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

25-06-2021 11:52am

OSI wrote: »

Rang to enquire about 3 separate houses this morning, first has offers 40k over asking 1 week after going on the market, second is approaching 65k over and the final one went sale agreed a couple days ago 85k over asking in cash to an American who didn't ever bother to fly over and view it.

*We're_in_a_bubble.gif*

25-06-2021 12:05pm

OSI wrote: »

Rang to enquire about 3 separate houses this morning, first has offers 40k over asking 1 week after going on the market, second is approaching 65k over and the final one went sale agreed a couple days ago 85k over asking in cash to an American who didn't ever bother to fly over and view it.

I think that there is a supply of cash that needs to be exhausted before we can see any slowdown in price rises. I am closing on a rural cottage and, according to the agent, I was up against cash buyers from London who were not doing viewings. I don’t know how it manifests in urban areas, but in rural areas the demand from wealthy individuals for 2nd homes for hybrid working, or even to see out a future pandemic, is going to continue for a while I think. Not a chance that locals can compete with that dynamic.

KevRossi · 25-06-2021 12:08pm

OSI wrote: »

Rang to enquire about 3 separate houses this morning, first has offers 40k over asking 1 week after going on the market, second is approaching 65k over and the final one went sale agreed a couple days ago 85k over asking in cash to an American who didn't ever bother to fly over and view it.

Can I ask what price range the houses are in and what part of the country/Dublin that is? Currently looking at purchasing a 2-bed apartment/house in the €200-250K area, on the outskirts of Dublin or maybe as far out as Naas/Maynooth.

cubatahavana · 25-06-2021 12:40pm

Turkish1 wrote: »

Crazy price, I thought we went slightly on higher end (alot of family use) and was €1,750 professional fees for both purchase and sale.

Extra €247 on the sale (folio fees, search fees, release of title deed feed, city council letter re: roads/services etc..).

Extra €1,025 (registration of deed 800, registration of mortgage 175, search fees, folio fees, commissioner of oaths etc..

Immediate family member paid €1,400 professional fees +reasonable disbursements on purchase very recently. Both above are Dublin.

We paid a little over 6k overall for sale and purchase

C14N · 25-06-2021 1:37pm

OSI wrote: »

Rang to enquire about 3 separate houses this morning, first has offers 40k over asking 1 week after going on the market, second is approaching 65k over and the final one went sale agreed a couple days ago 85k over asking in cash to an American who didn't ever bother to fly over and view it.

My last offer I put in was €90k over asking price, to try and outbid the last other party who put in at €85k over. That was 4pm yesterday and still haven't heard back, so I've been tense all day. Could go to €100k at a stretch but really don't want to, as it's dipping further into personal savings beyond the 10% minimum for a deposit.

ELM327 · 25-06-2021 1:46pm

OSI wrote: »

400k around the Meath/Westmeath border

We've probably bumped into each other at viewings in that case. We're looking at exactly the same range and location.
It's a small world, I've already seen someone at a viewing that we were at, that had an autostadt disc holder.
(I think I may have bid on that one that was 85k over asking. Got the same story of an american cash buyer. House just on the edge of athboy?)

coldfire1x · 25-06-2021 3:40pm

Anyone has a contact for a cost effective property surveyor who can quickly do a report? Please PM.

Busi_Girl08 · 25-06-2021 3:41pm

Just back from signing the loan offer with our solicitor. We would have waited for the contracts but they're taking ages since the vendors' bank is dragging its arse with the title deeds. We have an exception with KBC so we didn't want to leave anything to chance.

Feels good to have one thing done, getting quotes for life assurance and home insurance in the meantime so we can get all our ducks in a row while things move along.

Callendro · 25-06-2021 3:52pm

OSI wrote: »

Rang to enquire about 3 separate houses this morning, first has offers 40k over asking 1 week after going on the market, second is approaching 65k over and the final one went sale agreed a couple days ago 85k over asking in cash to an American who didn't ever bother to fly over and view it.

Is this Dublin area?

C14N · 25-06-2021 4:38pm

C14N wrote: »

My last offer I put in was €90k over asking price, to try and outbid the last other party who put in at €85k over. That was 4pm yesterday and still haven't heard back, so I've been tense all day. Could go to €100k at a stretch but really don't want to, as it's dipping further into personal savings beyond the 10% minimum for a deposit.

Looks like we've lost it

The EA told us previously that there was just us and one other party left, but then today said a third party made an offer of €105k over asking price. Feeling a bit deflated about the whole thing.

25-06-2021 4:41pm

Anyone know, if you put a booking deposit on a new build, not finished, can you get it back of you change your mind?

Sweet.Science · 25-06-2021 4:47pm

3 houses I was outbid on in Jan / Feb back on the market .

Sale agreed now . Preferred them 2 but what can you do happy out once this one goes through

PropBuyer101 · 25-06-2021 4:52pm

C14N wrote: »

Looks like we've lost it The EA told us previously that there was just us and one other party left, but then today said a third party made an offer of €105k over asking price. Feeling a bit deflated about the whole thing.

sorry to hear that. what asking house was the house initially? what area?

C14N · 25-06-2021 4:52pm

Sweet.Science wrote: »

3 houses I was outbid on in Jan / Feb back on the market .

Sale agreed now . Preferred them 2 but what can you do happy out once this one goes through

What happened to them?

25-06-2021 4:52pm

C14N wrote: »

Looks like we've lost it The EA told us previously that there was just us and one other party left, but then today said a third party made an offer of €105k over asking price. Feeling a bit deflated about the whole thing.

I’m sorry for you. I went through it a few months ago. It’s an awful and heartbreaking and cut-throat process. Can’t help thinking that there must be a better way

25-06-2021 4:54pm

I was sale agreed, contract signed on my end for a property in January. The deal fell through because of some minor fire cert issue that needed resolving and the management company were stalling to provide an estimate.

I still had to pay the surveyor and solicitor fees.

I just saw on the property price register that the apartment sold for the same price in May.

No one bothered to fire an email my way to see if I was still interested.

So frustrating. I'll never use that EA or the company they work for again.

PropBuyer101 · 25-06-2021 4:56pm

Deleted User wrote: »

I’m sorry for you. I went through it a few months ago. It’s an awful and heartbreaking and cut-throat process. Can’t help thinking that there must be a better way

agree. its an awful gut wrenching process. its the uncertainty and the not knowing of the whole thing and the uncertainty of each stage of the process. have to remind myself that disappointments are not tragedies (for example the condo collapse in miami) to give myself some perspective but still not easy all the same. Just keep going! or take a break and get back into it again!

Sweet.Science · 25-06-2021 5:01pm

C14N wrote: »

What happened to them?

Assume mortgage fell through for buyers .

Or else they never had that credit in the first place . One online bidding system didn't request proof of funds

C14N · 25-06-2021 5:07pm

Deleted User wrote: »

I’m sorry for you. I went through it a few months ago. It’s an awful and heartbreaking and cut-throat process. Can’t help thinking that there must be a better way

Yeah it's just kind of been spending the whole week getting a bit attached and feeling like there was a good chance once we found out it was just one other party. We've bid before but never gotten this far along.

It is pretty mad though. Its a 3-bed in Walkinstown that went up for €425k, now going for €530k (or possibly more, eventually). It was €290k when it was bought in 2015 (according to PPR). Even the house across the road in 2019 was €320k. Just hard to know what to do next if this is how things are going.

Jmc25 · 25-06-2021 5:16pm

C14N wrote: »

Looks like we've lost it The EA told us previously that there was just us and one other party left, but then today said a third party made an offer of €105k over asking price. Feeling a bit deflated about the whole thing.

Can hardly blame you. I'm feeling deflated reading about it.

FrankN1 · 25-06-2021 5:24pm

When this equity scheme comes in will new houses not just rise 30pc?

Nika Bolokov · 25-06-2021 10:16pm

C14N wrote: »

Yeah it's just kind of been spending the whole week getting a bit attached and feeling like there was a good chance once we found out it was just one other party. We've bid before but never gotten this far along.

It is pretty mad though. Its a 3-bed in Walkinstown that went up for €425k, now going for €530k (or possibly more, eventually). It was €290k when it was bought in 2015 (according to PPR). Even the house across the road in 2019 was €320k. Just hard to know what to do next if this is how things are going.

Never thought id see the day when a 3 bed in Walkinstown would go for over half a mill.

Growing up it was a real working class area with a big stock of solid corpo houses.

Am awaiting the 2 bed corpo houses in Ballyfermot to push 350k at this stage.

KBH2020 · 25-06-2021 11:22pm

C14N wrote: »

Yeah it's just kind of been spending the whole week getting a bit attached and feeling like there was a good chance once we found out it was just one other party. We've bid before but never gotten this far along.

It is pretty mad though. Its a 3-bed in Walkinstown that went up for €425k, now going for €530k (or possibly more, eventually). It was €290k when it was bought in 2015 (according to PPR). Even the house across the road in 2019 was €320k. Just hard to know what to do next if this is how things are going.

I know the house you mean, saw it go up, my family home is around that area and it is lovely and settled, etc. Still I am absolutely shocked at that level of offer, it is really well finished inside but that has to be a record for the road.
Also really sorry to hear that and totally relate to your feelings, it is so tough. Severe shortage of houses in this price range around so they seem to be just inundated with interest. Feels like currently people aren't asking themselves "is this house actually worth this amount" and the longer the supply drought goes on the more panicked people are getting and the higher the prices are going. Cash buyers have trumped us on offers in excess of 85k over asking price a few times since April, feeling like its pointless to even try now honestly. 2 houses were in same estate, first one went 85k over in April and similar house sold for 100k over recently so it seems to be getting worse. I can't say I am not worried about things not improving

silver_sky · 25-06-2021 11:43pm

Looks like we'll be stuck now - waiting on the GP to return the forms for the mortgage protection. They have them but sitting on them and tell us it'll be a few weeks. Very frustrating... no idea what to do aside from chasing them regularly.

elizunia87 · 26-06-2021 5:16am

Nika Bolokov wrote: »

Never thought id see the day when a 3 bed in Walkinstown would go for over half a mill.

Growing up it was a real working class area with a big stock of solid corpo houses.

Am awaiting the 2 bed corpo houses in Ballyfermot to push 350k at this stage.

I bought a house in Ballyfermot for 200k 2 years ago, now my neighbourhs house is selling for 260, at least that was the last bid. Small 70sqm2 house

Littleredcar · 26-06-2021 7:46am

C14N wrote: »

Yeah it's just kind of been spending the whole week getting a bit attached and feeling like there was a good chance once we found out it was just one other party. We've bid before but never gotten this far along.

It is pretty mad though. Its a 3-bed in Walkinstown that went up for €425k, now going for €530k (or possibly more, eventually). It was €290k when it was bought in 2015 (according to PPR). Even the house across the road in 2019 was €320k. Just hard to know what to do next if this is how things are going.

Feeling the same . Currently highest bidder on a four bed needs decoration and internal alterations to make it liveable. It’s 25 over asking price but on view again today on market a good few weeks now. I was outbid on a 3 bed in same estate that went for 77 over asking . I’m attached to both .
I’m now looking at a second option that would need extending not as much street appeal but could easily make it much better with an extension . Whole thing is soul destroying

Claw Hammer · 26-06-2021 1:46pm

Littleredcar wrote: »

Feeling the same . Currently highest bidder on a four bed needs decoration and internal alterations to make it liveable. It’s 25 over asking price but on view again today on market a good few weeks now. I was outbid on a 3 bed in same estate that went for 77 over asking . I’m attached to both .
I’m now looking at a second option that would need extending not as much street appeal but could easily make it much better with an extension . Whole thing is soul destroying

These episodes always end in a crash. Save your money.

26-06-2021 4:24pm

FrankN1 wrote: »

When this equity scheme comes in will new houses not just rise 30pc?

That's my belief, too. Also the belief of pretty much everyone except the housing minister from what I can tell. I believe even others in his own party are against it. Tells you all you need to know.

Someone posted this on Reddit, but not sure how true it is. They said they got it from a TD:

Price Cap - Location/Local Authority Area

450,000 - Dublin City, Dún Laoghaire Rathdown

400,000 - Fingal, Cork City, Galway City, South Dublin, Wicklow

350,000 - Cork County, Galway County, Kildare, Limerick City and County, Meath

300,000 - Clare, Westmeath, Wexford

275,000 - Carlow, Louth, Offaly

250,000 - Kerry, Kilkenny, Laois, Roscommon, Waterford

225,000 - Cavan, Donegal, Leitrim, Longford, Mayo, Monaghan, Sligo, Tipperary

Additional price caps for apartments
500,000 - Dublin City, Dún Laoghaire Rathdown

450,000 - Fingal, Cork City, South Dublin

So it depends how you look at it. If the above list is true, basing this on Louth as that's where I live, it means that the shared equity scheme is redundant as a new build is over 275k in Louth, anyway (most are 300k+ in Drogheda).

cluelessbuyer9 · 26-06-2021 5:09pm

Lost every single bidding war i've entered. Thinking of stopping the search for a medium term period.

tobsey · 26-06-2021 7:32pm

Claw Hammer wrote: »

These episodes always end in a crash. Save your money.

And do what in the meantime? The last crash took 4 years to reach the bottom. There’s no sign of it happening yet. So you could be 5-6 years away from the bottom maybe, and that’s a massive maybe. You won’t want to buy when prices are going down, you mightn’t get a mortgage until they start going back up. So you have to pay rent for the next 6-7 years at extortionate rates. Most current FTBs will be approaching 40 then and have to get a shorter term mortgage.

Alternatively, they buy now, fix for 5 years and pay considerably less than rent, and have a home that’s theirs for as long as they want. I was hit bad by the last crash. The advice I’d give to anyone is buy a house you’d be happy to stay in for life, then the price doesn’t matter too much. That was our mistake. We always expected to trade up and maybe move back closer to family. We couldn’t do it because of negative equity, even though our careers progressed well, so now we’re buying our home for life and don’t really care what the cost is. It’s not something we can control.

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

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