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

One thing I am sure if that w Recession on way, house price increase will slow down, as to how much it will crash, it really depends on the mortgage interest rate, the price of the house and location.

I recon people who stretched themselves and bought big house like over 600k and still paying big mortgage would consider to sell it and move to a smaller house.

but people who bought house that they can afford, it won’t be a problem to them even during recession.

but new home sales will slow down a lot. Price will drop if builders wanna their investment back.

this line is used a lot to rationalize a poor purchase at a bad time, if you scroll back through old message boards it was even used during the Tiger years.

Quick question for you guys. I am buying a house and due to sign contracts next week, with a close date likely to be mid-late July. Issue is I have been offered a job that I would very much like to take. It wouldn't start until August but I would be in my notice period by the time I draw down. Not really sure what to do, any ideas?

Thanks

Yea I think it would be complicated by the fact that I would still be in my old position when drawdown happens, but I would be in my notice period. So my payslips etc would all be fine, I think the only thing that could be a problem is if they ask for another salary cert before drawdown.

What bank was this for?

Our closing date was set at next Friday, so we went into the branch last Friday to sign the final documents, such as assignment of life. The Mortgage Advisor informed us that our solicitor still hadn't sent in the signed loan offer, which we signed over three weeks ago. She also noted that they appeared to have changed name as they received a letter on new headed paper.

So, we called our solicitor to see what the hold up was. Turns out they had indeed changed name on June 1st and now "some banks" have a problem with the loan packs as they were signed under their previous name, which is now no longer registered with the law society. So now they have to be re-issued and resigned. They said the updated documents are already on the way from the Bank and they'd let us know as soon as we can come in to sign again.

We decided to follow up with the bank to see if the new loan pack had indeed been sent. Turns out not only had it not been sent yet, but the process of the name change hasn't even been completed. No idea how long it's going to take.

We've spent 3 years trying to buy a house, and now, when we thought we were a few days away from getting the keys this bullshit happens. The solicitors appear to be a shambles. When we queried if their bank account details they had given us for payment were still correct they said, "actually no, the payment would probably just bounce if you sent it there".

Similar to this, for the first time in 2 years of searching, two separate EAs sending out lists of houses which have been on the market for a while and are not selling.

Meath and Wicklow

Scroll back through the message boards and you'll find people have been predicting prices crashing for years. Anyone who claims to know what is coming next is a Charlatan. The only thing that is certain right now is uncertainty.

I guess it depends on how many are in the chain and if banks and solicitors are on the ball. My parents moved last year and had keys within 1 week of signing but last time we moved it took another 2 months after signing (the vendors at other end of chain caused delays). The house were currently buying has a clause in contact that it has to be closed within 3 weeks of us signing, have you anything like that in your contracts

Hmm, not sure if that clause is in our contracts but my solicitor assures me that we're all working towards the 27th and that it's not unusual to exchange so close to completion in a chain like ours. Fingers crossed its ok. Our movers wont accept a booking off us until we've signed the contracts which is weird. We'll be paying a deposit and are happy to pay it now but they won't budge.

You’re right, no one has a crystal ball, it’s all about probabilities that are based on information available to you and a bit of logic. My view is there is a probability that wealth will be pared back across the board in all asset classes and earnings.