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

TheMilkyPirate

https://www.boards.ie/discussion/comment/118419450#Comment_118419450

Far from Dublin thankfully!

holliehobbie

https://www.boards.ie/discussion/comment/118419463#Comment_118419463

That’s good. Maybe go with your lower offer and see what happens? You can always go up a bit!

FromADistance

https://www.boards.ie/discussion/comment/118419439#Comment_118419439

I would say this might be a strategy worth considering if the property was on the market for over 6 months but given what you've described & with prices increasing across the board, I doubt it would fly. If you really want to persue, have a second person lined up to make 'enquires' and possibly view on your behalf. Don't rush in with a bid. The place could be a crock of shite anyhow so don't let the heart rule the head whatever you do.

random_banter

https://www.boards.ie/discussion/comment/118419439#Comment_118419439

I would go in with the offer you feel is appropriate, and if it's not accepted or you are outbid, go up to where you're able/happy with. If it goes to what feels like 'stupid' money to you, that's probably a sign that it's time to walk away. We were in that position ourselves last year with a house we really loved, and while we kept bidding up, eventually we knew it had gotten 'stupid' and the gut feeling was that it was no longer exciting, it was terrifying.

We walked away. And now we are agreed on a house that's actually a much better fit for us so it ended well.

iColdFusion

https://www.boards.ie/discussion/comment/118419439#Comment_118419439

Go in with the lower offer but make it clear to the estate agent that you have done all your research regarding how much all the remedial works will cost, inflation in material and labour costs etc and you are very interested in the property as your home not just throwing low ball bids at various houses because you have some spare cash.

Chances are the next bidder will bid asking price anyway so you can decide from there, I really think some people have no idea how much it will cost them to fix up a house to a good modern standard these days and are getting themselves into trouble during bidding as they can't even imagine you could spend 100k fixing up a house.

TheMilkyPirate

Thanks for the replies and advice we really appreciate it! We'll go in with the lower offer and see how it goes.

miamee

https://www.boards.ie/discussion/comment/118422064#Comment_118422064

Nothing to lose! We viewed a house we really liked (also well outside Dublin) in November and knew it had been on the market since at least August. Lovely house, no obvious reason that it hadn't sold except that the asking price for the area was a bit high (IMO). Asked at the viewing if there had been many offers yet and was surprised to find that they'd only had one which was €29k below the asking price and had been turned down. We submitted a bid for €19k below asking and it was accepted almost straight away. We thought there would be a bit of back and forth about the price. It was a little bit more than we'd intended to spend but in much better condition than most other houses we'd seen in that price range, very well looked after with only cosmetic changes to be made. So worth submitting the offer, you can always come back with a higher one if it's turned down.

Woohoo!! Finally received our letter of offer from AIB, after waiting 2 long months.

Just need to get the valuation done and a few other things and hopefully it'll be plain sailing.

Baby due in 5 weeks but don't want the pressure of moving that soon. Be great to tie it in with husband's parents leave and being off then.

D n G

Survey done, valuation done, bank done, our house sale agreed, sale agreed on our new house, contracts just about to be signed. Solicitor just rang and said that our vendors solicitor emailed her, this evening, requesting all their paperwork back and she thinks they are pulling out. We rang the estate agent we were dealing with who appeared to have no knowledge of this and was going to ring his clients to find out what was going on. Our solicitor was ringing the vendors solicitor and had to leave a message. From all speed ahead to a sudden stop! We're both stressed to high doh.

bleaks

https://www.boards.ie/discussion/comment/118434404#Comment_118434404

Congrats! Anyone know if AIB are offering exemptions at the moment?

https://www.boards.ie/discussion/comment/118434894#Comment_118434894

Oh no, how stressful. Hopefully it isn't the case. To get this far and for them to pull out, very unfair!

Pussyhands

So are things still crazy in the market? I decided to let me mortgage approval run out after just 2 months without having physically viewed anywhere as things were so crazy.

Still a couple of ok properties advertised at ok prices but everything was going 10%+ over advertised last year.

Emma2019

Depends where you're looking. My hot take is that asking prices have increased so while things may not go 10% over, you're still paying 10% more.

This went for 337k recently.

https://davidross.ie/property/171-brandon-road-drimnagh-dublin-12/

diceyreilly

https://www.boards.ie/discussion/comment/118435067#Comment_118435067

From what i heard the earlier in the year the more chance you have of getting one so ask on Monday.

random_banter

https://www.boards.ie/discussion/comment/118434894#Comment_118434894

Oh no, that would be an absolute let down. I was really on edge before contracts were signed by both parties, it seems that it’s quite common at the moment (our vendor kept threatening to put the property back on the market because they know they could get more of it as each month went by, even though they were the ones causing the problems and we were just asking simple questions). It’s a really horrible market out there.

Fingers crossed it’s a misunderstanding.

random_banter

It looks like we will draw down at the end of this coming week. I can barely believe it. This market has been so hostile. Don’t think I’ll believe it was possible until the keys are in our hands!

All required documents have gone to the underwriters, mortgage protection, deed of assignment of life, house insurance proof, etc.

Our latest approval/letter of offer was in October. I half expected the bank to ask for another proof that salary hasn’t changed etc. But how late in the day can they ask for that? The mortgage advisor says that’s all that’s needed for now (it’s BOI). Just want to make sure I’m not rushing to request last minute proofs.

We’re doing a pre drawdown inspection 48 hours before the date. The house isn’t habitable right now so I’m not sure there’s anything else I need to arrange (other than bracing myself for the stress of a renovation on a minuscule budget 😂).

random_banter

Donie75

I’m currently selling my PRR and I also have my old apartment on the market (accidental landlord). The apartment has been on the market since September with no offers but there are apparently still 2 people interested. I’m going to drop the price by €10-15k to see if I can get it moving. I put my PPR on the market in November. There was a flurry of viewings and an asking price offer. The offer fell through and viewings have gone very quiet since mid December. I’m hoping things will take off again soon.

shesty

We moved on December 8th.Sold and bought on the same day.I feel like I lost 10 years of my life due to stress over PTSB in the week beforehand, they were appalling to deal with.We missed our agreed drawdown date and pushed into the next week.Our solicitor had us warned, had everything lined up well on time, and they were still a nightmare.Found ourselves in a position where our buyer's money landed for our house before our money landed for our new house.It was complete "Computer says no" stuff, just requesting a new document and then saying "we need 5 working days to approve it" and refusing to engage with us until those 5 days were up.Completely frustrating and we will be leaving them as soon as our initial fixed rate term comes to an end.

Ilongga

Our mortgage is with PTSB and we bought and sold on the same day last 3 Dec. Our solicitor advised us that drawdown date is just a guide and nothing is set in stone until everything is cleared with the Bank. The Bank is not involved in scheduling the closing date. They have their own SLA which is five days from when you have all the pre funding prerequisites submitted. Sometimes 2 days if you have a very good broker who has good network inside the Bank. So the onus is on the customers to consider the Bank SLA. There is no guarantee until the Bank confirms all documents are in place and you are queued for funding… So while we planned to close both purchase and sale in 3 Dec, the money has already been released by PTSB on 1 Dec and was with our solicitors account waiting to be transferred to vendors solicitors as soon as all final legal steps are complete. In my insistence, I asked for a trustee agreement such that we transfer the money to vendor’s sol on 2 Dec so that the money is there on trust and can be released until final legal searches are completed in the morning of 3 Dec… so even if the Bank has issued the funds already, the solicitor needs to ensure that it can get to the vendors solicitor on closing day. So proactiveness on the part of solicitor is also key.

horse7

What was the cost of your pre House purchase survey? I,ve been quoted 550€ detached 150sq meter house 2000 build?

trice88

Hi again. We have a scenario regarding selling our existing home and buying a new one at the same time.

We want to sell our existing home. Worth approx. 240k with 70k left on the mortgage. Have 100k cash deposit in bank. Approved for a 2nd time buyer mortgage of 250k.

We are looking at a house at the moment. Current bid is 325k.

We can cover the 20% deposit on the new home with our savings in any case.

Can we use the sale money from our house (estimated 240k-70k plus selling costs) towards the 20% and the purchase price of our new home?

It might be an obvious answer but just some clarity would be great.

shesty

Yes that's what we did.Equity in our house, plus a cash deposit, plus a mortgage made up our purchase.But the sale of your house must be completed before the purchase of the new, so that is why you would do a same day sale/buy- it releases the equity in your house so it is then put towards the purchase of the new one.

It just means you are under a bit of pressure to get out on the closing day, amd then you will have to wait a bit for the solicitor of the house you are buying to confirm the money has reached their account, before you can pick up a key.

trice88

We wouldn't be able to move out in the interim. How long were you living elsewhere before moving into the new house?

Ilongga

https://www.boards.ie/discussion/comment/118451503#Comment_118451503

You don’t need to move out. Your sale and purchase can be done on the same day. But this means that your solicitor needs to coordinate the cash movement well. Such that cash is received from the buyers solicitor first thing in the morning and immediately moved to your vendors solicitor before the same day transfer cut-off time…. As soon as their cash hits your solicitors account and final legal steps completed the sale is pretty much closed. They will be demanding for keys so be prepared to move out immediately…. In our case the buyer is already demanding for key and we are not even halfway loading the truck!!!! Very stressful day.

xElDeeX

Went sale agreed on a house early November. The house is in good shape, not in probate or anything difficult. Vacant possession and we are not in a chain so no delays our end. Contracts received before Xmas but stuff missing according to my solicitor (I don't know of what. I did ask) so can't sign yet. Will be lucky to be in by mid Feb at this rate so temporary housing it is!

Meanwhile my brother went sale agreed in California early December in a complex sale involving multiple price renegotiations during the escrow process. Delighted for him that he is down getting the keys right now but it does make me wonder if solicitors and EA are taking the mickey completely. By the way, my brothers purchase is deemed a slow sale by US standards.

random_banter

https://www.boards.ie/discussion/comment/118457697#Comment_118457697

We're SA since August and hopefully closing this week.

Agreed, the process in the U.S. seems a lot quicker! A pal bought a vacant home and they were in within a couple of weeks.

random_banter

We are supposed to be closing on Friday and only yesterday did we find out the bank wants us to sign a revised offer letter - and it hasn't been issued to us yet. This is after triple checking last week that the bank didn't want any more documentation from us.

And the vendor's solicitor hasn't sent the final bill yet.

The uncertainty around it all really shouldn't be necessary at this stage. Hopefully this is our home for life and we never need to go through this process again, because it takes years off you. Not sure I could face it again!

Hogzy

Went sale agreed on a house in Dublin in December, The property in particular was on the market 5 months and only received interest from one other party who initially entered a very low bid. We bid the asking price, the vendor took 4 days to accept the offer and we sent the booking deposit over on the 23rd December. Over Christmas we got our solicitor and engineer in order then called the estate agent on Monday this week to arrange the survey. Estate agent told us the vendor was not happy with the offer and felt the house was worth more (despite the house being on the market for 5 months and receiving little interest). We were told our booking deposit was being returned to us. No chance are we bidding more as we were definetly over paying a certain amount but we were happy to do so to get this process overwith.

The greed in some vendors is unreal! Fuming to say the least. We are looking now almost a year, we have bid on 7 properties in total and this was the second property we went sale agreed on. Its the second vendor to f*ck us over.

Jafin

https://www.boards.ie/discussion/comment/118460462#Comment_118460462

Jesus, you'd think that after 5 months of very little interest they'd jump at the asking price! Ridiculous. Best of luck for future bids.