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

Will Yam

bulmersgal wrote: »

I've had no problem either I ask and they all have told me what current bid some before I have even viewed.

I placed an offer on property last week 5k under asking but the same price as two other properties in estate have sold for and they were similar spec. The property is only up about two weeks but I'm the only bidder, dying to know what is happening has anybody else viewed it and made offer or how long they plan to keep it up for. Unsure if I should ring estate agent or would that make me appear to eager

I don’t think there is too much to be risked by appearing interested. But it might be worth asking what the situation is. I’m about to make an offer but I’ve told the ea I’m looking very closely at another property. When I make it, and it will be close to asking price, it will be with a very tight window of acceptance, maybe 48 hours. After that my offer is off the table.

CuriousKarl

Guys, got approval in principle 6 weeks ago via broker while at the same time advised that if July payslip shows bonus of X amount, the loan offer could be improved. Yesterday we found out that the loan offer would not be improved and that if anything it could be reduced due to the bank changing their lending criteria since AIP in June (thankfully me nor my partner have had any Covid related financial impact on our earnings).
Has anybody else had experience of bank reducing their AIP since June or so? (appreciate it would be more understandable if approval in principle was given pre March)

On a separate note, it is a new build we're after, booking deposit was paid in May and have only had dealing with EA until yesterday when the builder called to ask for an update on contracts etc. Found this unusual as assumed builder's solicitor would contact our solicitor for that info, but this to me would suggest that potentially builder is starting to get anxious about sales? From what I know, only 50% of the houses have booking deposits on them, and nobody is yet to move into the houses which are all ready now.

lomb

Prices are going to fall 10-15% which means builders profit margins are going to be screwed. The help to buy is going to be the only thing holding it up.

JamesMason

lomb wrote: »

Prices are going to fall 10-15% which means builders profit margins are going to be screwed. The help to buy is going to be the only thing holding it up.

What next...HTB with no deposit needed...what could go wrong?

Sweet.Science

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

JohnK

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

Usually they'd ask for that before accepting a bid - typically people just block out the amount the bank are willing to give you and send on the edited version

cubatahavana

Plenty of bidding strategies for buyers. Any insights on strategies for sellers? What would be an average number of bids per number of viewings?

Vikings

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

They are right to do that and it is normal, some will look for it before accepting a bid, some will look for it before even giving a viewing.

It would be very unusual to go sale agreed without showing some proof you have the funds available to complete the sale.

Green Mile

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

I thought sending the deposit would be enough to show the EA you’re serious about the purchase.

EA never asked me for the approval letter, I was happy to get the deposit paid and they took the property off the market when the funds cleared on their side.

Vikings

Green Mile wrote: »

I thought sending the deposit would be enough to show the EA you’re serious about the purchase.

EA never asked me for the approval letter, I was happy to get the deposit paid and they took the property off the market when the funds cleared on their side.

You might be serious about the purchase but if it's ultimately the bank providing the money for it they need to know you have the approval - you could have 10,000 in your bank account to cover a booking deposit with no means to buy a 500k house.

Wellboy36

Does anyone know if the bank would have any issue with changing solicitor after they have issued the letter of loan offer?

We got full approval 3 weeks ago and haven't heard anything back from solicitor since in regards to this or signing the contract despite many emails and phone calls.

It's been over a month since we've heard anything at all from the solicitor so just fed up with them at this stage and looking to get someone new.

Housebuying

cubatahavana wrote: »

Plenty of bidding strategies for buyers. Any insights on strategies for sellers? What would be an average number of bids per number of viewings?

Set the price low. You really need two or more people bidding. The house will find it's value but if you price too high to begin with, it turns off potential viewers.

Don't just go with the highest bid, make sure they are loan approved and ready to go before accepting the bid.

Make sure the property is clean and looking it's best. And for god's sake not smelly.


Make sure that the EA photos are good but not unrealistic. The instant disappointment when the garden or room is 5 times smaller than expected.

Contact your solicitor and make sure you are ready to sell. What's the status on your goundrent and planning issues. Get the sell done quickly and s

Housebuying

Wellboy36 wrote: »

Does anyone know if the bank would have any issue with changing solicitor after they have issued the letter of loan offer?

We got full approval 3 weeks ago and haven't heard anything back from solicitor since in regards to this or signing the contract despite many emails and phone calls.

It's been over a month since we've heard anything at all from the solicitor so just fed up with them at this stage and looking to get someone new.

Your solicitor? You should contact the EA and see if the vendor has sent them the contract

Housebuying

Vikings wrote: »

You might be serious about the purchase but if it's ultimately the bank providing the money for it they need to know you have the approval - you could have 10,000 in your bank account to cover a booking deposit with no means to buy a 500k house.

I would never go sale agreed until I saw the AIP letter or proof funds. Too many time wasters out there. The initial deposit doesn't mean a thing. It's completely refundable

Wellboy36

Housebuying wrote: »

Your solicitor? You should contact the EA and see if the vendor has sent them the contract

Yes, our own solicitor. They definitely received the contracts as we have discussed it with them but we have just been ignored since that discussion.

Housebuying

Outrageous. Have you tried to contact a partner in the firm?

I don't think the bank would have an issue at all. Your solicitor has the contracts and possibly the deeds. You will need to get them from them

goingagain

How much are people paying for solicitors fees. We’ve been quoted based on a %, buying and selling. Professional fees 10k before VAT and outlay

cubatahavana

goingagain wrote: »

How much are people paying for solicitors fees. We’ve been quoted based on a %, buying and selling. Professional fees 10k before VAT and outlay

was quoted 2.2k + outlay for a sale.

goingagain

cubatahavana wrote: »

was quoted 2.2k + outlay for a sale.

Is that based on % or flat fee ?

woodchuck

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

I think this is normal. We were asked for AIP once it was clear we were the highest bidder.

We asked our bank to do up a new AIP letter for the specific address and amount we bid (based on the advice they gave us at our initial meeting).

That way the vendor knows you're approved for the amount you've bid, but you haven't given the game away in terms of the total amount the bank is willing to lend you.

cubatahavana

goingagain wrote: »

Is that based on % or flat fee ?

flat

bulmersgal

goingagain wrote: »

How much are people paying for solicitors fees. We’ve been quoted based on a %, buying and selling. Professional fees 10k before VAT and outlay

Mine was about 2.5k including vat and excluding stamp duty. So 4.5k in total

bulmersgal

goingagain wrote: »

How much are people paying for solicitors fees. We’ve been quoted based on a %, buying and selling. Professional fees 10k before VAT and outlay

Mine was about 2.5k including vat and excluding stamp duty. So 4.5k in total

Smiley11

goingagain wrote: »

How much are people paying for solicitors fees. We’ve been quoted based on a %, buying and selling. Professional fees 10k before VAT and outlay

Thats over double what we paid selling & buying. If you can shop around, do. If its a good solicitor it can nearly be worth the extra cost though because its such a stressful process at times!

IvoryTower

1250 inc vat , not stamp duty

PommieBast

Think mine was (or rather would have been) €1500+VAT. Think it is usually a flat-rate for sub-€500k properties.

goingagain

Thanks guys, will definitely shop around.

Smiley11

goingagain wrote: »

Thanks guys, will definitely shop around.

I had a solicitor who my family had used for years selling my last house. He was expensive in hindsight but very good. When my husband was selling his house, I had a guy recommended to me by colleagues. He was half the price & very experienced & diligent. Like many things in life, getting a recommendation from friends & family can be invaluable so definitely ask around.

I just checked with the boss...he was €950 + VAT. Unbelievable value, a third of what I paid. Thats Cork City if its any good to you. Good luck!

brian78

Smiley11 wrote: »

I had a solicitor who my family had used for years selling my last house. He was expensive in hindsight but very good. When my husband was selling his house, I had a guy recommended to me by colleagues. He was half the price & very experienced & diligent. Like many things in life, getting a recommendation from friends & family can be invaluable so definitely ask around.

I just checked with the boss...he was €950 + VAT. Unbelievable value, a third of what I paid. Thats Cork City if its any good to you. Good luck!

Can I have the solicitor's details if you don't mind, thanks.

Nalz

Hi all

Can you transfer your existing life assurance on to another mortgage? I'm selling and buying at the minute, Ive paid off 60k plus on a 220k mortgage in 4 years, potentially seeking a new mortgage of 200k (might be a bit lower as the bidding has not stopped on my house).

I have life assurance with Irish life for current mortgage, can I just transfer that or do you have to get reassessed etc?