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

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Pivot Eoin wrote: »

Solicitor Fees for one. Secondly They could have missed out on other sales by choosing one bidder over another and then when it goes back on the market all the other interested parties are no longer interested or got another place.

Ah well, so would the buyer at that point too. No one's signing a contract with a risk of losing 30-50k.

Smouse156

MattS1 wrote: »

Ah well, so would the buyer at that point too. No one's signing a contract with a risk of losing 30-50k.

Just to add in the current climate or even pre Covid risking a huge deposit on a sale falling through would be the height of stupidity!

If the vendor insisted, then walk! There’s always another house

awec

MattS1 wrote: »

Ah well, so would the buyer at that point too. No one's signing a contract with a risk of losing 30-50k.

It happens all the time, particularly in the last 4/5 years when supply has been short.

In addition to Pivot Eoin's points above, the vendor may also be forced to pull out of a purchase as their chain has now essentially collapsed, and again depending on how far they have progressed this can come at significant cost.

awec

Smouse156 wrote: »

Just to add in the current climate or even pre Covid risking a huge deposit on a sale falling through would be the height of stupidity!

If the vendor insisted, then walk! There’s always another house

You can always tell who has actually bought property on here, and who hasn't.

You have to look at this from both sides. "There's always another house!". Well, there's always another buyer. Until vendors start having a hard time finding buyers it is up to them whether or not they accept this clause going in. Some will accept, some won't.

In the real world, whether or not you have this clause in place you are very likely to get back your deposit if things fall through even where the fault lies with the buyer, in the worst case less any expenses caused to the vendor.

Nobody is going to keep your 50k because you've left them out of pocket for 8k.

Your solicitor should ask, then maybe ask again saying you'll walk, and if that doesn't work then you have to decide whether to proceed, which many do, or walk and look for a house with a vendor that'll accept the clause.

brisan

awec wrote: »

You can always tell who has actually bought property on here, and who hasn't.

You have to look at this from both sides. "There's always another house!". Well, there's always another buyer. Until vendors start having a hard time finding buyers it is up to them whether or not they accept this clause going in. Some will accept, some won't.

In the real world, whether or not you have this clause in place you are very likely to get back your deposit if things fall through even where the fault lies with the buyer, in the worst case less any expenses caused to the vendor.

Nobody is going to keep your 50k because you've left them out of pocket for 8k.

They may not but the vendor would legally be entitled to keep the deposit if the clause was not there
Morally no but legally yes
As you say most vendors would not but all it takes is one

Smouse156

awec wrote: »

You can always tell who has actually bought property on here, and who hasn't.

You have to look at this from both sides. "There's always another house!". Well, there's always another buyer. Until vendors start having a hard time finding buyers it is up to them whether or not they accept this clause going in. Some will accept, some won't.

In the real world, whether or not you have this clause in place you are very likely to get back your deposit if things fall through even where the fault lies with the buyer, in the worst case less any expenses caused to the vendor.

Nobody is going to keep your 50k because you've left them out of pocket for 8k.

Your solicitor should ask, then maybe ask again saying you'll walk, and if that doesn't work then you have to decide whether to proceed, which many do, or walk and look for a house with a vendor that'll accept the clause.

You obviously bought without that clause! I’m only saying it’s terrible advice not to insist on it, especially now!

Naturally one could insist on a small deposit retention but 30-50k...in a country where hardly anyone has money (Outside their house which can’t be realised as they need somewhere to live) given the cost of living & taxes and the fact that it takes many FTB’s over 5 years to save a deposit... to risk it all on a house that could fall through is crazy from a risk management perspective.

beauf

How long, after going sale agreed should the seller wait for the buyer to complete before giving up and going with the next offer in line, if its still on the table.

Isn't that the purpose of the deposit and the clause. To stop people messing each other around.

brisan

beauf wrote: »

How long, after going sale agreed should the seller wait for the buyer to complete before giving up and going with the next offer in line, if its still on the table.

Isn't that the purpose of the deposit and the clause. To stop people messing each other around.

How long should the buyer wait for the seller to sell
One poster on here posted that the seller would not put a final date on which to exchange contracts and if the vendor could not find a property to purchase he would cancel the sale.
It works both ways and it’s a matter of trust

Bluefoam

brisan wrote: »

How long should the buyer wait for the seller to sell
One poster on here posted that the seller would not put a final date on which to exchange contracts and if the vendor could not find a property to purchase he would cancel the sale.
It works both ways and it’s a matter of trust

I, as a buyer wouldn't accept that. You are entitled to security once the purchase is agreed. I would set a reasonable date and let them respond. If they still insist on vagueness and fail to commit to the sale, I'd withdraw my offer.

lomb

awec wrote: »

It's not standard. That wouldn't make any sense.

Think about it from the vendor's point of view, would you automatically agree to return a deposit if your buyer falls out, even if you're potentially going to be down many thousands of euro?

Solicitors can ask for it, but it must be mutually agreed, then it's up to the buyer whether or not they want to proceed.

It actually is standard to ask for it now. Youd be crazy to sign a contract now without it unless you can raise the full price from family in the event the bank pulls out. In the past banks wouldnt check anything pre draw down and a written signed loan offer was as good as gold, now they are putting you under a microscope.

beauf

brisan wrote: »

How long should the buyer wait for the seller to sell
One poster on here posted that the seller would not put a final date on which to exchange contracts and if the vendor could not find a property to purchase he would cancel the sale.
It works both ways and it’s a matter of trust

Well they should have some deadlines otherwise either party could string the other on for months. There are costs involved.

beauf

lomb wrote: »

It actually is standard to ask for it now. Youd be crazy to sign a contract now without it unless you can raise the full price from family in the event the bank pulls out. In the past banks wouldnt check anything pre draw down and a written signed loan offer was as good as gold, now they are putting you under a microscope.

Unfortunately the delays with the banks may cause many deals to fall through.

lisabiscuit

We have spent our first week in our new home this week! Such a crazy busy week but so happy now that it's all done and keys to the old place handed back yesterday.
It took 12 weeks from sale agreed to keys in hand so not too bad I guess. Although those last three weeks or so were torture! 😆
Best of luck to you all on here. Hope everything goes yer way! X

Canyon86

8 weeks sale agreed, finance and everything on my
Side sorted, waiting on the sellers to get out of the house
Very frustrating waiting when I'm ready

cojomo2

Hi Canyon86, can I ask what the timeline looks like? E.g. when were contracts signed? How long between contracts signed and your bank ready to allow drawdown? At what point are you asked for proof of home insurance and mortgage protection? Im selling but kind of in the dark as to where things are so just trying to understand the timeline. Cheers

Nalz

Hi folks,

Is getting a ber cert just as simple as going to the website and keying in the mprn?

we're selling our house and the buyers solicitor is requesting one

we're pretty sure one exists from when we bought our house 4 years ago

bbari

Nalz wrote: »

Hi folks,

Is getting a ber cert just as simple as going to the website and keying in the mprn?

we're selling our house and the buyers solicitor is requesting one

we're pretty sure one exists from when we bought our house 4 years ago

By putting in MPRN, you will see all the details but not the actual cert. You can ask the acessor to email you the copy.

Dubs1990

Nalz wrote: »

Hi folks,

Is getting a ber cert just as simple as going to the website and keying in the mprn?

we're selling our house and the buyers solicitor is requesting one

we're pretty sure one exists from when we bought our house 4 years ago

Contact SEAI they will tell you if you have one and if its in date , only contacted them myself 2 months ago and they sent me a copy of the BER cert via email, I think they are valid for 10 years.

bbari

Dubs1990 wrote: »

Contact SEAI they will tell you if you have one and if its in date , only contacted them myself 2 months ago and they sent me a copy of the BER cert via email, I think they are valid for 10 years.

Correct, valid for 10 yrs and you can check its validity online before contacting them.

Nalz

Dubs1990 wrote: »

Contact SEAI they will tell you if you have one and if its in date , only contacted them myself 2 months ago and they sent me a copy of the BER cert via email, I think they are valid for 10 years.

Thanks.

How long did they take to get back to you? I just emailed them.

Cheers all btw

Dubs1990

Nalz wrote: »

Thanks.

How long did they take to get back to you? I just emailed them.

Cheers all btw

I rang them , got a lovely lady and she sent it to me while I was on the phone to her .

Nalz

Dubs1990 wrote: »

I rang them , got a lovely lady and she sent it to me while I was on the phone to her .

thanks

masterboy123

Is it possible to transfer more than 40k in a day (online or visiting branch in person) for the purposes of closing deal?

Thanks

jonnybravo

Currently selling a house in Castleknock (500k). Been on sale for over 6 months and only one bid received (5% below asking price). Not a huge amount of interest either at the moment. Seen around this general area that asking prices seem to have dropped on some new houses been listed. Hard to know about selling prices as not much has been put on price register since lockdown in this price bracket.

Smiley11

masterboy123 wrote: »

Is it possible to transfer more than 40k in a day (online or visiting branch in person) for the purposes of closing deal?

Thanks

Yep...I think I had to fill out a form in branch & it was done in less than 24 hours:)

Smiley11

jonnybravo wrote: »

Currently selling a house in Castleknock (500k). Been on sale for over 6 months and only one bid received (5% below asking price). Not a huge amount of interest either at the moment. Seen around this general area that asking prices seem to have dropped on some new houses been listed. Hard to know about selling prices as not much has been put on price register since lockdown in this price bracket.

We're currently bidding down the country on a 500k+ house & were the only bidders for over a month. Its at about 8% below asking at the moment & bidding is pretty slow & in small increments. EA said owners will accept highest offer now & know they won't get asking. According to him, renovation projects aren't being snapped up but I've always maintained he bumped up the price & it backfired. Pity we really want the house but will walk when we reach the limit we've set.

I'm skeptical of impending doom with regard to the market as much as it would suit us for it to drop.

jonnybravo

jonnybravo wrote: »

Currently selling a house in Castleknock (500k). Been on sale for over 6 months and only one bid received (5% below asking price). Not a huge amount of interest either at the moment. Seen around this general area that asking prices seem to have dropped on some new houses been listed. Hard to know about selling prices as not much has been put on price register since lockdown in this price bracket.

If it needs some work, that would be why, anything ready to go is being snapped up.

Houses needing some work are still a little over priced I think.

masterboy123

Thanks so much

Smiley11 wrote: »

Yep...I think I had to fill out a form in branch & it was done in less than 24 hours:)

Smiley11

masterboy123 wrote: »

Thanks so much

I'm sure there are easier means of transfer by now as that was 2 years ago. It was very easy, although I was hauled into an office to check whether I was being blackmailed/check was there any way I could leave the money in their bank

Canyon86

cojomo2 wrote: »

Hi Canyon86, can I ask what the timeline looks like? E.g. when were contracts signed? How long between contracts signed and your bank ready to allow drawdown? At what point are you asked for proof of home insurance and mortgage protection? Im selling but kind of in the dark as to where things are so just trying to understand the timeline. Cheers

Hi Cojo

I was told the timeline would be as follows,

final contracts signed,
3+ weeks for banks to release finance,
i have my mortgage protection and home insurance lined up with the aib online portal its just a matter of activating the policy with a start date,
these were like pre req's before drawdown, I had these arranged the minute i went sale agreed,

basically things happen fast once no complications in final contract checks , seller not in a chain

hope that helps:cool: