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

Hogzy · 12-01-2022 12:59pm

https://www.boards.ie/discussion/comment/118460500#Comment_118460500

Absolutely. THe estate agent was absolutely dismayed with their decision. At the end of the day, 'market value' is dictated by what someone is willing to pay, not the price the vendor has in their head.

holunder · 12-01-2022 1:39pm

Waiting since the start of December for one letter from vendors bank, which is apparently the final piece before contracts can be signed. Radio silence from the agent, my solicitor won't do anything to help chase this, and now I have to apply for an extension to the loan offer. A month wasted (I know xmas was in the middle of this, but still!) just faffing about waiting for a piece of paper 😥

o1s1n · 12-01-2022 1:51pm

https://www.boards.ie/discussion/comment/118460462#Comment_118460462

Wow, vendor sounds like a bit of a loon. Maybe you dodged a bullet in disguise.

Asking prices in Ireland are such an odd thing when you think about it. House goes up for sale, has an asking price (IE, how much the vendor 'wants')

- someone offers the asking price, vendor then refuses the offer.

Shame we can't just be a bit more direct with our asking price/offers here than having to play this silly game of smoke and mirrors.

random_banter · 12-01-2022 2:34pm

https://www.boards.ie/discussion/comment/118460462#Comment_118460462

Really sorry this happened to you. It hits close to home with our experience.

Vendors are drinking ALL the kool-aid when it comes to the media hype and guff around house price increases. That kind of stuff is putting the power firmly in their hands. For each month that goes by they know they may be able to command more for their property, so that ticks along in the back of their minds and the ones who are greedy pull a stunt like what happened to you. It puts us buyers in an awful position subject to their whims. Negotiating is firmly off the table at the moment, where it used to be more commonplace.

Littleredcar · 13-01-2022 8:51pm

https://www.boards.ie/discussion/comment/118460462#Comment_118460462

That’s awful I had a similar experience. Then vendor changed agent. Bid again as only bidder then house went up 15,000 overnight by a cash bidder i refused as no point because going against one . Out of interest where is this house . Wishing you the best in your next property search

Littleredcar · 13-01-2022 8:55pm

I have an offer in on my own home from a housing agency since last April . My problem is house prices have increased considerably since then and I’m being outbid regularly. Housing agency won’t increase offer. This means that i need to go to market . I’m very weary of being in a rush to move if I sell privately and go sale agreed without a house to move too

random_banter · 14-01-2022 1:39pm

I've seen a number of comments from people who've sold up and then haven't been able to get into a new place quickly. The cash reserve from their sale gets them progressively less and less as the prices inflate. It's awful. A lot of people work hard to chain the sales up. Equally as stressful.

Today is supposed to be our close day, and I believe the bank has sent the funding to our solicitor yesterday. But not a peep from the vendor's solicitor. Very non-communicative. No acknowledgement of final documents signed and no final bill sent. If they could do that today, our solicitor could wire the funds and they would release the keys. Alas, it feels like it may not be today after all. The vendor's solicitor confirmed just last week that today should be fine. Now it's like that conversation never happened. There is no accountability. If we were moving out of another place right now we would be up the walls with stress. Very lucky we aren't trying to do that kind of manoeuvre.

JimmyVik · 14-01-2022 2:58pm

Question :

Ive a mate trying to recruit me as a slave for his house move.

He is saying he cant get movers yet as the date might move. I think he is just chancing his arm at getting his mates to move everything for him for free :)

They havent got an exact date yet but at the moment it will happen in 2 weeks time. They are moving of their own house that they are selling and into their new house, from which the owners are moving out that day too.

How does this all happen with movers? Everyone has to move out of their own house in the morning and into their new house in the afternoon?

How is it all timed? And who organizes the timing?

What happens if there is a hickup on the day and the movers for one party arent available the following day?

cnocbui · 14-01-2022 3:00pm

https://www.boards.ie/discussion/comment/118330119#Comment_118330119

Yes, and it's even more irritating when you agreed to sell the previous January. Any day now, I'm told.

Ilongga · 14-01-2022 6:38pm

https://www.boards.ie/discussion/comment/118474376#Comment_118474376

We booked our moving truck knowing that there’s a 50/50 chance that the closing day will move. Anything can happen. Final legal searches could reveal something that will require further enquiry (it happened to us) or the solicitor missed the cut off time for same day transfer. So what was agreed with the moving truck in case of us not getting keys is that they will clear our house and move everything to overnight storage and they will complete the move once we have the keys. The cost of storage and the additional hours of work will be additional cost. That would have been c.2-3k. Thank God the move was completed as planned so we avoided that cost.

Colemania · 14-01-2022 8:28pm

https://www.boards.ie/discussion/comment/118475908#Comment_118475908

Why are there legal searches done on the day of closing and not in advance? We're due to close next Friday and they mentioned doing searches on the day. I'm sure there's a valid reason but still puzzled me

Ilongga · 14-01-2022 10:42pm

https://www.boards.ie/discussion/comment/118476502#Comment_118476502

The purpose of final legal searches is to ascertain that no judgments or judgment mortgages, or other burdens, have been registered against the vendors or the property between the date of signing the contract and completion day…. For example the vendor may suddenly have gone bankrupt and their creditor have ordered judgement/ charge on their property. Your solicitor needs to ensure the title is clean as of closing day.

TobyHolmes · 14-01-2022 10:52pm

https://www.boards.ie/discussion/comment/118474376#Comment_118474376

not sure where your mate lives but its very easy to get movers last minute (in Dublin anyway). Although u could lend a bit of a hand to help out a buddy! :)

spalpeen · 15-01-2022 2:01am

Is anyone here thinking of buying in cash? My initial plan was to get a big mortgage and buy a decent sized place...but the stock is very poor and with housing so frothy at the moment I'm becoming less keen on it. Considering buying a very modest place with cash and at least I won't be leveraged and won't have a mortgage to pay...guess if the market goes well I can always sell up later on and go again for the bigger place when I'm in a better financial position, and after not paying rent etc for a few years. Has anyone done this or is anyone thinking of this? Big downside I think is not being able to avail of 'rent a room' scheme due to buying a one bed, but since i would have no mortgage to pay off, this seems less important

EDIT: am single without kids, hence am flexible with the above

Mr Hindley · 15-01-2022 11:12am

https://www.boards.ie/discussion/comment/118478326#Comment_118478326

I've been having a similar debate with myself. I'd say the pros of buying somewhere cheaper and mortgage-free is that you'll be a favoured bidder; vendors often prefer cash buyers, so you're more likely to win out on negotiations = save money on the price, and move in sooner so less money spent on rent while you search for a home. Being mortgage free means you can immediately start making significant savings towards your next step up.

The cons are that at some point down the line, you'll want to trade up, and by all accounts, selling and buying in a chain is a nightmare right now - you'll be at a disadvantage in negotiations. It shouldn't be that way in a sensible market, but it sounds like that's how it is. Plus, if you buy somewhere more valuable with a mortgage, you're effectively borrowing at currently-low rates and investing it in property which is likely to continue to inflate at a higher rate than your mortgage. Basically, buying a 400k property now, with a mortgage, buffers you more from future crazy price increases than a 200k property without a mortgage does.

No right or wrong answer, unfortunately, sorry if that's not very helpful..!

o1s1n · 17-01-2022 12:04pm

https://www.boards.ie/discussion/comment/118478326#Comment_118478326

Have you thought of maybe keeping the property you bought in cash as an investment/rental when you eventually want to size up?

ICS do a buy to let mortgage - so you can release equity from the first property to use in buying the second one while still holding onto both.

Kevhog1988 · 17-01-2022 12:28pm

Hi all, have a quote of €700 plus vat for a building survey and then €325 plus vat for a planning survey. Is this expensive?

o1s1n · 17-01-2022 12:35pm

How big is the house? Survey for our current house back in Sep/Oct was €495 plus VAT - can send along the details if you'd like, I've used them a few times now and their prices have been fairly decent.

random_banter · 17-01-2022 1:47pm

https://www.boards.ie/discussion/comment/118488587#Comment_118488587

+1

90sq m plus garage and large garden was around €600 including valuation, with a very reputable surveyor. (This was in Dublin, PM if you want the name/recommendation if you like).

DubLad69 · 17-01-2022 3:35pm

Has anyone drawn down with AIB recently? How long did it take?

fergiesfolly · 17-01-2022 3:42pm

So, we closed the sale of our home on Friday. We decided against buying immediately and instead are renting a house at a very reasonable rate while continuing to save. We had 90% of our mortgage paid off, so we've got a nice lump sum to start with.

I change my mind every second day about whether to buy now, or hold off and see where the market goes in the next 6-12 months or so. There's very little that's attracting us at the moment anyway so it's easier to sit still.

While I haven't posted here, it's been very helpful reading others experiences and kept the nerves at bay when the process got stressful.

Don't know how the ones in a chain keep their sanity, but good luck to all whether buying or selling.

cnocbui · 17-01-2022 3:52pm

After 12 months and I suspect several porkies being told, I have regretfully asked my solicitor to have the purchaser's solicitor return the contracts.

In early December they told me the bank wanted just one final thing, being their engineer to certify that they were an engineer. Obviously not quite half way through Dec was too close to Christmas to expect the engineer to cough up or the bank and their solicitors to give the nod. Call me naive, but I fully expected them to do this early in the new year.

Didn't happen, but a bit over a week ago I got an absolute assurance that the bank and their solicitors were happy and would give the nod to the draw down imminently. So well after what I call imminent, the buyers solicitor says the bank wants details of insurance valuation and a separate valuation of the house vs the rest of the property.

A whole bleeping year down the drain. Even for Ireland this shit is hard to believe.

random_banter · 17-01-2022 4:42pm

https://www.boards.ie/discussion/comment/118489791#Comment_118489791

I'm really sorry to see this happening for you. It's hard to let go of it after so long, too. The system is so dysfunctional and now even more-so.

jackass111 · 17-01-2022 8:43pm

hi,

any recommendations for a house survey engineer before I purchase, around the Kilkenny area.

Old house and sheds, want to be very thorough.

thanks

lindtee · 17-01-2022 11:40pm

https://www.boards.ie/discussion/comment/118489674#Comment_118489674

I drew down last week. After all final documentation was received and final checks on the Friday, the money was released to solicitor on the following Tuesday. Was informed the house was mine on the Wednesday afternoon.

JimmyVik · 18-01-2022 9:14am

Anyone got any recommendations for movers in Dublin please PM me? It would be a 4 bed move. Moving about 20km but might be short notice.

o1s1n · 18-01-2022 11:43am

https://www.boards.ie/discussion/comment/118492895#Comment_118492895

I've used Vantasks.ie to move 4 or so times now with a few heavy and awkward items included, definitely give them a shout.

donaleire · 18-01-2022 1:32pm

Currently the highest bidder on a fixer upper house located in a town with large grounds. We had a bidding war and I was the highest offer, the seller refuses to accept an offer as its still 30k less than the asking price. I believe the house is overvalued to begin with, but not sure how to proceed as its the only house I like for sale at the moment. Will have a massive mortgage at over 300k and still the house needs totally gutted, but it would be ideal forever home. Confused on how to proceed, any advice?

iColdFusion · 18-01-2022 1:45pm

https://www.boards.ie/discussion/comment/118494031#Comment_118494031

How much will the refurbishment of that house cost and what is a similar fully refurbished house worth now? If the figures are putting you in the red you need to tell the seller this and don't forget to include your time and effort plus long term rental costs if applicable for the refurbishment phase, you need to spell it out to them in a reasonable way what their property is actually worth.

That said some sellers are a bit delusional when it comes to sale prices, they see one lovely well cared for house sell for 400k and think their wrecked ex-rental is worth the same.

ec18 · 18-01-2022 2:48pm

https://www.boards.ie/discussion/comment/118494031#Comment_118494031

if seller doesn't want to sell for less than asking, then you either have to try plead the poor mouth with the EA or pay the asking. That's it really.

Seller likely doesn't care about anything other that the bids

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

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