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

lenny4545 wrote: »

I also tried to get 5% discount for new build but no luck! But as it a forever home think we going to proceed anyway!

To be honest I'm prepared to walk away if they can't at least meet me in the middle.

I don't want to be stretched too thin going into a new build solo in the coming months especially with all this uncertainty. My job is quite strong but anything goes now so I'm taking the prudent approach.

A 5% discount to me would literally be 6 months living expenses and mortgage paid for. I also believe 5% isn't too outlandish but it all depends on the circumstances. In my case, they have just sold all their final phase builds but there's no doubt a large cohort of those buyers are affected in some way. They might be happy to entertain a slight discount to maintain cash flow.

I'll keep ye updated!

gavvvvers wrote: »

They replied and said “builder won’t commit yet to discount, too early at this stage to be talking discounts - wants to see how things pan out”

Well time is on your side. I know myself I won't be rushing into any purchase. I think it'll be Q3 before we see any movements in prices as the market is in a bit of a paused state right now.

If the developer tells me they aren't talking discounts at this stage, my response would be to tell them give me a call when they feel the time is right. I think they know its inevitable (again dependent on the circumstances but a €400k+ house is surely in the "likely to be reduced" bracket).

Techn0 wrote: »

To be honest I'm prepared to walk away if they can't at least meet me in the middle.

I don't want to be stretched too thin going into a new build solo in the coming months especially with all this uncertainty. My job is quite strong but anything goes now so I'm taking the prudent approach.

A 5% discount to me would literally be 6 months living expenses and mortgage paid for. I also believe 5% isn't too outlandish but it all depends on the circumstances. In my case, they have just sold all their final phase builds but there's no doubt a large cohort of those buyers are affected in some way. They might be happy to entertain a slight discount to maintain cash flow.

I'll keep ye updated!

I'd be really interested to hear how you get on! I put a booking fee on a new build at the end of Feb so am in a similar position. I'd like to think they might allow even a small discount but even if they do,I need an exception which may not be achievable even once banks do start granting them again, if criteria are tightened. I agree with you, think it'll be another few months before we know for sure what will happen with property prices, banks etc. Fingers crossed for you!

Claire94 wrote: »

Me and my boyfriend have gone sale agreed on a new build back in February. The offer was sent to our solicitor a few weeks back but now we want to opt for the green mortgage with AIB after getting our BER cert - so we probably will get a new letter of offer.
My circumstances haven't changed but my boyfriend's company is availing of the government subsidy but he's still working. Does anyone know if AIB are rejecting at drawdown because of these circumstances? I didn't think it would be an issue considering he's still getting the same wage packet every month so nothing has changed for him.

Unfortunately yes, it will affect it. Best you can hope for is they reduce the Loan Offer to be 3.5X of whatever the Gross Amount that his company is paying him at the moment.

So if he takes home €3k a month, at the moment roughly €1500 of this would be the COVID-19 scheme, so effectively his business is only paying him €1700 a month with the PAYE breaks. So they will approve €1700 X 12 Months X 3.5 Times salary = €71,400 Total Loan for his share of the Mortgage based on his wages.

**** news I know, but better that you're prepared. Maybe you can delay until July when the COVID Subsidy is due to end and his wages return to normal?

Claire94 wrote: »

Me and my boyfriend have gone sale agreed on a new build back in February. The offer was sent to our solicitor a few weeks back but now we want to opt for the green mortgage with AIB after getting our BER cert - so we probably will get a new letter of offer.
My circumstances haven't changed but my boyfriend's company is availing of the government subsidy but he's still working. Does anyone know if AIB are rejecting at drawdown because of these circumstances? I didn't think it would be an issue considering he's still getting the same wage packet every month so nothing has changed for him.

Is it possible to drawdown the mortgage and change it afterwards

stayback wrote: »

Is it possible to drawdown the mortgage and change it afterwards

That's interesting - i'm guessing they will still ask for our most recent payslip though so still think it could come against us even with the original offer letter

amyed198 wrote: »

Going ahead with the purchase.

We were sale agreed but bank pulled the exemption and wouldn't give us the funds, in hindsight we are grateful as it looks as though house prices will plummet, still a bit disappointed but we are optimistic we will get something just as nice for a lot cheaper.

So it wasn't mental when you were full steam ahead with your own purchase, but now that you've had the rug pulled out from under you by the bank, anyone else proceeding with a purchase is mental? :rolleyes:

Whether prices will 'plummet' or not remains to be seen. There'll be a drop but I wouldn't be so sure that they'll plummet. The supply issue will exist long into the 2020s.

This has forum has been pretty helpful so far; we are progressing rapidly, contracts exchanged within one week of going sale agreed.

Could people inform me of what I should be paying for a valuation?

I have the figure of ~150e in my head, but not sure where it came from or if its ball park.

Any advice would be appreciated!

TheSheriff wrote: »

This has forum has been pretty helpful so far; we are progressing rapidly, contracts exchanged within one week of going sale agreed.

Could people inform me of what I should be paying for a valuation?

I have the figure of ~150e in my head, but not sure where it came from or if its ball park.

Any advice would be appreciated!

I paid €150 for mine

Hi,

Sorry if this in the wrong place.....

How much is an engineers report these days.... Cork city
Second hand 1960's..
Who's good / reasonable

Thanks

Jay

Jay Dee wrote: »

Hi,

Sorry if this in the wrong place.....

How much is an engineers report these days.... Cork city
Second hand 1960's..
Who's good / reasonable

Thanks

Jay

Pm sent with top dude

TheSheriff wrote: »

Excellent, thank you. I hadn't thought about a "Covid clause" - will mention this to the solicitor (hopefully they have preempted this already).

Also put in a second condition that contract is subject to a valuation for x being valid at time of drawdown otherwise deposit refundable ..

TomTanks wrote: »

Has anyone managed to drawdown on the wage subsidy?

The banks could offer something like an extra month or two so we can both wait to see what after lock down brings especially people much further along about to sign contracts. There are alot out there.

Anyone any ideas?

Forget it... I'm drawing down shortly and from what I've seen and being put though the ringer by the second biggest lender in the state the property market is now cash only or public sector for the next 12-24 months.

lomb wrote: »

Forget it... I'm drawing down shortly and from what I've seen and being put though the ringer by the second biggest lender in the state the property market is now cash only or public sector for the next 12-24 months.

I am aswell, I think I'm resigned to it not going through! My job has availed of the wage subsidy and topped up. I might try and ask to come off it if possible. I'm not sure if you can come off it to be honest.

What have they asked you to do, if you dont mind me asking!?!