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

Currently in the process of selling our "spare" house. It's been rented to the same tenants since she moved into mine in 2015. Happily, they are the purchasers.

Our letting agent was a bit of Gowl tbh. The tenants had sent 2 letters and 3 emails to him, to let us know that they had received AIP and that whilst they were looking to buy. That their 1st preference would be to buy ours.

Suffice it to say no message was passed on. I am very impressed with how they dealt with it tho. There is still a postal redirect in place for my wife on that address. They wrote a letter sent it to my wife but to their address 😉

The Anpost redirect did the rest.

A price was very quickly agreed and all passed on to the solicitors now. Ours seems to be a little on the slow side. Deeds were received by them 4 weeks ago and still nothing in terms of contract or exchange yet.

The Mrs followed up yesterday to speed them along.

So we are leaving the "landlord" game but, are delighted to see it's the current tenants buying. It's been their home for over 8yrs. Now it soon will be their own pile of bricks and tbh, even with mortgage rate increases, it is still far cheaper for them to buy than rent. Rent on 3 bed Semi-D in Limerick at the mo are stupidly expensive and anything in a good area even moreso.

We are hoping to close before December and wish them all the happiness in the world once it's theirs.

Follow up from me, since last week more than I thought could go wrong is going wrong.

So the above mentioned Valuation came in fine, but not without something else happening.

We had an issue with our HTB payment which we were told was received by our developer on the 2nd of Oct, but was actually mis-appropriated funds which were actually belong to another client.

This had to be followed up with Revenue and turned out there was some issue with the developer claiming ours but this was sorted last week waiting for the HTB payout now since last Thursday. It's likely to be 1.5k short of what we were told we originally got, so that's another payment I'll have to make to our solicitor once this comes though..

The new valuation we had done changed the value of the house from €340,800 to €340,000 (i assume typo by agent as the comparable properties where other units in the estate marked as €340,800)

This has now prompted AIB to re-issue the loan offer this morning with some minor changes to reflect the changes in the value of the property.

All my steps in AIB portal are now marked as uncompleted (even though we were 8/10 yesterday)

So I think now I need to wait for the solicitor to receive this re-issued letter of offer and we sign it and send it back..

Meanwhile I have mortgage protection and house insurance in force since 3rd of October as this was when my solicitor originally requested the loan cheque but now we are looped back to letter of offer stage.

The stress is unreal, why does it feel like every step forward is three steps back? Been on this horrendous journey since offered the house first week in January this year... current landlord is pressuring us to let people in the view our current rental, can't he just give us some space until this is sorted out?

😰

That is infuriating! I often wonder why can't people just do their job correctly, seems no one double checks or proof reads anything... sorry to hear hope you will not have as long a wait the second time around..

Drawdown held up over a misspelling on the house insurance schedule that I submitted 6 weeks ago.

Zero contact from Bank.

Have received four amended schedules since yesterday and each one is incorrect in different ways.

Movers booked for Monday.

Slowly losing mind.

EA reached out to previous people who enquired about house even after going sale agreed. (Sale has fallen through) we’ve already a cash offer of the asking price and 2 viewings on Saturday. The cash offer had previously viewed and was at €5k over asking. Calling my bluff? There’s also another house similar to ours he mentioned but it’s the same asking…

calling our bluff??

.

Set a price, and when it is reached, make a deal, with best buyer (cash/loan etc)

We’ve been thinking about the cash bid and have that as an offer going into the viewings of our house tomorrow. We are considering it if nothing comes of the next few viewings and we might be able to negotiate or maybe not, it’s something we’ll probably accept as our last option!

I think it is slightly unfair you brought a surveyor after 2 whole months!!

Before you went sale agreed you should make sure you are happy.

For all we know, you drove the bidding high then you pull out.

The company I used for surveying, their website has an FAQ and they advise that you get a survey as soon as you go sale agreed.

So based on the survey website and our solicitor, both resources advised I do it after sale agreed.

Additionally, there were no other bids when we went sale agreed. We were the only bidders.

I see where you are coming from and I agree that wasn't the best advice from a solicitor. 2 months is such a waste of time.

Since you are the only bidders, maybe best to go to the vendor and ask for a discount based on the survey report.

Yes

Would you consider approaching Estate Agent or seller to seek a reduction to sales price in light of the survey results? The next person to go sale agreed and get a survey done will likely have the same issues. You can use that fact to your advantage at this juncture.

Get yourself a couple of quotes to remedy the issues and seek to have that taken off the sales price. Nothing ventured, nothing gained.

Our survey report raised some issues, including a leaking kitchen extension roof and we negotiated down. We are happily in situ now and roof is getting repaired this week. If the rest of the house is in good order and the location is what you're after I wouldn't be so quick to walk away. You could always get a small credit union loan for roof repairs if the cost is something manageable.

The logic given by the solicitor was they wanted to review the deeds first and if we got a survey before they viewed the deeds, there would be a possibility that we would need to get a survey again based on the deeds…

Found it strange still do ha

Having to do a survey again wouldn't be a major financial cost. It would cost a few hundred euro at most, which is nothing considering the sums of money that will be spent on a house. Indeed, if the deeds highlighted an issue (not sure how they would), a full survey would not be needed a second time.

Strange indeed!

Presume 2nd owner is responsible for issue 1 as well?

I agree with RichardAnd this is most likely why the previous buyer pulled out rather than the rise in interest rates. Issue 2 should be straight forward enough to get planning retention for this but it is an added cost down the line but Issue 1 will probably sink your mortgage application and restrict the House to cash buyers unless the vendor does the remediation work and re-list the property.