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

Bluefoam · 02-07-2020 3:47pm

lastusername wrote: »

Hi folks,

Has anyone got back to the vendor to ask for a reduction in sale price? We are sale agreed at 15k over asking but with what's going on and some potential job uncertainty we are wondering about asking for a 10k reduction. Not sure how the estate agent and vendors would take it though!

We are paying top end of the scale but for a beautiful house and feel if it's a family home it'll be worth it over the long term. The economy has an uncertain outlook but it goes up and down and where are things not uncertain

How strongly do you feel about the price reduction... it's basically a new offer.

In theory the seller could pull the sale and offer it to the next lowest bidder or re-list it if they felt they were being messed around...

Up to you what value you put on the property and whether its a worth it. 10k is allot of money... Do you have any idea if this has happened elsewhere in the area?

mojesius · 02-07-2020 3:52pm

JohnK wrote: »

A question for anyone who might know - If you apply for an LTI exemption and it gets rejected, is it typically a flat NO or would they come back with the maximum amount within the standard LTI/LTV bracket they'd be willing to give you? And in normal circumstances (granted, we're currently far from normal at the moment!) would they be more likely to give an exemption to someone who's looking for 3.75x versus someone looking for 4x? As in, are they limited in the total number of exemptions they can give or is it the total value of exemptions they can give?

Banks will usually come back and give you a max amount they're willing to lend, exemption or no exemption. They'd only give a flat no if there were flags in your application (no proof of savings, big loans, credit cards with arrears etc.)

I'm not too sure RE exemption required. Might be worth going through a broker who could recommend the best bank to suit your particular situation (and put forward the application on your behalf). We used a broker and found him invaluable. In our case, we didn't ask for an exemption but needed a bank who would take set annual bonus into account.

cnocbui · 02-07-2020 4:11pm

lastusername wrote: »

Hi folks,

Has anyone got back to the vendor to ask for a reduction in sale price? We are sale agreed at 15k over asking but with what's going on and some potential job uncertainty we are wondering about asking for a 10k reduction. Not sure how the estate agent and vendors would take it though!

We are paying top end of the scale but for a beautiful house and feel if it's a family home it'll be worth it over the long term. The economy has an uncertain outlook but it goes up and down and where are things not uncertain

If I was the seller, and the previous bidder was €2 K lower than your bid, and you came asking for €10 K drop, I'd be contacting the other bidder and asking do they want a house.

lastusername · 02-07-2020 4:17pm

cnocbui wrote: »

If I was the seller, and the previous bidder was €2 K lower than your bid, and you came asking for €10 K drop, I'd be contacting the other bidder and asking do they want a house.

Yeah I'd be the same I reckon! It's fair enough, we agreed on that price and if we feel it is still worth it there is no reason for that to change.

cnocbui · 02-07-2020 4:46pm

lastusername wrote: »

Yeah I'd be the same I reckon! It's fair enough, we agreed on that price and if we feel it is still worth it there is no reason for that to change.

My mother once said to me: 'you'll find you regret far more the things you didn't do than those you did.' Or words to that effect. She wasn't wrong.

There are so many aphorisms extolling getting on with things, compared to the opposite: He who hesitates is lost; fortune favours the bold; who dares, wins; carpe diem (sieze the day); and so on

Yes there are the opposite like; marry in haste, repent at leisure, but I think they seem fewer in number or favour.

Tallback · 02-07-2020 4:53pm

Completing our sale tomorrow. Mortgage was with PTSB and there was no delay with drawdown. We had submitted doc about 2 weeks ago confirming we weren't on Covid-19 payment in addition to payslips and it seemed to go seemlessly from that. Transfer was by EFT.

Sale was agreed in Jan but happy to drive on with it - we've been waiting long enough to get a house with a garden.

The folder on my computer with all the docs etc is called "New House Search 2018". It's taken a long time to get here with lots of twists and turns so anyone who is on the same journey - hang in there, you'll get there in the end. Best of luck.

NeitherJohn · 02-07-2020 6:17pm

Solicitor requested drawdown for us today. Had given docs two weeks ago. Almost there now. Bloody sick of it now.

bulmersgal · 02-07-2020 6:56pm

My solicitors received contracts last week, survey done all good, valuation done last Thursday. Just waiting on the loan offer from the bank. Hopefully comes soon as I would love to know when the house is mine

guyfawkes5 · 02-07-2020 7:20pm

lastusername wrote: »

Hi folks,

Has anyone got back to the vendor to ask for a reduction in sale price? We are sale agreed at 15k over asking but with what's going on and some potential job uncertainty we are wondering about asking for a 10k reduction. Not sure how the estate agent and vendors would take it though!

We are paying top end of the scale but for a beautiful house and feel if it's a family home it'll be worth it over the long term. The economy has an uncertain outlook but it goes up and down and where are things not uncertain

I went through almost exactly this a month or two ago.

I was sale agreed at a price over asking (although given how much neighbouring properties went for I don't think the asking price was genuine). They accepted my bid just as lockdown started. There were multiple other bidders at the time €5k and even €500 off my final bid (the last bidder was obviously coaxed by the EA to get a little more from me... fair enough).

I asked for a little over €10k off a few months later. The seller readily accepted. The only information I had beforehand was that the seller was 'nervous' of any apparent delay on my side (the bank was slow to deal with given the height of the Covid shock was happening at the time). To be honest the seller and EA seemed to nearly expect my request.

It's absolutely worth asking, even if there were other bidders. All parties involved have witnessed the last few months, so it won't be unexpected.

guyfawkes5 · 02-07-2020 7:28pm

cnocbui wrote: »

If I was the seller, and the previous bidder was €2 K lower than your bid, and you came asking for €10 K drop, I'd be contacting the other bidder and asking do they want a house.

To this, I would say it depends on how far along with the sale process you were.

If you're a week or so past sale agreed, then this is more likely. If you're a few months into the process with solicitors and bank engaged, then this step of contacting previous bidders becomes far less likely. In a risky market you've invested time and money into a sale process, and probably wouldn't want to risk that investment by immediately contacting bidders, and 'cold' ones at that.

This isn't to say that the seller will immediately give in, far from it, but the scenario of the seller immediately contacting previous bidders shouldn't deter you from making the request.

This point is compounded if the bids were made before lockdown.

lastusername · 02-07-2020 11:43pm

guyfawkes5 wrote: »

To this, I would say it depends on how far along with the sale process you were.

If you're a week or so past sale agreed, then this is more likely. If you're a few months into the process with solicitors and bank engaged, then this step of contacting previous bidders becomes far less likely. In a risky market you've invested time and money into a sale process, and probably wouldn't want to risk that investment by immediately contacting bidders, and 'cold' ones at that.

This isn't to say that the seller will immediately give in, far from it, but the scenario of the seller immediately contacting previous bidders shouldn't deter you from making the request.

This point is compounded if the bids were made before lockdown.

Yep that’s it, we are well into it and it’s possible but unlikely they’d be going straight back to the other bidders who may have moved on since anyway. We’ve been advised that the price is very high, that we have to consider future marketability, and so we are almost certainly going to ask. That’s the only factor for us, we don’t care about other bidders.

Also, their attitude to the request will definitely be something that will play a part in whether we feel we want to proceed!

03-07-2020 1:49pm

lastusername wrote: »

Yep that’s it, we are well into it and it’s possible but unlikely they’d be going straight back to the other bidders who may have moved on since anyway. We’ve been advised that the price is very high, that we have to consider future marketability, and so we are almost certainly going to ask. That’s the only factor for us, we don’t care about other bidders.

Also, their attitude to the request will definitely be something that will play a part in whether we feel we want to proceed!

It depends what they would get if they were to put it back on the market or contact under bidders. If they are purchasing a new home themselves they'd have to go negotiate the same percentage drop and all depends if they can get it. Basically, they're not going to be the ones out of pocket. It's not about "attitude" its just common sense. Personally I'd explore all the above options before I'd agree to a reduction and depending on what stage you are at it may be an option of agree to reduction or the deal is off. Pretty shifty really. If they are going through all the hassle of basically putting it back on the market without actually putting it back on the market then they might as well literally have it back on the market. Is EA going to go through the extra work or simply say deal is off and its back to market? At what point is a non refundable deposit paid? You'd have a fight on your hands to get that back.

guyfawkes5 · 03-07-2020 2:34pm

Deleted User wrote: »

It depends what they would get if they were to put it back on the market or contact under bidders. If they are purchasing a new home themselves they'd have to go negotiate the same percentage drop and all depends if they can get it. Basically, they're not going to be the ones out of pocket. It's not about "attitude" its just common sense. Personally I'd explore all the above options before I'd agree to a reduction and depending on what stage you are at it may be an option of agree to reduction or the deal is off. Pretty shifty really. If they are going through all the hassle of basically putting it back on the market without actually putting it back on the market then they might as well literally have it back on the market. Is EA going to go through the extra work or simply say deal is off and its back to market? At what point is a non refundable deposit paid? You'd have a fight on your hands to get that back.

Attitude does play a pretty heavy part here, as you don't know what you would get or lose if you pursued older bidders, put it back on the market, etc. It comes down to your perception of the market and what you value at that point in time. Do you reliably close the sale now, or take a chance extending the sales process by another few weeks or months post Covid?

The EA, purely from their own point of view, would prefer the negotiation is concluded quickly and would definitely prefer not to go to other bidders or back to the market. Their drop in fee from a negotiation would be be much smaller compared to the seller, and they'd see this as a much bigger investment of their time for almost no return.

You personally might not entertain a reduction until you have pursued all other avenues, but I think most sellers would know this is not a 'costless' course of action to take - an already reluctant buyer may move on if they know the seller is shopping around which entails complication, delay, and a reduced chance of getting a price that they might not proceed without.

Jess2019 · 03-07-2020 3:13pm

Does anyone know which banks take bonuses into consideration when assessing your income? I know with bank of Ireland you need to be employed 3 years before they take bonuses into consideration, but have no clue about the others?

guyfawkes5 · 03-07-2020 3:17pm

I only know EBS and AIB don't from previous experience.

Skylinehead · 03-07-2020 3:40pm

lastusername wrote: »

Hi folks,

Has anyone got back to the vendor to ask for a reduction in sale price? We are sale agreed at 15k over asking but with what's going on and some potential job uncertainty we are wondering about asking for a 10k reduction. Not sure how the estate agent and vendors would take it though!

We are paying top end of the scale but for a beautiful house and feel if it's a family home it'll be worth it over the long term. The economy has an uncertain outlook but it goes up and down and where are things not uncertain

Yeah I'm getting 10k off, asked for 15. Happy enough. But I do suspect I was the only offer, so if there's others, it could be more complicated.

masterboy123 · 03-07-2020 4:52pm

Could someone please provide their opinion on this?

I bought a new house last year and works are being completed now.

Builder told me there are extras that I need to pay in the range of €5000+VAT as different authorities such building envelope, energy & air tightness regulators, and electrical engineers recommended changes in his initial plan which has resulted in this extra cost.

I wasn't made aware of these costs and builder made the necessary changes. Now he told me these will be added in my final amount.

We signed contract in March 2019 and final price agreed on it. Is this the norm and where do I stand?
The house is in an estate.

Thank you

cnocbui · 03-07-2020 4:56pm

It would entirely depend on the contract. You need to get a solicitor's opinion.

masterboy123 · 03-07-2020 4:58pm

Ok, i told the builder to send this info to our solicitor. So we will wait for it now.

cnocbui wrote: »

It would entirely depend on the contract. You need to get a solicitor's opinion.

awec · 03-07-2020 5:08pm

masterboy123 wrote: »

Could someone please provide their opinion on this?

I bought a new house last year and works are being completed now.

Builder told me there are extras that I need to pay in the range of €5000+VAT as different authorities such building envelope, energy & air tightness regulators, and electrical engineers recommended changes in his initial plan which has resulted in this extra cost.

I wasn't made aware of these costs and builder made the necessary changes. Now he told me these will be added in my final amount.

We signed contract in March 2019 and final price agreed on it. Is this the norm and where do I stand?
The house is in an estate.

Thank you

Sounds like your builder is a clown.

This stuff should have all been sorted before he priced and sold the houses. You agreed to pay a certain price, he has agreed to sell the house to you at that price, contracts are signed.

Talk to your solicitor but I wouldn't just accept that at all.

03-07-2020 6:28pm

guyfawkes5 wrote: »

Attitude does play a pretty heavy part here, as you don't know what you would get or lose if you pursued older bidders, put it back on the market, etc. It comes down to your perception of the market and what you value at that point in time. Do you reliably close the sale now, or take a chance extending the sales process by another few weeks or months post Covid?

The EA, purely from their own point of view, would prefer the negotiation is concluded quickly and would definitely prefer not to go to other bidders or back to the market. Their drop in fee from a negotiation would be be much smaller compared to the seller, and they'd see this as a much bigger investment of their time for almost no return.

You personally might not entertain a reduction until you have pursued all other avenues, but I think most sellers would know this is not a 'costless' course of action to take - an already reluctant buyer may move on if they know the seller is shopping around which entails complication, delay, and a reduced chance of getting a price that they might not proceed without.

If they've got the wiggle room then it probably wouldn't be a problem. But I'd imagine budgets have all been done up and a reduction could mess their plans up. I don't agree there is "attitude" involved. People are buying homes.

masterboy123 · 03-07-2020 6:53pm

Thanks for your opinion.
It was a shock for me. It is a huge amount and the builder said it very casually as if its the norm. I have never been involved in house buying before.

I will get in touch with our solicitor.

awec wrote: »

Sounds like your builder is a clown.

This stuff should have all been sorted before he priced and sold the houses. You agreed to pay a certain price, he has agreed to sell the house to you at that price, contracts are signed.

Talk to your solicitor but I wouldn't just accept that at all.

guyfawkes5 · 03-07-2020 7:45pm

[Deleted User] wrote: »

If they've got the wiggle room then it probably wouldn't be a problem. But I'd imagine budgets have all been done up and a reduction could mess their plans up. I don't agree there is "attitude" involved. People are buying homes.

Every case is unique but in a market where buyers are asking for discounts, I doubt that sellers have as much leeway as you think that they can expect to ask the buyer to wait while they begin a process of calling older bidders. The original poster also mentions they aren't really happy with current price - a seller openly shopping the property around to cold bidders would have the risk of them finally cutting their losses and moving on.

This is not a dispassionate process and your perception is at play. Your original statement was that you'd go with whatever decision had the best return, but my point is that that is very far from obvious and involves very fallible personal readings of people and market factors. You could read things wrong and end up costing yourself money or maneuvering yourself into a worse position.

They may or may not have strict budgets literally down to the €1,000s done and they may or may not be trading up - all you can do is ask and move on with the information you have once they make a decision.

Bluefoam · 03-07-2020 8:10pm

masterboy123 wrote: »

Thanks for your opinion.
It was a shock for me. It is a huge amount and the builder said it very casually as if its the norm. I have never been involved in house buying before.

I will get in touch with our solicitor.

If you have any documents signed he builder doesn't have a leg to stand on... Presuming the house is not a one off and is part of a development

masterboy123 · 03-07-2020 9:39pm

Yes, contracts signed.
Let's see what solicitor will say.

Bluefoam wrote: »

If you have any documents signed he builder doesn't have a leg to stand on... Presuming the house is not a one off and is part of a development

Paris123 · 05-07-2020 12:47pm

Hi There,

My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

Any advice for us first timer buyers is welcomed.

NIMAN · 05-07-2020 12:50pm

Paris123 wrote: »

Hi There,

My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

Any advice for us first timer buyers is welcomed.

Well all you can do is to say your limit/top offer would be 215k and leave it at that. If the 240k offer is genuine then you're gone.

There is a fair gap to 245k, so if you think the house isn't worth more than 215k, don't stretch yourself. Let it go, there will be other houses.

guyfawkes5 · 05-07-2020 12:52pm

Paris123 wrote: »

Hi There,

My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

Any advice for us first timer buyers is welcomed.

I would say the vast, vast likelihood is that he's telling the truth.

If you want to allow for the possibility he might be lying or that the sale might fall through, communicate exactly what you said here to him - that you feel the house is worth a €215k bid maximum and to contact you in future if he wishes.

cnocbui · 05-07-2020 1:16pm

Paris123 wrote: »

Hi There,

My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

Any advice for us first timer buyers is welcomed.

I would concur with the two previous posts, but do have to wonder - no criticism intended - whether your valuation may be unrealistic.

If you take recent sales of similar property types from the property price register and work out the sale price per square metre - you will probably have to google the original listings - how far apart are those prices per sqm from the house you are interested in? If your estimated value, worked out on unit area, is close to recent sales, then go with your valuation being realistic.

lastusername · 05-07-2020 1:32pm

Paris123 wrote: »

Hi There,

My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

Any advice for us first timer buyers is welcomed.

If it's listed at 245k but you feel it's only worth 30-35k less, I'm not sure you like it that much and would go for another one you feel is worth at least the asking price, or a shade under (like 5-15k).

Claw Hammer · 05-07-2020 4:38pm

Paris123 wrote: »

Hi There,

My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

Any advice for us first timer buyers is welcomed.

Make an offer of what you think. After a few times you will get good at valuation.

jimmytwotimes 2013 · 05-07-2020 4:42pm

Silly question
Bought in 2007 for 195k, took mortgage for 165k, owe 104k

Hoping to move (probably in a year but that house you see online gets you to jump too soon

) , have 30k saved

New property costs 220k, so wud need mortgage of 190k (not quite making the 80%)

Wud put own house for sale and hope to make 40k.

Wud a bank allow you to go on interest-only on 1st property or give a mortgage break to allow for move to 2nd property? (while waiting for 1st house (where we currently live) to sell)

Combined mortgages wud be within our 3.5x but I'd rather not be paying two mortgages if I didn't have to.

Sorry if this question is stupid, presuming bank wouldn't entertain it.

Queenio · 06-07-2020 8:11am

Hi everyone. FTB here with an offer in on a house at 4% under asking. No other offers yet. Executor sale. This house was on the market at a higher price Aug 2019 and dropped Nov 2019. So no major interest is what I can infer from that. We have our offer in almost 4 weeks now. Any idea what the usual timing is to accept /reject?

EA told us they holding out for more money (our offer is 10% off the original asking) I see no point in out bidding myself. Why would I? There's no interest And original asking price is irrelevant bc if house was worth that it would have sold for that especially as the market was buoyant a year ago. We really want this house as it does suit us well but it needs a ton of hopefully only cosmetic renovations. While I would like to get things moving as we have a baby on the way, I'm equally not going to throw money away to get there. Any thoughts? Any chance an executor sale can close quickly once the ball is rolling?

Claw Hammer · 06-07-2020 8:19am

Queenio wrote: »

Hi everyone. FTB here with an offer in on a house at 4% under asking. No other offers yet. Executor sale. This house was on the market at a higher price Aug 2019 and dropped Nov 2019. So no major interest is what I can infer from that. We have our offer in almost 4 weeks now. Any idea what the usual timing is to accept /reject?

If it is an executor sale, you may well be dealing with a "committee" of beneficiaries. Trying to get them all to agree can take time. You would need to make enquiries as to who the deceased was and what the family situation is.

Queenio · 06-07-2020 8:28am

Claw Hammer wrote: »

If it is an executor sale, you may well be dealing with a "committee" of beneficiaries. Trying to get them all to agree can take time. You would need to make enquiries as to who the deceased was and what the family situation is.

Thanks for replying. EA has said they are the children of the deceased (father). Im sure some if not all have a set number in their heads of what they want to achieve but given its closing in on 12 months since the house was first listed I'm not sure how realistic their ideal is?

My understanding is an executor sale should proceed within 12 months. Covid closure of the market will no doubt be offset against that, as is only fair. But there have been no offers made at all since we made ours. I am not keen to bid against myself and getting fed up waiting to hear either way.

brucky · 06-07-2020 8:32am

masterboy123 wrote: »

Could someone please provide their opinion on this?

I bought a new house last year and works are being completed now.

Builder told me there are extras that I need to pay in the range of €5000+VAT as different authorities such building envelope, energy & air tightness regulators, and electrical engineers recommended changes in his initial plan which has resulted in this extra cost.

I wasn't made aware of these costs and builder made the necessary changes. Now he told me these will be added in my final amount.

We signed contract in March 2019 and final price agreed on it. Is this the norm and where do I stand?
The house is in an estate.

Thank you

It’s the builder job to construct any house in accordance with any Regulations or laws of the land. If he cannot do this then he is not a competent builder. On the face of it it sounds like he’s had some problems with the Regulatory authorities. These issues are not client choices such as an upgraded kitchen. I wonder what these Regulatory issues were (If any) and if they are still outstanding, now he’s drawn your attention to it. Your solicitor would advise you. Drag it out until the 11th hour as completion draws closer he’s running out of time and it’s not a sellers market. If he’s at this messin I would be snagging the house very carefully. Best of luck.

Claw Hammer · 06-07-2020 8:35am

Queenio wrote: »

Thanks for replying. EA has said they are the children of the deceased (father). Im sure some if not all have a set number in their heads of what they want to achieve but given its closing in on 12 months since the house was first listed I'm not sure how realistic their ideal is?

My understanding is an executor sale should proceed within 12 months. Covid closure of the market will no doubt be offset against that, as is only fair. But there have been no offers made at all since we made ours. I am not keen to bid against myself and getting fed up waiting to hear either way.

There is a recognised executors year in which the executor is expected to have wound up the estate. if the executor is not making progress the beneficiaries could seek the removal of the executor. If the beneficiaries agree among themselves to keep it going, it can go on for years.
You will have to find some way to get pressure on them to move.

Queenio · 06-07-2020 8:58am

Claw Hammer wrote: »

If the beneficiaries agree among themselves to keep it going, it can go on for years.

I was not aware of this. Thank you so much for that information. Other than putting an end date on my offer I'm how else to do this. We can for sure offer more too. You've given me food for thought anyways. Thanks again

Markitron · 06-07-2020 9:21am

Queenio wrote: »

I was not aware of this. Thank you so much for that information. Other than putting an end date on my offer I'm how else to do this. We can for sure offer more too. You've given me food for thought anyways. Thanks again

This is what I would do, put a date on it and be 100% ready to walk away after it.

awec · 06-07-2020 9:27am

I wouldn't bother with an end date, it's unlikely to have any effect.

Keep looking elsewhere. When you ring to enquire again, make it clear that you are looking elsewhere and will proceed elsewhere if you find something you like, that you aren't waiting on this specific house.

You could also ask what figure they're holding out for.

Queenio · 06-07-2020 9:30am

awec wrote: »

make it clear that you are looking elsewhere and will proceed elsewhere if you find something you like, that you aren't waiting on this specific house.

This is what I'm most tempted to do. And will do. Unfortunately supply seems to be very much strangled but there are other houses out there we could go with. Getting fed up waiting but I'm just not sure if I'm being unduly impatient too. I think if we don't hear by the end of the week we will contact and let them know we are looking for a quick sale and not necessarily this particular house

awec · 06-07-2020 9:39am

Queenio wrote: »

This is what I'm most tempted to do. And will do. Unfortunately supply seems to be very much strangled but there are other houses out there we could go with. Getting fed up waiting but I'm just not sure if I'm being unduly impatient too. I think if we don't hear by the end of the week we will contact and let them know we are looking for a quick sale and not necessarily this particular house

Yea as someone mentioned earlier the problem with these sort of sales is it just takes 1 of the family members to be awkward to slow the whole thing down. It's also not likely to be as high a priority for them compared to if they were selling their own houses.

cnocbui · 06-07-2020 11:36am

Queenio wrote: »

Any chance an executor sale can close quickly once the ball is rolling?

There is no practical reason an executor sale can't proceed quickly. I don't believe there is an absolute onus on them doing the bidding of the beneficiaries, they just have to act in their best interests so if one isn't happy they can just ignore them and proceed.

Is there anyone living in the house? If so, it might be the executor, in which case heel dragging could be the order of the day.

Gavin "shels" · 06-07-2020 1:03pm

Sale Agreed as of last week! We went 1.5% over asking price but we were happy enough to go ahead with it as it's going to be our long term home (plenty of potential once we can shake the money tree in a few years

)

1sttimebuyer20 · 06-07-2020 1:28pm

Queenio wrote: »

Hi everyone. FTB here with an offer in on a house at 4% under asking. No other offers yet. Executor sale. This house was on the market at a higher price Aug 2019 and dropped Nov 2019. So no major interest is what I can infer from that. We have our offer in almost 4 weeks now. Any idea what the usual timing is to accept /reject?

EA told us they holding out for more money (our offer is 10% off the original asking) I see no point in out bidding myself. Why would I? There's no interest And original asking price is irrelevant bc if house was worth that it would have sold for that especially as the market was buoyant a year ago. We really want this house as it does suit us well but it needs a ton of hopefully only cosmetic renovations. While I would like to get things moving as we have a baby on the way, I'm equally not going to throw money away to get there. Any thoughts? Any chance an executor sale can close quickly once the ball is rolling?

This story sounds very familiar, doesn’t happen to be in Naas?

El Guapo! · 06-07-2020 1:55pm

Can anybody give me an idea of how long it usually takes to get a valuation done on a property?
We're sale agreed on a new build. The house is ready to go.
Broker said they would instruct the valuer to go take a look at the property over 2 weeks ago but still nothing yet. When I ask about it, they say they're still waiting. I'm just wondering if it usually takes this long?

bulmersgal · 06-07-2020 1:57pm

El Guapo! wrote: »

Can anybody give me an idea of how long it usually takes to get a valuation done on a property?
We're sale agreed on a new build. The house is ready to go.
Broker said they would instruct the valuer to go take a look at the property over 2 weeks ago but still nothing yet. When I ask about it, they say they're still waiting. I'm just wondering if it usually takes this long?

Mine took about 5 working days. I got mine done last week they did say there was a backlog with Covid

masterboy123 · 06-07-2020 2:56pm

Thank you.
Snagging is in the process and solicitor contacted. Very unhappy with this big slap of a bill.

brucky wrote: »

It’s the builder job to construct any house in accordance with any Regulations or laws of the land. If he cannot do this then he is not a competent builder. On the face of it it sounds like he’s had some problems with the Regulatory authorities. These issues are not client choices such as an upgraded kitchen. I wonder what these Regulatory issues were (If any) and if they are still outstanding, now he’s drawn your attention to it. Your solicitor would advise you. Drag it out until the 11th hour as completion draws closer he’s running out of time and it’s not a sellers market. If he’s at this messin I would be snagging the house very carefully. Best of luck.

guyfawkes5 · 06-07-2020 3:17pm

El Guapo! wrote: »

Can anybody give me an idea of how long it usually takes to get a valuation done on a property?
We're sale agreed on a new build. The house is ready to go.
Broker said they would instruct the valuer to go take a look at the property over 2 weeks ago but still nothing yet. When I ask about it, they say they're still waiting. I'm just wondering if it usually takes this long?

That seems like a long time. I think mine took two working days from the bank initiating it to receiving the report back.

06-07-2020 3:24pm

Queenio wrote: »

This is what I'm most tempted to do. And will do. Unfortunately supply seems to be very much strangled but there are other houses out there we could go with. Getting fed up waiting but I'm just not sure if I'm being unduly impatient too. I think if we don't hear by the end of the week we will contact and let them know we are looking for a quick sale and not necessarily this particular house

Can you ask the EA what figure the sellers are holding out for? If you're 4% under asking I can't imagine the gap is huge between what you're offering and the current asking price - it's up to you if the house is worth the extra 4% (assuming the asking price is a price the beneficiaries will accept...which is why asking the EA can help).

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

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