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

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  • Registered Users Posts: 9,119 ✭✭✭Royale with Cheese


    You would be laughed at asking to renegotiate after having an offer accepted, unless something serious came up in a survey that warranted it. In fact I sold an apartment during COVID and somebody tried this with me and I just told him to piss off immediately and told the EA I no longer wanted to deal with him, no shortage of buyers out there. Ended up selling it for considerably more than the offer he tried to renegotiate down from.

    I'm sale agreed on a property near that price range at 100k over asking, that's just what people are paying. Asking prices are largely irrelevant, just gives people an idea of what price to start the bidding process at.



  • Registered Users Posts: 1,457 ✭✭✭SharkMX


    On our house i was told that the previous bidder who was sale agreed asked for 30k off to get new windows in and knock down a shed about 2 weeks before it was supposed to close. The vendor told them to get lost and took it off the market and point blank refused to deal with the person again. The next door neighbor told me all this. Said there were tears and threats to sue the vendor and they even increased their offer, but he said once a messer always a messer and he wasnt dealing with them. Eventually he put it back on the market which is where we came in.

    It doesnt need new windows and i knocked down the shed myself in an afternoon and cut up the wood for the stove.



  • Registered Users Posts: 5,491 ✭✭✭This is it


    Vendors don't like people messing around. The EA for the house we bought last year called me after we went sale agreed and had paid the booking deposit. Apparently another party had been monitoring the sale, calling his office every week checking max bids etc but never actually bid themselves.

    They called the week we went sale agreed and was furious when the EA told them it was sale agreed. They demanded their offer of 10k more was brought to the vendor. EA told me they were legally obliged to do the same (no idea if that's true or not) but that when he did, the vendor said not a hope. We were in from the start, genuinely bid, paid the booking deposit instantly, and he was happy to proceed with us at the lower amount.

    A few have said that the EA was looking for more money but I was told all of this in one call and there was never a hint that "an extra 5k would secure it" or anything like that.

    Anyway, main point is, don't screw around.



  • Registered Users Posts: 9,119 ✭✭✭Royale with Cheese


    Actually now I think about it, later there was a buyer on that apartment I sold who ended up being the top bidder for over a week and wouldn't go sale agreed despite us being happy with their offer. They told the EA that they were mulling it over and were worried they were paying too much for the property. We resumed viewings and very soon got an offer from a new buyer 2k over the previous highest bid, and told the EA to accept. The previous bidders were told it was now sale agreed and desperately came back to us with a higher bid again but I had absolutely no interest in dealing with them at this point. A property deal has a long long way to go from sale agreed to sold and you don't want to be dealing with somebody who looks like they're going to waste your time. This kind of behaviour might work in a buyers market but it's definitely not the time to be doing it now.



  • Registered Users Posts: 379 ✭✭Gary_dunne


    If I could buy a house with this mortgage I'd be absolutely laughing my way straight to the bank! Try adding another €600p/m onto it for probably the average 35 year mortgage these days.



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  • Registered Users Posts: 1,676 ✭✭✭thinkabouit


    Absolutely frightening, are people aware of what they’re getting themselves in for!



  • Registered Users Posts: 379 ✭✭Gary_dunne


    Well ye it's the only way to purchase a house these days even for a couple on a decent salary. It's what my mortgage is going to be and we're happy to accept that, rent would be around 2.1k so it's essentially a saving.



  • Registered Users Posts: 4,483 ✭✭✭tigger123




  • Registered Users Posts: 1,676 ✭✭✭thinkabouit




  • Registered Users Posts: 4,483 ✭✭✭tigger123


    2008 was a once in a lifetime event, probably.

    It's just what houses cost now. As depressing as it is.

    I'm not having a go, but seriously what's the alternative? Buying is cheaper than renting.



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  • Registered Users Posts: 1,237 ✭✭✭herbalplants


    I don't get people like that. They bid and bid and when they are highest bidder they decide they are not sure. Why do they bid in the first place. Absolutely well to stay away from messers.

    Living the life



  • Registered Users Posts: 1,676 ✭✭✭thinkabouit


    I doubt that, were in a boom now for the past few year’s. Guaranteed to burst at some point again.

    I think this is the main problem, what is the alternative.
    Id start with Policys have to change anyway. New thinking needed badly



  • Registered Users Posts: 1,457 ✭✭✭SharkMX


    Would have thought that anybody who is buying a house is worried about something like that happening. Perfectly natural worry to have. But we know now that you just stay in the house and dont give it back and you should be ok and back to normal after a decade or so.



  • Registered Users Posts: 1,676 ✭✭✭thinkabouit




  • Registered Users Posts: 9,119 ✭✭✭Royale with Cheese


    I presumed they were bidding on multiple properties and were trying to buy time to see if they were going to get a different one they'd prefer. People do this but I think it was rampant during covid.



  • Registered Users Posts: 156 ✭✭Murt2024


    Not really, like 1100 a month isn't that much when you think about it. Anyone with a mortgage should have six month emergency fund which should be plenty of time to find a new job and their increasing job seekeers to benefit to 450 a week for something like six months lately as well. I have a years worth of minimun mortgage payments in Revolut savings and won't be touched throughout my mortgage, gives me peace of mind.



  • Registered Users Posts: 379 ✭✭Gary_dunne


    As people keep saying what is the alternative? Do I pay 2.1k in rent for the next few years in the hope that there's a downturn? We're both in stable roles in a but if one of us was made redundant the other's salary can cover the mortgage repayments. The same probably couldn't be said for ever increasing rents.

    I assume that you have bought a property at some stage, did you think it was a silly move to make?



  • Registered Users Posts: 2,212 ✭✭✭tohaltuwi


    I am selling to my letting house under market value. No guarantee I would have got more, no guarantee it wouldn’t have been on the market for some time running up marketing expenses etc. money is due to come through from their account this coming week.



  • Registered Users Posts: 1,676 ✭✭✭thinkabouit


    You gotta do what you gotta do at end of the day & what fits your context. At the moment those rates compared to renting are a no brainer I think.

    But where Im located & in our family context Its nothing something I’d be willing to do.

    Still renting at the moment, trying to buy but very little coming up that would suit us. And Within our budget



  • Registered Users Posts: 156 ✭✭Murt2024


    Thats the housing crisis, a lot of people are in the same boat. If you can afford a property its a no brainer to buy. A lot of people take out a 35 year mortgage but overpay to bring it down to 20 years.

    250,000 property with a 25 deposit is 1010 euro over 35 years while 20 years its 1379 a month, 15 years its 1679 a month. I myself pay the 20 year rate as don't want a mortgage past 50.

    If i get redunancy etc. I have 10k in a revoult savings fund account to cover the mortgage minimun payments and gives me plenty of time to get a new job. Its probably overkill but at least its earning interest. Have seperate account again for savings again. There also bringing it the 450 euro a week job seekers benefit for six months which is also extra comfort.

    I'm single person with own mortgage by the way.



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  • Registered Users Posts: 2,212 ✭✭✭tohaltuwi


    Today, officially, I have sold my letting property to my tenant, sale has been completed 😃 Tenant now proud owner and delighted to get back to the nice house where he has been living for nearly past 20 years. They took excellent care of it all those years, and moved in initially because I allowed pets, and being from mainland Europe where people typically keep pets in rental properties, they had found it difficult to get a place here that would accept them.



  • Registered Users Posts: 8,020 ✭✭✭youcancallmeal


    Started looking to move house in April. Talked to broker who gave us an idea what we could afford mortgage wise. Talked to a few EAs about what we could expect to sell for, they all agreed about the same asking price as a starting point which matched a valuation we had done a few years ago for a mortgage switch.

    Got the house ready for sale and started viewing properties. The second weekend of viewings we found a house we liked and started bidding, within a week we were sale agreed about 7% over asking even though we explained to EA we weren't sale agreed on our house yet. Have had a couple of viewings on our house and there isn't much interest for some reason, not many are viewing and bids are below asking. We don't think it's overpriced but there is a lot of much older, smaller and cheaper houses for sale in the area in the last few months which may be attracting the first time buyers we expect to be interested in our house. EA is saying hold strong, the right buyers will come soon. I'm stressing though because vendor for the house we're sale agreed on wants contracts signed soon and we need a least asking price for ours to cover works needed on the house we're looking to move to.

    I really thought when starting this process that selling our house was going to be the easy part 😅



  • Registered Users Posts: 1,237 ✭✭✭herbalplants


    It is a hard process selling and buying at once.

    Don't mind me asking are you selling in Dublin?

    Living the life



  • Registered Users Posts: 8,020 ✭✭✭youcancallmeal


    Yeah Dublin. We're lucky in the sense that if we need to we can move in with in-laws after selling our house and before getting keys to our next house. I'd really rather not though as it's so risky even after signing contracts it's not 100% guaranteed our purchase will go through. That's a worry for the future though, need to actually get our house sale agreed first



  • Registered Users Posts: 5,491 ✭✭✭This is it


    We bought last year as FTB and bought an empty house where the owner had emigrated, I can't imagine the stress of being in a chain for buying/selling.

    Bought a 3 bed and while it's fine now I'm already thinking we'll need to upsize in a few years.



  • Registered Users Posts: 382 ✭✭FledNanders


    We were in the same scenario last year, very stressful.

    Pretty sure your solicitor won't let you sign contracts for your purchase until you have contracts signed for your sale.

    We put our house up for sale in February and don't think we had sale contracts signed until July. And that was with a large amount of interest and bidding wars etc on our house.

    Our first sale fell through as the buyer couldn't secure a mortgage, then the people that did eventually buy the house were very slow at getting themselves organized, but we couldn't look for another buyer at that stage as we needed to sell quick to keep the house we had agreed to buy.

    If the vendor of the house you're looking to buy is looking to get things done quickly I'm afraid they may be disappointed going by our experience as everything just takes so long.

    Good luck



  • Registered Users Posts: 189 ✭✭Hontou


    In my opinion you should not have put a bid on another house until your own was sold. You are in a good place as you can move in with in-laws. As a buyer free of a chain (once your own is sold) you are in a much better negotiating position. My house is for sale at the moment and I'm dying to view other houses to buy but I'm not allowing myself until mine is sold so I can negotiate, walk away and not be at the mercy of any estate agent.



  • Registered Users Posts: 8,020 ✭✭✭youcancallmeal


    I would generally agree with you but we were looking for a particular sized house in a relatively small area. Looking at the property price register only 3 that would have matched our criteria were sold last year and there is lots of demand for them. Also we were upfront with the EA telling them our situation and had managed our expectations that vendor may go with some other bidder in a better position offering the same or even less. Until we sign contracts the sale may fall through or vendor withdraws and that's something we have to expect too



  • Registered Users Posts: 1,672 ✭✭✭hillsiderunner


    Currently it's a Buyers Market over here (in Edinburgh anyway) so many properties are not "going to closing" at all but being sold to a specific buyer by direct negotiation. I'm in this process right now as a buyer and have managed to agree a price just a little bit over the Valuation, and the property is now formally under offer 🤞🏻. It was just myself negotiating with no-one else in the mix, and the sellers were keen to get on with their own move.

    In normal times, when the marker is hotter, the usual thing is that a closing date is set and the sealed bids are submitted. It tends to generate a lot of competitiveness, and there will be significant uprate from the Valuation price … in some hot areas this has been above 15% in recent years. However, it does seem a bit less exploitative/cruel than the Dublin thing where the Agency runs back and forth from buyer to buyer getting them to increase their offers.



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  • Registered Users Posts: 1,237 ✭✭✭herbalplants


    Scottish system is way different. In Dublin you are at the mercy of the Estate agent!

    I wonder for how long so, nothing lasts forever and we had a very hot market for a while.

    Living the life



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