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

Emma2019

https://www.boards.ie/discussion/comment/117975978#Comment_117975978

The contract is not binding until they have signed and returned the contracts to you so you can pull out, or threaten to if a closing date isnt given.

But if the house they're trying to buy has issues their only options are to find a new house to purchase, or find a new buyer that's willing to wait. I would say going for option B is the more likely option.

Definitely take a look and see if theres anywhere else you're interested in.

ec18

If you've signed they could just counter sign and then it would be binding though....

Emma2019

https://www.boards.ie/discussion/comment/117978162#Comment_117978162

Generally no solicitor would facilitate this. If the purchasers solicitor calls and says deal is off, then they will not take it any further.

Hooked

We were so close to marrying up the sale of (my) our house and the purchase of the next... We found cash buyers, not in a chain - and the house we had gone sale agreed on seemed perfect... Were just about to give the buyers of mine a closing date and WALLOP - the bank have declined our title (and mortgage) on the other (second hand) property as some of the dormer windows are a fraction too far out from the roof/eaves.

They're quoting fire regs, etc...

Now we're left with the 'no so easy' decision to plough on with the sale of my gaff/our home... shift all our belongings into storage - and find somehere else to live while we begin our search again... unless by some miracle we can find a workaround for the dormer windows being a fraction too far out.

3 months in - and we were SO close... gutted!

diceyreilly

https://www.boards.ie/discussion/comment/117980421#Comment_117980421

Could you not ask the new buyers would they be willing to rent it to you for a couple of months. Might be a better option?

dubal

https://www.boards.ie/discussion/comment/117980421#Comment_117980421

I think it's time to walk away from the purchase, we made the mistake of ploughing ahead, it didn't go well. The risk is too big.

spaceHopper

https://www.boards.ie/discussion/comment/117980421#Comment_117980421

How did this come up, was it your own survey or did the bank pull it out of the air. Get a second opinion, from an engineer preferably one that know the regs. Is there something you could do to make it comply like double slab with fire board from below. Also get the bank to send a copy of the regs they are quoting, if it shy must or shall it's a requirement if it says should it's advice and no more.

tobsey

https://www.boards.ie/discussion/comment/117975978#Comment_117975978

We had that issue. We were in the middle of the chain and the house we wanted to buy had issues with the title. Basically the owners weren’t the registered owner, it was still in the previous owners name and there were judgement mortgages on it. The owners solicitor had to work with another solicitor who handled the previous sale and the eventually got the house registered in the owners name and the judgement mortgages lifted. It delayed us about 10 weeks.

The people buying our existing house put pressure on us to close so we delayed the sale slightly but moved out 7 weeks before we got the keys of the new place. We put stuff in storage and moved in with my parents. As soon as we found out about the issues we started looking at other properties but we didn’t find anything. Then finally there was progress on this place so we decided to wait. Finally got the keys last week!

it’s unfortunate that the issues are a level above you in the chain so you won’t get a lot of clear information about the details. The best thing to do is keep looking and viewing other properties. If you find one that you like you could withdraw from the current deal or say you will pull out unless unconditional contracts are signed and returned.

JimmyVik

Folks be very careful what you are looking at when buying a second hand house.

I posted this in another thread but it probably fits here too.

Just an experience I had last week.

A friend asked me to go have a look at a 4 bed house in Ashbourne with him last week that they were about to put a bid in on, in my capacity as having renovated a fair few houses and selling them on over the years. The house was previously rented for years and is a total wreck. Everything from the purloins in the roof being rotten to leaks in the bathrooms. Every floor needs replacing. The walls are in bits. Some of the doors and windows dont close properly. Kitchen need total replacement. All the ceilings need new boards and skimming. All the render on the outside of the house had been patched up badly over the years and would need to be fixed at some point.

They were going to bid €530k.

I asked him how much did he think the house was worth. He said €550k But he needed to keep €20k for renovations after he moved in.

I told him that if he got it done at cost he would be paying at least €125k or more for the minimum that needed to be done to that house. But at todays rates he wouldnt have change out of €200k.

So his €530k house is going to end up costing him €750k minimum. And a 4 bed house in Ashbourne is not worth that much.

Some fool is going to go ahead with that though. I reckon even if I was to buy that and do it up myself on my own it would take me months and €70 or 80k, if not more.

I bet a proper survey would uncover even more than i could see going around the house.

And that house pristine would not get me even €600k.

I really dont know what people are at these days.

ec18

Seeing some of the stock and asking prices up on daft lately, EA and vendors are really just seeing what how desperate people are....earlier in the year was ambitious but lately seems to have just gone completely mad.

JimmyVik

https://www.boards.ie/discussion/comment/117982125#Comment_117982125

I really dont know how banks are allowing this.

That couple I know would basically be paying €750k for a house that would be worth €600k at a big stretch, if I hadnt pointed out that to them. They couldnt even see. "Ah sure we will do it up over a few years" she said, without even thinking about the cost in money never mind time.

ec18

https://www.boards.ie/discussion/comment/117982260#Comment_117982260

Yeah we'd planned on trading up next year, so have been kinda passively looking for the last two years or so. houses that would have been in the 350-450 range are now asking 550- 600. It's a bit crazy there was one around straffan that was a wreck of a place (the photos on the ad had mould in nearly every room) but was asking 500K.

There's either a lot of people with a large amount of cash for renovations or buyers are going to be in for a lot of misery

I'm starting to think David McWillamns was right that IF you can step off the carousel for a while

Navy blue

We are in the process of buying a new house, selling our existing house. We went sale agreed on our current house coming up on four weeks ago, our buyers had a survey carried out last week which I believe showed no issues. However there is no sign of them signing contracts. Our solicitor has been trying to contact their solicitor without any success so far. Is there anything we can do to put a bit of pressure on them? Is it worth contacting the auctioneer to see if he can get things moving? They are not in a chain so no issue with them having a property to sell and I believe they had mortgage in place. The vendor of the house we are buying is apparently unwilling to sign the contracts until we are a bit further on with our sale. Is it a bit soon to be putting pressure on our buyers?

Conversations 3

Hi,

Looking at a property in the countryside.

House is sitting on 9acres.

2 fields separate from house of 2 acres and 3.5 acre's.

Both have income of around €45,000 and a lump sum of €150,000.

Is it madness to try and buy this at the moment?

Looking for circa €480,000 for property.

demr

https://www.boards.ie/discussion/comment/117982476#Comment_117982476

The bank might need the survey report before issuing a letter of offer and it can take a week before the survey report is written. After that the bank can take at least few weeks to issue a letter of offer as they re-review the application and buyer circumstances. I suspect the buyers would like to move into your house tomorrow so I would not worry at this stage!

The Davestator

https://www.boards.ie/discussion/comment/117982476#Comment_117982476

Unless their solicitor has seen the copy of the folio, nppr cert, LPT proof, roads in charge docs and god knows what else, the buyers won't be signing contracts yet.

o1s1n

Finally picking up the keys today! We actually closed yesterday but couldn't make the EA in time, so we currently own a new house that we are locked out of :D

Navy blue

https://www.boards.ie/discussion/comment/117982695#Comment_117982695

That's a fair point, I forgot that the bank would need the surveyors report before issuing letter of offer, even though we need the same ourselves when purchasing our new house! We are on holidays for two weeks at the end of next week and I had been hoping for some movement on the contracts before them, but I will just leave it til we get back and really start chasing it up then.

Snorlaxx

Starting to give up on buying for the time being.

Saw a lovely place in the south east which last year would have sold for around €180k(40YoA).

Went on the market on Monday for €220k, already up to €258k in the bidding......... bloody crazy, even the original selling price is nuts for the south east

C14N

https://www.boards.ie/discussion/comment/117982260#Comment_117982260

Banks will use sales of other houses in their assessments of valuations. What a house is "worth" is really up in the air and depends on the market. My partner and I went sale agreed on a house back in August at a price that might have seemed also a bit mad, although the place did not need any work done at least, but when the bank valuation report came through they pointed out several other properties in the same area going for similar prices in the past year, basically indicating that's what houses there cost now.

Sadly, after the vendors spending ages getting a move on and finally saying they're nearly ready to close, it's now looking like that one may fall through on us 🙁 My partner has been denied mortgage protection now from two separate providers. We hadn't anticipated this at all, we thought the mortgage protection process would be fairly simple since we are both in good health generally. She does have some underlying conditions, but nothing that would risk her ability to pay back the mortgage, so we assumed it would maybe be a bit of an extra premium at worst, but now it's been denied. We are applying for a waiver from the lender, but that feels very uncertain in terms of how it will go, and I can't really find anything out about how likely they are to do it.

Feeling pretty sick about the whole thing. Wish we had gone through with the process earlier and found out what a difficulty it would be before getting to this stage. Also just feels so frustrating because not sure what else to do if it all falls through. If mortgage protection is necessary for owning a house and nobody will grant it, then it seems like even long term this closes us off from ever being able to get a house together.

Navy blue

https://www.boards.ie/discussion/comment/117986865#Comment_117986865

I think the bank will issue an exemption from having mortgage protection if you can prove you have been denied cover from three providers. Best of luck with it all.

C14N

https://www.boards.ie/discussion/comment/117986921#Comment_117986921

Our contact at AIB did say that the proof of denial was a necessary requirement, but he didn't sound that sure it would guarantee anything, although he said we only had to send in two, which we've done. Coincidentally just got a third rejection this morning though from Zurich, so may as well send that on too. We have one still waiting for a result (from Aviva) but we expect it'll be the same.

manniot2

This is quite a specific question so apologies in advance. Im wondering, has any teacher on here recently moved location and secured a mortgage based off their current permanency? We are trying to figure out if a bank will give us approval based off my wife's current permanent job that she will be transferring to our new location (although she hasnt secured that job yet).

suds1984

Have you appealed any of the rejects? We did that and got it overturned - although with a premium.

Hooked

https://www.boards.ie/discussion/comment/117981587#Comment_117981587

Thanks spaceHopper... it's quoted specifially in some form of a survey/engineers report that came with the legal pack... I've only seen the 'page' in question. Apparently the fire regs are the issue. My solicitor has gone back to the sellers to see what (if anything) can be done to get around this. In the mean time I have the buyers of my house SCREAMING to get in, and rightly so. I've been dragging them along with us while trying to close on the other place.

We've had numerous chats this week - and although not ideal - I think it's time we sold up regardless, as it's going to be much easier to buy with cash in the bank, my house sold, and one half of the deal behind us.

If we delay any further, the (cash) buyers might walk, and I'd be back to sqaure one trying to sell again. And IF the dormer window issues get sorted some how, we need to be in a position to close on that purchase ASAP. Very hard to know what the right thing to do is... There's equal arguments for selling or staying.

Emma2019

https://www.boards.ie/discussion/comment/117986865#Comment_117986865

Get on to Lion.ie. They're very good at sorting mortgage protection for difficult cases. And if all else fails, a waiver is possible.

macnug

https://www.boards.ie/discussion/comment/117986865#Comment_117986865

Eamonn Griffin from ERM is really good as well with difficult cases. He has 25+ years experience and got me a good price despite having diabetes.

01 845 4361

C14N

https://www.boards.ie/discussion/comment/117987308#Comment_117987308

No, not yet. We will give the GP a call today and try that a try too, but feels like it will be difficult given three different insurers all c

https://www.boards.ie/discussion/comment/117987427#Comment_117987427

I'd heard about them when I started looking after the first rejection, but we've already applied for 4 of their 5 insurers, either directly or through other brokers. Would they be able to get any of them to actually reconsider if they had already turned us down before?

https://www.boards.ie/discussion/comment/117987467#Comment_117987467

Thanks, can't hurt to give him a try I suppose. Did you get turned down anywhere before he managed to help you out? In our case the problem isn't diabetes, does he still know how to help for people with other chornic conditions?

Lia_lia

https://www.boards.ie/discussion/comment/117982115#Comment_117982115

This is why we are back to looking at new builds. Fell in love with an older house that needed a bit of work done but we simply cannot afford the renovations. Realistically we were taking 150K+ for work and the house wasn't going for cheap in the first place. I really think people are underestimating how much it costs to renovate at the moment.

rob316

https://www.boards.ie/discussion/comment/117987685#Comment_117987685

Even doing the majority yourself, materials are astonishing prices. I couldn't see how it would be worth it then getting in a contractor.