Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

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

Options
1…2829313334…373

Comments

  • Options
    #902
    lfen
    Registered Users Posts: 196 ✭✭lfen


    lenny4545 wrote: »
    Has anyone actually been successful in negotiating a reduced price for a new build?

    Yes. But not a huge amount. €6k. We were very happy with that though.


  • Options
    #903
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    lfen wrote: »
    Yes. But not a huge amount. €6k. We were very happy with that though.

    How did you do it? Did you ask if they were willing to renegotiate or just offer a lesser amount?


  • Options
    #904
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    lfen wrote: »
    Yes. But not a huge amount. €6k. We were very happy with that though.

    Had you already signed though or no? We have singed and really just waiting to draw down. Our solicitor said that if the builder wanted to come down in price he could. But that if the house price changed we would need to re-apply for mortgage all over again and re submit everything.


  • Options
    #905
    Maitguel
    Registered Users Posts: 42 ✭Maitguel


    jrosen wrote: »
    Had you already signed though or no? We have singed and really just waiting to draw down. Our solicitor said that if the builder wanted to come down in price he could. But that if the house price changed we would need to re-apply for mortgage all over again and re submit everything.

    Did you solicitor say if you got the same house cheaper you need to reapply for the mortgage? I thought your solicitor could have just drawdown less?


  • Options
    #906
    Skylinehead
    Registered Users Posts: 11,690 ✭✭✭✭Skylinehead


    I got 10k off 285 in Dublin. Asked for 15, so happy enough. Nothing signed yet of course.


  • Advertisement
  • Options
    #907
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    Maitguel wrote: »
    Did you solicitor say if you got the same house cheaper you need to reapply for the mortgage? I thought your solicitor could have just drawdown less?

    Yes, but to put into context we were concerned the valuation would expire and we would have to re-do. So we asked what would happen if the house was valued at less.
    The response was we could approach the builder and see if he would be willing to sell the house for less but it was totally up to him if he did. As we have already signed we are tied in.


  • Options
    #908
    Empty_Space
    Registered Users Posts: 227 ✭✭Empty_Space


    Skylinehead wrote: »
    I got 10k off 285 in Dublin. Asked for 15, so happy enough. Nothing signed yet of course.

    Should be looking for 100k off.


  • Options
    #909
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Empty_Space wrote: »
    Should be looking for 100k off.

    Lol...what seller would actually accept an offer of 100k less?


  • Options
    #910
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    Empty_Space wrote: »
    Should be looking for 100k off.

    I think I know where you got your name from


  • Options
    #911
    Empty_Space
    Registered Users Posts: 227 ✭✭Empty_Space


    Lorelai Thoughtless Purple wrote: »
    Lol...what seller would actually accept an offer of 100k less?

    None of course. Maybe someone desperate would go to 40k , who knows.

    I was just highlighting that I think its mad to buy right now, for a small discount like that.
    You are taking on a lot of risk, as we dont know effect on market yet.


  • Advertisement
  • Options
    #912
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    Would you say the risk is so great and the likelihood of price falls so skewed towards the extreme that asking for a 30+% drop from the seller is a reasonable midpoint?


  • Options
    #913
    Empty_Space
    Registered Users Posts: 227 ✭✭Empty_Space


    Logan Roy wrote: »
    I think I know where you got your name from

    FOOOOOCCCCKKK OWWFFF.

    Sorry, but you are Logon Roy.:D


  • Options
    #914
    Empty_Space
    Registered Users Posts: 227 ✭✭Empty_Space


    guyfawkes5 wrote: »
    Would you say the risk is so great and the likelihood of price falls so skewed towards the extreme that asking for a 30+% drop from the seller is a reasonable midpoint?

    Im just amazed people are opening their negotiations with such small discount requests.

    The market has heavily swayed in the favor of buyers in my opinion. There will be a lot of scared sellers looking to close out quickly.


  • Options
    #915
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    Empty_Space wrote: »
    FOOOOOCCCCKKK OWWFFF.

    Sorry, but you are Logon Roy.:D

    :pac:


  • Options
    #916
    KilOit
    Registered Users Posts: 2,983 ✭✭✭KilOit


    Empty_Space wrote: »
    Im just amazed people are opening their negotiations with such a small discount request.

    The market has heavily swayed in the favor of buyers in my opinion. There will be a lot of scared sellers looking to close out quickly.

    Maybe if you got a 30% deposit at least and both PS workers otherwise the predicted 500k forcast to lose their job won't get a mortgage at draw down after the bank looks for the most recent payslip in the coming weeks and months.

    People need to get this notion out of their head that they are going to grab a bargain, only people that win in times like these are cash rich individuals.

    It's good to try get 5-10k off if you are close to sale but if you are about to close on a sale i wouldn't dilly dally if you eager to secure a home and in secure employment, i can imagine the banks are going to grind to a halt on lending very soon.


  • Options
    #917
    Empty_Space
    Registered Users Posts: 227 ✭✭Empty_Space


    KilOit wrote: »
    Maybe if you got a 30% deposit at least and both PS workers otherwise the predicted 500k forcast to lose their job won't get a mortgage at draw down after the bank looks for the most recent payslip in the coming weeks and months.

    People need to get this notion out of their head that they are going to grab a bargain, only people that win in times like these are cash rich individuals.

    It's good to try get 5-10k off if you are close to sale but if you are about to close on a sale i wouldn't dilly dally if you eager to secure a home and in secure employment, i can imagine the banks are going to grind to a halt on lending very soon.

    Are you suggesting that someone who thinks they may lose job soon, should buy house now while they still can?


  • Options
    #918
    Experience_day
    Registered Users Posts: 359 ✭✭Experience_day


    Empty_Space wrote: »
    Are you suggesting that someone who thinks they may lose job soon, should buy house now while they still can?

    For most people they should run a 1000 miles.

    For others:

    Depends. If they have tons of savings, buying a cheap property could work out cheaper paying off small mortgage each month than pissing away savings for 10 years...

    Using myself my property has 2 spare rooms not doing anything. It's my own place with a lot of privacy. Would nearly pay that for a room let alone my mortgage in Dublin...

    All because I was quick (lucky) enough to buy a property a few years ago. I'd still be renting otherwise. Even if I lose my job then I can still live in house...

    I know that (apart from being too young then to even sign a contract) back in 08 crash I would not have been given a mortgage and would be stuffed. Banks typically do not take on more risk (uncertainty) when things not looking good.


  • Options
    #919
    lfen
    Registered Users Posts: 196 ✭✭lfen


    Lorelai Thoughtless Purple wrote: »
    How did you do it? Did you ask if they were willing to renegotiate or just offer a lesser amount?

    We hadn’t put a deposit down yet. Had asked the EA for a reduced price a few weeks previous and it was a definite no. We then offered €10k less when restrictions were announced and agreed on €6k off.


  • Options
    #920
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    lfen wrote: »
    We hadn’t put a deposit down yet. Had asked the EA for a reduced price a few weeks previous and it was a definite no. We then offered €10k less when restrictions were announced and agreed on €6k off.

    Not many I have heard of so depends on seller I suppose. I will wait and see how it goes


  • Options
    #921
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    We asked for a reduction, no was the response. Which is the response I expected, we are locked in and ready to close. There is no incentive for the builder to reduce the price and there is no incentive for us to pull out.


  • Advertisement
  • Options
    #922
    Citygirl1
    Registered Users Posts: 297 ✭✭Citygirl1


    Hi all. Wondering whether solicitors are operating currently for activities like issuing and reviewing contracts? Has anyone seen this in the last week?

    Am currently trying to sell a property. It's fallen through previously, so contracts are drafted and ready to go. Have dropped the price, and to my surprise the estate agent is still doing viewings, and getting offers (albeit much too low).

    I'm thinking that, if, by a miracle, we manage to do a deal in the next few days, it's likely my solicitor will not be able to issue contracts, as not attending their office at present.

    If all solicitors are closed for this activity, a delay would be quite reasonable. But, if some are still doing so, this may be a problem.


  • Options
    #923
    lawred2
    Registered Users Posts: 24,281 ✭✭✭✭lawred2


    Citygirl1 wrote: »
    Hi all. Wondering whether solicitors are operating currently for activities like issuing and reviewing contracts? Has anyone seen this in the last week?

    Am currently trying to sell a property. It's fallen through previously, so contracts are drafted and ready to go. Have dropped the price, and to my surprise the estate agent is still doing viewings, and getting offers (albeit much too low).

    I'm thinking that, if, by a miracle, we manage to do a deal in the next few days, it's likely my solicitor will not be able to issue contracts, as not attending their office at present.

    If all solicitors are closed for this activity, a delay would be quite reasonable. But, if some are still doing so, this may be a problem.

    conveyancing has largely shut down as far as I'm aware


  • Options
    #924
    NeitherJohn
    Registered Users Posts: 623 ✭✭✭NeitherJohn


    My solicitor and the developers solicitor seem to be working away. Got a few questions asked of me this evening at least.


  • Options
    #925
    lfen
    Registered Users Posts: 196 ✭✭lfen


    Citygirl1 wrote: »
    Hi all. Wondering whether solicitors are operating currently for activities like issuing and reviewing contracts? Has anyone seen this in the last week?

    Am currently trying to sell a property. It's fallen through previously, so contracts are drafted and ready to go. Have dropped the price, and to my surprise the estate agent is still doing viewings, and getting offers (albeit much too low).

    I'm thinking that, if, by a miracle, we manage to do a deal in the next few days, it's likely my solicitor will not be able to issue contracts, as not attending their office at present.

    If all solicitors are closed for this activity, a delay would be quite reasonable. But, if some are still doing so, this may be a problem.

    Our legals are moving along nicely. Builders and our solicitor both working away. We asked how final signings and collection of keys will work but he’s confident we can work around the restrictions.

    Best of luck.


  • Options
    #926
    Bargain_Hound
    Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Likewise, so far our conveyance work seems to be going ahead.


  • Options
    #927
    Captainsatnav
    Registered Users Posts: 910 ✭✭✭Captainsatnav


    Citygirl1 wrote: »
    Hi all. Wondering whether solicitors are operating currently for activities like issuing and reviewing contracts? Has anyone seen this in the last week?

    Am currently trying to sell a property. It's fallen through previously, so contracts are drafted and ready to go. Have dropped the price, and to my surprise the estate agent is still doing viewings, and getting offers (albeit much too low).

    I'm thinking that, if, by a miracle, we manage to do a deal in the next few days, it's likely my solicitor will not be able to issue contracts, as not attending their office at present.

    If all solicitors are closed for this activity, a delay would be quite reasonable. But, if some are still doing so, this may be a problem.

    We are working away yea. Phone consultation with clients, folio reviews online, bank staff are all online ,wire transfers etc.


  • Options
    #928
    em_cat
    Registered Users Posts: 1,292 ✭✭✭em_cat


    Citygirl1 wrote: »
    Hi all. Wondering whether solicitors are operating currently for activities like issuing and reviewing contracts? Has anyone seen this in the last week?

    Am currently trying to sell a property. It's fallen through previously, so contracts are drafted and ready to go. Have dropped the price, and to my surprise the estate agent is still doing viewings, and getting offers (albeit much too low).

    I'm thinking that, if, by a miracle, we manage to do a deal in the next few days, it's likely my solicitor will not be able to issue contracts, as not attending their office at present.

    If all solicitors are closed for this activity, a delay would be quite reasonable. But, if some are still doing so, this may be a problem.

    Solicitors are not on the essential services list, at least not for private property sale conveyancing. We had our first review of docs, for a site we went sale agreed on in December of last year, the Friday before the actual lockdown was announced but are stymied atm.

    Edit: not saying some are not working, but in our case they aren’t.


  • Options
    #929
    setanta1984
    Registered Users Posts: 818 ✭✭✭setanta1984


    Good to hear solicitors are still working. We went sale agreed 2 weeks ago, and have paid a booking deposit. Waiting for the vendors solicitor to send contracts to ours.

    I'm assuming bank valuations and engineering surveys are out of the question now?
    Our mortgage advisor supposedly sent instruction to the bank to do their valuation, but haven't heard anything yet. I also contacted engineers for quotes who all provided one, but that was before the extra lockdown on the 27th.
    Anyone heard of either of these happening in the last week?


  • Options
    #930
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    Signed contracts on sale today via video call, quite unusual!

    We also received contracts today for the new build we are purchasing.

    It seems strange that any solicitor would not continue working from home.


  • Advertisement
  • Options
    #931
    December2012
    Registered Users Posts: 4,695 ✭✭✭December2012


    em_cat wrote: »
    Solicitors are not on the essential services list, at least not for private property sale conveyancing. We had our first review of docs, for a site we went sale agreed on in December of last year, the Friday before the actual lockdown was announced but are stymied atm.

    Edit: not saying some are not working, but in our case they aren’t.

    Solicitors are one of the essential services according to the Law Society.


Advertisement