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

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Comments

  • Registered Users Posts: 12 FrozenDriveway


    I've seen this happen in Kildare, Meath and Dublin. Specifically, one auctioneer told me that it's far better to underprice, in this instance by €40k, by his reckoning, in order to drum up interest and so potential buyers think there is a lot of competition. That particular house went for €65k over asking in the end.

    But sometimes something will be well underpriced for good a reason.



  • Registered Users Posts: 4,818 ✭✭✭what_traffic


    What I have noticed here in Galway City is signs with "Under Offer" plastered on them for a number of weeks, rarely seen that last year.



  • Registered Users Posts: 381 ✭✭SummerK


    So after an year or so, BOI agreed to consider my wife's income (she is on annual contract) for increasing the mortgage amount, but the new house price that was 400k last year is well over 470k now and there is no availability in the estate we're looking at the moment. The developer has cited prices might further move towards 500k in the next phase. Crazy times that we're living in.



  • Registered Users Posts: 4,748 ✭✭✭Padre_Pio


    Yep, almost criminal how prices are creeping up.

    Our estate was advertised as 300k, which became 350k when I bought, and those in the next phase are at 380k. I noticed as well the houses in the next phase have a few little features removed to bring down costs.



  • Registered Users Posts: 3,627 ✭✭✭RichardAnd


    Yet there are still articles knocking about that claim that house-prices are stabilising or even falling. Clown world never fails to deliver.



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  • Registered Users Posts: 4,748 ✭✭✭Padre_Pio


    Paper never refused ink, and journalistic standards are p*ss poor. I would imagine that any variability is just seasonal demand rather than a trend.

    I was reading something about Irish property prices, and the consensus was that prices won't fall as sellers are not motivated enough to drop them.

    There's not enough quality housing for current homeowners to upgrade to, and the numbers in mortgage arrears are still very small as most are on fixed rates. So sellers are happy to wait for more motivated buyers.



  • Registered Users Posts: 3,627 ✭✭✭RichardAnd


    True. It's possible to spill rivers of ink over just why the market has not come down, but the real reason is simple: there are too many people chasing too few houses. Until either demand drops or supply rises, things will not improve. I don't see either happening for now.



  • Registered Users Posts: 52 ✭✭ReturnOfThe


    Am sale agreed myself currently and in my original mortgage application for AIP, I had put down 5 year fixed as the option for interest rate however I am now beginning to think based on recent news that rates may have peaked so am tempted to go with variable rate instead. I am hoping to regularly pay off more than needed on my monthly repayment so both these factors has me swayed towards variable.



  • Registered Users Posts: 4,748 ✭✭✭Padre_Pio


    ECB rates may have peaked (who knows) but your bank rates may still be playing catch up.

    IMO there is a higher likelihood of Irish banks increasing mortgage rates than dropping mortgage rates in the short term.



  • Registered Users Posts: 52 ✭✭ReturnOfThe


    Yeah it's hard to know and I take your point that banks can be slow to react to downward central bank rate movements. Still though..I no longer feel that fixed rate is the same no brainer option it has been for the last year. Either way as soon as you pick one or the other , you're already speculating.



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  • Registered Users Posts: 381 ✭✭SummerK


    Perhaps you could choose a lower tenure fixed rate like for 2 or 3 years?



  • Registered Users Posts: 4,748 ✭✭✭Padre_Pio


    You can always break it. Your bank will have a calculator so you can figure out the breakage fee should interest rates decrease.



  • Registered Users Posts: 2,257 ✭✭✭Cork2021


    UPDATE!

    our vendor has pulled out of the sale. Before we pulled the plug.

    so anyone any experience with this.

    looking at a new estate in our area. The houses are builders finish but it’s a self build mortgage. Has anyone experienced this? Obviously we’ve a house to sell too



  • Registered Users Posts: 194 ✭✭Andrew93


    Got word today our snag list has been completed. Off to inspect ourselves at 2pm. Hopefully be getting the keys next week possibly!



  • Registered Users Posts: 1,187 ✭✭✭GeorgeBailey


    At what point do you have to pay the 10% deposit?

    We are selling our current house and buying another at the same time. More than 50% of our purchase price will come from the sale of our current home. The proceeds from our home plus the mortgage will more than cover the price of the new house.

    We went sale agreed on both this week. We're selling to first time buyers and buying a house in probate (lodged in August this year so hopefully sorted in the early months of 2024).

    The intention is the purchase and sale will happen on the same day. We paid an initial (refundable) €7k deposit to the estate agent we're buying from. A 10% deposit would mean almost 50k. We could manage it but it would leave us short on money. If we have to pay it well in advance of the sales going through that could be tricky. If it's just a couple of weeks before we draw down mortgage and get proceeds from the current house then it's not really an issue.

    Hope above isn't too muddled!



  • Registered Users Posts: 1,044 ✭✭✭herbalplants


    Probate are tricky in my view. You don't know the exact date the probate goes through. How are you going to time it the same day as your sale? My guess is your house sale will go through faster than your buy. Your buyer will be keen to pay you and get in your house. But what if your probate buy is not gone through.

    My 2 c. Perhaps other people can offer better thoughts.

    Living the life



  • Registered Users Posts: 108 ✭✭KLF


    The 10% deposit on signing contracts is not set in stone, it’s open to negotiation with the other party. 10% of the property price I just a rule of thumb. It gets transferred upon signing of the contracts.

    If you then pull out after signing the contracts then vendor will keep this deposit and possibly pursue you for non completion.

    Originally I confused it with the 10% minimum you need to put forward as part of the central bank rules so your mortgage is < 90% LTV which is set in stone.


    https://www.dtryan.ie/what-deposit-to-i-have-to-pay-when-buying-a-house/



  • Registered Users Posts: 607 ✭✭✭J_1980


    I asked my vendor if 6.5% is ok on signing. This is all I had as disposable cash as you can’t hand teh 10% deposit you’re receiving onwards. Vendor was ok with it.



  • Registered Users Posts: 16,250 ✭✭✭✭banie01


    All done and dusted on our sale. Herself's mortgage was redeemed on Friday and her solicitor has been in touch to confirm it's all closed out, her final fee and a a confirmation of deposit details for disbursement of the balance of sale funds.

    From 1st contact regarding sale to now, all squared away within 7 weeks. No chain or other impediments to sale.

    We wish the new owners a lifetime's happiness there.



  • Registered Users Posts: 2,257 ✭✭✭Cork2021


    Just looking to see what people’s thoughts are on this.

    1.theres detached (self build) 4 bed homes being built in my town €390k but to a builders finish and that’s to a good standard. It’s painted, has the doors, driveway is done, garden is seeded etc. we’d need to do the tiles, floors and kitchen. (Bathroom ware is included) the self build part is where we might get caught with the banks when reapplying for a mortgage

    2. There’s 4 bed semi detached homes same sq footage as the detached in a neighbouring town for €395k but this house comes finished. But has a smaller area attached to it. No problem with mortgage here!


    what would you do in this situation???


    I’m especially with a lack of second hand homes that suit us! The above two would suit as they’re both 500sq feet bigger then what we have now and have the extra rooms etc!



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  • Registered Users Posts: 4,748 ✭✭✭Padre_Pio


    Buy the detached house with the larger garden. It will always be nicer to live in and easier to resell should you need to.

    The kitchen is the most used room in the house, so it's always nice to do it to your own standard and to suit your lifestyle.



  • Registered Users Posts: 2,257 ✭✭✭Cork2021


    Thanks, was thinking along those lines as well. It’s self build part that boggles the mind! The developers want it that way, I can’t understand why!



  • Registered Users Posts: 860 ✭✭✭Zenify


    There used to be a boards mortgage broker called Killian. Does anyone still have his details or know if he is still a broker?



  • Registered Users Posts: 2,257 ✭✭✭Cork2021


    So after all our disaster over the past 7 months, we’ll be putting down a deposit on a new build 4 bed semi D 140sq m so 500sq feet bigger then what we have! Rose Hill Mallow! We’re still hoping something will come up that was similar to what we had been sale agreed on but that’s hopeful!



  • Registered Users Posts: 4,939 ✭✭✭suvigirl


    Signing contracts Monday, any idea how long it takes after that to get keys?



  • Registered Users Posts: 73 ✭✭Sunjava


    I dealt with him 5yrs ago and was fine but tried to use him again 18mths ago and found the service very poor. Subsequently used a broker based in Raheny and found them more than satisfactory



  • Registered Users Posts: 10,933 ✭✭✭✭fin12


    Can someone please advise what banks are giving mortgages for fresh start applicants .


    Im in an awful situation where I bought with an ex and only lasted a few months so I desperately need to get another mortgage under the fresh start principle to have any hope in the future .



  • Registered Users Posts: 10,933 ✭✭✭✭fin12


    Anyone have info on breakage fee with PTSB or breakage fees in general ? I spoke with them in branch and they were useless , don’t understand how if u request a face to face appointment in branch and then you just get put on a phone when u go in there, could have just done that at home.


    only 1 year on mortgage paid on a 5 year fixed and overall 30 year mortgage.



  • Registered Users Posts: 4,748 ✭✭✭Padre_Pio


    They should have a calculator on their website and in your mortgage contract.

    the fee may be zero with the interest rate increases.



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  • Registered Users Posts: 1,138 ✭✭✭Gru


    Fresh start is a local authority home loan feature, banks i've seen mention it are AIB, not too sure about BOI or PTSB,


    "The Local Authority Home Loan is available to first-time buyers and ‘fresh start’ applicants. Fresh start applicants include:

    • People who are divorced, separated, or whose relationship has ended and who have no financial interest in the family home
    • People who have gone through personal insolvency or bankruptcy

    Note: The Local Authority Home Loan cannot be used by fresh start applicants to buy their former partner’s share of their family home."


    so get onto to your local authority and get the relevant information from them as each one can have different rules/conditions.



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