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

JimmyVik

https://www.boards.ie/discussion/comment/118894565#Comment_118894565

You certainly dont want to get stuck paying rent these days while you are waiting to buy. What seems to be happening is the longer you are trying to find somewhere the smaller and further out you have to go to find something in your budget. At least if you have a house to sell, then that is appreciating too, so you only have the gap between the values to worry about. Once you sell yours though then you have the full appreciation to worry about after that.

Swings and roundabouts i guess. But id much rather have a house and be selling and buying than renting and buying.

black & white

https://www.boards.ie/discussion/comment/118865685#Comment_118865685

Collected cheque this morning, on Property Price Register as well so it's official. A few scoops this evening I think.

Mr Hindley

https://www.boards.ie/discussion/comment/118897295#Comment_118897295

Congrats, and enjoy!

put_the_kettle_on

We've been trying to buy a house in Ireland since our house in the UK went SA in December last year.

We'd originally wanted to settle in the Kerry or Cork region but prices have shot up. We were looking at houses in an agent's shop in Killarney and the lady asked our budget. I ventured a hesitantly hopeful " um 200 thousand ? "

She did that sympathetic head tilt accompanied by " Ahh, no. Not for what you're looking for, not in Kerry " and we were promptly pitied out of the shop ☺️

We had to look North ( eventually )and found a 5 bed place with a couple of acres in need of serious TLC in Co Mayo that we managed to acquire at below the 190k asking price. Mind, that's only because no one else can be arsed living in so rural a spot.

I'm now trying to push the purchase through as fast as possible because the buyers of my house in the UK are getting fed up and I'm in mortal dread of them backing out.

These are mad times. We looked at one house with an asking price of 175k only to be told the latest offer on it was 265k and that the vendor was considering whether to take it off the market and then remarket at it's " true " value of 300k +

Taylor365

https://www.boards.ie/discussion/comment/118896863#Comment_118896863

Renting is going to be the only gig in town, lest we live with our parents til were 50 they die!

fergus1001

i know its been said a million times but id seriously be thinking of waiting 6 months to see what prices do, recession coming

fliball123

https://www.boards.ie/discussion/comment/118909687#Comment_118909687

But will prices drop with a recession? Its only happened once before in 2008.

fergus1001

https://www.boards.ie/discussion/comment/118909739#Comment_118909739

what I would see happening is the investor funds who have a large stake amount of houses an apartments vacant at the moment on the back of the fact that the asset is appreciating in value, once that stops happening they will be forced to put those properties on the market at the market rate instead of their own valuation of 2 to 3 thousand a month and this will cause a fall in rental and a drying up in cuckoo funds buying properties

on top of that if the normal joe soap cant afford the mortgages for the properties at the current price point, the price will correct until people or Reits start buying again

fliball123

https://www.boards.ie/discussion/comment/118909864#Comment_118909864

But what will be the catalyst for the supply vs demand issue we clearly have. People thought Brexit, then Covid and now the Ukraine and prices are still rising. Currently money left in a bank account is losing value. People are looking to put money into something that will remain consistent. So lets be clear the stock market is always a very big gamble and with Irish backed rental schemes that guarantee up to 25 years rent and your property back to how it was when it was given for rent is like being given the lottery numbers before you buy your ticket.. Along with us no longer being a localized property market - investors all over the world (not just REITS and vultures) are competing with the Millys and Marys from Ireland for a property and throw in the government listening to the left sided stories and actually competing with workers to buy houses so those who don't work can live beside mammy and have a south facing garden. Not to mention that absolute nightmare of trying to repossess the family home in this country. None of this is going to change. Any government looking to take more from those who are deemed the poorest will be hammered. Our tax regime has very little wiggle room for further expense on the middle income earners there is a real danger now of welfare actively competing with workers up to the AIW in this country (the law of diminishing returns will kick us squarely in the ass) and any attempt to go after the higher earners will see them cajole and find ways to legally stop paying tax as they have the money to get the financial gurus to do this and they also have the resources to relocate without too much imposition. I don't know what the solution is but I don't see the supply vs demand gap narrowing over the next 24 months I mean how many Ukrainians are we looking to house in the next 12 months?? If anything the supply vs demand gap will expand even further with this issue along with the rising cost of construction and other ares of inflation slowing new builds down, as well as assurances by the ECB that interest rates will not be rising until at least Q3 this year as it will impact on any recovery that is currently going on.. Some new housing developments are delaying the release of the next phases of newly built houses as they are trying to factor in what the new price should be and guess what they sure as hell will not be cheaper than the phase before it.

LunaLoo

At wits end here at the moment. We went sale agreed on a property in feb, we had AIP at that stage, since then we submitted all requested documents and it was passes on to valuation team who appointed 3rd party valuer back on the 15th March. We then put our house on market, accepted offer, had covid, then our buyers bank valuer was in.... but we're still waiting for bank valuer to finalise report. I've been calling almost daily since the beginning of April, when I rang bank they gave me valuers details to follow up and it turned out the bank email had gone into their spam folder so they had no idea until i called a week later, it then took them another week to set a date to do valuation (the property is vacant so no issue getting access) we're almost 2 weeks on from the day it was carried out and still getting fobbed off. Rang the bank on Friday and asked them to sort it out and was due a call back... our buyers have been in touch through estate agent asking when we expect to close but solicitors can't do anything else until bank gives loan offer which can't happen until valuer pulls finger out.

arghhhhhh I forgot how stressful they make what should be a simple process

Keve_98

Recently put a deposit on a new build, contracts have been sent to our solicitor ect ( on day 28ish of contracts sent) we've appointed a Broker who's been tragically slow with submitting our documents! Got word last week that our documents were only sent to BOI last wednesday (has been with Avant the last 3 weeks, and still nothing back) !! and the contractors are hounding us for the contracts to be signed - has anyone else recently got approval with BOI/Loan Offer if so how quickly was the process ??

I'm not too worried we wont get approval as I believe were a strong case - just afraid we will lose the house over this, house should be ready to move in by mid-may time is not on our hands here at all.

Barnaboy

Just thought I would share this article with all of you in process of buying a new home.

https://stephenwalshsolicitors.ie/6-steps-in-the-conveyancing-process/

We are in the middle of the process and I found this quite informative.

kev_s88

https://www.boards.ie/discussion/comment/118911363#Comment_118911363

we got approval with BOI back in December/January. Every stage with them has taken 3-4 weeks, and asking for more documents each time. our request for AIP with them was made in early December, and we didn't get it til mid-January, but that did include a break for Christmas and our broker having to work extra to get the approval sorted. Then by the time we had gathered everything required for the loan offer it took about 3 weeks for that to be issued also.

D n G

Things starting to fall into place. Our buyers are about to sign, the mortgage advisor reckons he'll have our loan offer ready by end of next week and we've paid the booking deposit for our, hopefully, new house. So, sale agreed again. Still nervous because we were further along the last time when the previous sellers fecked us around. Fingers crossed all goes well, stressful trying to keep on top of everything and annoying having to keep pressure on our own solicitors. Our Estate Agent has been great and a steady hand in all of the hassle.

Barnaboy

https://www.boards.ie/discussion/comment/118922366#Comment_118922366

Best of luck with it.

Rothmans

To those people who are being frustrated by cash buyers. Geographically what area is this happening in? Is it mainly the Dublin area?

I'm considering downsizing in the next two years but the thought of selling the place and not being able to find another place to buy is a bit frightening. But I'm based in a provincial town rather than Dublin.

tscul32

I'm in Dublin anyway.

raze_them_all_

Paid my deposit on a house November 9th. Heard nothing back from them until end of March informing me they were upping the price 15k which is a bit shite tbh

Rothmans

https://www.boards.ie/discussion/comment/118933511#Comment_118933511

Ah jaysis. That's awful. They were probably in a similar situation to many on here. In a chain and couldn't find any place to buy.

I didn't even consider a chain until I saw this thread. Was just going to sell, and rent til I find a place. I thought this would give me the best chance of finding a place I like rather than having to find a place the same time I sell, which might not be the most suitable property for me.

But looking at this thread, it would seem if I do this, I could be strung along for months by a seller only for them to up the price despite being sale agreed, or pull out of the sale entirely. Hopefully it'll have calmed down over the next few years.

tscul32

https://www.boards.ie/discussion/comment/118933937#Comment_118933937

That's the dilemma

iColdFusion

https://www.boards.ie/discussion/comment/118933511#Comment_118933511

Is that a new build or 2nd hand?

bakerbhoy

Closed the sale on our place last Thursday. Cash buyer , one viewing, offered 5k over existing offer which was 20k over asking. Estate agent figure.

Went to market Mid Feb. Tenant still semi resident /moving to new let. First offer week later/ accepted winning bid week 18th March.

Buyer wanted to move fast. Did their own survey (professional in trade). NNPR/LPT ,building compliance certs supplied by us. Contents emptied.

Handed all keys to estate agent. All done. Still stressful as hell. Should have been sold in 2007. 15 years of hell and stress later it's done.

I don't envy any of you looking to buy. There were three bidders that pushed each other back and forth until the cash buyer trumped them all.

raze_them_all_

https://www.boards.ie/discussion/comment/118934033#Comment_118934033

New build

yer man!

https://www.boards.ie/discussion/comment/118933511#Comment_118933511

Were contracts signed already? I had a clause taken out of mine which would have allowed them to increase the price

EvoEvo

Hi Everyone.

I'm currently bidding for an apartment and I was recapping all the expenses and I have just a small doubt. Does the refundable booking deposit that we need to send to the EA (after the sales agreed). part of the total purchase price? Thank you

put_the_kettle_on

https://www.boards.ie/discussion/comment/118939746#Comment_118939746

I've gone SA with my house purchase and the agent dropped the bombshell on me that I needed to send him 6k as a deposit. Yes, it forms part of the whole asking price of the house.

Still though, we don't do that here in the UK so I very politely emailed and explained that I had nothing like that amount of money in my account and that the absolute best I could manage was 1500 quid and a tangerine ☺️

I was very relieved when he said that was fine.

Xidu

Boyfriend Bought a house in Wilton Cork@400k in mid March. Moved in and spent some money on renew the painting and flooring and brand new furnitures. It’s a detached house only 113sq meter. Wilton house is quite old I’d say built in 1990. Bathroom is v small. He wanted to buy in Ballincollig but the agent was tricky, kept pushing several buyers on bidding, and just pissed him off. So he went w the house in Wilton. Owner put the house on market for a while, highest offer got was 375k, owner insisted 400k. He offered 400k and owner didn’t bother to bid more. Was closed v fast as it was a cash buy.

I bought a new home @400k in End of March in countryside nearby school. Detached 160sq meter, still building in progress, said finish by end of May. this new house was sold @360k last year, I felt I was ripped off 40k but this year house price went crazy.

i have a feeling housing price will come down next year when recession kicks in. But I didn’t wanna hold cash n wait any longer, maybe I should have. I was hoping house price crash for years…but it just kept going up more n more…I really felt I was FOMO and maybe I will regret I didn’t wait longer.

Xidu

If mortgage rate goes up 1%, the affordability will drop 10%.

means if you were planning a house 100k, when rate goes up 1%, you can afford 90k house.

in usa the rate is slowly going up now and people can see housing price is down in some area.

but I am not sure about Ireland, especially in Dublin n Cork, more n more people moving job for jobs, demand is there…

Dodge

https://www.boards.ie/discussion/comment/118939746#Comment_118939746

For buyers there’ll be 3 payments as such. 1) your booking deposit, 2) the remainder of your 10/20% when contracts are signed (depending on whether first time buyer), 3) the remaining portion (usually mortgage)

So if house is 300k, 10% deposit for 90% mortgage with booking deposit of 10k the figures would be

1) 10k refundable booking deposit

2) 20k - remainder of 10%

3) 270k - mortgage

brianc27

https://www.boards.ie/discussion/comment/118939746#Comment_118939746

yes, that money will come off the total purchase price