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

Jmc25

https://www.boards.ie/discussion/comment/118494031#Comment_118494031

You could sit tight for a few weeks and see if any other bids come in. If not then the seller may (totally depends on their circumstances) come back and accept your offer. Or maybe more likely come back and try and squeeze you for an extra few k to get it over the line.

I had a similar experience a couple of years ago where there's been no offers for a couple of months, I bid 15k under asking and this was rejected outright and I was asked to make a higher bid. I was looking at other houses so let it sit and about three weeks later the EA phoned me and asked me to bid 10k under asking. I said no and they basically said look this vendor is being a pain will you just increase your last bid by 2k and we reckon they'll accept, and sure enough, they did.

Suppose they did squeeze and extra 2k out of me which in any other purchase I'd probably view as extortion.

cnocbui

https://www.boards.ie/discussion/comment/118494031#Comment_118494031

Ask yourself what the cost would be to start with an empty plot and end up with the equivalent of that house when renovated vs the cost of buying it and renovating.

There seems to be a signifcant disconnect between real world build costs and what people think already built things are worth.

Colemania

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Colemania

https://www.boards.ie/discussion/comment/118492149#Comment_118492149

That doesn't bode well for our drawdown this week then! We're with PTSB but drawdown has been scheduled for tomorrow evening with the view to getting the keys on Friday. Looking less likely by the day.....

random_banter

https://www.boards.ie/discussion/comment/118499579#Comment_118499579

Are the other pieces done - the last bits of documentation from the vendor's solicitor? (There is one final document that the vendor signs, and the solicitor also has to issue the final bill to your solicitor.)

Our drawdown was scheduled for last Friday, we had all our final checks and docs done with the bank a few days before that. They confirmed the funds would be available that day. But then it turned out the vendor's solicitor didn't have their documents in order and they added an extra week. It might be tomorrow for us, but all they will say is "might" even though the money etc is already in order.

So if your finance/last checks and the solicitors are in order, perhaps you have hope?

Colemania

https://www.boards.ie/discussion/comment/118499634#Comment_118499634

We have all our documents in for the last few weeks with the exception of home insurance which couldn't be finalised until we got a closing date which we did so that went in last Tuesday. I'm in direct contact with the vendor and they're confident everything will be good to go for Friday so yes I suppose there's a chance it'll go to plan.

I still reckon it'll end up being Monday but we'll see.

Thargor

Bidding in a fairly cheap area of Limerick, nice enough 3 bed ready to move in, bidding started at 195k, my first offer was at 205k, just got off the phone with th EA there and its at 260k, cant decide if I want to proceed now.

Brock Turnpike

Ad for the type of house we like went up yesterday evening. We asked for a viewing and got a call back today for a viewing this weekend. This evening the asking price has increased by €15k on the ad. That's some serious 24hr price inflation.

iColdFusion

https://www.boards.ie/discussion/comment/118500899#Comment_118500899

Same has happened to me a few times, go onto the property price register and see what houses in that area have been selling for the last few years, google some addresses and you might get the old ad for those sales also. For me I backed out every time because it was getting stupid, I was going to be setting a new record for most expensive 2nd hand house in that estate by some margin and even the ones that had sold before were in far better condition!

I get prices are rising but also you'd have to assume the estate agent was pretty accurate with their original list price and don't forget an extra €60k is actually more like an extra €90k of debt...

TBH if a new 3bed semi D in an estate is circa €310k, you get 30k of that back if FTB so you are at 280 for a brand new energy efficient house, sure you will need to spend more fitting out a new house but you are probably going to have to spend on a 2nd hand house too so really it comes down to how urgently you need a house and what your rent is like at the moment.

Dodge

We got the keys to our new place today. Been a pretty long drawn out process so thought I’d share some timelines. 

It was about a year ago that we thought about moving and we start seriously thinking about it in March (adding more to our savings)

In May we approached a mortgage broker and set the wheels in motion. Shortly after we made contact with estate agents who worked in the area we were looking to move to and they put our house on the market. 

We found a house we really liked but the estate agent (a different company to the above one) told us the seller didn’t want to be involved with a chain and we would need to show signed contracts for our house for our bid to be accepted.  

Our house had gone about 20% over its initial value so we instructed our estate agent to close the sale and accept the current highest bid because we were told they were a cash buyer (our estate agent used offr.io so we could see each bid as they were made). Our hope was that the cash buyer would sign contracts quickly and we could make an offer on the house we wanted. 

It didn’t really work like that. Our solicitor sent the contracts but there was a delay on the purchasers side. While they didn’t require a mortgage they were funding the purchase with their savings and the sale of their current home. There was a legal issue with that and they didn’t sign until mid November. Nearly 5 months after going sale agreed. 

Meanwhile the house we wanted hadn’t had any bids on it by the end of the summer. The estate agent contacted us in early September to see if we were still interested. I explained we still didn’t have contracts but we were assured they’d be signed soon (as we were constantly being told they would be…). He spoke to the vendors and they accepted our offer at the asking price. I think the estate agent listed the house wrong and were able to snag a relative bargain 

Between September and November we thought we’d lose the house as the buyers of our house couldn’t sign the contracts but in early December we signed the contracts for the purchase of our new house and then it was all back to solicitors and banks. 

In the background there was also drama with our preferred bank initially indicating they wouldn’t offer a mortgage, only to agree to it after we answered a query they had. They also delayed issuing the formal loan offer (our back up mortgage provider didn’t offer approval in principal and went straight to formal loan offer). 

We were aiming to get it done just before Christmas but delays made that impossible. We had a pretty stressful week in December rushing to get everything done while I was zombied out with covid! Once we knew it couldn’t happen the stresses eased.

January has been a relative breeze. Our mortgage broker was great and the drawdown was quick. Our solicitor was on the ball and we were able to close the sale of our old house and purchase of our new house on the same day. We had rented a storage locker for our furniture for two weeks and that was easily one of our best decisions. Made the day itself relatively easy. 

By mid morning we were out of our old house and the sale went through about lunch time. We got confirmation of the purchase about 3:30ish and picked up the keys a little while later. Staying tonight in a hotel as we’re shattered and putting beds together wasn’t a great prospect tonight. 

Long post but it’s been a long post. I’ll stay around here for a while and give any advice I can. Best wishes to others looking

Emma2019

https://www.boards.ie/discussion/comment/118504773#Comment_118504773

They are never accurate with their list price though? A lot of them price it 20k or more less than they expect to get in order to encourage bidding.

Also different estate agents have different strategies so one might say go 10k less than you actually want, some might say go 15k and some might say go 5k. That's three fairly different values. Market value is what people are willing to pay.

Colemania

We were due to drawdown yesterday with PTSB and get the keys today but at the last minute they decided they needed proof of payment of deposit, proof we weren't on subsidies and other stuff we'd already sent them in December. Absolute crap from them and just delaying tactics.

They knew since the start of January what our closing date was and just held it up for the completely fake reasons. So very frustrating

https://www.boards.ie/discussion/comment/118512316#Comment_118512316

PTSB is an utter joke. A shambles of an organisation. And its only going to get worse as they try to digest Ulster Bank.

Only reason to go with them is the 2% cashback*. I sucked up the slowness and the frustration, to get my cash, but it came close to costing me the purchase as the sellers get fed up with the constant delays.

*before anyone says it, I know that PTSB claw this back over the life of the loan, but the cash at drawdown is helpful, at the time that you need it.

Colemania

https://www.boards.ie/discussion/comment/118512516#Comment_118512516

Ya a lot have gone with them purely for cashback even though as you said, the rate they offer isn't the best and they claw it back but its definitely handy for kitting out the house.

Update on it all is actually a surprising one as they have released the funds to the solicitor so should be good to go next week. Finally coming to an end!

Jafin

Bank of Ireland do the 2% cashback offer aswell. When I first got in contact with them they also said they have a Mortgage Saver bank account (might have gotten the name wrong) that will give you another 1% cashback. Stipulation with that is you have to save into the account for 6 months I believe, and have to save a minimum of €5k. I didn't take them up on that as I knew I'd probably have found a place before the six months was up. I think they also give you another 1% in five years if your regular bank account is with them.

Anyway, I got the 2% from them and they were very easy to deal with in my experience, and there were no delays on their end. I know that's of no use for anybody already gone with a different bank, but might be useful to anyone reading this thread who hasn't picked a bank yet.

yaknowski

House in Dublin Mid-West sale agreed for about 12% over asking after putting it up on Xmas week.

Currently the highest bidder (about 6% above asking) on a house in Dublin South-West.

Our estate agent very on point, informative etc.

The estate agent for the house we are bidding is the exact opposite but vendor seems to be hanging around for some more.

Dodge

Fwiw our mortgage was with PTSB and drawdown was very quick. I know our mortgage broker was constantly in touch with them so that may have been a factor

Ciara26

How long from when u sign ur contact to you get ur keys? Agent says the house will be ready in March/April (new build) just wondering the average?

DubLad69

https://www.boards.ie/discussion/comment/118516304#Comment_118516304

There is no average. Every builder builds at different speeds, the also allow contracts to be signed at different times (before any work is started, 6 months before completion, 3 months before completion etc).

Your best guide is the time that they have given, then I'd add a month or so for potential delays and an extra 2-3 weeks for snagging and closing.

Ciara26

https://www.boards.ie/discussion/comment/118516511#Comment_118516511

Thanks, u have been great. Answering all my questions last few months. Much appreciated

Immy

https://www.boards.ie/discussion/comment/118492895#Comment_118492895

We used Allen removals. Highly recommend. We bought and sold on the same day. The guy who came in to quote me for the move told me exactly how the day would play out and gave me great advice on my packing strategy. He was spot on with his timeline for the day. You book them for the day you plan to move and you can cancel/postpone within 48 hours. I changed my date 3 times. There is no way we could have moved without them within such tight timelines. I thought they were a bargain for what we got.

Hogzy

The lack of decent sized (200sqm>) 4-5 bed new build family homes in Kildare, Wicklow, Meath (let alone Dublin) is shocking. Every new development seems to be the same 3-4bed semi D's around <170sqm. We need a bigger house due to family size and everything seems to be 7 figures. Its nuts!

Persistently_Curious

I've just gone sale agreed on a house in Dublin 14. I'm in the very fortunate position to be a cash buyer. The vendor hasn't quite gone sale agreed. I believe they are bidding at the minute. How much leeway do you give, obviously I'm keen to get in and am a clean buyer but I also don't want to be unreasonable (or lose the sale, it took an age to find!). The house is newly refurbished and so no potential issues (I hope!). Is it a case of just tough you have to wait as long as it takes...or do we have some options?

Persistently_Curious

https://www.boards.ie/discussion/comment/118478838#Comment_118478838

Hi - I'm a cash buyer and unfortunately it really has held much sway in the process at all! I was quite surprise. There is so little stock available (I'm buying a 3 bed) that the vendors know they will sell. Might not be the case for you, but just what's happened to me!

JimmyVik

https://www.boards.ie/discussion/comment/118525601#Comment_118525601

I know people in similar situations.

I think it wouldnt be unusual for the whole sale to take up to 6 months to go through.

There will be intricacies on everyones side, so just wait it out and it will happen.

Your vendor will have no problem finding a new buyer if you drop out, but equally it will cost them even more time, so as nphet would say - stay the course. Let it take as long as it takes.

d00mk1n

If anyone has a broker recommendation for Galway, please PM me

cheers

Dodge

https://www.boards.ie/discussion/comment/118528717#Comment_118528717

You don’t have to limit yourself to Galway IMO. I never physically met our broker. Everything done on phone or online

D n G

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

Their estate agent got back to us and said that he'd spoken to his client who said that a cash buyer had made an offer privately. The estate agent said he'd made an agreement with his client that, if we signed the contracts by the Friday (14th Jan), the house was ours. Everything was ready to go by that stage anyway so we were able to sign by the Thursday and I dropped the deposit into our solicitor that evening. That was the 13th and our solicitor was then on a weeks holidays. She let the other side know before she left that the contracts were signed and deposit in etc. Our solicitor rang the other solicitor today only to be told that the house was sold to someone else and all parties had signed yesterday!

Our solicitor is furious, even more so when the vendor's solicitor hung up on her when she was querying what they had done. Our solicitor reckons that there were 2 sets of contracts sent out and the one signed first got it. She also rang the estate agent after and they knew nothing of the other buyer - they thought she was ringing to confirm closing dates!

I am absolutely disgusted. And tired. Having to start again is soul destroying.

dubal

So sorry to hear , that's truly horrible

Hogzy

https://www.boards.ie/discussion/comment/118532620#Comment_118532620

Are you not able to sue for specific performance of the contract in this instance? Did your solicitor say you have no recourse? Thats insane!