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

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Comments

  • Registered Users Posts: 3,435 ✭✭✭scarepanda


    We are very worried, and don't quite know what to do. I think we'll have to make a decision one way or the other this evening so that we have time to contact solicitor first in the morning if we're pulling out because we don't know when the vendors are signing.

    We both think a hit is coming, but both think that it won't be as severe as 08. Both want to still buy the house and can see ourselves living in it. Both agree that it's as close to what we are looking for in lots of ways. But he's worried about what happens when we want to look for the best rate when the fixed term is over. I'm worried about him losing his job even though it's as secure as any at the moment (single income family). He's more cautious/risk adverse than me. I just want to get it done tbh, I'm done waiting for this house and most certainly done looking for somewhere that has potential. As long as he doesn't loose his job and doesn't get a significant pay cut then we can manage repayments.


  • Registered Users Posts: 521 ✭✭✭Bargain_Hound


    MarkJD wrote: »
    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!

    We are thinking the same but still want to close sale as we have spent a long time saving and planning for this.
    Also, herself gets very mad when discussing the whole situation now. That’s the problem when you put so much of your energy and thought into planning house purchases.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Well, anyone changed their intentions with events over the last few days? Buying ourselves but wondering if we should just put the plans on ice for all sorts of (some obvious, some not) reasons.


  • Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    scarepanda wrote: »
    We are very worried, and don't quite know what to do. I think we'll have to make a decision one way or the other this evening so that we have time to contact solicitor first in the morning if we're pulling out because we don't know when the vendors are signing.

    We both think a hit is coming, but both think that it won't be as severe as 08. Both want to still buy the house and can see ourselves living in it. Both agree that it's as close to what we are looking for in lots of ways. But he's worried about what happens when we want to look for the best rate when the fixed term is over. I'm worried about him losing his job even though it's as secure as any at the moment (single income family). He's more cautious/risk adverse than me. I just want to get it done tbh, I'm done waiting for this house and most certainly done looking for somewhere that has potential. As long as he doesn't loose his job and doesn't get a significant pay cut then we can manage repayments.

    This will be 2008 on steroids. We sold in 2018 and have been living with family, delighted we did as there will be bargains to be had soon. Anyone thinking of buying now needs their head examined.


  • Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Sold in 2018 and delighted now ( put 2nd property up for sale recently but there was little activity so we took it off the market), my brother-in law is currently sale agreed and the buyer has came back with a reduced offer of 10%.


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  • Registered Users Posts: 176 ✭✭pure breed


    Sold in 2018 and delighted now, my brother-in law is currently sale agreed and the buyer has came back with a reduced offer of 10%.

    10% reduced? How does this work after going sale agreed?


  • Registered Users Posts: 446 ✭✭ebayissues


    As someone who is buying and gone S.A on a house I'm pulling the plug.


    I got an exemption with the bank, with the COV19 and financial markets what to say that they won't honor it.


    IMO I see atleast two quarters of downturn depending on how COV19 impacts the economy and how Ireland and other economies react to it. If it's just 2 quarters, no big isssue. If not, I see a recession. House prices will be 10 - 15% lower. This doesnt mean one might have the credit facility to buy it as banks could be tight with lending money or it could be strictly at the 3.5 rule. So as a single person and on the exemption, I question if I shouldnt let this slip.


    I think 3 - 6months should give an idea of how things are panning out. One can proceed with S.A, take your time on it and hope to know better in June-sep.


    If you think your job is safe and even with a pay cut you can afford repaymants, I'd consider buying now.


    Also economies has cycles. if you're purchasing for the long run, I'd proceed and buy it.


  • Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    pure breed wrote: »
    10% reduced? How does this work after going sale agreed?

    I have no idea to be honest, will be interesting to see how it unfolds.

    Hearing countless stories of people gone SA and pulling out now.


  • Registered Users Posts: 446 ✭✭ebayissues


    If I got 10% reduction in price for a S.A property I'll take it.


  • Registered Users Posts: 176 ✭✭pure breed


    ebayissues wrote:
    If I got 10% reduction in price for a S.A property I'll take it.


    Why if you SA at higher price? If that's not a stupid question.

    I'm trying to buy in Galway and definitely seems a sellers market in €260 - 375 range. 3 & 4 beds.


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  • Registered Users Posts: 4,335 ✭✭✭beggars_bush


    pure breed wrote: »
    Why if you SA at higher price? If that's not a stupid question.

    I'm trying to buy in Galway and definitely seems a sellers market in €260 - 375 range. 3 & 4 beds.

    Because nobody is going to buy a house for the next 6 month's plus


  • Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    People who have deposit saved, and good steady salaries and ready to buy are still ready to buy. They might look for a reduction but there is still a shortage of housing. It may even get worse if the supply dries up if building and finance slow down. Even if a lot of places close up, and a lot of people leave the country there will still a shortage as there will still be a pent up demand for housing. If people can't get buyers they might take property off the market for a few months, reducing supply even further. If you were going to rent a place and realised people might not be able to pay rent, you might keep it vacant for a while to everything stabilises.

    In China the was a dip in economic activity but it's recovering. The long term effect on that especially on low paid sectors and business will only be realised in the next few months.

    Rather a crash it might have a cooling effect on the Irish economy which would be no bad thing.


  • Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Because nobody is going to buy a house for the next 6 month's plus

    Wait 6 months and you might not get mortgage approval again and you might have it now.

    If I was at my limit even over extending and not secure in my income I would wait. If I was a cash buyer or even very secure in my income/job and my ideal place came up I'd buy. Especially if You've been waiting a few years to buy.


  • Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    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.

    Renegotiate a lower price. The ball is firmly in the buyers court


  • Registered Users Posts: 589 ✭✭✭Summer2020


    Renegotiate a lower price. The ball is firmly in the buyers court

    Not really. I’m a seller; currently sale agreed and if the buyer comes back to me offering less I’ll just cancel the sale. In no rush to sell or move thankfully. Would be just as happy to stay in current property for the next 5 years.
    Your strategy will only work if the sellers have no choice but to sell.

    In fact I’d argue that in my and a lot of sellers positios the ball is firmly in my court. Buyer is currently renting, and mortgage approved. Who knows if they’ll get a mortgage again if they pull out now. And they face paying rental costs for as long as it takes to find a new property.


  • Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    Summer2020 wrote: »
    Not really. I’m a seller; currently sale agreed and if the buyer comes back to me offering less I’ll just cancel the sale. In no rush to sell or move thankfully. Would be just as happy to stay in current property for the next 5 years.
    Your strategy will only work if the sellers have no choice but to sell.

    or think there could be a **** load of hassle and time wasting and just want it done...


  • Registered Users Posts: 589 ✭✭✭Summer2020


    Every situation is different. All I know is that if buyer tries to renegotiate I’ll be saying no.


  • Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    there is another factor, while many waited the last time round, thinking it prudent and waiting for prices to drop, all it did, was lock them out of homeownership, with the more stringent lending restrictions etc.


  • Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Idbatterim wrote: »
    or think there could be a **** load of hassle and time wasting and just want it done...

    I have no idea what that means, do you mean the seller will accept a cheaper price just to get rid of it?

    If I was a seller I'd just wait for the market to stabilise. If all slows down it will just make the shortage worse.


  • Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    beauf wrote: »
    I have no idea what that means, or if you are talking about the seller or buyer???

    the seller, they could just think to hell with it. I want it done and wrapped up and would take a few percent drop, just to have it over with. Look there are too many different scenarios, trains of thought, situations etc...


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  • Registered Users Posts: 6,179 ✭✭✭DaveyDave


    Nearly have the keys to our new house, just over two months in at this stage.

    Started looking in December, our initial budget was €275k but the houses we were looking at were €275-290k, mostly on the upper end. In the last 6 months we only saw two that were actually nice. Majority of them had awful carpets, wallpaper or neglected gardens that would need a lot of work. They were approx 90-95m.

    For comparison, €350k wouldn't necessarily get you anything better. Smaller (75-85m), older houses that are worse due to traffic, low BER ratings or visible damage or the same 90-95m houses with some upgraded kitchen or bathrooms of a very 90s taste.

    There was some doubts about our mortgage application as I work shifts, some banks wouldn't recognize the full shift allowance I get so we only had one option in the end.

    There's 4-5 developments in the area, almost all sold out with one or two minor phases coming soon. With an exemption from KBC and the Help to Buy scheme we were able to afford a new build. We got lucky to secure a cancellation in the estate we wanted. €360k, 3 bed end of terrace 112m. We could have had one or two other new houses but the layout of the one we're getting sold it to us.

    Just done the snag last week, very minor stuff. Shower door not closing, two windows catching and some scuffs and paint touch ups. Hopefully not long now before we get the move in date.


  • Registered Users Posts: 3,287 ✭✭✭givyjoe


    Because nobody is going to buy a house for the next 6 month's plus

    I might! God knows what state the Economy and banks will be in when this is done. Have a feeling banks may pull the plug in the coming weeks though on already issued mortgage approvals. So many folks will be working in jobs that are at risk.


  • Registered Users Posts: 1,641 ✭✭✭ittakestwo


    Summer2020 wrote: »
    Every situation is different. All I know is that if buyer tries to renegotiate I’ll be saying no.

    Well you probably wont be moving then. If I was sale agreed before a fortnight and vender was not negotiating a new price given what has happened then they can have it.


  • Registered Users Posts: 589 ✭✭✭Summer2020


    ittakestwo wrote: »
    Well you probably wont be moving then. If I was sale agreed before a fortnight and vender was not negotiating a new price given what has happened then they can have it.

    Grand , I’m comfortable with that scenario.


  • Registered Users Posts: 11,464 ✭✭✭✭klose


    Me and my girlfriend have been saving got 12-18 months and are just shy of 30,000 between us and only waiting on a salary cert before we go to talk to banks to get the ball rolling, I assume it's probably a bad time to now? A lot of uncertainty?


  • Registered Users Posts: 155 ✭✭dowhatyoulove


    We’ve signed our contracts and due to sign our mortgage papers tomorrow morning - will be going through with it cos at the end of the day we need somewhere to live and it’s far far cheaper than our rent


  • Posts: 18,749 ✭✭✭✭[Deleted User]


    klose wrote: »
    Me and my girlfriend have been saving got 12-18 months and are just shy of 30,000 between us and only waiting on a salary cert before we go to talk to banks to get the ball rolling, I assume it's probably a bad time to now? A lot of uncertainty?

    Most aip last for 6 to 9 months, so why not get it now, no rush then looking for properties


  • Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Summer2020 wrote: »
    Not really. I’m a seller; currently sale agreed and if the buyer comes back to me offering less I’ll just cancel the sale. In no rush to sell or move thankfully. Would be just as happy to stay in current property for the next 5 years.
    Your strategy will only work if the sellers have no choice but to sell.

    In fact I’d argue that in my and a lot of sellers positios the ball is firmly in my court. Buyer is currently renting, and mortgage approved. Who knows if they’ll get a mortgage again if they pull out now. And they face paying rental costs for as long as it takes to find a new property.

    That's all well and good but there are many buyers with dry powder on standby, this buyer may be desperate and is why they agreed to a over valued price to lock in a deal in case mortgage approval runs out.

    I would flip the coin and ask yourself do you need to sell? If so, would you be able to stomach selling for >20% less further down the road due to buyers waiting for the market to bottom out.


  • Registered Users Posts: 271 ✭✭tomister


    I snagged last Tuesday and was hoping to draw down the week of the 23rd. Just waiting for the builders to confirm all the works from the snag are completed (only minor cosmetic issues). Banks and my solicitor were in touch on Friday and its still all go but I'm going to check in on Wednesday to assess. Should be able to still go ahead... I hope!!


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  • Registered Users Posts: 3,396 ✭✭✭lindtee


    Have an offer on a house for 15,000 under asking. I haven’t heard any updates in a couple of weeks. I’m not sure am I ready to walk away if they do come back and accept my offer...On one hand I have a HSE job, and savings and funding in place for over half the purchase price so I would still be in a strong position to buy in the future, on the other hand I do like the house and it is good value at my offer price. It’s in a nice quiet area and only half hours commute from work.
    To be honest I’ve spent less time worrying about the corona virus itself than the corona-property effect.


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