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

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    #3392
    Newdawn11
    Registered Users Posts: 38 ✭Newdawn11


    Thanks very much for the reply. Enjoy your new home.


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    #3393
    cant26
    Registered Users Posts: 578 ✭✭✭cant26


    El Guapo! wrote: »
    My timeline was as follows:

    April 20th: Submitted initial mortgage application.

    April 29th: Received AIP

    Lockdown delayed viewings.

    June 8th: Sale Agreed on new build.

    Big delays on paperwork etc. Valuation took 5 weeks to complete due to restrictions. During this time we received multiple letters from developers threatening to pull deal if we didn't move quicker. This was out of our control though and we managed to calm them down.

    Aug 20th: Received letter of offer. Due to backlogs, this took 3 weeks to receive from the time it was requested.

    Then there were numerous other delays. My solicitor waiting for paperwork, waiting for HTB funds etc.

    Sept 28th: Requested drawdown.

    Sept 30th: Mortgage funds received by solicitor.

    Oct 1st: Received keys.

    Congrats! We have requested funds for next Wednesday but was told not to hold our breath for that day :(.
    Did your solicitor put the requisition in for the 28th or did they just request on 28th and receive on 30th?
    Enjoy your new home. Cannot wait to get ours over the line!


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    #3394
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    brisan wrote: »
    How can you be sure the bids are genuine.
    Could be the vendors family pushing price up.
    Not like a normal auction where you are legally obliged to hand over cash on the day and lose it if you cannot complete

    How is it any less likely to be genuine than an estate agent that does not have a online bidding platform? The same could be said of those too. Having looked at two properties and followed the bidding, i'd be extremely surprised if either weren't genuine. One struggled to get over the asking and having viewed it myself, i could see why. The other was really nice, huge interest at the viewing I attended, so not surprising there was a bidding war, which was on a similar scale to another property without the online bidding platform.

    Regardless of the type of agent, aren't they required to track all bids for audit?


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    #3395
    brisan
    Registered Users Posts: 2,242 ✭✭✭brisan


    givyjoe wrote: »
    How is it any less likely to be genuine than an estate agent that does not have a online bidding platform? The same could be said of those too. Having looked at two properties and followed the bidding, i'd be extremely surprised if either weren't genuine. One struggled to get over the asking and having viewed it myself, i could see why. The other was really nice, huge interest at the viewing I attended, so not surprising there was a bidding war, which was on a similar scale to another property without the online bidding platform.

    Regardless of the type of agent, aren't they required to track all bids for audit?

    Track bids yes
    But their is no onus on the bidders to prove they have the funds required or even AIP
    You can bid ,be the highest bidder and when you win say Sorry I have changed my mind "
    EA then contacts the next highest bidder
    Not saying it happens but its open to abuse


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    #3396
    Smouse156
    Registered Users Posts: 529 ✭✭✭Smouse156


    givyjoe wrote: »
    Precisely the same thing on a house I was watching. 325 asking, high bid of 341 for a week or so, 345 for the last day and then during the last three hours it ended up at 375. Madness.

    Would be interesting to see how many of those actually closed. I’m sure after a sit down and a good think about paying 50k over asking people would feel they got carried away and pull out


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    #3397
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    brisan wrote: »
    Track bids yes
    But their is no onus on the bidders to prove they have the funds required or even AIP
    You can bid ,be the highest bidder and when you win say Sorry I have changed my mind "
    EA then contacts the next highest bidder
    Not saying it happens but its open to abuse

    Exactly the same as bidding without an online system.


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    #3398
    lindtee
    Registered Users Posts: 3,396 ✭✭✭lindtee


    Thanks for replies regarding Auction Era. Based on the current market the bids for the property would be in and around what I’d expect in a “normal” estate agent bidding war, maybe slightly below. There are very few houses on the market in my price range and preferred areas that are as nice this one for my budget. In fact most of a similar size and location have either been awful or have gone for a lot over asking. I have a limit which I’m happy to pay for the property and will be sticking to it.


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    #3399
    GrumPy
    Registered Users Posts: 6,557 ✭✭✭GrumPy


    GrumPy wrote: »
    Here is a timeline of what my partner and I have experienced, it may help others get an idea of the process - certainly illustrates the pain we have come up against so far!
    I'm sure other examples are shorter and also longer, really depends on a bit of luck... Our agent let us down by sitting on their thumb for 4 weeks. :rolleyes:

    tmvmSzL

    So still no sign of contracts, my solicitor emailed to let me know.
    I rang the office to ask what the f*ck is going on (I was much more polite), and was told that nothing can be done or investigated until Monday when the particular individual returns from leave.
    I'm not even angry at this point, I'd describe it more of a calm-murderous sensation.


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    #3400
    Bluefoam
    Registered Users Posts: 7,713 ✭✭✭Bluefoam


    Can anyone tell me, once the builder has submitted the homebound, electric, gas, water and ber certs how long they take to process and allow for contracts to be completed?


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    #3401
    sparkle109
    Registered Users Posts: 174 ✭✭sparkle109


    Hi all,
    We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?


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    #3402
    rookieMan
    Registered Users Posts: 33 ✭rookieMan


    sparkle109 wrote: »
    Hi all,
    We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?

    i think solicitors have started putting in clauses in contracts allowing for deposits to be refunded in case mortgage cannot be drawdown due to covid. I maybe wrong though because I heard this from a friend. Its best to discuss this with your solicitor.


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    #3403
    Vanilla Cupcake
    Registered Users Posts: 24 ✭Vanilla Cupcake


    sparkle109 wrote: »
    Hi all,
    We have put a deposit down on a new build, won’t be ready until June/July next year. We are due to sign contracts in the next few weeks and I understand we have to pay the 10% deposit by then (availing of HTB so assuming this will cover the majority). What sort of protection do we have (if any) on the deposit as we will have to reapply for mortgage in 2021 (touch wood no change in circumstances)? Is it possible to protect the full deposit?

    Our solicitor put subject to loan/finance in the contract on our new build. It's a standard clause.


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    #3404
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Vanilla Cupcake wrote: »
    Our solicitor put subject to loan/finance in the contract on our new build. It's a standard clause.

    +1

    Do this.

    Some builders will push against it but eventually agree to it when pressed. Others may not entertain it at all.

    Personally, I'd walk away if the other party won't accept a subject to finance clause. It's just too much of a risk, even more so in the current environment.


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    #3405
    sparkle109
    Registered Users Posts: 174 ✭✭sparkle109


    Thank you! Do you know if that includes the initial booking deposit as well as the HTB part?
    Vanilla Cupcake wrote: »
    Our solicitor put subject to loan/finance in the contract on our new build. It's a standard clause.


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    #3406
    Bluefoam
    Registered Users Posts: 7,713 ✭✭✭Bluefoam


    sparkle109 wrote: »
    Thank you! Do you know if that includes the initial booking deposit as well as the HTB part?

    My understanding is that the booking deposit is to the estate agent and is protected and can be returned to you on request.

    I have done so in the past. Had a deposit on a house, but found that there was a boundary issue that couldn't be solved easily, had contracts signed and move in date agreed... Had to back out of the purchase and claimed to deposit back.


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    #3407
    Vanilla Cupcake
    Registered Users Posts: 24 ✭Vanilla Cupcake


    sparkle109 wrote: »
    Thank you! Do you know if that includes the initial booking deposit as well as the HTB part?

    The booking deposit is refundable up until you sign the contracts. The HTB I'm not sure about as we did this process last week and our house is completed so we are hoping to get keys in next two weeks.


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    #3408
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    quick question, what is the penalty for a seller that pulls out of the contract? I mean, if they pull out after signing contracts


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    #3409
    Glory83
    Registered Users Posts: 54 ✭✭Glory83


    Glory83 wrote: »
    Thank you very much indeed for your kind and elaborate response.
    I am lucky because I am not in a chain sale where as the vendor is. That expalins why the contracts were exchanged shortly after we went sale agreed. My loan offer is ready. The issue is vendor's solicitor is reluctant to certify that the copy he shared with my solicitor contains all the conditions and entitlements as the original one. Hence we are waiting for them to cooperate. I believe the vendor will not be able to sell their property anyway if they do not provide such a document to any potential buyer, is that correct?

    It seems the sale might fall through. The vendor's solicitor saying the documents they provided are sufficient to close the sale and refuse to certify the copy they shared with my solicitor. My solicitor is advising me against that saying there might be surprises coming afterwards if they do not certify that the copy they shaed containst all the conditions and entitlements under the property.


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    #3410
    ElitesTeam
    Registered Users Posts: 243 ✭✭ElitesTeam


    Had anyone recently had an letter of offer issued by AIB. How long did it take?


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    #3411
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    The buyers solicitor isn't responding to emails chasing signed contract . Time to start worrying


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    #3412
    Meraf
    Registered Users Posts: 42 ✭Meraf


    ElitesTeam wrote: »
    Had anyone recently had an letter of offer issued by AIB. How long did it take?

    I'm also waiting for one . For me its just few days of waiting- I heard that there are delays ..


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    #3413
    ElitesTeam
    Registered Users Posts: 243 ✭✭ElitesTeam


    Meraf wrote: »
    I'm also waiting for one . For me its just few days of waiting- I heard that there are delays ..

    Yeah same for me. Just want an expected timeline


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    #3414
    Claw Hammer
    Registered Users Posts: 6,163 ✭✭✭Claw Hammer


    cubatahavana wrote: »
    quick question, what is the penalty for a seller that pulls out of the contract? I mean, if they pull out after signing contracts
    The seller can be sued for Specific Performance and/or damages.


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    #3415
    Newdawn11
    Registered Users Posts: 38 ✭Newdawn11


    We have just got approval in principle subject to clearing a small car loan.
    Does anyone know if this has to be cleared prior to letter of loan offer being issued (have sale agreed a house and booking deposit paid-bank valuation this week) or cleared by drawdown? Thanks in advance.


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    #3416
    Vanilla Cupcake
    Registered Users Posts: 24 ✭Vanilla Cupcake


    Newdawn11 wrote: »
    We have just got approval in principle subject to clearing a small car loan.
    Does anyone know if this has to be cleared prior to letter of loan offer being issued (have sale agreed a house and booking deposit paid-bank valuation this week) or cleared by drawdown? Thanks in advance.

    We were in the same situation. We cleared the car loan the week we received the loan offer letter. Then sent the bank the letter from the other bank showing loan cleared. We were anxious to clear it asap as we didnt want it holding things up.


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    #3417
    Newdawn11
    Registered Users Posts: 38 ✭Newdawn11


    Vanilla Cupcake wrote: »
    We were in the same situation. We cleared the car loan the week we received the loan offer letter. Then sent the bank the letter from the other bank showing loan cleared. We were anxious to clear it asap as we didnt want it holding things up.

    Great, thanks for reply. I am happy to clear it ASAP but want to have the loan offer letter first.


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    #3418
    Vanilla Cupcake
    Registered Users Posts: 24 ✭Vanilla Cupcake


    Newdawn11 wrote: »
    Great, thanks for reply. I am happy to clear it ASAP but want to have the loan offer letter first.

    Sorry I just checked my emails there and we actually cleared the car loan before we got the loan offer letter! I would double check with your bank what way they want you to do it.


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    #3419
    Newdawn11
    Registered Users Posts: 38 ✭Newdawn11


    Vanilla Cupcake wrote: »
    Sorry I just checked my emails there and we actually cleared the car loan before we got the loan offer letter! I would double check with your bank what way they want you to do it.

    Thanks-will do.


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    #3420
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Level 5 recommended. Things are going to take a turn

    https://www.rte.ie/news/2020/1004/1169272-coronarvirus-ireland/


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    #3421
    ahnoyouregrand
    Registered Users Posts: 74 ✭✭ahnoyouregrand


    Does anyone know what this means for things like furniture deliveries and assembly etc?


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