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

Milena009 wrote: »

Hi all,

I want to put a bid on a second hand property. Let's say I do Win the bidding.
How does it work afterwards? Is there like booking deposit so 5k for example?
Do I put full deposit straight away? So let's say 30k?
I have solicitor enrolled.

Thank you,

Yes you normally transfer a deposit to the EA holding account, and the contracts are sent to the solicitors by each EA, and the rest of the deposit is paid after the engineer comes and when the contracts are signed, basically when you draw down the mortgage. Here’s a link I found useful: https://www.ccpc.ie/consumers/housing/buying-home-step-by-step-guide/

brianc27 wrote: »

Should a solicitor already be in place before a booking deposit is paid, I got in contact with a few solicitors and none seemed interested unless I had a property lined up

Same.
I sent few inquiries but they said to only contact when we put deposit on a place

brianc27 wrote: »

Should a solicitor already be in place before a booking deposit is paid, I got in contact with a few solicitors and none seemed interested unless I had a property lined up

Yes you’ll need a solicitor very quickly. When we bought our first house, we had already contacted a solicitor, and we’re using the same for the sale (and purchase, whenever this happens!), and I contacted her a few months in advance of putting the house up for sale. She charges a set fee for the sale and the same for the purchase, so apart from little extras (for printing/ stamps, etc), then you should know in advance how much you’ll need to budget.

Where are you based? I’m sure you can get recommendations here, is that allowed?

Milena009 wrote: »

Hi all,

I want to put a bid on a second hand property. Let's say I do Win the bidding.
How does it work afterwards? Is there like booking deposit so 5k for example?
Do I put full deposit straight away? So let's say 30k?
I have solicitor enrolled.

Thank you,

1- when you go sale agreed, the booking deposit (fully refundable and usually 5-10k) is paid to EA (this is the last time you have to worry about them)
2- contact a solicitor when booking deposit is paid
3- seller solicitor will send contracts to your solicitor
4- your solicitor goes over the contracts and prepares queries for the seller’s solicitor (things that are not clear in the contract). He should recommend a subject to finance clause (if you don’t get mortgage, you don’t lose the non refundable deposit that you pay at a later stage)
5- you arrange a survey of the property by a qualified person (engineer, professional surveyor, etc)
6- once you’re happy with the contract queries and the survey, you are ready to sign the contracts (you will pay 10% non refundable deposit after signing)
7- seller signs the contracts and you receive them signed by yourself and the seller. At this stage your 10% deposit becomes non refundable. You are committed to buy the property and the seller is committed to sell. If you have a subject to finance clause in the contract, the deposit will be refunded if you have a problem with the finance
8- you agree to a closing date
9- you draw down your mortgage a couple of days before the closing date
10- on closing day, your solicitor will send the funds (minus the 10% deposit) to the other solicitor and you get the keys

cubatahavana wrote: »

1- when you go sale agreed, the booking deposit (fully refundable and usually 5-10k) is paid to EA (this is the last time you have to worry about them)
2- contact a solicitor when booking deposit is paid
3- seller solicitor will send contracts to your solicitor
4- your solicitor goes over the contracts and prepares queries for the seller’s solicitor (things that are not clear in the contract). He should recommend a subject to finance clause (if you don’t get mortgage, you don’t lose the non refundable deposit that you pay at a later stage)
5- you arrange a survey of the property by a qualified person (engineer, professional surveyor, etc)
6- once you’re happy with the contract queries and the survey, you are ready to sign the contracts (you will pay 10% non refundable deposit after signing)
7- seller signs the contracts and you receive them signed by yourself and the seller. At this stage your 10% deposit becomes non refundable. You are committed to buy the property and the seller is committed to sell. If you have a subject to finance clause in the contract, the deposit will be refunded if you have a problem with the finance
8- you agree to a closing date
9- you draw down your mortgage a couple of days before the closing date
10- on closing day, your solicitor will send the funds (minus the 10% deposit) to the other solicitor and you get the keys

That is so helpful! Thank you so very much 😊

Gael23 wrote: »

Are viewings still set to be allowed from March 5th?

Maybe

There's no word on level 5 extending so far. Apparently EAs are lobbying government to let viewings go ahead after the 5th.

Hoping for a bit of advice or thoughts here...
We're sale agreed and have had a survey completed on a property. The survey threw up some issues that were unexpected to us (potential replacement of whole plumbing/heating system and some other smaller issues not visible at viewings).
The cost of dealing with these issues would make the property unaffordable to us if the vendors do not negotiate a drop in price to cover some of the costs here and would lead to us having to back out.
The smaller issues add to up approx 3k worth to the best of my knowledge and the plumbing would be significantly more.
Any thoughts on how to best approach this with the vendors?

MattS1 wrote: »

In fairness it's a 5 bed in good nick. Probably should go to 400/420 if not more.

You think a house should go for 80/100k over a 320 asking?! Give over.

givyjoe wrote: »

You think a house should go for 80/100k over a 320 asking?! Give over.

I think he's saying that the asking price is a red herring. The house is worth what it's worth, whether they "ask for" €250k or €500k shouldn't matter. Not uncommon to deliberately undervalue a house to get more people bidding.

I'm not familiar with the Maynooth market at all (I believe lovely commuter town), but if someone told me that house sold for €400k, I'd say it looks a steal.

DataDude wrote: »

I think he's saying that the asking price is a red herring. The house is worth what it's worth, whether they "ask for" €250k or €500k shouldn't matter. Not uncommon to deliberately undervalue a house to get more people bidding.

I'm not familiar with the Maynooth market at all (I believe lovely commuter town), but if someone told me that house sold for €400k, I'd say it looks a steal.

It's a case of being massively undervalued. However 3 houses have been listed recently, 299/300/320. Vastly different quality in each, but similar asking all in the same estate . I'll have to double check, bit i think the circa 400k sell price would be out of step for the area, regardless of condition. Viewed a similar quality property last October that went sale agreed for 330 in maynooth. One bed less, but still a huge difference.


Again, 80/100k over 320 asking is ludicrous, unless it's been massively undervalued at asking.

whiskeyman wrote: »

Does the heating system need replacement urgently or something advised?

When we bought our house, I knew the boiler needed replacing but I didn't go back to the vendor.

For a second hand house, such things may always be on the cards.
Unless there's little demand for the property, I doubt you'll have much chance going back to negotiate unless you were the only bidder.

Thanks whiskeyman. We had budgeted for a boiler replacement, however, it looks like all of the piping in the house will need to be replaced as well. Didn't expect that!

Moving! wrote: »

Hoping for a bit of advice or thoughts here...
We're sale agreed and have had a survey completed on a property. The survey threw up some issues that were unexpected to us (potential replacement of whole plumbing/heating system and some other smaller issues not visible at viewings).
The cost of dealing with these issues would make the property unaffordable to us if the vendors do not negotiate a drop in price to cover some of the costs here and would lead to us having to back out.
The smaller issues add to up approx 3k worth to the best of my knowledge and the plumbing would be significantly more.
Any thoughts on how to best approach this with the vendors?

You definitely have grounds for renegotiating here. Weather they accept or not is a different story as they can also refuse.
Get your engineers report and make a list of the major things with a quote beside for cost.
When youre writing the email to their EA or whoever you'll be sending it to make sure to constantly refer back to "as per the engineers report"
If the cost of repairs is lets say 10,000 you could say the cost is roughly 15,000 but we would be happy for a price reduction of 10,000 as per report.

Look try your luck. We all know secondhand houses will have hidden surprises to fix but personally I think anything major is up for renegotiating.

Reason I know this is I was close to buying a house before it fell through on the sellers side but we got a price reduction of 5 thousand doing exactly as I said above. The seller EA advised us exactly what to write

cubatahavana wrote: »

1- when you go sale agreed, the booking deposit (fully refundable and usually 5-10k) is paid to EA (this is the last time you have to worry about them)
2- contact a solicitor when booking deposit is paid
3- seller solicitor will send contracts to your solicitor
4- your solicitor goes over the contracts and prepares queries for the seller’s solicitor (things that are not clear in the contract). He should recommend a subject to finance clause (if you don’t get mortgage, you don’t lose the non refundable deposit that you pay at a later stage)
5- you arrange a survey of the property by a qualified person (engineer, professional surveyor, etc)
6- once you’re happy with the contract queries and the survey, you are ready to sign the contracts (you will pay 10% non refundable deposit after signing)
7- seller signs the contracts and you receive them signed by yourself and the seller. At this stage your 10% deposit becomes non refundable. You are committed to buy the property and the seller is committed to sell. If you have a subject to finance clause in the contract, the deposit will be refunded if you have a problem with the finance
8- you agree to a closing date
9- you draw down your mortgage a couple of days before the closing date
10- on closing day, your solicitor will send the funds (minus the 10% deposit) to the other solicitor and you get the keys

Only fear in all this is the seller is not legally bound to sell you the house until the contracts are signed by both parties.

It happened on one deal we did. Seller was getting ancy and had other offers contacted directly. It was his solicitor that was dragging his feet. got the property but was so anxious.

Padre_Pio wrote: »

Looking for opinions here.
I'm with Ulster Bank and have AIP with them.

There's rumours they're leaving the market, is it worth going for AIP with another bank?
I assume if UB pull out, it'll be a couple of years, not the next 6-12 months.

It may take years to wind down, however they may not take on any new business while being wound down. I'd be keeping away from if you can, can't be sure who your loan will end up in the hands of. If you have a broker, I'd definitely be pushing them to get you another as a backup.

MattS1 wrote: »

Yes and there will be no additional supply for another 3/4 years if ever, so unfortunately things will keep going up slowly until we hit that point.

They're not going up slowly, which is my point! The bidding wars have exploded since no viewings and the supply is being artificially strangled by the pandemic and there isn't a matching drop in potential buyers, or rather certainly doesn't seem to be. The number of houses (not new builds) going on the market has dropped sharply since the pandemic began.