Buying a house 2012

SuzieQCork · 17-10-2012 9:43pm

Hi All

First time poster so sorry if im just repeating what others are saying. Just looking for some advice on buying a house from NAMA.

We have been looking at a house for a while now. We made an offer early on but the EA said that because the house was not for sale long enough the offer could not be accepted until enough traffic has been through the property and other people had a chance to make a higher offer if they wanted. Something about not getting sued for selling the house at a very low price.
Finally after 4 weeks( and me pestering her) she agreed to take a €5000 deposit subject to board approval. Basically what she has explained is that house is sale agreed but the offer has not been accepted yet but says she is not taking any more viewings.

Has anyone has this experience before? Any idea how long it takes for an offer on a NAMA house to be accepted generally?

Any info is very appreciated
Thanks

FastFullBack · 17-10-2012 9:51pm

killers1 wrote: »

The only reason your solicitor is inserting that clause is their fear that the property wont be competed before the loan offer expires and then if for any reason AIB wouldn't re-approve the mortgage. If you can complete in the current loan offer timeframe great, if not then ask your solicitor to request a new loan offer which will buy you a further 3 months. There's no other reason for the clause being inserted. I presume you have life cover underwritten & accepted? This would be the only other reason the bank wouldn't honour a loan offer but I'm sure it's just the timeframe your solicitor is concerned about.

Thanks Killers. Ya I have life insurance sorted. My solicitor was actually keeping that clause in as a safe guard incase something expcetional happened between me signing contract and drawing down mortgage ,e.g AIB going bust or something. She never mentioned concerns about timelines when explaining it.

I think I'm going to go ahead and ask to have that clause removed. This will speed up the process by 2 weeks and we should defintely have the mortgage draw down within the initial 3 months.

Thanks again for your advice.

Alser82 · 17-10-2012 10:07pm

Hey guys, not sure if this is the right thread or not, but I saw on myhome that there were duplex apartments on sale in Chapelhill, Chapelizod and wanted to know if anyone new anything about the development? It's a receivership sale. Does anyone know anything about them? They look decent online but you can obviously never tell from a web entry. There's a open day this Saturday (20th) and I was thinking of going along, I haven't been looking to buy a place for a while now but nothing has really taken my fancy. I have full approval etc, just waiting for the right place.

Anyone have any thoughts or obs?

Many thanks.

http://www.myhome.ie/residential/brochure/chapelhill-chapelizod-dublin-20/2184684

thehamo · 17-10-2012 10:29pm

SuzieQCork wrote: »

Hi All

First time poster so sorry if im just repeating what others are saying. Just looking for some advice on buying a house from NAMA.

We have been looking at a house for a while now. We made an offer early on but the EA said that because the house was not for sale long enough the offer could not be accepted until enough traffic has been through the property and other people had a chance to make a higher offer if they wanted. Something about not getting sued for selling the house at a very low price.
Finally after 4 weeks( and me pestering her) she agreed to take a €5000 deposit subject to board approval. Basically what she has explained is that house is sale agreed but the offer has not been accepted yet but says she is not taking any more viewings.

Has anyone has this experience before? Any idea how long it takes for an offer on a NAMA house to be accepted generally?

Any info is very appreciated
Thanks

Not sure if it differs for a NAMA property but to be honest it sounds very strange to take a deposit before an offer is even accepted. The house is by no means sale agreed. It can only be sale agreed when the vendor has accepted the offer and deposit paid and in some cases letter sent out from the EA confirming that. They may have the house closed from further viewings, but you do not know how many people have seen the property and would make a counter offer on the house

ted1 · 17-10-2012 10:32pm

SuzieQCork wrote: »

Hi All

First time poster so sorry if im just repeating what others are saying. Just looking for some advice on buying a house from NAMA.

We have been looking at a house for a while now. We made an offer early on but the EA said that because the house was not for sale long enough the offer could not be accepted until enough traffic has been through the property and other people had a chance to make a higher offer if they wanted. Something about not getting sued for selling the house at a very low price.
Finally after 4 weeks( and me pestering her) she agreed to take a €5000 deposit subject to board approval. Basically what she has explained is that house is sale agreed but the offer has not been accepted yet but says she is not taking any more viewings.

Has anyone has this experience before? Any idea how long it takes for an offer on a NAMA house to be accepted generally?

Any info is very appreciated
Thanks

Sounds very odd. I don't see how she could get sued for taking an offer, because at the end of the day its the vendor who agrees and accepts the offer.

SuzieQCork · 17-10-2012 10:38pm

ted1 wrote: »

Sounds very odd. I don't see how she could get sued for taking an offer, because at the end of the day its the vendor who agrees and accepts the offer.

Thanks for the reply guys. Yeah what she was saying is that because the price is only around the 80k mark, if someone came back to them in 6 months and said they would of paid 100k they could be sued for not getting the highest amount. I said it to the solicitor and he seemed to be ok about the whole thing and agreed about the reasoning behind not accepting the offer after the house only being on sale for a week. So not really sure whats going one. EA says it can take 2-6 weeks for the offer to be accepted hence paying a deposit to stop it from being viewed in the meantime. Has anyone dealt with a NAMA house like this? Is this time line normal?

Ritchi · 22-10-2012 11:51am

Just went sale agreed a few days ago.

Have a solicitor sorted and a surveyor lined up and the bank are sending out a valuation report.

Sending off the booking deposit today.

Is there anything else I need to do?

folan · 22-10-2012 11:54am

Ritchi wrote: »

Just went sale agreed a few days ago.

Have a solicitor sorted and a surveyor lined up and the bank are sending out a valuation report.

Sending off the booking deposit today.

Is there anything else I need to do?

start shopping around for house insurance and life insurance. be ready to go with it when the bank and solicitor are ready.

Also, make sure to have a good list of whats included in the sale. im a bit confused currently as to whats included in mine, as weve gotten 2 lists. Both include the white appliances, but others are not quite as certain

leahyl · 23-10-2012 8:40am

Hi guys, well I had all but given up on finding a house this year and then one popped up yesterday which I am VERY interested in - about 5 minutes from my family home and a very good price. I'm thinking ahead (probably shouldn't but what the hell!) and I'm thinking would there be any way at all that the sale would go through within the 8 weeks before they abolish MIR? Is this even possible or does a sale normally take much longer than that?

Also, I haven't been back to the bank since I got mortgage approval really which was in July so I'm worried that when/if I go back to the bank that I will have to reapply for the mortgage and this will delay things more - plus interest rates have gone up since then so I will probably definitely have to go through the process again :-( The mortgage advisor did tell me that there was no time limit (I thought it was 3 months) to find a property but it's a bit longer than that at this stage.

My head is completely muddled!

folan · 23-10-2012 10:14am

my current closing date is roughly 8 weeks from going sale agreed. When making an offer, be sure to say it is dependant on it being a quick sale, and if not you will not stick with it.

Felexicon · 23-10-2012 4:06pm

leahyl wrote: »

Hi guys, well I had all but given up on finding a house this year and then one popped up yesterday which I am VERY interested in - about 5 minutes from my family home and a very good price. I'm thinking ahead (probably shouldn't but what the hell!) and I'm thinking would there be any way at all that the sale would go through within the 8 weeks before they abolish MIR? Is this even possible or does a sale normally take much longer than that?

Also, I haven't been back to the bank since I got mortgage approval really which was in July so I'm worried that when/if I go back to the bank that I will have to reapply for the mortgage and this will delay things more - plus interest rates have gone up since then so I will probably definitely have to go through the process again :-( The mortgage advisor did tell me that there was no time limit (I thought it was 3 months) to find a property but it's a bit longer than that at this stage.

My head is completely muddled!

Took about 7 weeks from the day our offer was accepted and the couple selling went on two weeks holiday in the middle of that aswell. It's possible

leahyl · 23-10-2012 4:18pm

Thanks for the responses guys - that makes me feel a bit better

Hopefully this is the one for me!!

folan · 23-10-2012 4:22pm

leahyl wrote: »

Thanks for the responses guys - that makes me feel a bit better

Hopefully this is the one for me!!

best of luck. Hope it lives up to the expectations

gmisk · 23-10-2012 4:33pm

leahyl wrote: »

Hi guys, well I had all but given up on finding a house this year and then one popped up yesterday which I am VERY interested in - about 5 minutes from my family home and a very good price. I'm thinking ahead (probably shouldn't but what the hell!) and I'm thinking would there be any way at all that the sale would go through within the 8 weeks before they abolish MIR? Is this even possible or does a sale normally take much longer than that?

Also, I haven't been back to the bank since I got mortgage approval really which was in July so I'm worried that when/if I go back to the bank that I will have to reapply for the mortgage and this will delay things more - plus interest rates have gone up since then so I will probably definitely have to go through the process again :-( The mortgage advisor did tell me that there was no time limit (I thought it was 3 months) to find a property but it's a bit longer than that at this stage.

My head is completely muddled!

If you provide up to date payslips as well as bank statements they will extend it for 3 months if everything is in order...I think?

Ritchi · 23-10-2012 4:39pm

gmisk wrote: »

If you provide up to date payslips as well as bank statements they will extend it for 3 months if everything is in order...I think?

Yes, if your situation hasn't changed, it should be straight forward enough.

leahyl · 23-10-2012 4:46pm

Ritchi wrote: »

Yes, if your situation hasn't changed, it should be straight forward enough.

Thanks - I have been emailing the mortgage advisor and she said I'd need to reapply again as too much time has passed but my situation hasn't changed so she said it will probably be very straightforward. I just hope after all this now that the house is what I want and that there isn't a bidding war or anything!

killers1 · 23-10-2012 6:08pm

leahyl wrote: »

Thanks - I have been emailing the mortgage advisor and she said I'd need to reapply again as too much time has passed but my situation hasn't changed so she said it will probably be very straightforward. I just hope after all this now that the house is what I want and that there isn't a bidding war or anything!

The only caveat I'd add to that is that the Bank have increased their mortgage rates so are subsequently stress testing applications at a higher rate. If the amount you were looking to borrow was at the maximum of your borrowing capacity you may find the loan amount on offer being reduced.. It may not happen but just so you are aware...

leahyl · 23-10-2012 6:37pm

killers1 wrote: »

The only caveat I'd add to that is that the Bank have increased their mortgage rates so are subsequently stress testing applications at a higher rate. If the amount you were looking to borrow was at the maximum of your borrowing capacity you may find the loan amount on offer being reduced.. It may not happen but just so you are aware...

Oh really? Yes I know that rates have gone up but I do actually hope to borrow less than what's i've been offered, I also have a large deposit - does this make any difference?

killers1 · 23-10-2012 6:54pm

leahyl wrote: »

Oh really? Yes I know that rates have gone up but I do actually hope to borrow less than what's i've been offered, I also have a large deposit - does this make any difference?

If you are looking for a lessor amount you should be ok and hopefully the change in stress testing won't reduce the loan amount below what you need to borrow...

leahyl · 23-10-2012 6:57pm

killers1 wrote: »

If you are looking for a lessor amount you should be ok and hopefully the change in stress testing won't reduce the loan amount below what you need to borrow...

Oh god I really hope not!!

sadie9 · 24-10-2012 10:29am

All you can do is reapply. The same happened to us. We had a large deposit also, were approved for 100k this March by AIB, when we reapplied again in July as the 3 months had expired, we were only offered max 69k. So they knocked 30k off it. They said it was due to increased stress testing. You won't really know until the letter comes out to you in a couple of weeks time.
BOI are more lenient (as they allow borrowing up to age 70 whereas AIB only allow up to age 65) and the approval was faster (less than a week). I went into my local BOI branch whereas with AIB i had to deal with them on the phone and you get passed from Nora to Joe to Sally every time you call.
And now the interest rates between AIB and BOI are similar enough.

I was looking at some documents from when we bought our first house in 2001 and our interest rate was 7%! It dropped dramatically in the next 5 years. So we are still living in dreamland regarding interest rates.

leahyl · 24-10-2012 3:02pm

sadie9 wrote: »

All you can do is reapply. The same happened to us. We had a large deposit also, were approved for 100k this March by AIB, when we reapplied again in July as the 3 months had expired, we were only offered max 69k. So they knocked 30k off it. They said it was due to increased stress testing. You won't really know until the letter comes out to you in a couple of weeks time.
BOI are more lenient (as they allow borrowing up to age 70 whereas AIB only allow up to age 65) and the approval was faster (less than a week). I went into my local BOI branch whereas with AIB i had to deal with them on the phone and you get passed from Nora to Joe to Sally every time you call.
And now the interest rates between AIB and BOI are similar enough.

I was looking at some documents from when we bought our first house in 2001 and our interest rate was 7%! It dropped dramatically in the next 5 years. So we are still living in dreamland regarding interest rates.

I'm dealing with BOI and they have been great I must say so hopefully they won't take too much money off what I need to borrow (if they actually do it) cos otherwise I'll be fecked!

L1011 · 24-10-2012 5:16pm

BOI had to re-issue my mortgage offer after the rates changed (as I changed house) and while they took an age to do it, they issued for the same amount. Obviously there's gonna be variance depending on how close to the stress limits you were already.

FINALLY got the letter saying I'd sent in all the docs and can draw down, pity the house is still going through probate!

leahyl · 24-10-2012 7:20pm

MYOB wrote: »

BOI had to re-issue my mortgage offer after the rates changed (as I changed house) and while they took an age to do it, they issued for the same amount. Obviously there's gonna be variance depending on how close to the stress limits you were already.

FINALLY got the letter saying I'd sent in all the docs and can draw down, pity the house is still going through probate!

Went to see the house tonight and omg it is amazing!!! Im putting in an offer tomorrow and just hoping to god it is accepted!!

Btw what is probate? Is this to do with a deceased persons estate? Does the sale take longer if it is the property of a deceased person? Cos this house that I went to see, the lady living there died so her family are selling it

L1011 · 24-10-2012 7:31pm

Probate is the process of resolving a deceased's estate, yes. Generally probate sales do take longer but they're usually a bit cheaper (due to them often not being in the best nick / having been uncared for a few years) so you can balance the two out....

Probate can take quite a while if the person died without a will or the will is challenged; in my case I've no idea if the former owner did die without a will or not but its taking a lot longer than I remember probate taking for a family member that had a will.

Probate can be cleared before the house is even put on the market so you may be spared all this.

leahyl · 24-10-2012 7:39pm

MYOB wrote: »

Probate is the process of resolving a deceased's estate, yes. Generally probate sales do take longer but they're usually a bit cheaper (due to them often not being in the best nick / having been uncared for a few years) so you can balance the two out....

Probate can take quite a while if the person died without a will or the will is challenged; in my case I've no idea if the former owner did die without a will or not but its taking a lot longer than I remember probate taking for a family member that had a will.

Probate can be cleared before the house is even put on the market so you may be spared all this.

I have feeling my case is ok though - the family are looking to sell it fast so I'm assuming everything is sorted.

The house is amazing value - 4 bed semi

Idbatterim · 24-10-2012 8:00pm

I have feeling my case is ok though - the family are looking to sell it fast so I'm assuming everything is sorted.

The house is amazing value - 4 bed semi

where is this house if you dont mind me asking? If its somewhere desirable, Id question how its amazing value to be honest...

flintash · 24-10-2012 8:48pm

leahyl wrote: »

I have feeling my case is ok though - the family are looking to sell it fast so I'm assuming everything is sorted.

The house is amazing value - 4 bed semi

Leahyl, could you share your experience here with us, please. Though it's bit early in case you bargaining down by much, and if you give too much information.... and another bidder comes to scene and boards.ie to check out :eek:
I always wonder about these 50% discounts from asking price to Price register.

leahyl · 24-10-2012 8:52pm

House is on the Market for 175k in a very good area in Cork City suburbs

flintash · 24-10-2012 9:06pm

Probably on the South side so

Obviously you asking for discount. Or will you surprise us saying going over the asking price.

Buying a house 2012

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