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

Senature

I'm currently house hunting in the greater Dublin area, and finding that houses are either being snapped up pretty quickly, or left on the market for months and months. Supply seems quite low, and prices seem high compared to listings on the property price register over the past two years.

I've had an offer rejected as too low, yet that property has been on the market for 3 months and received no other offers. The sellers have made no attempt to negotiate, the indication from the EA is that only the asking price will do.
Although I really like the house, as someone who bought in the previous boom and got accordingly burned, I am extremely reluctant to offer an amount for a house that clearly nobody else is prepared to pay. All indications, even from those who usually talk the market up, is that at best prices will increase by very low amounts over the next few years.

Anyone else trying to buy or sell at the moment? How are you finding it?

Mod Note

Folks, general chat about the property market over here please: https://www.boards.ie/vbulletin/show...p?t=2058041687

This thread is for CURRENTLY Buying/Selling

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TheSheriff

"Sale agreed" on one property and booking deposit due to be paid today/tomorrow (Estate Agent #1).

Two active highest bids on two other properties (Estate Agent #2).

Both EAs called this morning to say they are shutting down, expect there to be little/no movement for the next number of weeks.

To be honest, we were likely going to pull from the sale anyway if it went ahead, the price we agreed two weeks ago, with bidding wars etc. seems meaningless now.

Bargain_Hound

Just got confirmation from our EA for the property went went sale agreed on is closing now for 2 weeks. Valuation cannot be done now either as valuer needs to be present at property. A sign of what is ahead. Haven't got much hope this sale is going to through ahead now.

ittakestwo

Pheonix10 wrote: »

Why? How are you so sure.

Huge uncertainty out there regarding how bad corona will leave world economy. Just this morning the ISEQ index is down over 10%.

Some are saying well buy now as you might not get mortgage approval in a few months if the banks get in trouble. But if you do win a bidding war with someone also afraid of not getting a mortgage too in a few months. Put down a 20% deposit and buy for 286k with a mortgage. As soon as banks stop lending the value of the apartment will fall as buyers cant get a mortgages. On book you will probably lose all your 20% equity and even risk going into negative equity. But you will have a home.

0gac3yjefb5sv7

ittakestwo wrote: »

Run for the hills

Why? How are you so sure.

ittakestwo

Pheonix10 wrote: »

Was bidding on an apartment that was sale agreed at 300k. Buyer couldn't get funding weeks ago so back on the market. The second bidder is now at 285k and I'm 286k.

Not sure what to do?

Run for the hills

Mitch Connor

We're due to get keys either today or wednesday.

My worry at this point is whether the people booked to put the floors in, or deliver various items, will be in a position to do so over the next couple of weeks. Floors are due to be put down from Monday next week and nothing has been said otherwise, but who knows what the case will be 7 days from now.

scarepanda

ebayissues wrote: »

How will the estate agent go bust? I hve 10k sitting in their account - this has me spooked

Surely the booking deposit is in a bond or something similar?

ebayissues

TheSheriff wrote: »

We're likely to hand over a booking deposit in the next few days to a small EA in D15 - part of me worrying what if the EA goes bust in the coming weeks. They have very few properties, and will likely have even less now ! So much uncertainty.

How will the estate agent go bust? I hve 10k sitting in their account - this has me spooked

FutureGuy

Hi all, in these exceptional circumstances, if your solicitor was gone awol, would you attempt to contact the vendor solicitor or even the vendor themselves?

Ubbquittious

I wonder will the Corona put a halt to my attempt at buying. Twas hard enough to try and move the thing along before the virus. Hopefully the seller will put some pressure on now with the impending recession

Sheeps

Anamdearcadh wrote: »

My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

Scary, scary times.

If you can afford a home in this day and age then the odds are that if your job is in a relatively secure industry, that during a recession you will likely be able to avail of potentially cheaper labour to rennovate your home.

Try not to think of the value of your home in monetary terms.

JamesMason

Summer2020 wrote: »

Agreed. I think it’s all up in the air and there’s no definite answer either way whether buying or selling. It all depends on your own circumstance.i think it’s fair to say though that a lot of sales will fall through for one reason or another now.
Wouldn’t like to be an estate agent at the minute.

Clicking back to page 14/15 on this thread is like stepping back in time. It's hard to believe how quickly things have turned. For those on the cusp of selling/buying, I sincerely hope it all works out for you in search of a home. For the estate agents that only just last month, scoffed at and bull****tted prospective clients...good luck- you're going to need it.

lfen

We had all our docs over to the bank the last week in Jan and have been waiting for AIP since.
Last update was Friday just gone when we were told it’s pretty much done, but need official green light from underwriters which should be Monday (tomorrow).
Anyone working in that industry and if so, you reckon approvals will be put on the long finger for the foreseeable?

sparkle109

What’s the likelihood of the help to buy scheme staying til the end of 2021?

TheSheriff

We're likely to hand over a booking deposit in the next few days to a small EA in D15 - part of me worrying what if the EA goes bust in the coming weeks. They have very few properties, and will likely have even less now ! So much uncertainty.

Summer2020

Agreed. I think it’s all up in the air and there’s no definite answer either way whether buying or selling. It all depends on your own circumstance.i think it’s fair to say though that a lot of sales will fall through for one reason or another now.
Wouldn’t like to be an estate agent at the minute.

km79

Mav11 wrote: »

Booking deposits are repayable on demand and usually dependent on acceptable surveyors report.

?
They are refundable full stop . Can pull out for whatever reason . Don’t need a report

Mav11

Chickpea111 wrote: »

I have paid a booking deposit. The surveyor was in to survey the property last week but he hasn't been in contact yet. I am strongly considering walking away. I've offered the asking price and my job is safe and pensionable but there is just so much uncertainty right now. Also I am renting and not under any pressure from the landlord and wont be. Not really sure what to do to be honest.

Booking deposits are repayable on demand and usually dependent on acceptable surveyors report.

Idbatterim

Chickpea111 wrote: »

I have paid a booking deposit. The surveyor was in to survey the property last week but he hasn't been in contact yet. I am strongly considering walking away. I've offered the asking price and my job is safe and pensionable but there is just so much uncertainty right now. Also I am renting and not under any pressure from the landlord and wont be. Not really sure what to do to be honest.

what is the rent like v the mortgage?

Chickpea111

I have paid a booking deposit. The surveyor was in to survey the property last week but he hasn't been in contact yet. I am strongly considering walking away. I've offered the asking price and my job is safe and pensionable but there is just so much uncertainty right now. Also I am renting and not under any pressure from the landlord and wont be. Not really sure what to do to be honest.

Anamdearcadh

Idbatterim wrote: »

wouldn't surprise me if the quotes you get to do this work, start coming down significantly! Hope you haven't locked in with a builder etc yet?

No I haven't which I'm grateful for.

km79

FutureGuy wrote: »

As a question, I said elsewhere that our solicitor has gone AWOL.

Is it bad form to contact the VENDORS solicitor to get an update?

We really don’t want to pull out but are nervous of what the banks may/may not do.

Contact the estate agent and ask him to get an update from the other side
Who knows their solicitor may be trying to contact yours too and they could also be freaking out!!!!

Our estate agent was EXCELLENT in this regard. Both solicitors were painful

Pm me if you want any more info

Idbatterim

Anamdearcadh wrote: »

My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

Scary, scary times.

wouldn't surprise me if the quotes you get to do this work, start coming down significantly! Hope you haven't locked in with a builder etc yet?

FutureGuy

As a question, I said elsewhere that our solicitor has gone AWOL.

Is it bad form to contact the VENDORS solicitor to get an update?

We really don’t want to pull out but are nervous of what the banks may/may not do.

Anamdearcadh

My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

Scary, scary times.

z0oT

My wife & I are buying a new build currently. It's been an extremely long process having signed all the way back in October of 2018.

Our contractual closing date is the end of April. The house is still being worked on and work is progressing at a good pace. We've a high level of savings, we're down for around 75% LTV, working on getting mortgage protection in place currently. Neither of us have any clue what'll happen. I'm trying to think about it too much and proceeding as normal until an external force calls a halt to it.

But I find it hard to think past the next 1-2 weeks currently.

Uglysoik1

FutureGuy wrote: »

Has anyone signed contracts and have 10% over with solicitors?

Yes I have. I was supposed to drawdown last Friday but due to a delay on vendors side didn't happen. Hopefully will close this week though. Fingers crossed

awec

Summer2020 wrote: »

Exact same position as me. Don’t need to sell. If buyer pulls out or tries to renegotiate it doesn’t affect me and I’ll refuse. Could easily live in house for next 10 years. If price for our own house is down when we eventually buy , then our next purchase house will be down equivalent amount.
If I was in an apartment with 2/3 kids I’d be in a different position and would need to sell obviously.

If you were in this boat I think all approaches are risky tbh. Wouldn't envy anyone with this decision to make. You'd have to decide what the greater risk is, losing potential money on your current place or ending up with no place.

If you sell now in a hurry, you're gambling on the fact that you'll be able to buy again soon. If you sell, and things do go tits up, you may not even get a mortgage again. Plenty got screwed and stuck in the rent system after the last crash.

Summer2020

jluv wrote: »

? If house prices fall and I get less for my house because of the market, then I will be paying less for the house I will be purchasing..downsizing btw..

Exact same position as me. Don’t need to sell. If buyer pulls out or tries to renegotiate it doesn’t affect me and I’ll refuse. Could easily live in house for next 10 years. If price for our own house is down when we eventually buy , then our next purchase house will be down equivalent amount.
If I was in an apartment with 2/3 kids I’d be in a different position and would need to sell obviously.

Mixmistro

FutureGuy wrote: »

Has anyone signed contracts and have 10% over with solicitors?

Yes I have and hoping to get keys this week once drawdown happens. It was delayed last week over a small discrepancy with one document which I hope is sorted now so missed official closing date.