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

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Comments

  • #362
    Joolz30
    Registered Users Posts: 13 ✭Joolz30


    Went sale agreed in a 4 bed south Dublin.
    Were looking for 2 months. Booking deposit paid, survey and valuation done contracts being sent out in next few days/weeks.


  • #363
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    randoplh134 wrote: »
    I'm not selling a property right now but a buddy of mine viewed a property 8 days ago and the EA has contacted him today to confirm his bid was accepted.

    Asking price was 475k, bid was 425k. There is desperation in the air already from some sellers.

    Forget the Corona Virus, can you not see the Dow Jones peaking earlier this year? The only way is down mate. Leave it alone and the price will have dropped a third before christmas!!


  • #364
    fergus1001
    Registered Users Posts: 2,625 ✭✭✭fergus1001


    skooterblue2 wrote:
    Forget the Corona Virus, can you not see the Dow Jones peaking earlier this year? The only way is down mate. Leave it alone and the price will have dropped a third before christmas!!


    agree, if your in a good stable job wait a couple of months and see what happens dont get caught out like the people in 2006 and 2007


  • #365
    road_high
    Registered Users Posts: 19,384 ✭✭✭✭road_high


    fergus1001 wrote: »
    agree, if your in a good stable job wait a couple of months and see what happens dont get caught out like the people in 2006 and 2007

    There’s no rush- I think there will be a glut of properties soon enough with few buyers. Anyone buying now I’d sit out out a while and not be rushed into anything- they’re certainly not going to shoot up in price, that’s for sure


  • #366
    MarkJD
    Registered Users Posts: 802 ✭✭✭MarkJD


    FutureGuy wrote: »
    Has anyone signed contracts and have 10% over with solicitors?

    Yes we only did this last week. We have been waiting for an update from the Seller that they have also signed to agree to the closing date (24th April) but the 10% is gone over and everything was signed.

    Reading people pulling out of Sales Agreed has me very worried now but in the same mind someone mentioned they need somewhere to live and its cheaper than their rent! Pretty much the same boat as myself!

    Any reason you where wondering or you think its mad to proceed?


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  • #367
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,226 Mod ✭✭✭✭FutureGuy


    MarkJD wrote: »
    Yes we only did this last week. We have been waiting for an update from the Seller that they have also signed to agree to the closing date (24th April) but the 10% is gone over and everything was signed.

    Reading people pulling out of Sales Agreed has me very worried now but in the same mind someone mentioned they need somewhere to live and its cheaper than their rent! Pretty much the same boat as myself!

    Any reason you where wondering or you think its mad to proceed?

    I just want to know what options are available to us.

    Can anyone answer this please?

    What is the actually process for EVERYTHING being signed. We signed the papers and we know the vendors have also signed. Now, do we have to sign something again before we can say that EVERYTHING is signed (and deposits are not returnable).


  • #368
    awec
    Administrators Posts: 53,335 Admin ✭✭✭✭✭awec


    FutureGuy wrote: »
    I just want to know what options are available to us.

    Can anyone answer this please?

    What is the actually process for EVERYTHING being signed. We signed the papers and we know the vendors have also signed. Now, do we have to sign something again before we can say that EVERYTHING is signed (and deposits are not returnable).

    If you've signed contracts with your solicitor then you've bought. Backing out now means forfeiting deposit.


  • #369
    skooterblue2
    Closed Accounts Posts: 6,816 ✭✭✭skooterblue2


    fergus1001 wrote: »
    agree, if your in a good stable job wait a couple of months and see what happens dont get caught out like the people in 2006 and 2007

    Remember all those who bought 2009 when the arse had completely fallen out of the market?


  • #370
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,226 Mod ✭✭✭✭FutureGuy


    awec wrote: »
    If you've signed contracts with your solicitor then you've bought. Backing out now means forfeiting deposit.

    Thanks but my question is we were told by EA that we have a final piece to sign at our solicitors and to go in?


  • #371
    accensi0n
    Registered Users Posts: 2,738 ✭✭✭accensi0n


    skooterblue2 wrote: »
    Remember all those who bought 2009 when the arse had completely fallen out of the market?

    What?

    Is your point that prices were lower again in 2011/2012?


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  • #372
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,463 Mod ✭✭✭✭johnnyskeleton


    FutureGuy wrote: »
    Thanks but my question is we were told by EA that we have a final piece to sign at our solicitors and to go in?

    Might be some anciliary document e.g. signing a management company agreement, signing a family home declaration etc. There are a few things to be signed.

    But the main one is the contract for sale. Once that is signed and deposit paid the sale is binding.

    While Im not giving legal advice, Id sound a note of caution re this idea that theres a point where deposits are no longer refundable. If a binding contract is in place, then the consequences of backing out arent limited to just forfeiting the deposit!


  • #373
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,226 Mod ✭✭✭✭FutureGuy


    johnnyskeleton wrote: »
    Might be some anciliary document e.g. signing a management company agreement, signing a family home declaration etc. There are a few things to be signed.

    But the main one is the contract for sale. Once that is signed and deposit paid the sale is binding.

    While Im not giving legal advice, Id sound a note of caution re this idea that theres a point where deposits are no longer refundable. If a binding contract is in place, then the consequences of backing out arent limited to just forfeiting the deposit!

    Can you be clear on other “consequences?”


  • #374
    awec
    Administrators Posts: 53,335 Admin ✭✭✭✭✭awec


    FutureGuy wrote: »
    Thanks but my question is we were told by EA that we have a final piece to sign at our solicitors and to go in?

    The contract is a single document, not a collection of documents. You'd have recognised it when signing, it would have been many pages, solicitor likely went through it with you and pointed out some things.

    If you've transferred your deposit to your solicitor, then you've likely signed the contract.


  • #375
    scarepanda
    Registered Users Posts: 3,435 ✭✭✭scarepanda


    We've been told that we are only legally bound to the contracts once the vendors also sign.


  • #376
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,226 Mod ✭✭✭✭FutureGuy


    To be honest, this is our house we plan on staying in so I’m not concerned about the value of the house dropping. I’m concerned about the bank pulling something and we cannot buy it.


  • #377
    scarepanda
    Registered Users Posts: 3,435 ✭✭✭scarepanda


    FutureGuy wrote: »
    To be honest, this is our house we plan on staying in so I’m not concerned about the value of the house dropping. I’m concerned about the bank pulling something and we cannot buy it.

    We're the same. Our broker has said that they bank are committed to the current loan offer. And he said he would think the bank will issue an extension of our current offer if it expires, which it is due to in a few weeks time. Now I wouldn't be as confident on an extension being granted. But time will tell.


  • #378
    nutjobb
    Registered Users Posts: 88 ✭✭nutjobb


    Sale agreed since September on a second hand property but had to go through retention planning process. The notification to grand was issued last week but final grant takes another month after that, problem is our mortgage offer will be expired by that time.

    Fears over banks shutting, rejecting new applications we asked our solicitor to draw down on our behalf yesterday so in theory all we need to is wait for grant. A bit of a risk but well warranted I think.

    I am not worried about prices falling in our particular case as we purchased modestly as we are in a rural location. If we were at the top end of budget I would be reconsidering. However if you need some place to live and your caught with extreme rent I would still proceed, as I dont see too many other options for people.


  • #379
    awec
    Administrators Posts: 53,335 Admin ✭✭✭✭✭awec


    scarepanda wrote: »
    We've been told that we are only legally bound to the contracts once the vendors also sign.

    This is correct. :)


  • #380
    awec
    Administrators Posts: 53,335 Admin ✭✭✭✭✭awec


    FutureGuy wrote: »
    To be honest, this is our house we plan on staying in so I’m not concerned about the value of the house dropping. I’m concerned about the bank pulling something and we cannot buy it.

    How far are you off completion?


  • #381
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    Sale agreed since feb got a survey done and wasnt happy with some things so chanced our arm and got 2% off if we dont come back looking for more. Nothing signed but not sure if we should ask for more of or just keep moving? They have been delaying on there end so it will be a while before anything happens now


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  • #382
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,226 Mod ✭✭✭✭FutureGuy


    awec wrote: »
    How far are you off completion?

    Contract signed by both parties, our solicitor apparently has contracts but hasn’t responded to us since Monday last week.

    Deposits sent over to our solicitor.

    The contract stated that closing date is 2 weeks after contracts signed. That was 2 weeks ago.

    If he doesn’t answer calls tomorrow I’m going to start panicking.


  • #383
    Elemeno
    Registered Users Posts: 1 ✭Elemeno


    How long during the last recession did it take before house prices started to fall?

    I'm sale agreed on a house to buy, but now seriously considering pulling out of the sale incase property prices fall due to this coronavirus. I'm a cash buyer as I've already sold and completed the sale on my old apartment which I'd paid off so I'm in temporary accommodation which isn't ideal. The house I'm supposed to be buying isn't a long term house, I would have been hoping to sell in a couple of years when I can get a mortgage to buy a bigger property. If prices are likely to fall in the next 6 months then I'll hold out to buy but as I'm in temporary accommodation I can't wait forever. Finding a long term rental appears to be difficult as I have a disabled child and a dog.


  • #384
    sanjose1
    Registered Users Posts: 67 ✭✭sanjose1


    I took out 120k from my private pension 6 weeks back to purchase an apartment under the PRSA scheme. I have paid 5k deposit, still awaiting offer letter for the balance for mortgage, 60k odd. Obviously relieved to have got out of the markets but can I still pull out of the sale ? My pension balance all with wealthoptions who are operating the P.R.S.A scheme


  • #385
    Badger242
    Registered Users Posts: 22 ✭Badger242


    We are in the process of buying a new build house but with the current coronavirus outbreak we are considering whether it's wise to continue. When we met our solicitor we signed the contracts. I was under impression that he would hold them and only send to vendor once everything was ready to go. We are still waiting for a BER cert, home bond cert and have yet to snag the property.

    The problem is that our solicitor has already sent the contract to the vendor. They have yet to return signed copies.

    Is it too late for us to pull out of sale? If we do will there be financial consequences?


  • #386
    wyndham
    Registered Users Posts: 2,284 ✭✭✭wyndham


    Badger242 wrote: »
    We are in the process of buying a new build house but with the current coronavirus outbreak we are considering whether it's wise to continue. When we met our solicitor we signed the contracts. I was under impression that he would hold them and only send to vendor once everything was ready to go. We are still waiting for a BER cert, home bond cert and have yet to snag the property.

    The problem is that our solicitor has already sent the contract to the vendor. They have yet to return signed copies.

    Is it too late for us to pull out of sale? If we do will there be financial consequences?

    What did your solicitor say?


  • #387
    Dav010
    Registered Users Posts: 13,982 ✭✭✭✭Dav010


    Once you sign the contract, you are agreeing to the terms offered in that contract. At the least, you should expect to loose your deposit, the vendor can sue to make you complete.

    Did your solicitor have a clause inserted that it was subject to finance from bank?


  • #388
    afloat44
    Registered Users Posts: 1 ✭afloat44


    Long-time lurker, first time poster.

    We went sale agreed on our "forever family home" in the countryside in October. There were planning issues which were resolved by January, and we exchanged contracts last week, closing date SHOULD be next Friday. The final paperwork to draw down the mortgage is with the bank now and I'm bricking it.

    While house prices will fall, I have a secure public sector job, even though we are on one income, and we're buying for 20 years hopefully. Also, virtually no houses like this have come up in the place we want to buy - planning is very restricted - so I'm happy to go ahead with it.


  • #389
    Ray Palmer
    Registered Users Posts: 8,346 ✭✭✭Ray Palmer


    It has no bearing on what will happen next this is way more than a recession. People may want to live differently going forward. Certain jobs will be gone forever as a result.

    Nobody knows what will happen and speculation won't really help. Discussing it is no problem but remember nobody knows.


  • #390
    Luluk
    Registered Users Posts: 120 ✭✭Luluk


    I am a FTB. Paid booking deposit to my solicitor a few weeks ago and signed contracts on a new build house (off plans). Waiting for seller to return signed contracts so I can claim HTB. My HTB expires on March 31st. I'm really worried as my house wasn't due for completion until September 2020, and that was before the virus hit. If the valuation comes in low, as I'm sure it will by the times it's built, my mortgage may be refused. I don't know what to do. The house sale is subject to mortgage approval, but guessing I would lose my HTB at the very least.


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  • #391
    Badger242
    Registered Users Posts: 22 ✭Badger242


    We haven't discussed this with solicitor yet. It' only in the last couple of days that we have considered withdrawing. I will have to try and make contact with him tomorrow to discuss (he can be tough to get hold of).

    There is no clause in the contract regarding subject to finance from bank. The contract has the following clause in the contract that may cover us

    'No Contract for Sale shall be deemed to be in existence between the Vendor and the Purchaser until such time that the Contract for Sale has been executed by both the Purchaser and the Vendor, exchanged and the full deposit (10% of the Purchase Price) has been paid by the Purchaser and accepted by the Vendor'

    By my understanding we can still pull out as the deposit hasn't been paid. Anyone know if this is the case?


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