse wrote: »

I'd talk to the bank. They might give you AIP subject to the probation being sorted or they might change their minds all together but I don't see any advantage in keeping them out of the loop at this stage. They WANT to give you a mortgage - it's their business - so they should be reasonably helpful. If you had no gap in employment I think that helps too. I can't remember which bank, but one of them was happy with me being on probation only because I'd no gap between the last job and the current one.

Thank you this is really helpful. Let me give them a call first thing tomorrow.

Turkish1

Emma2019 wrote: »

It's normal in that nobody would want to be tied into a sale where they dont know that their purchase is going to go ahead, unless they've somewhere else to live in between.

Same thing is happening with mine, they wont confirm a closing date in case their purchase falls through so weve told the sellers not to give us back the contracts we've signed until we're actually closing so that we can still walk away if they take too long.

Would think it's relatively normal, basically them tied into both their purchase and sale at the same time on their side. Given they have their purchase contracts it's likely only a matter of days before you get the fully executed contracts on your purchase.

Best of luck in your new home

Jasna1982

At what point are estate agents assigned to new developments?
They’re building a new estate in my area. The builders website says coming in 2021. But I’ve emailed them 3 times: no response. And when I call it says their offices are still closed due to COVID. And there is no estate agent listed yet. Is it worth calling around to EAs to see if they will be selling it?

RockIT

Jasna1982 wrote: »

At what point are estate agents assigned to new developments?
They’re building a new estate in my area. The builders website says coming in 2021. But I’ve emailed them 3 times: no response. And when I call it says their offices are still closed due to COVID. And there is no estate agent listed yet. Is it worth calling around to EAs to see if they will be selling it?

From what i've seen they come on in very very early. I'm pretty sure there is already one tagged if they development is about to be finished in a year or so. Check popular EA websites and daft to see if they have posted something.

SheepShep

RockIT wrote: »

Hello everyone,

Quick question. At what point during the sale process do we need to produce a loan offer (not AIP)?

I recently applied for a mortgage and then changed my job. I got my AIP one week into my new job. Would it be okay if i bid for houses ? I'm confident that i will clear the probation period. Will i run into trouble when getting my loan offer? Or is it possible to pay up the deposit and draw the contract after my probation? Will developers / estate agents be okay with that?

Looking forward to hearing from you.

I would be up front with bank now. I started a new job after the loan offer and we drew down two months in to a twelve month probation. Not everything is black and white, and although there is probation the underwriter considered the new job (public sector) far more secure than the job I was in.

Jasna1982

RockIT wrote: »

From what i've seen they come on in very very early. I'm pretty sure there is already one tagged if they development is about to be finished in a year or so. Check popular EA websites and daft to see if they have posted something.

Yeah have checked all of them but none have this listed yet

Lia_lia

Jasna1982 wrote: »

At what point are estate agents assigned to new developments?
They’re building a new estate in my area. The builders website says coming in 2021. But I’ve emailed them 3 times: no response. And when I call it says their offices are still closed due to COVID. And there is no estate agent listed yet. Is it worth calling around to EAs to see if they will be selling it?

I would recommend checking what estate agent the developer went with for any previous developments. They usually use the same one. Also I wouldn’t be surprised if the estate was sold to an investment fund/social housing. This is what happened with an estate I was keeping an eye on that was supposed to be launching to the public.

Seaniethomas

I am now 3 weeks out of my home after the buyer said she couldnt close on the day, I am none the wiser as to why she cant close other than a possible mortgage protection issue, I have incured massive bills after moving out of my home selling my furniture and putting everything in storage plus rent and solicitors fees, it looks like I could lose the house I am sale agreed on and may have to move back home.

She has 2 weeks to close with the 28 day notice just wondering where do I stand regards money, I am entitlted to her deposit if it dosent close or even some of it to cover costs, the stress is horrible on all the family and we have been messed around by the buyer who has constantly lied the last 3 weeks and now the buyer and the solicitor are giving the EA and solicitor the deaf ear.

Has anyone ever had a similar experiance, and will I have to pay her costs if I pull the plug now as I may have no where to live if we sell ?

Tea-a-Maria

We have just gone sale agreed on a property quicker than planned, so now scrambling to line up solicitors and surveyors. I know the bank will have a panel of valuers you have to pick from, but does that apply to surveyors as well? We have one crowd recommended who we'd like to use.

odyssey06

Tea-a-Maria wrote: »

We have just gone sale agreed on a property quicker than planned, so now scrambling to line up solicitors and surveyors. I know the bank will have a panel of valuers you have to pick from, but does that apply to surveyors as well? We have one crowd recommended who we'd like to use.

No you don't even have to get a survey done if you have the valuation, so you can use any surveyor.

brianc27

Anyone know how long it usually takes for bank to send out loan offer after valuation has been done and submitted, probably a "how long is a piece of string" question, been two weeks since my valuation was submitted and haven't heard a thing yet from the bank.

covidcustomer

Seaniethomas wrote: »

I am now 3 weeks out of my home after the buyer said she couldnt close on the day, I am none the wiser as to why she cant close other than a possible mortgage protection issue, I have incured massive bills after moving out of my home selling my furniture and putting everything in storage plus rent and solicitors fees, it looks like I could lose the house I am sale agreed on and may have to move back home.

She has 2 weeks to close with the 28 day notice just wondering where do I stand regards money, I am entitlted to her deposit if it dosent close or even some of it to cover costs, the stress is horrible on all the family and we have been messed around by the buyer who has constantly lied the last 3 weeks and now the buyer and the solicitor are giving the EA and solicitor the deaf ear.

Has anyone ever had a similar experiance, and will I have to pay her costs if I pull the plug now as I may have no where to live if we sell ?

What a very frustrating situation, has the vendor bought a property perhaps and they've been delayed on that end?

What about mortgage? Have you drawn down?

What does your contract say?

Seaniethomas

covidcustomer wrote: »

What a very frustrating situation, has the vendor bought a property perhaps and they've been delayed on that end?

What about mortgage? Have you drawn down?

What does your contract say?

The Vendor is also waiting to sign for their house they are also sale agreed on, I havent signed contracts yet as I was afraid something might happen like this, cant believe it actually did but here we are.

Think the contract for the buyer of my house might say subject to loan offer but surley she has to pay for our bills after not telling us until day of closing she was unable to close and was adamant it would the following week, that was 3 weeks ago.

Is this normal ? A simple email 2 days beforehand to tell us not to move out would of been grand now we find ourselves essentially homeless unsure of what to do next as she fails to engage with our solicitor.

Just cant believe you can sign contracts in this country without having mortgage protection in place its a disgrace. I am absoloutley wore out with the sale now as we had a buyer pull out over Xmas before they signed contracts as we wouldnt drop price.

klose

Just backed out of bidding on a house, nice but prices as always getting out of hand. One thing I noticed when dealing with the estate agent was that they only look for AIP when a bid is accepted, I think there needs to be some regulation in house sales, lot of muddied waters when it comes to bidding I feel.

brianc27

klose wrote: »

Just backed out of bidding on a house, nice but prices as always getting out of hand. One thing I noticed when dealing with the estate agent was that they only look for AIP when a bid is accepted, I think there needs to be some regulation in house sales, lot of muddied waters when it comes to bidding I feel.

I got a call from an estate agent I was bidding on a house with two months ago, the house went nearly 100 grand over asking, I pulled out at 50 grand over, he said its coming back on the market and wanted to see was I still interested (I wasn't) but if they are reverting to someone that pulled out 50 grand lower then the original sale agreed price then it shows how crazy the prices have been going lately

optogirl

brianc27 wrote: »

I got a call from an estate agent I was bidding on a house with two months ago, the house went nearly 100 grand over asking, I pulled out at 50 grand over, he said its coming back on the market and wanted to see was I still interested (I wasn't) but if they are reverting to someone that pulled out 50 grand lower then the original sale agreed price then it shows how crazy the prices have been going lately

I'm fantasising about this happening to us - there are 3 or 4 houses we felt we should have been able to afford and would have been very happy with that all went way above asking & way above our max.

soc

brianc27 wrote: »

I got a call from an estate agent I was bidding on a house with two months ago, the house went nearly 100 grand over asking, I pulled out at 50 grand over, he said its coming back on the market and wanted to see was I still interested (I wasn't) but if they are reverting to someone that pulled out 50 grand lower then the original sale agreed price then it shows how crazy the prices have been going lately

We stopped bidding on a house a few days ago when it hit €90k above asking price. I have no idea if it has gone sale agreed yet or what price it currently is at (RE wasn't very forth coming with giving info of bidding history / number of people involved in bidding, when we were actually bidding) so will be interested to see if hits the property price register and at what price.
Or will it bounce back to the market...

FrankN1

Prices are getting crazier by the day but also seems crazy to think they will be coming down any time in the next 5 years...

How high can they possibly go!? Every 3 bed will be 500k at this rate.

D_s

Seaniethomas wrote: »

Think the contract for the buyer of my house might say subject to loan offer but surley she has to pay for our bills after not telling us until day of closing she was unable to close and was adamant it would the following week, that was 3 weeks ago.

28 days to close in the Subject to Loan Offer clause is standard. When were the contracts executed? The 28 days to close is from date of execution rather than closing data as far as I understand (open to correction). Either way, it will include protection from costs for the purchaser, so I can't see you being able to get anything from them, in much the same way that she won't be able to get her solicitors fees, surveyors fees, valuers fees, brokers fees etc. from you if you decide to pull out.

As someone who went through this on the purchaser side, I just want to note that the banks and insurance companies are f***ers when it comes to mortgage protection insurance. I'm sure your purchaser wants to close yesterday, but banks and insurers are hiding behind covid and taking forever to make decisions on life policies. Your frustration is warranted, but I don't think your purchaser is acting in bad faith, they're surely trying their best to buy a home for themselves and are being scuppered by a broken system.* Sounds like they should be more communicative with you though.

*At one point, I made the realization that it probably would have been easier for me to buy a house as an investment property rather than as my home... :mad:

Ace2007

brianc27 wrote: »

I got a call from an estate agent I was bidding on a house with two months ago, the house went nearly 100 grand over asking, I pulled out at 50 grand over, he said its coming back on the market and wanted to see was I still interested (I wasn't) but if they are reverting to someone that pulled out 50 grand lower then the original sale agreed price then it shows how crazy the prices have been going lately

Not sure if was this thread or not, but i put an idea up recently that i think in order to bid, you have to face some financial penalty if you pull out and the house goes back on the market. If you stood to lose xk, you would think twice before putting down a bid.

If you think of an auction - if your the winning bid, you sign contact then, and pay deposit, and can't pull out - and if you do somehow manage to you'll most likely lose the deposit you put down.

The more times house go from sale agreed to the market, the most likely outcome is that the % fee or a fixed fee cost will be added to future sales (which someone selling won't want) as the amount of time the EA has to go out and show properties, an extra few hundred doesn't cover it.

Is some sort of registered bidding system with clearance in advance appropriate, banks could be linked to the system so the EA knows in advance if you have approval for said bid.

snow_bunny

Ace2007 wrote: »

Not sure if was this thread or not, but i put an idea up recently that i think in order to bid, you have to face some financial penalty if you pull out and the house goes back on the market. If you stood to lose xk, you would think twice before putting down a bid.

If you think of an auction - if your the winning bid, you sign contact then, and pay deposit, and can't pull out - and if you do somehow manage to you'll most likely lose the deposit you put down.

The more times house go from sale agreed to the market, the most likely outcome is that the % fee or a fixed fee cost will be added to future sales (which someone selling won't want) as the amount of time the EA has to go out and show properties, an extra few hundred doesn't cover it.

Is some sort of registered bidding system with clearance in advance appropriate, banks could be linked to the system so the EA knows in advance if you have approval for said bid.

Have a read of the property myths thread, I suggested something similar a couple of weeks ago. It would have the added benefit of preventing false bids and spoofers from inflating the prices.

Red Silurian

SheepShep wrote: »

I would be up front with bank now. I started a new job after the loan offer and we drew down two months in to a twelve month probation. Not everything is black and white, and although there is probation the underwriter considered the new job (public sector) far more secure than the job I was in.

I work in the entertainment industry, my wages were affected for one month last year but now that we're getting busy again the bank thinks my job is too 'high risk' beggars belief really

Seaniethomas

D_s wrote: »

28 days to close in the Subject to Loan Offer clause is standard. When were the contracts executed? The 28 days to close is from date of execution rather than closing data as far as I understand (open to correction). Either way, it will include protection from costs for the purchaser, so I can't see you being able to get anything from them, in much the same way that she won't be able to get her solicitors fees, surveyors fees, valuers fees, brokers fees etc. from you if you decide to pull out.

As someone who went through this on the purchaser side, I just want to note that the banks and insurance companies are f***ers when it comes to mortgage protection insurance. I'm sure your purchaser wants to close yesterday, but banks and insurers are hiding behind covid and taking forever to make decisions on life policies. Your frustration is warranted, but I don't think your purchaser is acting in bad faith, they're surely trying their best to buy a home for themselves and are being scuppered by a broken system.* Sounds like they should be more communicative with you though.

*At one point, I made the realization that it probably would have been easier for me to buy a house as an investment property rather than as my home... :mad:

Then what is the point in paying a deposit if anyone could work a way out of a purchase with the right tactics, I find it amazing someone cant send an email to say it looks like we wont close on a certain date and let someone uproot their familys lifes and not face any penalty whasoever.

A simple call to let us know what is going on would of went a long way.

Ace2007

Seaniethomas wrote: »

Then what is the point in paying a deposit if anyone could work a way out of a purchase with the right tactics, I find it amazing someone cant send an email to say it looks like we wont close on a certain date and let someone uproot their familys lifes and not face any penalty whasoever.

A simple call to let us know what is going on would of went a long way.

you can always ask for a non refundable deposit to be paid - it's not usual but if find that it falls through - it will mean only those that are serious and know they have the cash to pay

Ace2007

snow_bunny wrote: »

Have a read of the property myths thread, I suggested something similar a couple of weeks ago. It would have the added benefit of preventing false bids and spoofers from inflating the prices.

And for those who argue the EA would know your max bid then, well maybe it's time to change regulation of EA. Think of a stockbroker - many clients have to state that they have x funds before investing - and the broker is required to get the best price - be it for the buyer or the seller - they can't go and bump up prices as it's all regulated and there are audit trails etc.

cintec

I'm curious if anyone who was outbid on a house by the ridiculous bids has seen the sale complete and show up on the property price register.

liam7831

Got keys today in Cork, was outbid on a few none of them ever came back on the market.
Relief just to get it over the line second mortgage in 7 yrs one from AIB one from BOI.
AIB much easier deal with as you get assigned a mortgage advisor from local branch not a different nameless individual every time you call by BOI.

kippy

cintec wrote: »

I'm curious if anyone who was outbid on a house by the ridiculous bids has seen the sale complete and show up on the property price register.

A few examples were mentioned a few pages back on this thread I think.

Jmc25

cintec wrote: »

I'm curious if anyone who was outbid on a house by the ridiculous bids has seen the sale complete and show up on the property price register.

I would also be very interested to see some examples of this. I was several go 50k plus above asking back in February and March and they're yet to show up.

I suspect the time it takes to complete a sale and then for the sale to show up on the price register is the issue. But if/when they do, it'll be interesting to see the reaction when the CSO are reporting 15 to 20 per cent increases over a six month period.

Emma2019

I've friends buying at the moment. One house went 43k over asking and that's due to close in a few weeks and another went 10k over asking at a high price and needs about 50k of work minimum, also closing in the ext few weeks.

Both Dublin.