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

Starlord_01 · 29-10-2020 11:13am

Buying Assistance

Myself and my girlfriend viewed a property 3 weeks ago tomorrow, put an offer in at the viewing as we both thought it was a great fit. Small bidding war against another party which went on for 4 days, they pulled out leaving us the highest bidders, what we consider a fair price for the property. EA went to the vendor with the bid, and recommended they accept but they asked for more time to mull over it, that was fine with us thinking it would've been 2 or 3 days.

Fast forward 2 weeks and vendor hasn't accepted nor rejected our bid but now wants another viewing this week. EA told us there has been very little interest since our final bid has gone in and the few parties who are planning on viewing think our bid is a little bit out of budget for them.

What do we do

mimimcmc · 29-10-2020 11:21am

Starlord_01 wrote: »

Buying Assistance

Myself and my girlfriend viewed a property 3 weeks ago tomorrow, put an offer in at the viewing as we both thought it was a great fit. Small bidding war against another party which went on for 4 days, they pulled out leaving us the highest bidders, what we consider a fair price for the property. EA went to the vendor with the bid, and recommended they accept but they asked for more time to mull over it, that was fine with us thinking it would've been 2 or 3 days.

Fast forward 2 weeks and vendor hasn't accepted nor rejected our bid but now wants another viewing this week. EA told us there has been very little interest since our final bid has gone in and the few parties who are planning on viewing think our bid is a little bit out of budget for them.

What do we do

I think the only thing you can do is wait it out, if it's the right house for you it will work out

whatever76 · 29-10-2020 11:58am

Starlord_01 wrote: »

Buying Assistance

Myself and my girlfriend viewed a property 3 weeks ago tomorrow, put an offer in at the viewing as we both thought it was a great fit. Small bidding war against another party which went on for 4 days, they pulled out leaving us the highest bidders, what we consider a fair price for the property. EA went to the vendor with the bid, and recommended they accept but they asked for more time to mull over it, that was fine with us thinking it would've been 2 or 3 days.

Fast forward 2 weeks and vendor hasn't accepted nor rejected our bid but now wants another viewing this week. EA told us there has been very little interest since our final bid has gone in and the few parties who are planning on viewing think our bid is a little bit out of budget for them.

What do we do

Sellers delaying for some reason - be it getting better price or something else that they sorting in background . I had same scenario and just got tired of waiting as was v patient and just said offer on table till X and if not interested just walk away , EA wasn't chasing me to try and seal deal - hew was being cryptic to me so I just got fed up with it all as felt more going on in background. up to you though on how much you want house and if you want to risk this. The house I looked at eventually sold nearly a yar after I walked away - few grand less than my offer too . I since bought and much happier with my location so it worked out but when you in moment in time its so hard to know what to do ! Best of luck !!

Starlord_01 · 29-10-2020 1:27pm

mimimcmc wrote: »

I think the only thing you can do is wait it out, if it's the right house for you it will work out

Fingers crossed! Thanks.

whatever76 wrote: »

Sellers delaying for some reason - be it getting better price or something else that they sorting in background . I had same scenario and just got tired of waiting as was v patient and just said offer on table till X and if not interested just walk away , EA wasn't chasing me to try and seal deal - hew was being cryptic to me so I just got fed up with it all as felt more going on in background. up to you though on how much you want house and if you want to risk this. The house I looked at eventually sold nearly a yar after I walked away - few grand less than my offer too . I since bought and much happier with my location so it worked out but when you in moment in time its so hard to know what to do ! Best of luck !!

Hopefully it does, ticks all our boxes. Thanks.

Cian59 · 29-10-2020 3:15pm

mimimcmc wrote: »

I think the only thing you can do is wait it out, if it's the right house for you it will work out

I wish someone told me at the very start that the hardest thing when buying a house is the waiting. Every part of the process involves huge waits with no information. I'll be a master in patience by the end of this.

givyjoe · 29-10-2020 3:26pm

Starlord_01 wrote: »

Buying Assistance

Myself and my girlfriend viewed a property 3 weeks ago tomorrow, put an offer in at the viewing as we both thought it was a great fit. Small bidding war against another party which went on for 4 days, they pulled out leaving us the highest bidders, what we consider a fair price for the property. EA went to the vendor with the bid, and recommended they accept but they asked for more time to mull over it, that was fine with us thinking it would've been 2 or 3 days.

Fast forward 2 weeks and vendor hasn't accepted nor rejected our bid but now wants another viewing this week. EA told us there has been very little interest since our final bid has gone in and the few parties who are planning on viewing think our bid is a little bit out of budget for them.

What do we do

Hopefully don't end up in the same situation, but highest bidder myself and some slightly concerning feedback from Estate Agent. Highest bidder, bit of a bidding war, but seem to be holding off. Probably slightly over priced at this stage.

If they start dawdling I might put pressure on with "we're viewing other properties". Might hasten their decision a little. There's no bluff for them to call out but might push them to decide for fear of losing your offer.

cubatahavana · 29-10-2020 3:34pm

Cian59 wrote: »

I wish someone told me at the very start that the hardest thing when buying a house is the waiting. Every part of the process involves huge waits with no information. I'll be a master in patience by the end of this.

Sale agreed since 6/9. Still haven’t received purchasers contracts. The waiting is excruciating

mimimcmc · 29-10-2020 3:40pm

Cian59 wrote: »

I wish someone told me at the very start that the hardest thing when buying a house is the waiting. Every part of the process involves huge waits with no information. I'll be a master in patience by the end of this.

We're sale agreed since the 4th of August, been so much delaying (on the sellers side) even though the sellers wanted a quick sale as we're in a chain...
Waiting now for them to get builders in to fix an issue that arose in the engineers report.
It's been 3 weeks now since we heard anything from the estate agent.
But we're willing to hold out because it ticks all our boxes.

Starlord_01 wrote: »

Fingers crossed! Thanks.

Hopefully it does, ticks all our boxes. Thanks.

As i said ^ ours does too, so we'll hold tight and hope for the best

Starlord_01 · 29-10-2020 4:03pm

givyjoe wrote: »

Hopefully don't end up in the same situation, but highest bidder myself and some slightly concerning feedback from Estate Agent. Highest bidder, bit of a bidding war, but seem to be holding off. Probably slightly over priced at this stage.

If they start dawdling I might put pressure on with "we're viewing other properties". Might hasten their decision a little. There's no bluff for them to call out but might push them to decide for fear of losing your offer.

Yeah we have told the EA that we will be not be increasing our current bid and will re-begin our search if we hear nothing by mid next week. Got to play the waiting game now.

sanfranbest · 29-10-2020 5:43pm

Cian59 wrote: »

I wish someone told me at the very start that the hardest thing when buying a house is the waiting. Every part of the process involves huge waits with no information. I'll be a master in patience by the end of this.

Why does it take so long to purchase a property in Ireland??????

I bought a house in the US a few years ago,
Viewed it on a Monday morning, Made an offer and it was accepted Monday afternoon.
Signed all paperwork on Tuesday,
The sale was recorded on Thursday at 10am and I had the keys and moved in Thursday afternoon.
So four days from viewing to moving in.
The house was vacant,, so that helped speed things up.

GrumPy · 29-10-2020 6:00pm

cubatahavana wrote: »

Sale agreed since 6/9. Still haven’t received purchasers contracts. The waiting is excruciating

We're 5/8 - I'm fit for the looney bin.

cubatahavana · 29-10-2020 6:38pm

GrumPy wrote: »

We're 5/8 - I'm fit for the looney bin.

That I’d call taking the p**s

Shoden · 29-10-2020 6:45pm

sanfranbest wrote: »

Why does it take so long to purchase a property in Ireland??????

I bought a house in the US a few years ago,
Viewed it on a Monday morning, Made an offer and it was accepted Monday afternoon.
Signed all paperwork on Tuesday,
The sale was recorded on Thursday at 10am and I had the keys and moved in Thursday afternoon.
So four days from viewing to moving in.
The house was vacant,, so that helped speed things up.

Likewise, one of the lads bought in Canada. Went into the bank, filled out a six page form, they told him how much he could borrow, he bought a place within that amount and was moved in and all in a few weeks from start to finish. He's laughing at all of our issues and roadblocks!

What the hell is wrong with the system here!?

CarMc · 29-10-2020 7:11pm

Shoden wrote: »

Likewise, one of the lads bought in Canada. Went into the bank, filled out a six page form, they told him how much he could borrow, he bought a place within that amount and was moved in and all in a few weeks from start to finish. He's laughing at all of our issues and roadblocks!

What the hell is wrong with the system here!?

Not sure I'd want it to be that quick - what about legal searches, land registry searches, surveys etc?

But yes I agree it's a convoluted process here with loads of unnecessary delays, I think most of them are the solicitors just sitting on documents. We signed on a Friday, solicitor said they would get all the docs ready that afternoon and courier to the vendors solicitor. I checked the following Thursday to see if the vendor had signed and was told the documents were only going out that day! So they sat on them for 6 days for no reason. Delays like that all the way through add up.

Shoden · 29-10-2020 7:17pm

CarMc wrote: »

Not sure I'd want it to be that quick - what about legal searches, land registry searches, surveys etc?

But yes I agree it's a convoluted process here with loads of unnecessary delays, I think most of them are the solicitors just sitting on documents. We signed on a Friday, solicitor said they would get all the docs ready that afternoon and courier to the vendors solicitor. I checked the following Thursday to see if the vendor had signed and was told the documents were only going out that day! So they sat on them for 6 days for no reason. Delays like that all the way through add up.

I'm sure, given that he got a mortgage for it that all the required legal steps were taken.

sanfranbest · 29-10-2020 7:19pm

CarMc wrote: »

Not sure I'd want it to be that quick - what about legal searches, land registry searches, surveys etc?

But yes I agree it's a convoluted process here with loads of unnecessary delays, I think most of them are the solicitors just sitting on documents. We signed on a Friday, solicitor said they would get all the docs ready that afternoon and courier to the vendors solicitor. I checked the following Thursday to see if the vendor had signed and was told the documents were only going out that day! So they sat on them for 6 days for no reason. Delays like that all the way through add up.

It's safer here in the USA,, You must buy Title Insurance,,, and if anything is found after the sale,, the Title insurance will sort it out.
Great system to speed things up.

cnocbui · 29-10-2020 7:51pm

sanfranbest wrote: »

It's safer here in the USA,, You must buy Title Insurance,,, and if anything is found after the sale,, the Title insurance will sort it out.
Great system to speed things up.

It's even safer in Western Australia. All the titles and maps are compterised. No need for insurance. You can buy and sell houses without needing a solicitor Fees for a settlement agent can be around €390.

cnocbui · 29-10-2020 7:58pm

Shoden wrote: »

Likewise, one of the lads bought in Canada. Went into the bank, filled out a six page form, they told him how much he could borrow, he bought a place within that amount and was moved in and all in a few weeks from start to finish. He's laughing at all of our issues and roadblocks!

What the hell is wrong with the system here!?

Same in Australia, quick, efficient and low cost.

The Irish government has a policy of ensuring there are financial frictions built into everything, in the belief this generates lots of jobs and employment, so instead of fixing the rubbish in the inherited British legal system, they preserve and enhance it to make sure you need to employ a lawyer, instead of fixing the legal garbage and ancillaries like the title system so you don't need a solicitor and the whole process can be made a lot simpler and cheaper.

Another example would be BER certificates. What a crock of poo that one is.

td2008 · 29-10-2020 8:12pm

Bubbaclaus wrote: »

Some of the banks cashback offers are expiring 31 December, what do people think are the chances of them being retained?

Wouldn't surprise me if they do away with it and reduce rates instead to compete with the Avant headline rates.

Watching a BOI home buyer event and they mentioned it would be extended - no dates given though

brisan · 29-10-2020 8:40pm

CarMc wrote: »

Not sure I'd want it to be that quick - what about legal searches, land registry searches, surveys etc?

But yes I agree it's a convoluted process here with loads of unnecessary delays, I think most of them are the solicitors just sitting on documents. We signed on a Friday, solicitor said they would get all the docs ready that afternoon and courier to the vendors solicitor. I checked the following Thursday to see if the vendor had signed and was told the documents were only going out that day! So they sat on them for 6 days for no reason. Delays like that all the way through add up.

All those documents in a proper system would be digitized and on line
easy to access for solicitors etc
However we use an archaic British system that looks after solicitors and the state

GrumPy · 30-10-2020 10:05am

cubatahavana wrote: »

That I’d call taking the p**s

Tell me about it. Approx. 20 pre contratual questions raised, most answered. However, my solicitor advised he is waiting on a document requested from the land registry that 'could take weeks because of COVID'. I don't even know what it is for.
At this point, I'd sign anything to get the keys. Our mortgage offer expires on Dec 26th, and most banks stop lending by the second week of December each year, so if things don't work themselves out during Nov, we are knackered.

We are also technically homeless right now, and relying on temporary accomodation with friends from tomorrow night. I've illustrated my pain with a timeline, hopefully no-one else has to go through this long of a wait.

cubatahavana · 30-10-2020 12:06pm

GrumPy wrote: »

Tell me about it. Approx. 20 pre contratual questions raised, most answered. However, my solicitor advised he is waiting on a document requested from the land registry that 'could take weeks because of COVID'. I don't even know what it is for.
At this point, I'd sign anything to get the keys. Our mortgage offer expires on Dec 26th, and most banks stop lending by the second week of December each year, so if things don't work themselves out during Nov, we are knackered.

We are also technically homeless right now, and relying on temporary accomodation with friends from tomorrow night. I've illustrated my pain with a timeline, hopefully no-one else has to go through this long of a wait.

I feel your pain

Went to solicitor to sign loan offer acceptance, as it was going to lapse. Purchasers signed contracts (supposedly) last Wednesday (9 days ago). My solicitor has not received them yet. I’m beyond pissed off

Leozord · 30-10-2020 2:24pm

by the way, when ye transfer the deposit amount to your solicitor, how you do that when it is over 10K?

drop over a branch and fill the transfer form?

or do it in instalments?

I had to transfer 1/3 each day due to the transfer limit with BOI... when I went to a branch, they told me it was not possible to increase the limit of a (online) transfer wth

Skylinehead · 30-10-2020 2:37pm

GrumPy wrote: »

Tell me about it. Approx. 20 pre contratual questions raised, most answered. However, my solicitor advised he is waiting on a document requested from the land registry that 'could take weeks because of COVID'. I don't even know what it is for.
At this point, I'd sign anything to get the keys. Our mortgage offer expires on Dec 26th, and most banks stop lending by the second week of December each year, so if things don't work themselves out during Nov, we are knackered.

We are also technically homeless right now, and relying on temporary accomodation with friends from tomorrow night. I've illustrated my pain with a timeline, hopefully no-one else has to go through this long of a wait.

I can do one better (worse?): Sale agreed 17 January, keys yesterday.

Whole host of delays, some my fault (got a bit of money off when Covid was hitting), but mostly it was the vendor deciding to convert the title from leasehold to freehold midway through. Dublin City Council took 4 months+ to get that sorted. At least I don't have to do it, and apparently the sale would be complicated if that wasn't done.

Still, finally done, so delighted :cool:

cubatahavana · 30-10-2020 3:22pm

Leozord wrote: »

by the way, when ye transfer the deposit amount to your solicitor, how you do that when it is over 10K?

drop over a branch and fill the transfer form?

or do it in instalments?

I had to transfer 1/3 each day due to the transfer limit with BOI... when I went to a branch, they told me it was not possible to increase the limit of a (online) transfer wth

The polite way to do it is through a branch. Do it once and don’t keep the purchaser waiting

VegetaIRL8e · 30-10-2020 3:34pm

Anyone know the answer to this "technicality" id appreciate it.
As an e.g Got my AIP with me having 60k in savings. Ive now gone through to sale agreed on a place, however used 10k of the savings for the booking deposit + solicitor fees. When the bank ask for the proof of "balance of funds" Im assuming this is only the balance of whats what I need to make up once their part is paid, correct? they dont expect the 60k still to be there?

Springy Turf · 30-10-2020 4:16pm

VegetaIRL8e wrote: »

Anyone know the answer to this "technicality" id appreciate it.
As an e.g Got my AIP with me having 60k in savings. Ive now gone through to sale agreed on a place, however used 10k of the savings for the booking deposit + solicitor fees. When the bank ask for the proof of "balance of funds" Im assuming this is only the balance of whats what I need to make up once their part is paid, correct? they dont expect the 60k still to be there?

My guess would be the booking deposit goes towards to cost of the house, so this is part of your balance of funds. The solicitors fees on the other hand will not be going towards the house, so my guess is you'll need that separately.

michellie · 30-10-2020 7:21pm

Everything sorted with the bank since Wednesday, the mortgage advisor said it's taking 7days for the letter of offer to be sent out so hopefully that'll be here next week. Our purchasers signed their contract yesterday so it's in the post. And our solicitor received the contract for the new house today.

cubatahavana · 30-10-2020 8:34pm

Solicitor said he received signed contracts from purchasers. Signing sale and purchase of new home on Monday. Time for a glass of wine with the wife

AdesR · 31-10-2020 3:14am

Currently playing the waiting game =\

Went sale agreed end august, and finally had the contracts on 5 October.

As this was a pyrite affected property we need to have the pyrite green cert or the place is not eligible for a mortgage.
The EA said they kept it in the vault with the Deeds, my solicitor says they didn't receive it with them.
Requested the documentation, and it's been complete radio silence for 4 weeks.

Either messages are being dropped somewhere in this game of chinese whispers between our solicitor, their solicitor and the vendor.
Or, they don't actually have the pyrite green cert and this thing will fall through.

Doesn't seem like we're going to make our hoped for date in December =\

Darc19 · 31-10-2020 8:16am

sanfranbest wrote: »

Why does it take so long to purchase a property in Ireland??????

I bought a house in the US a few years ago,
Viewed it on a Monday morning, Made an offer and it was accepted Monday afternoon.
Signed all paperwork on Tuesday,
The sale was recorded on Thursday at 10am and I had the keys and moved in Thursday afternoon.
So four days from viewing to moving in.
The house was vacant,, so that helped speed things up.

Can be done in just two weeks here in above situation.

I bought a small investment property earlier this year on bidx1, auction was on a Thursday, I had the keys two weeks later.

1. Seller (receiver) had all docs ready and you could view them before auction.

2. No loan finance involved

3. Both sides had solicitors that were efficient

In the US it is simpler than here, but it still takes 4-8 weeks to get legals completed unless a receiver type sale where everything is ready to go.

Sweet.Science · 31-10-2020 9:46am

Signing for my house sale next week .

How long after that do I have before I have to get out ?

cubatahavana · 31-10-2020 9:48am

Sweet.Science wrote: »

Signing for my house sale next week .

How long after that do I have before I have to get out ?

If you mean that you’re signing contracts, you will set the closing date. It will be negotiated usually with the purchasers, as far as I know

Leozord · 31-10-2020 1:32pm

cubatahavana wrote: »

Solicitor said he received signed contracts from purchasers. Signing sale and purchase of new home on Monday. Time for a glass of wine with the wife

now how long until you handle the keys over?

cubatahavana · 31-10-2020 1:36pm

Leozord wrote: »

now how long until you handle the keys over?

We want to move to our new build beginning of December. Need to check with foreman first. If not, after christmas

Don’t know how it will go with the purchasers, but they’ve put us through a bit of stress, so we will see

dev_ire · 01-11-2020 3:24pm

Is the only advantage of having a BOI current account to pay your BOI mortgage that if you set it to pay out on 29th it pays the same day? You still will pay 6 euro per month fees starting this month right? Can you set your mortgage to pay out on 29th/30th or does it need to be 28th or is it smart enough to pay in Feb?

Cash_Q · 01-11-2020 6:48pm

squareboy007 wrote:

The contracts are signed on the house we are buying but it is currently going through Probate in Dublin.

We're in a very similar situation but dates a little behind you, sold our house 13th Oct and living with my parents. Probate application accepted 14th September as far as we know. Would love to hear how you get on, we are sick of waiting but not much we can do about it. Everything else is in order, contracts signed on both sides and loan offer in place so hopefully once probate is granted the finance can be drawn down quickly and we can get the keys.

Dolbhad · 01-11-2020 8:40pm

Cash_Q wrote: »

We're in a very similar situation but dates a little behind you, sold our house 13th Oct and living with my parents. Probate application accepted 14th September as far as we know. Would love to hear how you get on, we are sick of waiting but not much we can do about it. Everything else is in order, contracts signed on both sides and loan offer in place so hopefully once probate is granted the finance can be drawn down quickly and we can get the keys.

Probate in Dublin probate office is about 8 weeks at moment. However if they raise queries, it delays things as information is gotten and submitted back in for review. The probate office in Dublin if you ring have a message set up every week to let people know what week they are dealing with and the time it takes. If you know when the sellers solicitor put in grant of probate, ring the office tomorrow and see if they are dealing with that week yet. Than take 8 weeks from it.

Cash_Q · 02-11-2020 3:44am

Dolbhad wrote:

Probate in Dublin probate office is about 8 weeks at moment. However if they raise queries, it delays things as information is gotten and submitted back in for review. The probate office in Dublin if you ring have a message set up every week to let people know what week they are dealing with and the time it takes. If you know when the sellers solicitor put in grant of probate, ring the office tomorrow and see if they are dealing with that week yet. Than take 8 weeks from it.

That's really helpful, thank you!

For what its worth for anyone reading, here is our timeline for both sale/purchase as second time buyers

Sale:
House on market 2nd July
Sale agreed 5th August
Contracts signed our end 25th September
Keys handed over and sale closed 13th October (original closing date of 2nd October delayed by slow drawdown of funds, buyer financed by PTSB)

Purchase:
House on market 10th July
Sale agreed 30th July
Contracts signed our end 25th September, their end somewhere between 2nd and 13th October
Awaiting grant of probate...

We had the advantage of buying through the same estate agent that was selling our house so they accepted our offer before we had accepted one on our own house.

Whatdoyoumean · 02-11-2020 2:02pm

Does anybody have any experience waiting on funds to be cleared? Our solicitor transferred the funds to the vendors solicitor at the end of last week, they have received them but waiting for them to be cleared.

What does this mean in practice and how long does this generally take?

cnocbui · 02-11-2020 2:08pm

Did they use a bank cheque for the transfer?

Cian59 · 02-11-2020 3:16pm

Anyone have a typical timeline for Vendor solicitor to send contracts over. I've just been sitting around waiting but no news.

michellie · 02-11-2020 3:23pm

Cian59 wrote: »

Anyone have a typical timeline for Vendor solicitor to send contracts over. I've just been sitting around waiting but no news.

Our offer was accepted Oct 19th and our solicitor received the contract Oct 29th.

GrumPy · 02-11-2020 4:24pm

Cian59 wrote: »

Anyone have a typical timeline for Vendor solicitor to send contracts over. I've just been sitting around waiting but no news.

It's really how long is a piece of string unfortunately. Sometimes they can be turned around in days. We went Sale Agreed on August 5th, and still have no contracts....

cubatahavana · 02-11-2020 4:40pm

Contracts of sale signed, contracts of purchase signed. Now we need to check with the foreman if the house will be ready in the next 4 weeks or so so we can agree a closing date

Leozord · 02-11-2020 5:55pm

Cian59 wrote: »

Anyone have a typical timeline for Vendor solicitor to send contracts over. I've just been sitting around waiting but no news.

I've got sale agreed on the 5th of September, got the contract around the 26th

Meraf · 02-11-2020 6:10pm

Cian59 wrote: »

Anyone have a typical timeline for Vendor solicitor to send contracts over. I've just been sitting around waiting but no news.

I'm on the same boat, Sale agreed on 28th of Sept . Still waiting for contract from vendors solicitor..

GrumPy · 02-11-2020 6:11pm

Meraf wrote: »

I'm on the same boat, Sale agreed on 28th of Sept . Still waiting for contract from vendors solicitor..

That was last week, you'll probably be waiting a wee bit longer... Here's hoping no though!

Meraf · 02-11-2020 6:20pm

GrumPy wrote: »

That was last week, you'll probably be waiting a wee bit longer... Here's hoping no though!

GrumPy - a month and a week now

28th of Septembert but reading how long it takes you might be right that waiting time might be much longer

cubatahavana · 02-11-2020 7:23pm

Our timeline so far:

Sale

House put for sale: 30/07/20
Sale Agreed: 5/09/20
Contracts sent: around 10-12 september
Contracts signed by purchaser: 22/10/2020
Contracts returnd by purchaser:30/10/2020
Contracts signed by us: 2/11/2020

Purchase

Sale Agreed: 13/08/20 (with letter from broker instead of AIP)
AIP: 20/08/20
Received contracts: 25/08/20
Loan offer: 06/09/2020
Signed contracts: 2/11/20

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

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