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

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Comments

  • #1532
    JL555
    Registered Users Posts: 288 ✭✭JL555


    We managed to negotiate an additional discount from our vendor, they are paying all our legal fees (including stamp duty), drawing down now so hopefully only 2-3 weeks left for us.


  • #1533
    Auctioneera
    Closed Accounts Posts: 46 ✭Auctioneera


    JL555 wrote: »
    We managed to negotiate an additional discount from our vendor, they are paying all our legal fees (including stamp duty), drawing down now so hopefully only 2-3 weeks left for us.

    Sounds like a very sensible deal all round. Congrats!


  • #1534
    Toffeeboy
    Registered Users Posts: 187 ✭✭Toffeeboy


    Hi, When will Removal companies be back working?


  • #1535
    neddynono
    Registered Users Posts: 287 ✭✭neddynono


    https://www.irishexaminer.com/breakingnews/ireland/challenge-to-banks-refusing-mortgage-drawdown-due-to-covid-19-subsidy-1000912.html

    Update from the dail earlier today. Wonder if anyone who’s bank are saying no to drawdown will now be able to do so?


  • #1536
    Maz2016
    Registered Users Posts: 1,103 ✭✭✭Maz2016


    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.

    Also, going for mortgage meetings for AIP, does that go on your credit check, and if so would that come against you if you tried a few banks ?


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  • #1537
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    Maz2016 wrote: »
    Also, going for mortgage meetings for AIP, does that go on your credit check, and if so would that come against you if you tried a few banks ?


    Nope.


  • #1538
    Giggles90
    Registered Users Posts: 38 ✭Giggles90


    Our bank just got back to us today saying all the conditions have been met but a final valuation will have to be done.

    The valuation of the property was just done a month ago, and were just nearly ready to draw down - still waiting for them to send the loan pack after requesting it last week.

    I asked our broker what is involved in the final valuation but she has not replied, does this mean the valuation will have to be completed again???


  • #1539
    Marcusm
    Registered Users Posts: 10,175 ✭✭✭✭Marcusm


    neddynono wrote: »
    https://www.irishexaminer.com/breakingnews/ireland/challenge-to-banks-refusing-mortgage-drawdown-due-to-covid-19-subsidy-1000912.html

    Update from the dail earlier today. Wonder if anyone who’s bank are saying no to drawdown will now be able to do so?

    If the government wants to make a clear statement and immunise them from regulatory action in the future then I'd say banks will want to lend. The paralysis comes from caution that lending to people in potential distress will lead to a huge fine or compensation later.


  • #1540
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    Giggles90 wrote: »
    Our bank just got back to us today saying all the conditions have been met but a final valuation will have to be done.

    The valuation of the property was just done a month ago, and were just nearly ready to draw down - still waiting for them to send the loan pack after requesting it last week.

    I asked our broker what is involved in the final valuation but she has not replied, does this mean the valuation will have to be completed again???

    Which bank are you with?


  • #1541
    Giggles90
    Registered Users Posts: 38 ✭Giggles90


    SpencerJC wrote: »
    Which bank are you with?

    Finance ireland


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  • #1542
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    JL555 wrote: »
    We managed to negotiate an additional discount from our vendor, they are paying all our legal fees (including stamp duty), drawing down now so hopefully only 2-3 weeks left for us.

    Great for you! What was the background for this?


  • #1543
    lfen
    Registered Users Posts: 196 ✭✭lfen


    Giggles90 wrote: »
    Our bank just got back to us today saying all the conditions have been met but a final valuation will have to be done.

    The valuation of the property was just done a month ago, and were just nearly ready to draw down - still waiting for them to send the loan pack after requesting it last week.

    I asked our broker what is involved in the final valuation but she has not replied, does this mean the valuation will have to be completed again???

    Sounds like it alright. The valuation itself is fairly straightforward. The concern would be that valuations in most cases were halted, so banks have quite a backlog. Ask for it to be prioritised.


  • #1544
    JL555
    Registered Users Posts: 288 ✭✭JL555


    TheSheriff wrote: »
    Great for you! What was the background for this?

    Lot's of delays and and not coming to the party with all the documentation in order causing more delays meaning additional work for our solicitor. We had considered asking them for a reduction in the sale price of about 5%, equating to about €40 pm less on the mortgage payments. Then I thought it more beneficial for them to pay all fees, meaning more cash in my pocket right now to add to the reno budget.


  • #1545
    notcarlos
    Registered Users Posts: 77 ✭✭notcarlos


    Hi everyone, we are currently in the final process of buying a property however I want to know how much did the original owners of the house paid for the property as it will help us decide wether negotiate the offer. They are the first property owner and bought it in 2005. I have attached here a document from land registry and there are two figures in there. Thanks!


  • #1546
    Claw Hammer
    Registered Users Posts: 6,153 ✭✭✭Claw Hammer


    notcarlos wrote: »
    Hi everyone, we are currently in the final process of buying a property however I want to know how much did the original owners of the house paid for the property as it will help us decide wether negotiate the offer. They are the first property owner and bought it in 2005. I have attached here a document from land registry and there are two figures in there. Thanks!

    Why do you need to know how much the original owners paid. It was in 2005, it can have no relevance to the current market value.


  • #1547
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    JL555 wrote: »
    Lot's of delays and and not coming to the party with all the documentation in order causing more delays meaning additional work for our solicitor. We had considered asking them for a reduction in the sale price of about 5%, equating to about €40 pm less on the mortgage payments. Then I thought it more beneficial for them to pay all fees, meaning more cash in my pocket right now to add to the reno budget.

    Well done! Sounds like a good negotiation. Glad you had a sensible seller.


  • #1548
    Giggles90
    Registered Users Posts: 38 ✭Giggles90


    lfen wrote: »
    Sounds like it alright. The valuation itself is fairly straightforward. The concern would be that valuations in most cases were halted, so banks have quite a backlog. Ask for it to be prioritised.

    It was only valued less than a month ago, and were ready to draw down just waiting on the bank! Would they really request another valuation in that short time??
    And we are already sale agreed for €15,000 below the last valuation


  • #1549
    lfen
    Registered Users Posts: 196 ✭✭lfen


    Giggles90 wrote: »
    It was only valued less than a month ago, and were ready to draw down just waiting on the bank! Would they really request another valuation in that short time??
    And we are already sale agreed for €15,000 below the last valuation

    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.


  • #1550
    notcarlos
    Registered Users Posts: 77 ✭✭notcarlos


    Claw Hammer wrote: »
    Why do you need to know how much the original owners paid. It was in 2005, it can have no relevance to the current market value.

    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


  • #1551
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    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

    This seems like a really strange thing to get hung up on. If you are getting a house you like at market value (or close to it) why would you care what the previous owner is making on it? Apologies if I am missing something here.


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  • #1552
    Giggles90
    Registered Users Posts: 38 ✭Giggles90


    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


  • #1553
    coughdrops
    Registered Users Posts: 170 ✭✭coughdrops


    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!


  • #1554
    Giggles90
    Registered Users Posts: 38 ✭Giggles90


    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 🙄🙄🙄


  • #1555
    Claw Hammer
    Registered Users Posts: 6,153 ✭✭✭Claw Hammer


    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.


  • #1556
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    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?


  • #1557
    Ubbquittious
    Registered Users Posts: 6,177 ✭✭✭Ubbquittious


    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?


  • #1558
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    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.


  • #1559
    JL555
    Registered Users Posts: 288 ✭✭JL555


    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)


  • #1560
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    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


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  • #1561
    Ubbquittious
    Registered Users Posts: 6,177 ✭✭✭Ubbquittious


    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


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