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

DelBoy Trotter

For those that have bought a new build within the last 12 months or so, how much did snagging cost?

JimmyVik

Friends of mine traded up recently. The agent told them they would get 25k over the asking price for their house max, so they bid based on that and went sale agreed on their new house. But just before they were about to accept the bid on their house they asked the agent to show it again over the weekend. Stright away the bids went up again and they ended up selling it at 60k over asking in the end.

The market is strong and you just have to decide how much is too much for you and drop out. But also you have to keep in mind that if you drop out have other properties values increased too that you will now be bidding on instead.

Dodge

Some people sure do have a lot of friends buying and selling houses all the time…

https://www.boards.ie/discussion/comment/118850421#Comment_118850421

ha. Indeed. Friends who share all the details of what they are paying

Brock Turnpike

https://www.boards.ie/discussion/comment/118849988#Comment_118849988

I feel your pain but honestly there is no point whatsoever in calling the agent. What are they going to say? "Ok we'll disregard the bids that went over €405k" ? We have been searching for over 2 years and honestly I cannot stand agents and the lack of transparency/fair process when it comes to bidding on houses. Imo, bidding should be handled by an independent/state body which requires proof that you are a genuine bidder. To remove doubt about agents putting in fake bids to drive up the price.

We have just gone SA on a property. Luckily for us the seller took the agent out of the loop and we are dealing directly with the seller.

SlipperyPeople

https://www.boards.ie/discussion/comment/118850649#Comment_118850649

https://www.boards.ie/discussion/comment/118850057#Comment_118850057

Yes agree exactly my thoughts to be honest I just wondered what people thought for second opinion. It appears at least for this estate agent that they register any bid in their system and we get a formal acknowledgement email back confirming the bid. That said it's not like we can request all the confirmed bids to make sure they're genuine nor would they be willing to share them.

Again agree the lack of transparency is annoying and you're second guessing everything they say.

Being nosy reading this thread and I do have sympathy for people trying to buy now.

We bought ours in 2016, luckily, for 320k. We were due to sell last summer for 420k but it fell through, one of the neighbours with the same house and not as nicely done just sold for over 450k. There is no way these houses are worth it, it’s nuts.

We want to trade up so we want prices to come down, doesn’t seem likely in the short term though.

TheMilkyPirate

Anyone know what the story is with the 7 year rule regarding planning? Sale agreed on a house now for over 6 weeks but no contracts yet as initially held up waiting on deeds and now waiting on compliance certificate for two extensions out the back. They don't have planning as I checked the council site records but the house was sold less than 8 years ago with them there so should be ok? Is it a case of if they are more than 7 year olds as long as the credit union says it's ok we can just go ahead with the sale?

Really hoping things start moving once we get contracts, been static for a while now

SlipperyPeople

https://www.boards.ie/discussion/comment/118850777#Comment_118850777

This is my fear - are we overpaying? Yes as it'll become the most expensive house on the street going by property price register and similar houses have gone for far less in the last 6 months. However, It is an amazing house with no work needed to move in in a location that ticks every box for us. The other part is the uncertainty of never getting on the ladder or at least for a few years all the while paying over 2K rent each month. Prices are going out of control and even in the last 3 months I've noticed multiple houses being relisted for higher amounts that I was following on daft. (Dublin city cente btw)

JimmyVik

https://www.boards.ie/discussion/comment/118850421#Comment_118850421

Everyone in this thread is buying houses or trying to buy them. Pretty sure we all know lots of people buying and selling over the last few years too.

And if you are reading this thread you probably know at least a few in the process now or recently finished.

Personally I bought and sold about 2 years ago. Ive been buying and flipping property for over a decade now with family. Thos days may be over now though too as we cant find one that we could make money on at the moment . Not planning on buying to live in again anytime soon, but I personally know lots who are. Some even who have been posting in this thread themselves.

JimmyVik

https://www.boards.ie/discussion/comment/118850868#Comment_118850868

The time has lapsed where they can be asked to knock them down.

If its up over 7 years then it stays up. Vendor will have to get engineers reports though for them.

https://www.boards.ie/discussion/comment/118851192#Comment_118851192

I guess you never really know, if I was in your position I would absolutely still be buying if possible, the rental market is scandalous and you have little to no protection with it.

People told us we were overpaying in 2016 and that the market would come down again, very much like people are saying now. I suppose it has to correct itself at some point but I don’t see that happening anytime soon, if it’s a house you want in a location you want go for it!

TheMilkyPirate

https://www.boards.ie/discussion/comment/118851291#Comment_118851291

We won't have to apply for retention then?

Jafin

https://www.boards.ie/discussion/comment/118851192#Comment_118851192

Is the plan for it to be your forever home? If the answer is yes and you can comfortably make the repayments and won't be living on the breadline then at the end of the day it shouldn't matter too much. If you plan on selling again in 10 years (or whatever amount of years) then it could be a different story. We don't know how the property market is going to go in the next few years so it could be worth more or it could be worth less, but if you're happy in the home that's the main thing.

GoldFour4

https://www.boards.ie/discussion/comment/118851882#Comment_118851882

10 years is fine to be thinking about selling again in my opinion. 4/5 years - sure, maybe hold off. Potentially selling in 10 years - go ahead and buy now. Life is too short to be thinking about the state of the economy in 10 years when you might be selling - it’s impossible to tell what things will be like in that timespan. We could be through a recession and with prices coming back to near current levels in that timeline.

Barnaboy

https://www.boards.ie/discussion/comment/118848910#Comment_118848910

In case anyone is interested. We went in another 3k this morning. Other bidder then followed in with another 2k. Left it at 30k over asking. Made the tough decision to drop out. Would have to have got another 20 to 30k on the mortgage. Should have been fine but couldn't take the risk. Also, meant a lot higher than original budget for repayments. Had to see common sense.

We have now moved to plan B. Smaller house further from centre of town. Location not as good but still decent. List price is 100k lower so we have room to bid and improve the property if successful. Put in first bid today. Property only listed a bit over a week ago so it might take while to resolve. Hopefully this one works out better.

covidcustomer

https://www.boards.ie/discussion/comment/118853173#Comment_118853173

We had a similar situation last year, perfect house, location, condition, by the time the EA got back to us there was a bid well over the asking.

We made the decision to move on from it and compromise location wise, we ended up buying a little further out, but below our budget, this allowed us to make some improvements, which we're very happy with.

With the rising costs of living we're seeing this year, I can honestly say that I am very happy that we didn't buy the first house in the end and as things turned out, we really love where we are now.

I really wish you the best with Plan b, fingers crossed for you.

Barnaboy

https://www.boards.ie/discussion/comment/118853354#Comment_118853354

Thanks! Feeling better about the decision now. It was disappointing but hopefully for the best.

JimmyVik

https://www.boards.ie/discussion/comment/118851610#Comment_118851610

I dont believe your would have to. But check it with your solicitor just to make sure. Its just a yes/no answer from them if you give them the date it was built. Show them a picture too to be sure.

Shelga

Got they key to my house today, a great feeling! I'm a single FTB, buying in Dublin- it has been a loooong road. I've gone with Haven as my lender, who have been painfully slow so far. Over 4 months from sale agreed to key, despite it being a vacant property with the sellers keen to transact quickly. It does take the sheen off a little bit when every single step of the process is five times slower than it needed to be.

But anyway, onwards and upwards! Time to pay now for a ton of improvements! Thanks for all the posts from everyone here- it is nice to have a place to get genuinely helpful advice, and also to vent! Can't wait to switch off Daft alerts and tune out the news as much as possible, for a bit. It's so much harder than it should be. Best of luck to everyone still looking :)

miamee

Congratulations @Shelga enjoy your new home, I hope you'll be very happy there!

what_traffic

Put a bid on a house last Monday the 28th March in Galway City, one previous bidder. Went up by 5k, Tuesday 29th the underbidder went 20k above my bid and met the asking price. Cash buyer (Presume cash & mortgage) House is now sold as seller preferred dealing with the cash buyer. Second time this has happened to us in last 3 months. Already have a buyer (family member) lined up for our house. Going to sell up here now and become a cash buyer. It is a sellers market out there.

TheMilkyPirate

https://www.boards.ie/discussion/comment/118851291#Comment_118851291

16 years on boards and I don't know how to remove the quoted post from this.

Anyway. Our house that we like everyone else are already paying well over the odds for is getting more expensive by the day. We have had an electrician and a plumber in and we need to have the house entirely rewired and re plumbed. Looking at about 25k for the work. Luckily we have the money there but is there any point in looking for a reduction in sale price?

The house was advertised as having central heating but the boiler is broken and it's not even connected to the oil tank.

JimmyVik

https://www.boards.ie/discussion/comment/118862573#Comment_118862573

I guess no harm in asking for a reduction. How much are you thinking?

leahyl

https://www.boards.ie/discussion/comment/118861884#Comment_118861884

Congratulations! Hope you are very happy in your new home! So hope this will happen for me some day, but I'm afraid to say I'm not even in the market to buy at this stage, prices have gone up so much.

black & white

https://www.boards.ie/discussion/comment/118822905#Comment_118822905

Sale completed last Friday 25th March so just over 8 weeks from deposit paid to completion. Waiting now for solicitors to clear existing mortgage on property with the bank, take their fees out and send us the balance. Probably another week or so. Can't complain about that and I'm delighted that I took the advice to notify my solicitor and get Property Tax Certs/NPPR sorted before it went on the market.

TheMilkyPirate

https://www.boards.ie/discussion/comment/118864220#Comment_118864220

I haven't a clue tbh. It's already the most expensive house on the street by 30k (70 years old) maybe 10k which would bring it down to asking?

Barnaboy

https://www.boards.ie/discussion/comment/118853173#Comment_118853173

Really positive news! After a short bidding process we have gone sale agreed 👍

We have just bought a smaller house and a bit further out than we planned. But we went sale agreed at 119k less than the one we pulled out of. Much smaller mortgage now and a better budget to do upgrade works.

It's funny how things tend to work out in the end. On to the next stage now! Such a relief to not have to spend every free hour searching for properties and endless viewings.

Best of luck to everyone else out there at the moment trying to find a place to call home. Stay positive.

escapefromthecountry

congrats @Barnaboy - really happy for you.

kev_s88

We're meeting our solicitor on Monday to sign off on our loan offer from BOI. A long hard year of searching for a new build in our price range is almost complete. Hoping to be getting keys by late May