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

awec

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?

Sale prices have taken a 5% knock but what about the number of sales? Through the floor for the past 6 weeks I'd say. It's hard to deduce anything from the state of the market right at this exact moment.

This is a very weird, unprecedented time. There is a very sizable portion of society who have money to spend but nowhere to spend it. Businesses that would otherwise be thriving are not allowed to open for trade.

A lot of those unemployed are temporary and will be back to work over the coming few months.

Give it 6-12 months and you'll have a better picture of where we are.

em_cat

PommieBast wrote: »

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

Yes, we are, due to sign in the next 10 days, we’ve had a delay due to Covid & b/c of a concern over an odd clause. Also we bought an infill site w/o pp, OH is an Architect, so it’s a bit different to buying second hand or ftb.

We mulled over seeking a reduction, however, we didn’t simply because I didn’t think it would be entertained or warranted given the executer didn’t cause Covid and it’s a site w/o pp.

DivockOrigi

Hi

Currently at the final stages of buying a new house, we have deposits paid, contracts signed etc, just waiting on the house which has been delayed for a couple of months. Like a lot of people our situation has changed and we more than likely won't be able to proceed unless we can get a discount on the house, I'm wondering is anyone else in the process of trying to negotiate a discount on a new house?
Estate agents don't seem to help so we are in direct contact with the building company.

Padre_Pio

irishguy wrote: »

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.

I would also imagine people in the later stages would sign ASAP in case their mortgage application was scrutinized.
There's plenty of people buying their forever home who may not want to go back renting and don't care about a dip.
Also those in a chain who can't or don't want to pull out.

Many reasons. I wonder of those in the early stage, just gone sale agreed, waiting on contracts, haven't packed up their possessions are still proceeding.

mint man

we got our keys today ,
just posting to say we had negotiated a small discount but this held up to process alot as all paperwork was to previously agreed price , once the new bank letter of offer was issued this had covid 19 conditions , it made to whole process very nerve-racking .

DivockOrigi

mint man wrote: »

we got our keys today ,
just posting to say we had negotiated a small discount but this held up to process alot as all paperwork was to previously agreed price , once the new bank letter of offer was issued this had covid 19 conditions , it made to whole process very nerve-racking .

Do you mind telling me if this was for a new build or second hand house?

mint man

DivockOrigi wrote: »

Do you mind telling me if this was for a new build or second hand house?

secondhand

jeanie n

Has anyone managed to get a discount off pre covid sale agreed house? What were the tactics?tia

lfen

Gavin "shels" wrote: »

Myself and my fiancee are currently approved with UB including an exception, hoping to put a bid in soon but like yourself her employer has gone with the Government top up so we've had to submit her latest payslip to our Broker this week. Just to note, it does state on her payslip the amount the Government are paying of her salary. Once I hear from my Broker I'll post, if you hear something you might post also.

Wondering if you had any word back on this? UB have not asked for updated payslips yet but I expect they will and OH is claiming COVID subsidy. Not sure if it’s shows on the payslip though.

JimmiesRustled

lfen wrote: »

Wondering if you had any word back on this? UB have not asked for updated payslips yet but I expect they will and OH is claiming COVID subsidy. Not sure if it’s shows on the payslip though.

We're with UB as well. Signed contracts, loan offer and paid deposit in full. Just waiting for final snag if the house before drawing down. UB have now asked for updated bank statements for the last two months. Not sure why as it doesn't show anything other than I'm being paid. Thought they would've asked for payslips. I'll post anything I find out whenever they get back.

Gavin "shels"

lfen wrote: »

Wondering if you had any word back on this? UB have not asked for updated payslips yet but I expect they will and OH is claiming COVID subsidy. Not sure if it’s shows on the payslip though.

Nothing as of yet, our broker is waiting to hear back from UB.

ZX7R

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.

I was in contact with my solicitor yesterday inquiring about updates on my sake, I asked him if he was completing many sales,he said yes he has had a rush from buyer's wanting to complete that had been approved pri-covid changes,
Why because as far as he is aware that a person on part payment of there wages from the government does not affect there contract the bank drew up.
But person's applying now or since March when restrictions started banks have changed clauses in the contract.
He also said person's renegotiation of prices face a new contract from the bank,
So are then reassessed on the new terms introduced.
So may not get the new mortgage due to been in receipt of a wage subsidized by the government.

lfen

JimmiesRustled wrote: »

We're with UB as well. Signed contracts, loan offer and paid deposit in full. Just waiting for final snag if the house before drawing down. UB have now asked for updated bank statements for the last two months. Not sure why as it doesn't show anything other than I'm being paid. Thought they would've asked for payslips. I'll post anything I find out whenever they get back.

Unusual to ask for statements but probably works out better for some people as wages will appear as normal. Thanks for that.

ladystardust

We were in the process of buying our forever home since January. Tough since my OH is self employed in a generally non-lucrative industry. But we had a decade of savings going for us. We got out AIP for a small mortgage, put an offer on house and were sale agreed.

Then Covid happened and the bank needed more paperwork from my husband’s and they then offered a reduction to the mortgage. We renegotiate the house price, ok so we will barely be able to have furniture but still all go. Then insurance declines us mortgage protection as they scoured my history and found something from 5 years ago that self corrected but they stated required a consultant to sign off on it. Called my GP (as GP provides medical report) and they stated they had several patients call them the last few weeks with similar issues. They appear to be postponing or declining an inordinate amount of insurance requests also right now. She was frankly shocked I was declined.

We pulled out of the sale last week. I think the next few weeks are going to have lots of similar stories.

mcbert

ladystardust wrote: »

We were in the process of buying our forever home since January. Tough since my OH is self employed in a generally non-lucrative industry. But we had a decade of savings going for us. We got out AIP for a small mortgage, put an offer on house and were sale agreed.

Then Covid happened and the bank needed more paperwork from my husband’s and they then offered a reduction to the mortgage. We renegotiate the house price, ok so we will barely be able to have furniture but still all go. Then insurance declines us mortgage protection as they scoured my history and found something from 5 years ago that self corrected but they stated required a consultant to sign off on it. Called my GP (as GP provides medical report) and they stated they had several patients call them the last few weeks with similar issues. They appear to be postponing or declining an inordinate amount of insurance requests also right now. She was frankly shocked I was declined.

We pulled out of the sale last week. I think the next few weeks are going to have lots of similar stories.

That's a right kick! It worries me too, we're trying to complete sale, need our mortgage protection too. Were you not able to get consultant sign off?

Maitguel

I got a quote from the AA for mortgage protection, I haven’t taken it out yet but I got the sense they were tearing to go when we are ready. We would both be in good health and young 30s. When we go ahead with the application will we have to provide medical records before they will provided cover?!?

mcbert

Maitguel wrote: »

I got a quote from the AA for mortgage protection, I haven’t taken it out yet but I got the sense they were tearing to go when we are ready. We would both be in good health and young 30s. When we go ahead with the application will we have to provide medical records before they will provided cover?!?

If you have no medical history, you probably wont have to provide any records.

ladystardust

mcbert wrote: »

That's a right kick! It worries me too, we're trying to complete sale, need our mortgage protection too. Were you not able to get consultant sign off?

I have been out in a waiting list. But getting a well person in for what is effectively a check up would take months BEFORE covid.

givyjoe

After my broker not really giving much info about how being on the Covid Wage Subsidy scheme, I rang UB directly to see what's what. They didn't really give an answer either way but did say that they haven't seen any valuations coming in since mid April, literally none since then.

ladystardust

mcbert wrote: »

If you have no medical history, you probably wont have to provide any records.

True, you should be ok. I have a pre existing illness that requires no medication and is well controlled but they went through everything with a fine toothed comb and that’s not why they declined me. Like I said my GP was shocked. But if you have nothing going on or no previous investigations then you should be fine.

jrosen

Maitguel wrote: »

I got a quote from the AA for mortgage protection, I haven’t taken it out yet but I got the sense they were tearing to go when we are ready. We would both be in good health and young 30s. When we go ahead with the application will we have to provide medical records before they will provided cover?!?

If you have no pre existing conditions then they have nothing to request. However if you do then you more than likely will be expected to send medical reports. I was. It held up our application. I thought I could fill in the details and that would be it, but they came back to me and said I needed to send in my latest medical reports as proof of my current health status.

DaraDali

Got my bank valuation done today, was worried that he would undervalue the house but all was perfect.

Getting the engineer report tomorrow but on the phone to him and he found nothing major so thats good.

House is now empty so just waiting on contracts to be signed. How long after contracts signed to drawdown stage and keys?

SpencerJC

DaraDali wrote: »

Got my bank valuation done today, was worried that he would undervalue the house but all was perfect.

Getting the engineer report tomorrow but on the phone to him and he found nothing major so thats good.

House is now empty so just waiting on contracts to be signed. How long after contracts signed to drawdown stage and keys?

We signed ours in the last few days. I was told it could be 2-weeks, maybe a bit more.

Captainsatnav

DaraDali wrote: »

Got my bank valuation done today, was worried that he would undervalue the house but all was perfect.

Getting the engineer report tomorrow but on the phone to him and he found nothing major so thats good.

House is now empty so just waiting on contracts to be signed. How long after contracts signed to drawdown stage and keys?

Valuer did it remotely?

BrokenArrows

BrokenArrows wrote: »

So we pulled out of the purchase. Too many unknowns in the world right now and without a job it would be too much pressure on the wife to keep us afloat.

We are proceeding with selling and will rent. Our buyers are still proceeding. Lots of Air BNB properties coming back on the market so hopefully can get something of good value. Just hoping ill be able to rent a moving van from somewhere when we do eventually have to move out.

7 days away from completing our sale. So close!

It will be a pain if something goes wrong now as the house is almost fully in boxes.

Conrad83

Has anyone attempted to get any price reduction on a new build in recent weeks?

Ozark707

Conrad83 wrote: »

Has anyone attempted to get any price reduction on a new build in recent weeks?

There are a few anecdotes of this in some threads in here. Sounds like you will have to ask and see how you will get on. It appears to come down to particular developers.

witnessmenow

DaraDali wrote: »

House is now empty so just waiting on contracts to be signed. How long after contracts signed to drawdown stage and keys?

It was about a week for us after both parties signed.

sliabh 1956

"Called my GP (as GP provides medical report) and they stated they had several patients call them the last few weeks with similar issues. They appear to be postponing or declining an inordinate amount of insurance requests also right now. She was frankly shocked I was declined.

We pulled out of the sale last week. I think the next few weeks are going to have lots of similar stories."

I know someone who suffered from severe post natal depression over five years ago that has been turned down by several insurance brokers it now seems they have lost their mortgage . Does that mean the will never get a mortgage because of suffering that depression five years ago.

paulie13

We're in a very similar position. Contracts now with our solicitor over 6 weeks waiting for us to sign, but we haven't been able to secure mortgage protection. Over five years in remission from cancer at this point, but I've been postponed until October at the earliest from one company. It's turning into an absolute disaster. Raised it with the bank, and for a waiver for mortgage protection we need decline letters from three different insurers - problem is is that once you go to a new insurer and tell them you've been postponed (one of the first things they ask), they don't want to know. As a result you can't go through the application process and get the decline letter at the end! Maddening stuff!

We've been two months trying to get it sorted now. Each insurer that will take a look wants to get our GP/oncologist to return firms, which is taking a minimum of two weeks each time.