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

Empty_Space

ebayissues wrote: »

With the carnage in Financial markets today, how's everyone thinking?

Over the past couple of weeks, I've seen properties that were sale agreed come back on the market..tho it could be due to many reasons....

I've gone sale agreed 10days ago but I've not started paper work or stuff yet.. The market doesn't have me spooked yet but this could start a snow ball effect.

The way I see it, with this uncertainty its hard to know the right move.

Yes, you could buy property and prices could fall, but you could keep also see issues with deposits.
You could also see issues with stocks and pensions.

Hard to know.

lindtee

Put in an offer last week on a house. 15,000 under asking, there had already been a lower bid. There is no news as of yet, under bidders have been contacted last week. It has been on the market since early December and vendors have a deposit on another house. Feeling very anxious about it all, the market is very funny at the moment. This is my first time in the market to buy a house and the uncertainty of it all is a killer!

Queasy Tadpole

Sweet.Science wrote: »

I'll be in a position to buy late July . Is it too early to start looking around ?

No way, get started ASAP.


I've been in the market just under a year now. Absolutely nothing out there.

ZX7R

Empty_Space wrote: »

The way I see it, with this uncertainty its hard to know the right move.

Yes, you could buy property and prices could fall, but you could keep also see issues with deposits.
You could also see issues with stocks and pensions.

Hard to know.

If people are buying a family home i would not be too worried ,its along term
purchase ,people need to realize this is not the same as the property bubble bust,there is safe guards in place,the value of the euro is rising.
the biggest problem is still the shortage of housing.

thunderdog

I’ve been looking at two properties on the same road. First property needs a good bit of work. Initially a a few offers went in for a small bit under asking price. EA stated that they are happy to sell at asking price. Range yesterday-current bid is 10k over asking price which the sellers have rejected.

Second property is modest enough size wise (approx 100sq metres) but ready to move into, very little work needed. Property started off with 13 bidders. As of yesterday there are still 6 bidders and the current bid is 60k above asking.

I’ve been looking at properties for about a year now, it definitely feels a lot more competitive now than a year ago. The market felt a lot more cautious last year-I get the sense that people were waiting a bit to see where the market was going and given that there was very little decrease in the market, people are now eager to bid now.

Im a First time buyer looking at properties in the 425-525k range. Realistically it’s looking like when I finally buy it will be in the upper range of that given the competitive market.

FutureGuy

MODS DELETE IF YOU FEEL NEED.

I think anyone buying a property during this time MUST be stressing as this is unprecedented.

How is everyone feeling? My mind is racing with all the new pitfalls that have presented themselves.

- would life insurance soar?
- when we get locked down, will we be able to actually move.
- sellers being awkward due to uncertainty.
- someone in the bring chain getting sick (solicitor, engineer etc)


For us, our main concern is oir solicior has gone awol and haven’t heard from him in a week.

We also live in a small 2 bed apartment and, when we go into lockdown, I’d love to have a garden for the little guy and a bit more space.

Summer2020

My main concern would be

Will the bank honor your mortgage approval
Is your job secure, are you likely to suffer a pay cut if we go into recession
Will the seller pull out as they cannot buy property themselves due to no houses coming to the market

Very very uncertain times to buy or sell. The most uncertain in the last 50 years I’d imagine.

lawred2

The property market is pretty much going to go into effective shutdown... There's a lot of moving parts in property transactions and it only takes one cog to stop moving for a transaction to stall... I think you'll be where you are for the next three to six months or so. At least.

lawred2

Summer2020 wrote: »

My main concern would be

Will the bank honor your mortgage approval
Is your job secure, are you likely to suffer a pay cut if we go into recession
Will the seller pull out as they cannot buy property themselves due to no houses coming to the market

Very very uncertain times to buy or sell. The most uncertain in the last 50 years I’d imagine.

This is a good point.. underwriters are going to pull the plug on a lot of mortgage approvals. Far too high a risk. Especially as I would expect a lot of life insurance underwriters to now be excluding death due to COVID19.

Diairist

But why would an underwriter choose not to approve you?


Not wishing to fuel any paranoia or anything but...


Did your life / mortgage insurance company offer you a 'Wellbeing' thing on their website? Did you bare your soul to that about your health concerns and the stress you're under at work?



Any wearables tracking your heart rate?

Steer55

FutureGuy wrote: »

MODS DELETE IF YOU FEEL NEED.


-
- someone in the bring chain getting sick (solicitor, engineer etc)

That's biggest problem or offices etc closing down over next few weeks due to isolation messures.

Hopefully going by China we should be over the worst of this within 8 to 10 weeks.

km79

I would say it is much more stressful for people who need to sell...........

We sold last autumn. We took a hit to move it on as we needed to move on . The sale dragged on and on and on and we felt like pulling the plug on numerous occasions . But we stuck with it and finally got it over the line mid October

And by god am I happy we did now

lawred2

Diairist wrote: »

But why would an underwriter choose not to approve you?


Not wishing to fuel any paranoia or anything but...


Did your life / mortgage insurance company offer you a 'Wellbeing' thing on their website? Did you bare your soul to that about your health concerns and the stress you're under at work?



Any wearables tracking your heart rate?

Why would an underwriter choose not to approve you?

The unknown consequences of a global pandemic for one

Johnny Wilcox

I am buying my dream home and went "sale agreed" on January 31st. The closing date is next Wednesday 18th March. My mortgage advisor rang me on Friday morning to inform me that the mortgage has been drawn down and lodged to my solicitors account.
I subsequently phoned the auctioneer and she informed me that they are not dealing with the public i.e. all house viewings ceased for now. However, there wouldn't be any issue with me collecting the keys once she receives confirmation of sale closure from the vendors solicitor.
I have to be out of my temporary accommodation next Wednesday evening.
As mentioned by a previous poster, I am concerned that either solicitor or their offices may be impacted by the corona virus thus delaying the closing.

Bargain_Hound

We’re up the wall over this. We went Sale agreed a week ago. Now concerned our mortgage approval will be revoked due to all of this. We sold last august living with family at the moment, not ideal with a child.

My main concern aside from the mortgage revoking, so many moving cogs nessecary for a house sale to go through.

Stressful times.

FutureGuy

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

km79

FutureGuy wrote: »

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

Wouldn’t have thought so
But when you will actually get in to solicitor is another matter

beanyb

I went sale agreed 10 days ago, so this is definitely not ideal... I do still want to proceed as it has taken me a while to get to the point where I can buy, and if I don't I'm worried I'll end up renting in houseshares forever! But as you say there are a lot of moving parts, so who knows.

I am mortgage approved under the government Rebuilding Ireland Home Loan scheme - which I am assuming will continue as is for at least the next while. But I am due to go into the council for a meeting to submit details of the property, survey etc during the week - which I assume wouldn't/shouldn't go ahead now! Going to ring them tomorrow and see whether moving to submitting things by post instead of in person visits is the way forward.

Good to see this thread - the property market ones were stressing me to bits but I somehow couldn't stay away.

scarepanda

We're in a similar situation. We're the purchasers, and have been sale agreed for months. We finally got to sign contracts two weeks ago, the vendors as of Friday still hadn't signed. But their solicitor is still working on a closing date for the end of March. Technically we can still pull out, but we really really don't know what to do.

We're a single income family so job losses are a major concern right now, but in terms of job security my husband's is as safe as any in the private sector right now - but who knows how safe any job is at the moment. We are worried about prices dropping and what that means for us when the fixed term is over. For the area were buying in the house is on the upper end, but very few similar houses have come on the market in the area in the last while, and none that fit quite so good - it's our 'dream home' with a bit if work. But it's still a sickner paying peak price for something when we are on the cusp of a recession. There's also the fear that the solicitors and banks will work out how to work around any lockdowns and the sale will close on their end but we won't be able to get keys. We've allowed for an overlap for rent and mortgage payments but only for a couple of months. Our loan offer only has a few weeks left in it as well so we're under pressure on that front too.

The only godsend in this cluster**** is that our Landlord knows we're sale agreed and has told us repeatedly that theres no panic on his side. I was speaking to him again Friday and nothing has changed for him. So we won't have to give full notice and he'll work with us. The only unknown is if he's forced to sell.

Dolbhad

FutureGuy wrote: »

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

The saying is you don’t have the money from the money until you have the money actually drawn down and in the solicitors account. But it’s unlikely if your due to close quickly.

I think closings will be delayed if people are out. Banks may take longer to issue funds, solicitors will need to be physically present at some point to get the closing documents and reviewed. It’s not a job that can all be done online.

Also contracts need to be signed by both parties. I expect solicitors offices to be abit like auctioneers - not seeing clients at moment so if things haven’t been signed by purchaser/sellers by now they probably won’t for two weeks at least.

However auctioneers, solicitor, banks - they all make their money from a closing actually happening so I expect everyone will do what they can but it just might be delays.

scarepanda

FutureGuy wrote: »

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

We hope not as well. We've gone through a broker and he said that the banks are tied into a loan offer until it expires, and he said he would think that they will approve an extension as well as it's your past record (payslips and proof of savings) that they take into account. I'm a bit skeptical on an extension being granted that easily, but time will tell.

I wonder will banks automatically extend loan offers that are due to expire if things shut down?

Sheeps

I'm pressing ahead with the home I'm purchasing. It's a new build, so I am expecting a delay in the delivery of the phase of development it's in. The fear is that the mortgage won't be approved is there, but will find out this coming week. The mortgage will be 80% LTV so slightly lower risk as a first time buyer of landing in negative equity on the amount borrowed.

The housing crisis will get far worse as a result of the collapse of the building industry in Ireland, in particular if the builders building residential go out of business.

stinger31

Steer55 wrote: »

That's biggest problem or offices etc closing down over next few weeks due to isolation messures.

Hopefully going by China we should be over the worst of this within 8 to 10 weeks.

When China goes back to work etc.....you'll see the cases explode again. Can't see this being over anytime soon

Umaro

I went sale agreed at the start of the month, I am a FTB doing it by myself but luckily have a substantial deposit so that I'm about 75% LTV.

It still seems like a good idea to me to complete things and I'm quite happy with the place I'm getting, though can't help but wonder how I'd feel if I wasn't already invested in this process.

I broke up with my partner about 6 months ago, living with my parents in the sticks whilst I house-hunted and I'm just so keen to move back to Dublin as I feel my entire life is stuck on pause unless I get this sorted..

notcarlos

I'm nervous myself. We went sale agreed start of the month. Surveyor was sick and no progress last week. He told us report will be done coming week. Nothing heard from our solicitor yet. He just said he will contact vendor solicitor for the the contract, that was on the first week. Hopefully our bank is okay. We are just finished with all the documents required.

Sheeps

I was told by my broker on Friday that the banks are working slowly because they have been swamped with mortgage requests due to lower interest rates rather than because of complications due to covid19

FutureGuy

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

Uglysoik1

FutureGuy wrote: »

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

I'm exactly in the same situation. Was supposed to drawdown Friday but due to a delay with block insurance that didn't happen. Hoping to close this week though. 🀞

MarkJD

We are with KBC and they advised us that our mortgage rate would automatically have the newer lower rate applied despite our Loan Offer having a higher rate we had agreed the week before! Told us they are not issuing new Loan Offers to people. Not sure if others banks the same.

We are due to close now the 24th of April just got in last week to our solicitors to sign the loan offer and transferred rest of the deposit etc. Not sure what to think in the weeks ahead. Big economy hits due id imagine in the months ahead as well. Some friends commenting saying they wouldn't be buying at a time like this, property market could crash in the next 6 months etc.

Anyone else thinking like this or worried that are closing next few months? Wife gets mad with me if i bring anything like this up in the last week. She just wants the house closed and it all done with!

awec

FutureGuy wrote: »

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

Yes, you'll get the new rate automatically.