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

C14N

ELM327 wrote: »

QQ: Did anyone else receive a series of spam PMs regarding their posting on this thread? I've reported the PMs

What kind of PMs?

ELM327

Sue de Nimes wrote: »

Were you talking about auctions or regular house sales?

I was talking about regular house sale when I posed the question about non refundable deposits

C14N wrote: »

What kind of PMs?

Someone with 0 posts claiming to be from RTE

C14N

ELM327 wrote: »

I was talking about regular house sale when I posed the question about non refundable deposits



Someone with 0 posts claiming to be from RTE

Yes, I did get that too. I suspected it was a troll, but emailed RTE directly to see if it was real. No response, and the account is now deleted, so you are probably correct that it was spam. Not sure what the hustle was with it though.

Alwandy

Hey,
I think I saw it somewhere here just can't find it, I'm currently revising the contract on house purchase and I know there's a clause recommended to be added so you're not liable if sale falls through etc, would anyone know the clause name?

kippy

Alwandy wrote: »

Hey,
I think I saw it somewhere here just can't find it, I'm currently revising the contract on house purchase and I know there's a clause recommended to be added so you're not liable if sale falls through etc, would anyone know the clause name?

You shouldnt really need to know this - your solicitor would normally add it in....

cubatahavana

Alwandy wrote: »

Hey,
I think I saw it somewhere here just can't find it, I'm currently revising the contract on house purchase and I know there's a clause recommended to be added so you're not liable if sale falls through etc, would anyone know the clause name?

yes make sure its included. If your bank for whatever reason doesn't give you the mortgage, you'd get your deposit back.

Alwandy

kippy wrote: »

You shouldnt really need to know this - your solicitor would normally add it in....

Contract has been in their hands since 21st June, the letter of offer last week and today I asked for a copy of what they've done, nothing so far added in it. They're busy I assume but just out of curiosity so I don't forget about it haha

Alwandy

cubatahavana wrote: »

yes make sure its included. If your bank for whatever reason doesn't give you the mortgage, you'd get your deposit back.

I did get my Letter of Offer last week, problem is that the bank might not draw down for whatever reason they find as it's a new build and I can't even get a valuator in yet. And the letter of offer will most likely expire by the time its done and just in case the bank decides to do a turn around for whatever reason I want this clause in. Just can't find the name of the clause Hoping anyone would know the article number etc

ELM327

Contact your solicitor

cubatahavana

Alwandy wrote: »

I did get my Letter of Offer last week, problem is that the bank might not draw down for whatever reason they find as it's a new build and I can't even get a valuator in yet. And the letter of offer will most likely expire by the time its done and just in case the bank decides to do a turn around for whatever reason I want this clause in. Just can't find the name of the clause Hoping anyone would know the article number etc

It's called "subject to finance clause"

cubatahavana

Alwandy wrote: »

I did get my Letter of Offer last week, problem is that the bank might not draw down for whatever reason they find as it's a new build and I can't even get a valuator in yet. And the letter of offer will most likely expire by the time its done and just in case the bank decides to do a turn around for whatever reason I want this clause in. Just can't find the name of the clause Hoping anyone would know the article number etc

To be honest, new builds are way less complicated. Unless there is a change of circumstances in your job/earnings, I doubt that you'd have any issues. The valuation can be done in 1 hour or less. The letter of offer that we got had a 2 month expiry date, but yours may be different.

Sebastian Dangerfield

cubatahavana wrote: »

To be honest, new builds are way less complicated. Unless there is a change of circumstances in your job/earnings, I doubt that you'd have any issues. The valuation can be done in 1 hour or less. The letter of offer that we got had a 2 month expiry date, but yours may be different.

I had a valuation agent in my house 2 weeks ago. He was in the property for 4 mins 3 seconds exactly

kippy

Sebastian Dangerfield wrote: »

I had a valuation agent in my house 2 weeks ago. He was in the property for 4 mins 3 seconds exactly

Main aim of the valuation is to establish that the property actually exists - from all of what I've seen of them and the valuation report itself.

mushcles

I viewed a show house in a new build over the weekend and I am now planning to put a booking deposit down on a unit this week. The thing is, the house itself won't be built until spring 2022 at the earliest. The estate agent mentioned that they would send over contracts in a couple of weeks and would need those contracts signed within 6 weeks.

Does anyone have experience with a scenario like this? Is it normal? I'm wondering how it works with letters of offer only being valid for 6 months. We are coming to the end of our 6 months AIP.

Thanks.

Sebastian Dangerfield

kippy wrote: »

Main aim of the valuation is to establish that the property actually exists - from all of what I've seen of them and the valuation report itself.

On a related subject, is there a consensus on what is the aim of the building survey? I had assumed it was to identify structural defects, which ours from 6-7 years ago succinctly does in 2 pages.

However I saw another behemoth recently which ran into 50 pages. It seems to detail everything down to the most miniscule element. My initial reading was it was deliberately written to provide a negative view of the house (which would subsequent discussions would seem to ratify), especially since most of it is speculative in nature without much facts. However I wonder if standards on this front have just increased over time.

kippy

Sebastian Dangerfield wrote: »

On a related subject, is there a consensus on what is the aim of the building survey? I had assumed it was to identify structural defects, which ours from 6-7 years ago succinctly does in 2 pages.

However I saw another behemoth recently which ran into 50 pages. It seems to detail everything down to the most miniscule element. My initial reading was it was deliberately written to provide a negative view of the house (which would subsequent discussions would seem to ratify), especially since most of it is speculative in nature without much facts. However I wonder if standards on this front have just increased over time.

I think a lot depends on the surveyor and the quality of the house (tbf).
The surveyor also deal a bit with the solicitor (that you mightn't see) when it comes to the size, location and boundary of the plot itself.

I don't believe they are done to run down the quality of the house and try potentially get it for cheaper - there are always (generally) going to be relatively minor defects in a second hand property, but if those defects are significant enough the lender and indeed insurer may have issues.

Hello Moto GP

Is it six months or 12 months bank statement that the banks need to approve a mortgage.

My account is really only been clean really the last three months(Paid off credit card, paid off loans, good few paddy power transactions). I have regular savings through a direct debit though and saved the deposit myself.

I have kept it squeaky clean the last three months and only need 3.0 times my salary and perfect credit score with no current loans.

Thanks.

Alwandy

Thanks guys!

C14N

Hello Moto GP wrote: »

Is it six months or 12 months bank statement that the banks need to approve a mortgage.

My account is really only been clean really the last three months(Paid off credit card, paid off loans, good few paddy power transactions). I have regular savings through a direct debit though and saved the deposit myself.

I have kept it squeaky clean the last three months and only need 3.0 times my salary and perfect credit score with no current loans.

Thanks.

My partner and I did the process both with KBC and AIB and it was 6 months of statements each time. I think having debts paid off already is the main thing. The fact that you used to have them months ago probably isn't that important.

Hello Moto GP

C14N wrote: »

My partner and I did the process both with KBC and AIB and it was 6 months of statements each time. I think having debts paid off already is the main thing. The fact that you used to have them months ago probably isn't that important.

Thanks, think ill just hold off for another three months and go then for it.

cubatahavana

Sebastian Dangerfield wrote: »

I had a valuation agent in my house 2 weeks ago. He was in the property for 4 mins 3 seconds exactly

Less than an hour then

ec18

Hello Moto GP wrote: »

Is it six months or 12 months bank statement that the banks need to approve a mortgage.

My account is really only been clean really the last three months(Paid off credit card, paid off loans, good few paddy power transactions). I have regular savings through a direct debit though and saved the deposit myself.

I have kept it squeaky clean the last three months and only need 3.0 times my salary and perfect credit score with no current loans.

Thanks.

Usually 6

Shelga

I went sale agreed on a place 7 weeks ago today and still no sign of a contract. The vendor is in a chain and looking to buy elsewhere, so I am getting very nervous that she will pull out when she realises how horrific supply is at the moment.

I guess you have to assume people are good for their word, but it's very nerve-wracking.

C14N

Been going back and forth now all day both today and Friday on one we really like. Getting very frustrated. We generally bid in amounts of 5k over, and we know our limit, so we'll just withdraw if it gets to that level. As a result, we generally make our responses fairly quick (within 30m generally) because we had wanted to try and either close the deal quickly, or have it gone fast so we could focus on other properties instead.

Other party is seeming to take much longer though, usually 2-3 hours to get a response, and each time it's a small increment, generally €2k, or occasionally €3k. As a result, it's been dragged out across two days now and likley will be again tomorrow.

Not sure really why they're doing this. We had bid up to 20k over asking at the start, and they counter-offered at 22k over. Their last offer was 68k over asking. I just don't really understand the logic of keeping the counter-offers so low if you have that much money to throw around.

givyjoe

C14N wrote: »

Been going back and forth now all day both today and Friday on one we really like. Getting very frustrated. We generally bid in amounts of 5k over, and we know our limit, so we'll just withdraw if it gets to that level. As a result, we generally make our responses fairly quick (within 30m generally) because we had wanted to try and either close the deal quickly, or have it gone fast so we could focus on other properties instead.

Other party is seeming to take much longer though, usually 2-3 hours to get a response, and each time it's a small increment, generally €2k, or occasionally €3k. As a result, it's been dragged out across two days now and likley will be again tomorrow.

Not sure really why they're doing this. We had bid up to 20k over asking at the start, and they counter-offered at 22k over. Their last offer was 68k over asking. I just don't really understand the logic of keeping the counter-offers so low if you have that much money to throw around.

Ah come on, its fairly easy to understand. Nobody wants to spend money they dont have to. We personally have sizeable funds to purchase, but Im acutely aware of how hard we worked to earn/build it up. I've zero intentions of paying any more than I have to, to get it over the line. You know what your limit is, they dont. You might want to get it to the finish line asap, they may not be in a rush and more focused on not paying any more than they have to. Most folks aren't staring at emails waiting for an offer to come in, work, kids etc in the way. None of the above is meant to be as smart arse as it might read, just genuinely explaining their potential rationale.

Going in two footed with huge offers over the asking rarely works either I've found, if folks have the funds.. it doesn't put them off and with such short supply around, there usually is someone else with the means and motivation to outbid a large starting offer. You're potentially just making it more expensive for everyone, then again, it may have reached that price anyway. Impossible to know.

Ace2007

C14N wrote: »

Been going back and forth now all day both today and Friday on one we really like. Getting very frustrated. We generally bid in amounts of 5k over, and we know our limit, so we'll just withdraw if it gets to that level. As a result, we generally make our responses fairly quick (within 30m generally) because we had wanted to try and either close the deal quickly, or have it gone fast so we could focus on other properties instead.

Other party is seeming to take much longer though, usually 2-3 hours to get a response, and each time it's a small increment, generally €2k, or occasionally €3k. As a result, it's been dragged out across two days now and likley will be again tomorrow.

Not sure really why they're doing this. We had bid up to 20k over asking at the start, and they counter-offered at 22k over. Their last offer was 68k over asking. I just don't really understand the logic of keeping the counter-offers so low if you have that much money to throw around.

Are you not really be hypocritical with this post, you seem to berate another bidder going up by 2k, yet your only going up by 5k, why didn't you just go all in on your first bid and go up to your maximum and find out your answer right away?

The obvious answer is that you wanted to get it as cheap as possible, which is exactly what the other bidder is doing.

brianc27

C14N wrote: »

Been going back and forth now all day both today and Friday on one we really like. Getting very frustrated. We generally bid in amounts of 5k over, and we know our limit, so we'll just withdraw if it gets to that level. As a result, we generally make our responses fairly quick (within 30m generally) because we had wanted to try and either close the deal quickly, or have it gone fast so we could focus on other properties instead.

Other party is seeming to take much longer though, usually 2-3 hours to get a response, and each time it's a small increment, generally €2k, or occasionally €3k. As a result, it's been dragged out across two days now and likley will be again tomorrow.

Not sure really why they're doing this. We had bid up to 20k over asking at the start, and they counter-offered at 22k over. Their last offer was 68k over asking. I just don't really understand the logic of keeping the counter-offers so low if you have that much money to throw around.

I had about 70 grand to play around with when bidding on my place, I never bid more then 1 grand per bid, I think its madness to bid any more, you'll end up spending more then you need to.

C14N

givyjoe wrote: »

Ah come on, its fairly easy to understand. Nobody wants to spend money they dont have to. We personally have sizeable funds to purchase, but Im acutely aware of how hard we worked to earn/build it up. I've zero intentions of paying any more than I have to, to get it over the line. You know what your limit is, they dont. You might want to get it to the finish line asap, they may not be in a rush and more focused on not paying any more than they have to. Most folks aren't staring at emails waiting for an offer to come in, work, kids etc in the way. None of the above is meant to be as smart arse as it might read, just genuinely explaining their potential rationale.

Going in two footed with huge offers over the asking rarely works either I've found, if folks have the funds.. it doesn't put them off and with such short supply around, there usually is someone else with the means and motivation to outbid a large starting offer. You're potentially just making it more expensive for everyone, then again, it may have reached that price anyway. Impossible to know.

Yeah I suppose you are right, but it's been having us antsy now for days too, and we wish this would just end. I've been trying to focus on work too myself, but it's just very hard to keep my mind on it.

When I say 20k over asking, I didn't mean we just rushed right in with that. We went in at asking price, but were told it was already €15k over at the time, so we bid up to €20k. We really don't want to spend more than we have to either, and that it's getting close to our limit instead of being able to wrap it up for a good bit less is bringing me down a bit too.

We got a bit too optimistic on Friday assuming that doing a €2k increment meant the other party must be close to reaching their own limit, as we haven't seen any bids this small on other properties we've gone for, and that we'd end up having it at a price far lower than our max.

C14N

Ace2007 wrote: »

Are you not really be hypocritical with this post, you seem to berate another bidder going up by 2k, yet your only going up by 5k, why didn't you just go all in on your first bid and go up to your maximum and find out your answer right away?

The obvious answer is that you wanted to get it as cheap as possible, which is exactly what the other bidder is doing.

I've gotten outbid on about 4 different properties by now and almost all bids and counter-bids have just been at 5k, with the exception of sometimes counter bids that were larger. Its a value that is an ok compromise between settling it quickly and not paying massively more than needed.

You could just as easily argue the other extreme. Why not just go €100 up each time, or even less still? The reason is that you'd be at it for weeks.

Mad_maxx

Shelga wrote: »

I went sale agreed on a place 7 weeks ago today and still no sign of a contract. The vendor is in a chain and looking to buy elsewhere, so I am getting very nervous that she will pull out when she realises how horrific supply is at the moment.

I guess you have to assume people are good for their word, but it's very nerve-wracking.

I was buying a house prior to xmas ( BTL ) and went sale agreed end of November , vendor could not find a place - the market got ahead of them , they decided not to sell in the end

thats not an especially long time for contracts to still be unsigned though