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

Housebuying

cd76 wrote: »

Up to you. You should walk away if you are ok with potentially losing it. Time to be brave, but market is crashing so walking away is best option.

What sort of crazy advice is this? walk away from 30k? Why?

You would want some serious proof that his house will drop by 30k and that he will then be able to secure a mortgage.

ZX7R

Has anybody any idea how long from drawdown till payment is transferred between solicitor's at the moment.

Ricosruffneck

Anybody in the same boat?

getting a mortgage with BOI which has a cashback portion. Have to draw down before Jun 30th. Due to restrictions I think the developers are going to cut it fine having the house ready for valuation in time for me to get everything in order for BOI to continue.

Means missing out on a couple of grand that could have been handy for floors/anything

fifth

Ricosruffneck wrote: »

Anybody in the same boat?

getting a mortgage with BOI which has a cashback portion. Have to draw down before Jun 30th. Due to restrictions I think the developers are going to cut it fine having it ready for valuation in time for me to get everything in order for BOI to continue.

Means missing out on a couple of grand that could have been handy for floors/anything

In the same boat. Raised this concern with my broker and they told me it should be OK that I'll get the cashback. Not sure how they knew but they were in contact with their BOI agent..

Without the cashback the BOI though, their interest rates are just not worth it.

PommieBast

Any cash buyers here that are least notionally going ahead with sales?

Ricosruffneck

fifth wrote: »

In the same boat. Raised this concern with my broker and they told me it should be OK that I'll get the cashback. Not sure how they knew but they were in contact with their BOI agent..

Without the cashback the BOI though, their interest rates are just not worth it.

I'm glad your broker is confident, i contacted BOI and they said that the date still stands but that 'there may be an update'

Techn0

Ricosruffneck wrote: »

I'm glad your broker is confident, i contacted BOI and they said that the date still stands but that 'there may be an update'

I spoke to BOI yesterday and she brought this up. I think the 30th June update is more so in relation to the mortgage rates rather than cashback. She had said she expects no change to cashback and that there'll be a very minor change to rates (would likely be a point of a percentage either way) or no change at all.

They know their rates aren't competitive if the cashback offer is taken away so it'd be very strange on their part to make that decision.

Ricosruffneck

Techn0 wrote: »

I spoke to BOI yesterday and she brought this up. I think the 30th June update is more so in relation to the mortgage rates rather than cashback. She had said she expects no change to cashback and that there'll be a very minor change to rates (would likely be a point of a percentage either way) or no change at all.

They know their rates aren't competitive if the cashback offer is taken away so it'd be very strange on their part to make that decision.

I think you misunderstand perhaps to my wording, we currently have a mortgage offer. As part of the terms to get the cashback portion we have to drawdown before a certain date. Ours is Jun 30th.

We just don't think the house will be ready for valuation and other things we need to do in order to drawdown before that date.

Techn0

Ricosruffneck wrote: »

I think you misunderstand perhaps to my wording, we currently have a mortgage offer. As part of the terms to get the cashback portion we have to drawdown before a certain date. Ours is Jun 30th.

We just don't think the house will be ready for valuation and other things we need to do in order to drawdown before that date.

Ah yes, I get you now. Apologies thought you were referring to their rates in general.

JL555

I'm at the final stages of the process, and like some others, have been asked this week for payslips and account statements to demonstrate that there has been no financial impact to me, (I'm very fortunate that there hasn't been). Initial mortgage approval came about 3 months ago, offer letter came very quickly in mid February after our offer was accepted. Everything was going really well, the lockdown has slowed it down though.

TBH over the last few days, I'm really thinking about pulling out of the whole thing. I have a planned a 6-8 month renovation on the property costing approximately 45k, but it's most likely there's going to be a long period of uncertainty ahead, maybe a couple of years and it might not be possible to get contractors and the like to do some work in the house. If I had the keys in my hand for past few weeks, I know I could get very little to nothing done.
We had the misfortune, like many, of getting caught out in the financial crisis of 2008/2009 and the aftermath. Had to move to the other side of the country for work, in the end we had to sell the house we used to live (lost about 60k there due to market conditions etc), we had tenants in there, but were a nightmare to deal with and cost us a fortune in damage and repairs. We are still renting in the house we moved to and our rent is still at 2012 prices ( it's a semi D ) . So what I'm thinking is, it might be better to pull out, keep our deposit and the savings we had for the renovation and just maintain the flexibility we have in the event of a crisis (such as now), this time with a much stronger financial position.

Experience_day

JL555 wrote: »

I'm at the final stages of the process, and like some others, have been asked this week for payslips and account statements to demonstrate that there has been no financial impact to me, (I'm very fortunate that there hasn't been). Initial mortgage approval came about 3 months ago, offer letter came very quickly in mid February after our offer was accepted. Everything was going really well, the lockdown has slowed it down though.

TBH over the last few days, I'm really thinking about pulling out of the whole thing. I have a planned a 6-8 month renovation on the property costing approximately 45k, but it's most likely there's going to be a long period of uncertainty ahead, maybe a couple of years and it might not be possible to get contractors and the like to do some work in the house. If I had the keys in my hand for past few weeks, I know I could get very little to nothing done.
We had the misfortune, like many, of getting caught out in the financial crisis of 2008/2009 and the aftermath. Had to move to the other side of the country for work, in the end we had to sell the house we used to live (lost about 60k there due to market conditions etc), we had tenants in there, but were a nightmare to deal with and cost us a fortune in damage and repairs. We are still renting in the house we moved to and our rent is still at 2012 prices ( it's a semi D ) . So what I'm thinking is, it might be better to pull out, keep our deposit and the savings we had for the renovation and just maintain the flexibility we have in the event of a crisis (such as now), this time with a much stronger financial position.

Yeah could see how burnt once makes twice shy! Guess it depends if it's a house you plan on keeping for 10+ years. If so then would be less risky, but then again I think a lot of people are more mobile now so prob don't want to be in a position of potentially been stuck.


Would have thought if things slowed down then contractors would be cheaper as the large swathe of housing would slow down? Certainly hoping that would be the case as I'd like to build an extension soon on my place

Padre_Pio

Housebuying wrote: »

What sort of crazy advice is this? walk away from 30k? Why?

You would want some serious proof that his house will drop by 30k and that he will then be able to secure a mortgage.

Equally, a house that is out of your price range may fall into your price range. You could be getting a better house for the same money.

Summer2020

Anyone any idea which phase reopening will allow bank valuer out to houses?

mcbert

Some valuations have been happening all during lock down. I need a survey done now. I'm hoping my guy will do it on 18th May.

Ubbquittious

PommieBast wrote: »

Any cash buyers here that are least notionally going ahead with sales?

Yes. The crowd I'm buying from don't seem to be in a hurry so they will be dropped like a hot spud shortly

James 007

Ubbquittious wrote: »

Yes. The crowd I'm buying from don't seem to be in a hurry so they will be dropped like a hot spud shortly

Is there a reason why you are in a hurry, is your offer a low ball offer

Ubbquittious

James 007 wrote: »

Is there a reason why you are in a hurry, is your offer a low ball offer

Because I am living in a tiny room in a tiny house that's really only for one person and I'm sharing it. Offer is just over 80% of asking but no probs with that, they accepted it months ago

Ozark707

Ubbquittious wrote: »

Because I am living in a tiny room in a tiny house that's really only for one person and I'm sharing it. Offer is just over 80% of asking but no probs with that, they accepted it months ago

Well that sounds like a good deal! Well done

Umaro

I went sale agreed in early March as a solo FTB on an apartment in Dublin at €300k. Then on 16th March all the locations of the business I work for had to shut down. I've subsequently had to take a 15% paycut and part of my wages is now paid by the subsidy scheme. As a result I had to pull out of the sale.

In some ways I feel like I've dodged a bullet. I expect that prices will fall over the next year or two once the market gets back up and running. I live at home at the moment, so I'm able to save €2k+ each month and it seems my job is safe until we re-open in June or July. I'll probably be stuck here a bit longer, but by the end of year I'll have a bigger deposit and possibly house prices will be down a bit so I might be able to do better when I go at this again.

I see the apartment I was sale agreed on has been relisted at the same price. I don't expect that it sells at that price in 2020 but it will be interesting to watch it as a barometer of the way things are going. In March I was still getting contacted by EAs about properties I was unsuccessful on as the buyers were pulling out, that's disappeared now and I can see most of those properties are back on Daft at the same price.

Donald Trump

Umaro wrote: »

I went sale agreed in early March as a solo FTB on an apartment in Dublin at €300k. Then on 16th March all the locations of the business I work for had to shut down. I've subsequently had to take a 15% paycut and part of my wages is now paid by the subsidy scheme. As a result I had to pull out of the sale.

In some ways I feel like I've dodged a bullet. I expect that prices will fall over the next year or two once the market gets back up and running. I live at home at the moment, so I'm able to save €2k+ each month and it seems my job is safe until we re-open in June or July. I'll probably be stuck here a bit longer, but by the end of year I'll have a bigger deposit and possibly house prices will be down a bit so I might be able to do better when I go at this again.

I see the apartment I was sale agreed on has been relisted at the same price. I don't expect that it sells at that price in 2020 but it will be interesting to watch it as a barometer of the way things are going. In March I was still getting contacted by EAs about properties I was unsuccessful on as the buyers were pulling out, that's disappeared now and I can see most of those properties are back on Daft at the same price.

Even if the market would naturally otherwise drop, the estate agents could, for the short term, artificially hope to keep it "propped up" by convincing sellers not to lower asking prices. The market is driven by confidence and sentiment and it can be a case of trying to "fake it til you make it" in the short term. If everyone believes that prices will not drop then they'll continue buying as normal and might not actually drop!



But if transacted sales just dry up, then in the medium term the same estate agents will be recommending the sellers lower asking prices once the EA commission cashflow dries up. And then you might see a bit of a panic of some sellers trying to dump what they want to get rid of before the "bottom" comes

Pablo_Flox

Im meeting my solicitor and signing my contract tomorrow. I asked if many people had pulled out due to Covid 19 and he said that he currently has 60+ sales on the go and 3 have fallen through, so it seems like the vast majority of people are proceeding ahead with their sales.

Housebuying

Pablo_Flox wrote: »

Im meeting my solicitor and signing my contract tomorrow. I asked if many people had pulled out due to Covid 19 and he said that he currently has 60+ sales on the go and 3 have fallen through, so it seems like the vast majority of people are proceeding ahead with their sales.

60+ sales on the go? Must be a huge EA or a chain.

I think a lot of people have not pulled out yet. We put our sale agreed on hold until lockdown was over. Now I see that it's another 4 months, I think I'll ask for a 20% discount. They'll probably tell me to sling my hook but it's a gamble I'm willing to make.

zuhuraswa

[PHP][/PHP]

Pablo_Flox wrote: »

Im meeting my solicitor and signing my contract tomorrow. I asked if many people had pulled out due to Covid 19 and he said that he currently has 60+ sales on the go and 3 have fallen through, so it seems like the vast majority of people are proceeding ahead with their sales.

That's mad (the figure i.e.) I asked one EA in Galway the same question last month and he mentioned your exact figures, that he had 60+ viewings and only had 3 sales that fell through. I don't really mind too much what is happening to the markets to be honest, but I have been actively keeping an eye put on the housing market in Galway over the last 8 months (and I mean I nearly know every single advert that came into the market as I am actively looking for something that I like), and there haven't even over 50 in the last 8 months in Galway in total, never mind ones sold by this particular EA alone.

Anyway, not sure where your EA is,but was just amazed by the coincident of exact figures

Pablo_Flox

zuhuraswa wrote: »

[PHP][/PHP]
Anyway, not sure where your EA is,but was just amazed by the coincident of exact figures

It is not my EA, it is my solicitor. His company is currently working on the legal stuff for 60+ sales and have only seen 3 fall through. Their office is in Dublin, but I guess the sales could be anywhere in Ireland.


Anyway - today is D-Day for me! Signing the contract for what is likely the biggest purchase of my life.

KaiserSochez

mcbert wrote: »

Some valuations have been happening all during lock down. I need a survey done now. I'm hoping my guy will do it on 18th May.

Same applies for surveys....Have spoken to a couple that are business as usual...

mcbert

KaiserSochez wrote: »

Same applies for surveys....Have spoken to a couple that are business as usual...

Yep it seems so. Looks like mine are now willing to this week, where they said no before

SpencerJC

Pablo_Flox wrote: »

It is not my EA, it is my solicitor. His company is currently working on the legal stuff for 60+ sales and have only seen 3 fall through. Their office is in Dublin, but I guess the sales could be anywhere in Ireland.


Anyway - today is D-Day for me! Signing the contract for what is likely the biggest purchase of my life.

We are signing today too, but reading here has me a little worried. Ulster Bank has not asked for updated payslips and my girlfriend's employee is being subsidised by the government, 20% of her salary. Even with this, we still fall under 3.5 so I'd assume they would have to/ should continue with the process. Let's see!

Umaro

Pablo_Flox wrote: »

Im meeting my solicitor and signing my contract tomorrow. I asked if many people had pulled out due to Covid 19 and he said that he currently has 60+ sales on the go and 3 have fallen through, so it seems like the vast majority of people are proceeding ahead with their sales.

This just seems so odd to me given whats happened with peoples jobs over the past 2 months, from RTE today:

• Nearly 600,000 receiving the unemployment payment
• A further 427,000 on the subsidy scheme

Nearly half the workforce is on one of the two payments, yet his sales have only taken a 5% knock. I wonder, is there a lot of people just dragging out their sale until things re-open or whether they're chancing it and trying to complete whilst unemployed/subsidized?

Ubbquittious

Finally contracts arrived. Hopefully lock down will lift to give me a chance to sign

irishguy

Umaro wrote: »

This just seems so odd to me given whats happened with peoples jobs over the past 2 months, from RTE today:

• Nearly 600,000 receiving the unemployment payment
• A further 427,000 on the subsidy scheme

Nearly half the workforce is on one of the two payments, yet his sales have only taken a 5% knock. I wonder, is there a lot of people just dragging out their sale until things re-open or whether they're chancing it and trying to complete whilst unemployed/subsidized?

I would guess there is a disproportionate impact on lower income earners, which typically wouldn't be how owners also some couples which are on these supports may be still continuing as normal with things in the short term. It's still early days for the true economic impact of it to be clear, but there is surely going to be a large impact over the next couple of years.