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

Giggles90 · 22-05-2020 11:34am

lfen wrote: »

The banks seem to be doing a lot of double checking as a result of Covid-19 so may not be necessary but if they want it, they want it. They are most likely reassuring themselves that the property hasn’t nose dived in value which clearly it won’t have.

Just heard from my broker that the valuation that was completed 3 weeks ago was a 'desk valuation' so they have to go out again, I'm just wondering will we have to pay for this, only paid €190 on monday for the valuation they already did

coughdrops · 22-05-2020 11:45am

Giggles90 wrote: »

Just heard from my broker that the valuation that was completed 3 weeks ago was a 'desk valuation' so they have to go out again, I'm just wondering will we have to pay for this, only paid €190 on monday for the valuation they already did

That's a pain - I know it is hard to get a valuation at the property now, unless it is unoccupied, because of C-19/social distancing. We already had a valuation from months ago, and bank requested an updated one, but were happy with a "drive by" from the valuer. We were charged for both, but didn't mind as it was months between them (drive by was a lower cost if I remember correctly). In your case it is annoying that both have landed at the same time. Why bother with the "desk" one at all if they need someone to go out there?

Although, by now we have realised that trying to figure out the whys and how comes is a pointless exercise!

Giggles90 · 22-05-2020 11:59am

coughdrops wrote: »

That's a pain - I know it is hard to get a valuation at the property now, unless it is unoccupied, because of C-19/social distancing. We already had a valuation from months ago, and bank requested an updated one, but were happy with a "drive by" from the valuer. We were charged for both, but didn't mind as it was months between them (drive by was a lower cost if I remember correctly). In your case it is annoying that both have landed at the same time. Why bother with the "desk" one at all if they need someone to go out there?

Although, by now we have realised that trying to figure out the whys and how comes is a pointless exercise!

Your at a thing called nothing trying to figure it out. Just got on to the valuer and hes going to sort it today for me!! Please god they dont continue to look for random things. Like 3 weeks between them ðŸ™„ðŸ™„ðŸ™„

Claw Hammer · 22-05-2020 12:22pm

notcarlos wrote: »

Cause we won't renegotiate if they paid too much for it. Just our morals. Thanks for you great help. You added something to the conversation

It is completely irrelevant whether they paid to much or too little. It is for sale today, not 15 years ago.
You are welcome to my help.

TheSheriff · 22-05-2020 7:07pm

Hoping to get an opinion here; had our surveyor report completed. All ok, lots of cosmetic things highlighted but nothing structurally wrong.

Do people normally get an electrician in before buying to check the wiring? Its an old house (~30 - 40 years old) so we assume it might need some rewiring done at some point; but would people normally check this before buying?

Ubbquittious · 22-05-2020 7:54pm

TheSheriff wrote: »

Hoping to get an opinion here; had our surveyor report completed. All ok, lots of cosmetic things highlighted but nothing structurally wrong.

Do people normally get an electrician in before buying to check the wiring? Its an old house (~30 - 40 years old) so we assume it might need some rewiring done at some point; but would people normally check this before buying?

Does it look shoddy? does everything work?

TheSheriff · 22-05-2020 8:16pm

Ubbquittious wrote: »

Does it look shoddy? does everything work?

Getting access on Monday eve, so will have a proper look. Its been quite a while since we viewed.

I assume just check all lights work, plugs etc? Not much else an novice could see, or is there something we should specifically be looking for?

Thanks for the input btw.

JL555 · 22-05-2020 8:22pm

TheSheriff wrote: »

Getting access on Monday eve, so will have a proper look. Its been quite a while since we viewed.

I assume just check all lights work, plugs etc? Not much else an novice could see, or is there something we should specifically be looking for?

Thanks for the input btw.

Check the fuze box too, have a look for any DIY wiring jobs, ie: wiring tacked onto the wall near the floor or something, if it hasn't been done since it was built, would recommend getting it rewired anyway. Ask the EA to confirm if it has had a wiring upgrade, if not, give details of anything you notice to an electrician, and get a rough estimate of rewiring, they'll want to know the area of the house, how many rooms etc. (You might even be able to use it as a bargaining chip)

TheSheriff · 22-05-2020 9:11pm

JL555 wrote: »

Check the fuze box too, have a look for any DIY wiring jobs, ie: wiring tacked onto the wall near the floor or something, if it hasn't been done since it was built, would recommend getting it rewired anyway. Ask the EA to confirm if it has had a wiring upgrade, if not, give details of anything you notice to an electrician, and get a rough estimate of rewiring, they'll want to know the art of the house, how many rooms etc. (You might even be able to use it as a bargaining chip)

Thank you, very helpful

Ubbquittious · 22-05-2020 9:44pm

TheSheriff wrote: »

Getting access on Monday eve, so will have a proper look. Its been quite a while since we viewed.

I assume just check all lights work, plugs etc? Not much else an novice could see, or is there something we should specifically be looking for?

Thanks for the input btw.

Have a look in the attic and see how the wires are done, all neatly packed into conduit or floating around the place with bitteens spliced on here and there. Have a look at the condition of the insulation, if it starting to crack obviously not good

Ubbquittious · 22-05-2020 9:46pm

Getting closer now to buying the place. Still a bit of a nuisance with boundary issues and how the estate is split up on the seller's side

em_cat · 22-05-2020 10:35pm

We are now nearly 6 mos waiting to complete. It’s really starting to annoy me. The executer took nearly 4 mos to send over initial contracts & notwithstanding covid-19 complications we also needed 2 queries regarding clauses clarified one being a VAT questionnaire that was sent to the executer 3 weeks ago. This is for a vacant site that was on the market for nearly 3 mos before we made a bid. I’ve bought property before but good grief this is painstakingly slow, almost as if no one really gives a toss. Not sure if I should be asking for a reduction now.

Gavin "shels" · 22-05-2020 10:44pm

Maz2016 wrote: »

Is anyone having any luck getting exemptions ? I have good savings but to get a decent property I would still struggle with 3.5 times my salary. I had a meeting with ptsb today and he said he would send my request off for 4 times my salary as my savings record was good and no financial commitments but I’d probably just be offered the 3.5 times.

We're approved with a exemption, been advised we won't get an extention to our AIP with our exemption as Banks won't be offering them for the rest of the year...

masterboy123 · 25-05-2020 6:59am

So we bought a semi D house in a new housing estate, with a price tag of 260k and signed contracts. The construction was put on hold due to Covid-19, but it is going quick now.

Is it possible to negotiate the price now? According to the contract the house is supposed to be ready July and if its not, do we get any compensation?

The 5% from HTB scheme has been paid to the builder on the above price.

We haven't withdrawn funds from our approved mortgage.

Thanks

25-05-2020 7:05am

masterboy123 wrote: »

So we bought a semi D house in a new housing estate, with a price tag of 260k and signed contracts. The construction was put on hold due to Covid-19, but it is going quick now.

Is it possible to negotiate the price now? According to the contract the house is supposed to be ready July and if its not, do we get any compensation?

The 5% from HTB scheme has been paid to the builder on the above price.

We haven't withdrawn funds from our approved mortgage.

Thanks

If the contracts are already signed, then you have your answer.

masterboy123 · 25-05-2020 7:21am

Ok, thank you.

[Deleted User] wrote: »

If the contracts are already signed, then you have your answer.

Techn0 · 25-05-2020 12:18pm

masterboy123 wrote: »

Ok, thank you.

While you may not have any luck negotiating price, you can always speak to your builder and negotiate on the fit out / finish. If there's additional costs included such as kitchen or other fittings you could always try and negotiate those.

Tilikum17 · 25-05-2020 1:05pm

Today was the last day we could draw down the mortgage (after the months extension) Just got a text saying the mortgage has just been sent through.

Moving in tomorrow. The most stressful two weeks of my life. Genuinely, all I’ve been thinking about is the poor people that have been refused because of the covid payment. Especially those have lost deposits. I really hope the government will do something for them.

0gac3yjefb5sv7 · 25-05-2020 1:17pm

How could anyone lose deposits?

25-05-2020 1:21pm

Gavin shels wrote: »

We're approved with a exemption, been advised we won't get an extention to our AIP with our exemption as Banks won't be offering them for the rest of the year...

yea they are pulled for the rest of the year with all lenders and i imagine it would be hard to get even approved ones over the line as i heard of 2 people having them pulled between AIP and completion. But obviously its a case by case basis,

Claw Hammer · 25-05-2020 1:25pm

Lorelai Thoughtless Purple wrote: »

How could anyone lose deposits?

If they sign an unconditional contract and can't complete, the deposit is forfeit.

Mon1239 · 25-05-2020 2:08pm

Hey all, we're 'in the process' of buying at the moment and considering a couple of houses but we do have a preferred house. It's in a commuter belt area and the builder had put the price of this phase up substantially (this row is due for completion end of year).

I'm wondering has anyone put a reduced offer in on a new build and had any luck with it yet?

Target addressable market for the developers is going down day by day as the banks tighten up and the number of people able to take out a mortgage goes down further and further.

If I myself was a builder, I'd be taking any 'decent' offers that come in and locking them down to secure the sale.

Pivot Eoin · 25-05-2020 3:41pm

Tilikum17 wrote: »

Today was the last day we could draw down the mortgage (after the months extension) Just got a text saying the mortgage has just been sent through.

Moving in tomorrow. The most stressful two weeks of my life. Genuinely, all I’ve been thinking about is the poor people that have been refused because of the covid payment. Especially those have lost deposits. I really hope the government will do something for them.

Congrats mate. Glad it all worked out

coughdrops · 25-05-2020 4:08pm

Tilikum17 wrote: »

Today was the last day we could draw down the mortgage (after the months extension) Just got a text saying the mortgage has just been sent through.

Moving in tomorrow. The most stressful two weeks of my life. Genuinely, all I’ve been thinking about is the poor people that have been refused because of the covid payment. Especially those have lost deposits. I really hope the government will do something for them.

Best of luck with the move. Exciting times for you.

We're still in a bit of Covid payment limbo (but got our deposit back - thank god!) and we're hoping that we can get sorted out with a different lender soon.

0gac3yjefb5sv7 · 25-05-2020 4:18pm

Claw Hammer wrote: »

If they sign an unconditional contract and can't complete, the deposit is forfeit.

Why would the solicitor not include a clause when means the deposit is only sent after drawdown? Who gets to keep the deposit?! Sounds absolutely ridiculous.

awec · 25-05-2020 4:22pm

Lorelai Thoughtless Purple wrote: »

Why would the solicitor not include a clause when means the deposit is only sent after drawdown? Who gets to keep the deposit?! Sounds absolutely ridiculous.

The developer keeps it obviously. The clause you describe would be laughed out of it, what's the point in a deposit if they don't get it until drawdown?

Sometimes they get a clause inserted that says the deposit will be returned in cases where the buyer fails to secure finance, but everything in the contract has to be mutually agreed, so the developer can say no. And based on posters on this forum, it's not that rare for them to refuse.

Claw Hammer · 25-05-2020 4:38pm

MattS1 wrote: »

Why would the solicitor not include a clause when means the deposit is only sent after drawdown? Who gets to keep the deposit?! Sounds absolutely ridiculous.

The solicitor can only include such a clause if the other side agree. Many refuse. The owner of the house gets to keep the deposit.

dowhatyoulove · 25-05-2020 5:34pm

masterboy123 wrote: »

So we bought a semi D house in a new housing estate, with a price tag of 260k and signed contracts. The construction was put on hold due to Covid-19, but it is going quick now.

Is it possible to negotiate the price now? According to the contract the house is supposed to be ready July and if its not, do we get any compensation?

The 5% from HTB scheme has been paid to the builder on the above price.

We haven't withdrawn funds from our approved mortgage.

Thanks

We are in the same situation and have decided to go ahead without the complications of trying to hash out a new deal. have called our solicitor today for her to start the drawdown as the snags are done

. As for it being finished in July - I know in our contracts it stated that the contractors had a year from when we signed to get it finished although we already knew our house was near completion.

0gac3yjefb5sv7 · 25-05-2020 5:50pm

Claw Hammer wrote: »

The solicitor can only include such a clause if the other side agree. Many refuse. The owner of the house gets to keep the deposit.

Why would anyone willingly enter a contract such as that? Completely stupid.

stayback · 25-05-2020 6:10pm

MattS1 wrote: »

Why would anyone willingly enter a contract such as that? Completely stupid.

This clause only became popular after the crash most vendors wouldn’t entertain it prior to the crash.

It’s at the vendors discretion weather they accept this clause or not.

If I was selling a property I wouldn’t be keen on its insertion. When you sign contracts the vendors needs certainty and the contracts have to be binding.

What’s stopping the buyer going into the bank and telling the bank they no longer require the mortgage etc.

ladystardust · 25-05-2020 6:42pm

Currently sale agreed. Previously lost mortgage and forever home due to covid related complications. We had a 50% deposit so decided to go ahead and try for a cash sale of another property because we REALLY need somewhere fast ( considered renting etc but weighing up our particular situation we decided against). Was just wondering if the process is the same? Can I just pay the whole price at once or do I have to do the deposit thing?

awec · 25-05-2020 6:49pm

Lorelai Thoughtless Purple wrote: »

Why would anyone willingly enter a contract such as that? Completely stupid.

Because that's how buying and selling houses works. The buyer doesn't get to unilaterally dictate the terms.

stayback · 25-05-2020 6:59pm

ladystardust wrote: »

Currently sale agreed. Previously lost mortgage and forever home due to covid related complications. We had a 50% deposit so decided to go ahead and try for a cash sale of another property because we REALLY need somewhere fast ( considered renting etc but weighing up our particular situation we decided against). Was just wondering if the process is the same? Can I just pay the whole price at once or do I have to do the deposit thing?

You can pay your solicitor all the money and they can hold it in their client and when the money is due they can pay it out..

Or else you can just give your solicitor the money when the deposit is due and give them the balance when you want to close.

Usually these sales tend to be quicker than mortgage draw down .
Make sure you bargain hard with the EA tell them your a cash buyer and there won’t be any delays ..

ladystardust · 25-05-2020 7:19pm

stayback wrote: »

You can pay your solicitor all the money and they can hold it in their client and when the money is due they can pay it out..

Or else you can just give your solicitor the money when the deposit is due and give them the balance when you want to close.

Usually these sales tend to be quicker than mortgage draw down .
Make sure you bargain hard with the EA tell them your a cash buyer and there won’t be any delays ..

Thank you, I'll chat to my solicitor and see what they want. We purchased the place with the condition that a quick sale was achieved. Sale agreed one day, survey done the next ðŸ˜‚

D'Agger · 25-05-2020 8:21pm

Waiting for the contract to be sent to me to sign and transfer deposit, as per conversations about losing the deposit, Haven dragged their feet over the offer, despite me no longer needing an exception on account of agreeing a price reduction. I'm anxious about them now dragging out the draw down - anybody seen this? It should be fine but I'm wary of Haven at this point, they just seem to constantly be requesting more then taking their time, when I've been quite prompt in getting them what's required in order to progress things along

coff66 · 25-05-2020 8:21pm

Mon1239 wrote: »

Hey all, we're 'in the process' of buying at the moment and considering a couple of houses but we do have a preferred house. It's in a commuter belt area and the builder had put the price of this phase up substantially (this row is due for completion end of year).

I'm wondering has anyone put a reduced offer in on a new build and had any luck with it yet?

Target addressable market for the developers is going down day by day as the banks tighten up and the number of people able to take out a mortgage goes down further and further.

If I myself was a builder, I'd be taking any 'decent' offers that come in and locking them down to secure the sale.

We are sale agreed, booking deposit paid since early February. Had been awaiting contracts and they just arrived the week the schools closed. When full lockdown was announced we approached the EA in regards to possibly renegotiating price and they said everything on hold and to wait and see how market reacts. Had not heard from EA since, so emailed today offering 9% less. Got a snotty email back stating there was no evidence to suggest a drop in prices and suggested that costs were increasing because of Covid and builder may be increasing prices and there would be no altering of the price. Not entirely sure they even bothered to contact the builder to be fair.

No entirely sure where to go from here, probably should have just gone direct to the builder.

justme112 · 25-05-2020 9:26pm

masterboy123 wrote: »

So we bought a semi D house in a new housing estate, with a price tag of 260k and signed contracts. The construction was put on hold due to Covid-19, but it is going quick now.

Is it possible to negotiate the price now? According to the contract the house is supposed to be ready July and if its not, do we get any compensation?

The 5% from HTB scheme has been paid to the builder on the above price.

We haven't withdrawn funds from our approved mortgage.

Thanks

Exact same boat. Worried about the paying full price while seeing the remaining houses get listed for less due to current situation.
We're checking to see what the options are but seems limited as contracts have been signed. We do have clause that says deposit can be refunded if finance cannot be made available.

TheSheriff · 26-05-2020 8:15am

Hey, could anyone advise, do you sign the bank loan offer at the same time as signing house contracts with your solicitor ? Or are these signed separately by yourself and returned to the bank ?

blowin3 · 26-05-2020 9:11am

We sold a house over a month ago now. The money has been transferred into our solicitors client account. But the solicitor won't release till all proper searches registration are done. The solicitor is blaming government offices being closed for the delay are anyone else experiencing this?

stayback · 26-05-2020 9:15am

blowin3 wrote: »

We sold a house over a month ago now. The money has been transferred into our solicitors client account. But the solicitor won't release till all proper searches registration are done. The solicitor is blaming government offices being closed for the delay are anyone else experiencing this?

That doesn’t sound right. The offices were closed but a back open with about 3 weeks and those searches should have been done prior to closing. I’d contact the solicitor again via email and if you get no joy straight to the law society.

Looks like he is messing you around. I’ve heard some horror stories over the years.

mcbert · 26-05-2020 9:34am

blowin3 wrote: »

We sold a house over a month ago now. The money has been transferred into our solicitors client account. But the solicitor won't release till all proper searches registration are done. The solicitor is blaming government offices being closed for the delay are anyone else experiencing this?

So you have signed? ok, you should not have done that until searches done. Sounds like your solicitor has screwed up

awec · 26-05-2020 9:47am

TheSheriff wrote: »

Hey, could anyone advise, do you sign the bank loan offer at the same time as signing house contracts with your solicitor ? Or are these signed separately by yourself and returned to the bank ?

The bank will send the formal loan offer to your solicitor, and you sign it with them. Your solicitor should point out anything noteworthy in the bank legal docs before you sign it.

blowin3 · 26-05-2020 9:52am

mcbert wrote: »

So you have signed? ok, you should not have done that until searches done. Sounds like your solicitor has screwed up

The searches are done by the buyers solicitor . The money was transferred and held in trust till all searches and registration have been completed. We were basically told this was the only way to close the sale and that was imperative due to the present climate .

masterboy123 · 26-05-2020 10:47am

That's excellent, that clause is very useful.
I am not going to negotiate now as contract has been signed. But might ask for some discount on kitchen etc.

justme112 wrote: »

Exact same boat. Worried about the paying full price while seeing the remaining houses get listed for less due to current situation.
We're checking to see what the options are but seems limited as contracts have been signed. We do have clause that says deposit can be refunded if finance cannot be made available.

addaword · 26-05-2020 10:53am

coff66 wrote: »

We are sale agreed, booking deposit paid since early February. Had been awaiting contracts and they just arrived the week the schools closed. When full lockdown was announced we approached the EA in regards to possibly renegotiating price and they said everything on hold and to wait and see how market reacts. Had not heard from EA since, so emailed today offering 9% less. Got a snotty email back stating there was no evidence to suggest a drop in prices ...

Wait a year and show him evidence of 25% drop in price then. 40 to 50% in 2 years.

SimpNation · 26-05-2020 5:59pm

coff66 wrote: »

We are sale agreed, booking deposit paid since early February. Had been awaiting contracts and they just arrived the week the schools closed. When full lockdown was announced we approached the EA in regards to possibly renegotiating price and they said everything on hold and to wait and see how market reacts. Had not heard from EA since, so emailed today offering 9% less. Got a snotty email back stating there was no evidence to suggest a drop in prices and suggested that costs were increasing because of Covid and builder may be increasing prices and there would be no altering of the price. Not entirely sure they even bothered to contact the builder to be fair.

No entirely sure where to go from here, probably should have just gone direct to the builder.

Setup a reminder to email that same EA in 18 months time with the subject "RE: House prices" and see what his/her response is then. That's even if the email will deliver due to the email address likely being deactivated due to their firms closure.

Karma will find that EA, don't worry my friend.

Tongue n cheek as i am just jaded dealing with EAs like the one you mentioned. Hope it works out for you, hoping to purchase a place soon myself.

SimpNation · 26-05-2020 6:01pm

addaword wrote: »

Wait a year and show him evidence of 25% drop in price then. 40 to 50% in 2 years.

I should've checked this page before i responded. You beat me to it

coff66 · 26-05-2020 6:17pm

addaword wrote: »

Wait a year and show him evidence of 25% drop in price then. 40 to 50% in 2 years.

Ya that's the ideal scenario. Just conscious that we have spent the last year getting to a position where we have our finances sorted and had an idea of the house we wanted. Not getting any younger either.

Pivot Eoin · 26-05-2020 6:21pm

coff66 wrote: »

Ya that's the ideal scenario. Just conscious that we have spent the last year getting to a position where we have our finances sorted and had an idea of the house we wanted. Not getting any younger either.

It's not the ideal scenario. Clownish view. If Property prices drop 50%, you can throw the country in the bin for the next 10 years. This coming from a fellow FTBer.

Think a bit bigger than yourself.

coff66 · 26-05-2020 6:22pm

SimpNation wrote: »

Setup a reminder to email that same EA in 18 months time with the subject "RE: House prices" and see what his/her response is then. That's even if the email will deliver due to the email address likely being deactivated due to their firms closure.

Karma will find that EA, don't worry my friend.

Tongue n cheek as i am just jaded dealing with EAs like the one you mentioned. Hope it works out for you, hoping to purchase a place soon myself.

As I said above that's what I hope we will be able to do.

Best ideal scenario would be to get the house we are sale agreed on now for 15-20% less than what we have agreed now and land the EA in it by pointing out we were open to negotiation when we made the offer of 9% less.

Very frustrated right now though.

Thanks and I hope the same for you.

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

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