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

Treppen · 23-02-2021 12:50am

leahyl wrote: »

I emailed an agent about viewing a house and they have come back to me and said they have a video they can send on but first I would have to provide proof of mortgage approval or proof of funds - so I don't get to see the property in person and to even see the video of the house, i have to give them proof of funds? Is this the way things are now?

It's just to cut out the tyre kickers and people who just want a gawk but haven't even engaged an EA to sell their own yet.

No big deal, we just sent on our AIP and blacked out the amount the bank were loaning to us etc.

Don't worry about not seeing the house in person, Once you have seen a video you bid on what you think it's worth assuming all is well.

If you get a sale agreed then nothing is binding until a proper viewing. Keep the house in the back pocket and keep looking.

If you spot something in the viewing then either negotiate or back out.

People are getting too emotional about it. You can only control what you can control.

Teacher2020 · 23-02-2021 1:15am

BaRcOe wrote: »

Why don't banks automatically extend loan offers during this pandemic? I can't find it anywhere on Google. Our house is almost done, and it looks like Home construction isn't going back in March. See Sean Defoes Tweet. We will get an extension, we both have good reliable jobs and good savings... Etc. But it might not be enough time. We are so stressed because why on earth are loan offers not automatically not pushed out for as long as construction is not active. It is so simple to understand, yet the bank don't seem to have any leeway. We will be in touch with our solicitor tomorrow. We do NOT want to have to apply for a mortgage all over again.

They told us theyd offer us an extension but we had to undergo a "covid check" to get the extension. Had to submit salary certs, payslips, savings statements, bank statements and all docs again. They say it's an extension but you have to pass all the checks again.

BaRcOe · 23-02-2021 2:39am

Teacher2020 wrote: »

They told us theyd offer us an extension but we had to undergo a "covid check" to get the extension. Had to submit salary certs, payslips, savings statements, bank statements and all docs again. They say it's an extension but you have to pass all the checks again.

That's good. I'm talking more about, say our gym membership. It got paused. I just can't fathom how it's fair that we are getting pushed to the end of our loan offer as if there was no pandemic. As if builders were on site. It's so unfair.

Cash_Q · 23-02-2021 2:44am

BaRcOe wrote:

Why don't banks automatically extend loan offers during this pandemic? .

I would imagine it is because your circumstances could change and they would need to know this, hence the need to provide new documentation. If they just extended loan offers automatically and things showed up during the final checks then the drawdown would be affected anyway, so it's clearer for both the bank and the customer to keep everything as up to date as possible. I think for most people whose circumstances haven't already changed due to Covid, they're unlikely to change now.. that said, some of my husband's colleagues were temporarily laid off last week.. how temporary is anyone's guess

23-02-2021 9:52am

Treppen wrote: »

It's just to cut out the tyre kickers and people who just want a gawk but haven't even engaged an EA to sell their own yet.

No big deal, we just sent on our AIP and blacked out the amount the bank were loaning to us etc.

Don't worry about not seeing the house in person, Once you have seen a video you bid on what you think it's worth assuming all is well.

If you get a sale agreed then nothing is binding until a proper viewing. Keep the house in the back pocket and keep looking.

If you spot something in the viewing then either negotiate or back out.

People are getting too emotional about it. You can only control what you can control.

This is another reason why putting offers on or accepting offers without potential buyers actually going inside the house is a bad idea!
People throwing offers in, willy nilly then backing out later.
How could anyone have confidence in buyers when it's like that?

givyjoe · 23-02-2021 10:25am

Treppen wrote: »

It's just to cut out the tyre kickers and people who just want a gawk but haven't even engaged an EA to sell their own yet.

No big deal, we just sent on our AIP and blacked out the amount the bank were loaning to us etc.

Don't worry about not seeing the house in person, Once you have seen a video you bid on what you think it's worth assuming all is well.

If you get a sale agreed then nothing is binding until a proper viewing. Keep the house in the back pocket and keep looking.

If you spot something in the viewing then either negotiate or back out.

People are getting too emotional about it. You can only control what you can control.

Agent i contacted yesterday about a property in lucan was having none of that. Insisted on the non redacted AIP/proof of funds. I provided that, but not evidence of savings for the balance. I could have said no and my bid wouldn't have been considered.

Markitron · 23-02-2021 10:37am

givyjoe wrote: »

Agent i contacted yesterday about a property in lucan was having none of that. Insisted on the non redacted AIP/proof of funds. I provided that, but not evidence of savings for the balance. I could have said no and my bid wouldn't have been considered.

Tell them to **** off and walk away, that is way over the line.

givyjoe · 23-02-2021 12:50pm

Markitron wrote: »

Tell them to **** off and walk away, that is way over the line.

And then what? Unfortunately doing that doesn't bring me any closer to securing a place to live. As livid as I was, if i want a chance of securing that property, that's what I needed to do.

Winegum1 · 23-02-2021 3:35pm

givyjoe wrote: »

And then what? Unfortunately doing that doesn't bring me any closer to securing a place to live. As livid as I was, if i want a chance of securing that property, that's what I needed to do.

Totally get that but by God does it give them the upper hand.
Like you I would send it in to if pushed
I could totally see it being used to drive up bidding to the max.

Milena009 · 23-02-2021 3:38pm

Winegum1 wrote: »

Totally get that but by God does it give them the upper hand.
Like you I would send it in to if pushed
I could totally see it being used to drive up bidding to the max.

Same, i tried sending redacted AIP.
Two separate EAs from different agencies were having none of it.

I am now just awaiting update if I have been outbid or not

:P

Winegum1 · 23-02-2021 3:42pm

Treppen wrote: »

It's just to cut out the tyre kickers and people who just want a gawk but haven't even engaged an EA to sell their own yet.

No big deal, we just sent on our AIP and blacked out the amount the bank were loaning to us etc.

Don't worry about not seeing the house in person, Once you have seen a video you bid on what you think it's worth assuming all is well.

If you get a sale agreed then nothing is binding until a proper viewing. Keep the house in the back pocket and keep looking.

If you spot something in the viewing then either negotiate or back out.

People are getting too emotional about it. You can only control what you can control.

Getting emotional over one of the biggest and most expensive decisions in your life is totally understandable.
Also waiting until you're almost at contract stage to physically view it and make a final decision and possibly back out will add weeks if not months onto the process . Kind of unavoidable I know.

Viewing homes if both sides are happy to should be considered essential imo. Wear a mask and sanitise.
Peoples are loosing their letter of offers left right and centre at this stage

Markitron · 23-02-2021 3:44pm

givyjoe wrote: »

And then what? Unfortunately doing that doesn't bring me any closer to securing a place to live. As livid as I was, if i want a chance of securing that property, that's what I needed to do.

I get it, I know supply is low but them using that to gain even more of an upper hand is despicable, I just couldn't do it myself.

Winegum1 · 23-02-2021 3:46pm

Milena009 wrote: »

Same, i tried sending redacted AIP.
Two separate EAs from different agencies were having none of it.

I am now just awaiting update if I have been outbid or not :P

Oh best of luck ! Ya they all seem to be saying it now. I get it, tire kickers blah blah blah, I just don't think there are many tire kickers left at this stage.
Seems to be genuine people desperate to buy before the banks pull the rug out

JimmyVik · 23-02-2021 3:52pm

I was talking to a colleague just now and he is trying to buy.
I tried to convince him no to yet but he was having none of me

But he told me that he is being treated like dirt by estate agents.
He has enquired about a few properties and has his aip in place and the EAs are just not interested.
Totally weird. He reckons if vendors knew they would be disgusted.

givyjoe · 23-02-2021 4:18pm

Markitron wrote: »

I get it, I know supply is low but them using that to gain even more of an upper hand is despicable, I just couldn't do it myself.

It does have it's benefits for me too. Im all for the weeding out of @ssholes bumping up the price when they dont even have an AIP in place. That's something which needs stopping, regardless of the situation we're in right now.

ionapaul · 23-02-2021 4:44pm

We put our 3-bed house in South Dublin up for sale late last week; our EA uses one of the platforms where you can bid online (obviously the way of the future). First bid at asking price was made within a few hours, already there are more than half a dozen active bidders, many with multiple bids so far!

Actually scares me a lot as we need to buy on the other side of the equation and there's so little on the ground. The big question I need to consider with my better half is if we get an offer that we just can't say no to (have a specific amount in my mind), do we try to push that sale through ASAP and rent for a few months before we find our own place? How much of a risk that prices continue to rise? I can't see it after more homes come to the market but who knows...

ms vieria · 23-02-2021 5:01pm

ionapaul wrote: »

We put our 3-bed house in South Dublin up for sale late last week; our EA uses one of the platforms where you can bid online (obviously the way of the future). First bid at asking price was made within a few hours, already there are more than half a dozen active bidders, many with multiple bids so far!

Actually scares me a lot as we need to buy on the other side of the equation and there's so little on the ground. The big question I need to consider with my better half is if we get an offer that we just can't say no to (have a specific amount in my mind), do we try to push that sale through ASAP and rent for a few months before we find our own place? How much of a risk that prices continue to rise? I can't see it after more homes come to the market but who knows...

Do you mind me asking the rough price range you are selling in? Thanks

Experience_day · 23-02-2021 5:16pm

ionapaul wrote: »

We put our 3-bed house in South Dublin up for sale late last week; our EA uses one of the platforms where you can bid online (obviously the way of the future). First bid at asking price was made within a few hours, already there are more than half a dozen active bidders, many with multiple bids so far!

Actually scares me a lot as we need to buy on the other side of the equation and there's so little on the ground. The big question I need to consider with my better half is if we get an offer that we just can't say no to (have a specific amount in my mind), do we try to push that sale through ASAP and rent for a few months before we find our own place? How much of a risk that prices continue to rise? I can't see it after more homes come to the market but who knows...

Who are you using? Feel free to PM if you don't feel comfortable saying on here publicly. Thanks!

23-02-2021 5:44pm

ionapaul wrote: »

We put our 3-bed house in South Dublin up for sale late last week; our EA uses one of the platforms where you can bid online (obviously the way of the future). First bid at asking price was made within a few hours, already there are more than half a dozen active bidders, many with multiple bids so far!

Actually scares me a lot as we need to buy on the other side of the equation and there's so little on the ground. The big question I need to consider with my better half is if we get an offer that we just can't say no to (have a specific amount in my mind), do we try to push that sale through ASAP and rent for a few months before we find our own place? How much of a risk that prices continue to rise? I can't see it after more homes come to the market but who knows...

Do you trust the bids?
Considering no-one has been inside the house yet?

Klaudia. · 23-02-2021 5:54pm

Guys, what is happening when you 'bought' a new build but then, when the house is ready to snag, you cannot get a mortgage?
Are you losing the deposit? I'm just thinking how risky is it now to buy an unfinished house as the construction sites are closed.

I will get AIP, book a house, get a loan offer, sign the contract and then... let's say I lose my current job or have more kids etc...
Is there any 'way out'?

Padre_Pio · 23-02-2021 5:57pm

bubblypop wrote: »

Do you trust the bids?
Considering no-one has been inside the house yet?

In fairness, I think a lot of bids are nonsense.

Buyers should have to pay a deposit to make a bid, not just when they go sale agreed.

Pete123456 · 23-02-2021 5:59pm

Klaudia. wrote: »

Guys, what is happening when you 'bought' a new build but then, when the house is ready to snag, you cannot get a mortgage?
Are you losing the deposit? I'm just thinking how risky is it now to buy an unfinished house as the construction sites are closed.

I will get AIP, book a house, get a loan offer, sign the contract and then... let's say I lose my current job or have more kids etc...
Is there any 'way out'?

if your solicitor is worth their weight, they will have included a “subject to loan” clause that protects you and your deposit if you cannot get a mortgage for whatever reason beyond your control

Jess2019 · 23-02-2021 6:19pm

Hi all, We signed contracts last week and just submitted payslips and bank statements for the 'covid check' with Bank of Ireland. We have been working the whole way through as normal, and both our jobs aren't claiming ewss. We still feel nervous though. I presume once our jobs haven't been affected by covid, we should be all good to go ahead and drawdown?

D_s · 23-02-2021 6:33pm

Has anybody had any luck getting Mortgage Protection Insurance (or a waiver) with an underlying condition during Covid?

Feeling very stressed right now, went sale agreed last week and am rushing around trying to get this sorted, but already had refusal from one insurer. Was told that under normal circumstances I would be offered cover with my condition, but the uncertainty of Covid is too much to bear for the insurers. My broker is looking at other insurance companies and other banks (I don't think the bank we have AIP with do waivers), and I'm in touch with a specialist company in the UK who insure high-risk people. I'm trying every avenue, but I'm losing hope and it's frustrating how out of my hands it is. If anybody has had a good outcome with this recently that would make me feel a lot better to hear (and of course any hints are very welcome).

Cosle · 23-02-2021 6:41pm

D_s wrote: »

Has anybody had any luck getting Mortgage Protection Insurance (or a waiver) with an underlying condition during Covid?

Feeling very stressed right now, went sale agreed last week and am rushing around trying to get this sorted, but already had refusal from one insurer. Was told that under normal circumstances I would be offered cover with my condition, but the uncertainty of Covid is too much to bear for the insurers. My broker is looking at other insurance companies and other banks (I don't think the bank we have AIP with do waivers), and I'm in touch with a specialist company in the UK who insure high-risk people. I'm trying every avenue, but I'm losing hope and it's frustrating how out of my hands it is. If anybody has had a good outcome with this recently that would make me feel a lot better to hear (and of course any hints are very welcome).

I don't have a pre-existing condition to get covered but I've been dealing with a broker called Nick at lion.ie and he has been excellent. They specialise in dealing with clients who have pre-exisiting illnesses who have been rejected from other places so I'd recommend contacting him.

whiskeyman · 23-02-2021 7:24pm

Given level 5 restrictions set to last til April 5th, I reckon viewings will be the same.

We've been on hold now since Christmas. The demand will be very pent up with very little stock to satisfy it.

Padre_Pio · 23-02-2021 7:26pm

whiskeyman wrote: »

Given level 5 restrictions set to last til April 5th, I reckon viewings will be the same.

We've been on hold now since Christmas. The demand will be very pent up with very little stock to satisfy it.

Yep, I think viewings is usually tied to construction. So no changes for another month.

Sweetaure · 23-02-2021 8:21pm

ionapaul wrote: »

We put our 3-bed house in South Dublin up for sale late last week; our EA uses one of the platforms where you can bid online (obviously the way of the future). First bid at asking price was made within a few hours, already there are more than half a dozen active bidders, many with multiple bids so far!

Actually scares me a lot as we need to buy on the other side of the equation and there's so little on the ground. The big question I need to consider with my better half is if we get an offer that we just can't say no to (have a specific amount in my mind), do we try to push that sale through ASAP and rent for a few months before we find our own place? How much of a risk that prices continue to rise? I can't see it after more homes come to the market but who knows...

This is exactly what we’re doing: we put our house up for sale last October, the day before the 2nd lockdown, and we had a few viewings at the start of December, and we went sale agreed mid-December (once we got to the number we had in mind, we accepted it). We are due to sign contracts over the next couple of weeks, and as we haven’t found a new house yet, we’re going to move into a local holiday village. Very stressful all around, but we thought it would be best not to be in a chain in this environment. Good luck!

stampydmonkey · 23-02-2021 8:47pm

Milena009 wrote: »

Same, i tried sending redacted AIP.
Two separate EAs from different agencies were having none of it.

I am now just awaiting update if I have been outbid or not :P

Which agencies do you mind me asking?

Milena009 · 23-02-2021 8:50pm

stampydmonkey wrote: »

Which agencies do you mind me asking?

Sherry Fitzgerald
And an local one in South county for property that actually went 80k over asking as an apartment

stampydmonkey · 23-02-2021 8:54pm

Milena009 wrote: »

Sherry Fitzgerald
And an local one in South county for property that actually went 80k over asking as an apartment

Surprised at sherryfitz. Been dealing with 3 separate EAs working for them who had no issue with redacted AIP. Last time was about 3 weeks ago so maybe they changed since then

ionapaul · 23-02-2021 11:20pm

ms vieria wrote: »

Do you mind me asking the rough price range you are selling in? Thanks

Rough price range - €400,000s

ionapaul · 23-02-2021 11:24pm

bubblypop wrote: »

Do you trust the bids?
Considering no-one has been inside the house yet?

Most of the bidders have already supplied the EA with proof of approval/funds, so I guess that's as good as we can hope for at this stage. Definitely makes the EA's job harder, as we're paying him to qualify these bidders!

Esho · 23-02-2021 11:37pm

ionapaul wrote: »

Most of the bidders have already supplied the EA with proof of approval/funds, so I guess that's as good as we can hope for at this stage. Definitely makes the EA's job harder, as we're paying him to qualify these bidders!

I wonder will more supply come on the market when Covid restrictions end? The current situation seems to be working for you as there is so little supply at the moment.

Personally, I don't think so, but I certainly hope so! All the best with it

Treppen · 23-02-2021 11:51pm

JimmyVik wrote: »

I was talking to a colleague just now and he is trying to buy.
I tried to convince him no to yet but he was having none of me

But he told me that he is being treated like dirt by estate agents.
He has enquired about a few properties and has his aip in place and the EAs are just not interested.
Totally weird. He reckons if vendors knew they would be disgusted.

Ya i've gotten that from certain EAs, didn't even bother to ring back till 2 weeks after. I reckon they might be dragging it out to stay employed too.

IF you are not engaging in certain EAs crazy bidding/vetting process then a letter in the door to the seller might be worth a shot. IF they ring you then give them your offer and let the solicitors sort it out.

Treppen · 23-02-2021 11:57pm

Really though, if you're selling your own gaffe and have AIP (albeit redacted), chances are you have the funds. They can check themselves to see how many years you've been in the house and that you'd have equity.

Maybe they just want to be lazy and work on the buyer with the biggest AIP/Equity potential.

Personally I'd rather rent for a while rather than tell an EA what my budget is. They can go ***** off.

Proof of funds me whole.

Winegum1 · 24-02-2021 1:22am

EA's have got the pick of the bunch now being able to see how much people are bidding with.
Another boot in the face for buyers

I'll end up in a tent in some perspective sellers garden at this stage

She's back again ! ðŸ˜…

Esho · 24-02-2021 7:29am

Treppen wrote: »

Really though, if you're selling your own gaffe and have AIP (albeit redacted), chances are you have the funds. They can check themselves to see how many years you've been in the house and that you'd have equity.

Maybe they just want to be lazy and work on the buyer with the biggest AIP/Equity potential.

Personally I'd rather rent for a while rather than tell an EA what my budget is. They can go ***** off.

Proof of funds me whole.

I got this too. I reckon that they take one look at me, and reckon that I do not have the buying power of the expatriate southsiders who arrive in a range rover.
And then they don't waste their time contacting me again.

ADO · 24-02-2021 9:57am

Anyone having any joy lately on getting valuation report done considering current restrictions? We can't get one done on our new home, therefore can't move to loan offer, however my broke has told me he has had a number of valuation reports carried out this week (in Dublin)

B Rabbit · 24-02-2021 10:08am

ADO wrote: »

Anyone having any joy lately on getting valuation report done considering current restrictions? We can't get one done on our new home, therefore can't move to loan offer, however my broke has told me he has had a number of valuation reports carried out this week (in Dublin)

I had no problem getting one done in Galway. It was for a new build if that makes any difference

ADO · 24-02-2021 10:22am

Our estate agent is adamant the site is closed (its a site of 7 houses).... It extremely frustrating, any advice on what I can do or is it a case of sit tight and wait

mrbrightside11 · 24-02-2021 12:46pm

ADO wrote: »

Anyone having any joy lately on getting valuation report done considering current restrictions? We can't get one done on our new home, therefore can't move to loan offer, however my broke has told me he has had a number of valuation reports carried out this week (in Dublin)

We had no problem getting our valuation or survey done this week (in Dublin). House is currently occupied but no issues.

Humour Me · 24-02-2021 12:48pm

ADO wrote: »

Our estate agent is adamant the site is closed (its a site of 7 houses).... It extremely frustrating, any advice on what I can do or is it a case of sit tight and wait

Can you go around the EA and contact the developer directly? It’s in their interest to progress the sale.

JimmyVik · 24-02-2021 1:51pm

Treppen wrote: »

Really though, if you're selling your own gaffe and have AIP (albeit redacted), chances are you have the funds. They can check themselves to see how many years you've been in the house and that you'd have equity.

Maybe they just want to be lazy and work on the buyer with the biggest AIP/Equity potential.

Personally I'd rather rent for a while rather than tell an EA what my budget is. They can go ***** off.

Proof of funds me whole.

I know someone who has cash burning a hole in his pocket and wants to move back home to Waterford. Estate agents are asking him for proof of funds and he doesnt want to give it to them as he doesnt want them to know he is buying with cash. Hes actually used to be a car salesman so he know what they will do with it if they know how much you can afford

Markitron · 24-02-2021 1:55pm

JimmyVik wrote: »

I know someone who has cash burning a hole in his pocket and wants to move back home to Waterford. Estate agents are asking him for proof of funds and he doesnt want to give it to them as he doesnt want them to know he is buying with cash. Hes actually used to be a car salesman so he know what they will do with it if they know how much you can afford

Isn't buying with cash seen as a massive advantage?

ADO · 24-02-2021 2:16pm

Humour Me wrote: »

Can you go around the EA and contact the developer directly? It’s in their interest to progress the sale.

Just rang the builders there and explained the situation to them, they aren't too sure either so they will call me back. Really starting to panic now

WheresMyCamera? · 24-02-2021 2:36pm

Well, today was the big day! Picked up the keys this morning and I'm delighted. It's been a very very long road for me to get here. Bought on my own after spending the last 5 years back living with the folks, saving every penny I could to add to the small mortgage I could get approval for. A ton of sacrifices had to be made but so thankful I had to support to be able to do it this way. Otherwise, I couldn't have afforded to buy in the location I ended up in. Countless viewings and I've imagined myself living in more places than I care to count. I've ended up in a few bidding wars, in particular, over the last two years.

Went sale agreed on a little cottage in Dublin back in very early August and it took 6 months to get all the paperwork done, including having to reapply for another mortgage as my AIP expired mid-way through the process!

I've been reading these posts over the last few years and found many very helpful bits of advice posted within the board. Just want to say thank you to the countless people on here who never knew their stories and advice can end up helping so many people.

A.

Markitron · 24-02-2021 2:42pm

WheresMyCamera? wrote: »

Well, today was the big day! Picked up the keys this morning and I'm delighted. It's been a very very long road for me to get here. Bought on my own after spending the last 5 years back living with the folks, saving every penny I could to add to the small mortgage I could get approval for. A ton of sacrifices had to be made but so thankful I had to support to be able to do it this way. Otherwise, I couldn't have afforded to buy in the location I ended up in. Countless viewings and I've imagined myself living in more places than I care to count. I've ended up in a few bidding wars, in particular, over the last two years.

Went sale agreed on a little cottage in Dublin back in very early August and it took 6 months to get all the paperwork done, including having to reapply for another mortgage as my AIP expired mid-way through the process!

I've been reading these posts over the last few years and found many very helpful bits of advice posted within the board. Just want to say thank you to the countless people on here who never knew their stories and advice can end up helping so many people.

A.

Congrats!

optogirl · 24-02-2021 2:44pm

Currently bidding on a house I've never been in (My Dad is rolling in his grave!) - has gone from 290-320 in 24 hours.

Sweet.Science · 24-02-2021 3:22pm

optogirl wrote: »

Currently bidding on a house I've never been in (My Dad is rolling in his grave!) - has gone from 290-320 in 24 hours.

Where abouts is it ? 3 bed ? Good condition ?

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

Comments