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

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Comments

  • Registered Users Posts: 298 ✭✭Jmc25


    Just reading all the posts here about whether it's a good time to buy, weighing up the amount you'll spend in rent vs the amount you could potentially lose if prices dip (and my gut feeling is that long term, cheaper houses is the way the wind is blowing politically), what happens if interest rates go up etc etc etc....

    Sometimes you have to take a step back and just ask how, as a society here in Ireland and basically throughout the western world with some exceptions, we've turned an essential purchase which provides the for the very basic and essential need for a place to live, into what really amounts to a massive financial gamble.


  • Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    please read the mod note in the opening post.

    As a courtesy to those that are actually buying/selling, please take the general property market discussion to the Irish Property Market Chat thread.


  • Registered Users Posts: 412 ✭✭Dublinandy3


    Hi All,

    So we've put a 5k deposit down on a new build. We've got an AIP on a mortgage and been approved for the Help to buy which covers the 10%. I was just wondering what happens to that 5k deposit. Previous when the help to buy was 5% it would have been taken off the deposit, but give my 10% deposit is fully covered does that mean I am putting the 5k towards the original 10%, or will it come off the price of the house after the HTB has paid the 10%?


  • Registered Users Posts: 414 ✭✭Emma2019


    We've sent our signed contracts to the vendors solicitors with a requested closing date of 3rd June. Any idea what the average time to hear back about whether that's accepted?

    Vendor has already started packing but is in a chain, although their new house has been vacated.

    I need to activate insurances etc so wondering if the date you request isnt going to work do they usually tell you quickly? It's been 3 days since we sent them.


  • Registered Users Posts: 2,700 ✭✭✭ec18


    Emma2019 wrote: »
    We've sent our signed contracts to the vendors solicitors with a requested closing date of 3rd June. Any idea what the average time to hear back about whether that's accepted?

    Vendor has already started packing but is in a chain, although their new house has been vacated.

    I need to activate insurances etc so wondering if the date you request isnt going to work do they usually tell you quickly? It's been 3 days since we sent them.

    3 days isn't a lot when you consider the events (assuming you posted them)

    Posted Monday
    Arrives at vendors solicitor sometime Tuesday
    Could be Wednesday before the other solicitor reviews them depending on what they have on
    Thursday consults with client? Client has to think about and make some inquiries of their own on when their sale will close?

    But to answer your question it really depends on how motivated the vendors solicitor and the vendor are on when you hear back


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  • Registered Users Posts: 414 ✭✭Emma2019


    ec18 wrote: »
    3 days isn't a lot when you consider the events (assuming you posted them)

    Posted Monday
    Arrives at vendors solicitor sometime Tuesday
    Could be Wednesday before the other solicitor reviews them depending on what they have on
    Thursday consults with client? Client has to think about and make some inquiries of their own on when their sale will close?

    But to answer your question it really depends on how motivated the vendors solicitor and the vendor are on when you hear back


    Oh I had figured she'd email and then snail mail a copy to follow.

    I dont have much faith in the vendors solicitor even though the vendor really wants it all done quickly!

    Looks like I'm stuck waiting in the dark again!


  • Registered Users Posts: 2,700 ✭✭✭ec18


    Emma2019 wrote: »
    Oh I had figured she'd email and then snail mail a copy to follow.

    I dont have much faith in the vendors solicitor even though the vendor really wants it all done quickly!

    Looks like I'm stuck waiting in the dark again!

    Maybe it's changed since we bought in 2017, but both solicitors were posted for all correspondance


  • Registered Users Posts: 2,700 ✭✭✭ec18


    Emma2019 wrote: »
    Oh I had figured she'd email and then snail mail a copy to follow.

    I dont have much faith in the vendors solicitor even though the vendor really wants it all done quickly!

    Looks like I'm stuck waiting in the dark again!

    Maybe it's changed since we bought in 2017, but both solicitors were posted for all correspondence


  • Registered Users Posts: 414 ✭✭Emma2019


    Seems very unnecessary! Mine are definitely using email for some correspondences to the other side anyway. And I've had sight of a letter the other solicitors sent mine via email (scanned as an attachment).

    My solicitor got back to me yesterday and said that they usually give it a week for the other side to reply so may not hear anything until mid next week...which makes 3rd June look even more unlikely!


  • Registered Users Posts: 6,365 ✭✭✭Aisling(",)


    Just got our closing date,June 10th.
    House insurance organised and paid for.Not sure what else I've to do since we have the mortgage protection in place.Less than 3 weeks now.
    It's cracking news of a Friday morning :D:D:D


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  • Registered Users Posts: 133 ✭✭Milena009


    Hey all,

    So EA called us to say vendors solicitor posted the contract pack to ours today.
    He said he expects him to get it Monday.
    I suppose our question is when can we expect to be called in?
    Vendors have a house ready to move into and just wait on us to sign contracts.
    I hope we can move in June but is it realistic?
    Life insurance etc all sorted


  • Registered Users Posts: 414 ✭✭Emma2019


    Milena009 wrote: »
    Hey all,

    So EA called us to say vendors solicitor posted the contract pack to ours today.
    He said he expects him to get it Monday.
    I suppose our question is when can we expect to be called in?
    Vendors have a house ready to move into and just wait on us to sign contracts.
    I hope we can move in June but is it realistic?
    Life insurance etc all sorted

    Do you mean a house ready to move into as in they're buying another house? Or they have already have a house to move into?

    If your solicitor is happy with the contracts you can sign straight away but if there's any queries they usually take a few weeks to resolve.

    If your vendors are in a chain, they can't sign until you have signed, but the closing date is decided by the last person in the chain (your vendor's vendor, or your vendor's vendor's vendor however long the chain is!).

    June is possible, but whether it's probable comes down to the nuances of your sale.


  • Registered Users Posts: 133 ✭✭Milena009


    Emma2019 wrote: »
    Do you mean a house ready to move into as in they're buying another house? Or they have already have a house to move into?

    If your solicitor is happy with the contracts you can sign straight away but if there's any queries they usually take a few weeks to resolve.

    If your vendors are in a chain, they can't sign until you have signed, but the closing date is decided by the last person in the chain (your vendor's vendor, or your vendor's vendor's vendor however long the chain is!).

    June is possible, but whether it's probable comes down to the nuances of your sale.

    They already have a house to move into is our & EAs understanding.

    Alright, now just gotta sit tight and see when we get called in


  • Registered Users Posts: 414 ✭✭Emma2019


    Milena009 wrote: »
    They already have a house to move into is our & EAs understanding.

    Alright, now just gotta sit tight and see when we get called in

    I'd be ringing towards the end of next week if you haven't heard, just to make sure they've got it and are looking at it.

    Edit: Also sort your mortgage protection if you haven't already


  • Registered Users Posts: 666 ✭✭✭brianc27


    Milena009 wrote: »
    Hey all,

    So EA called us to say vendors solicitor posted the contract pack to ours today.
    He said he expects him to get it Monday.
    I suppose our question is when can we expect to be called in?
    Vendors have a house ready to move into and just wait on us to sign contracts.
    I hope we can move in June but is it realistic?
    Life insurance etc all sorted

    My solicitor received contracts from vendors solicitor last Tuesday, I contacted my solicitor to check and he had just received them, said he was looking through and would raise any queries, that was the last I'd heard, always presumed it takes a few weeks regardless of issue or not, I'm also hoping for June, end of June at latest, I'm not in a chain and house I'm buying is vacant


  • Registered Users Posts: 4,760 ✭✭✭jimmytwotimes 2013


    So tired of the process by now. Submitted docs for AIP in mid-Feb, last of docs on house we want to purchase a fortnight ago, waiting on letter of offer.

    Whole thing is so drawn out.


  • Registered Users Posts: 414 ✭✭Emma2019


    So tired of the process by now. Submitted docs for AIP in mid-Feb, last of docs on house we want to purchase a fortnight ago, waiting on letter of offer.

    Whole thing is so drawn out.

    This, except got AIP in August 2020 :o


  • Registered Users Posts: 2,817 ✭✭✭liam7831


    So tired of the process by now. Submitted docs for AIP in mid-Feb, last of docs on house we want to purchase a fortnight ago, waiting on letter of offer.

    Whole thing is so drawn out.

    Letter of offer taking between 3 weeks and a month at the moment


  • Registered Users Posts: 89 ✭✭CornettoQueen


    brianc27 wrote: »
    My solicitor received contracts from vendors solicitor last Tuesday, I contacted my solicitor to check and he had just received them, said he was looking through and would raise any queries, that was the last I'd heard, always presumed it takes a few weeks regardless of issue or not, I'm also hoping for June, end of June at latest, I'm not in a chain and house I'm buying is vacant

    Our solicitor raised queries 5 weeks ago and sellers solicitor only posted back response yesterday.


  • Registered Users Posts: 666 ✭✭✭brianc27


    Our solicitor raised queries 5 weeks ago and sellers solicitor only posted back response yesterday.

    That's crazy, sellers solicitor in my case said he wanted to close ASAP back when I first went sale agreed so hopefully he's quick with any response


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  • Registered Users Posts: 4,760 ✭✭✭jimmytwotimes 2013


    Emma2019 wrote: »
    This, except got AIP in August 2020 :o

    Oh jesus :)


  • Registered Users Posts: 4,760 ✭✭✭jimmytwotimes 2013


    liam7831 wrote: »
    Letter of offer taking between 3 weeks and a month at the moment

    Thanks for that, good to know.


  • Registered Users Posts: 17 SheepShep


    brianc27 wrote: »
    That's crazy, sellers solicitor in my case said he wanted to close ASAP back when I first went sale agreed so hopefully he's quick with any response

    Is the seller buying also? Our seller chased us to immediately sign contracts and pay deposit then didn't answer / respond to us or our solicitor to exchange contracts or agree a closing date for six months. It wasn't until we said we were pulling out they caved. I think they were using our deposit / contract as leverage in their own bids.


  • Registered Users Posts: 11,589 ✭✭✭✭Necronomicon


    I've been out of the game for about a year since our purchase fell through, just getting back on the saddle. And I've been surprised at being asked for proof of funds before arranging a viewing for anything. Not just a letter confirming mortgage, but an actual bank statement showing that you can make up the balance.

    Is this normal now? Is it just to do with limiting viewings during the pandemic? It seems incredibly invasive and puts the EA at a serious advantage knowing how much cash you have.


  • Registered Users Posts: 614 ✭✭✭random_banter


    I've been out of the game for about a year since our purchase fell through, just getting back on the saddle. And I've been surprised at being asked for proof of funds before arranging a viewing for anything. Not just a letter confirming mortgage, but an actual bank statement showing that you can make up the balance.

    Is this normal now? Is it just to do with limiting viewings during the pandemic? It seems incredibly invasive and puts the EA at a serious advantage knowing how much cash you have.

    It seems normal to be asked for proof of funds but I’ve never been asked for that detail. I provided a redacted AIP letter and that’s it, one to a major agent (DNG) and one to a smaller local one.

    Ive seen other posters suggest here that you could get a letter from the bank or a solicitor to state that you have the funds (without showing your balance :/ ). That could work for you?


  • Registered Users Posts: 1,784 ✭✭✭dmigsy


    I've been out of the game for about a year since our purchase fell through, just getting back on the saddle. And I've been surprised at being asked for proof of funds before arranging a viewing for anything. Not just a letter confirming mortgage, but an actual bank statement showing that you can make up the balance.

    Is this normal now? Is it just to do with limiting viewings during the pandemic? It seems incredibly invasive and puts the EA at a serious advantage knowing how much cash you have.

    You don't need to show everything you have. You need to show you have enough in place to be a legitimate bidder. A good thing imo. Cuts out a good proportion of the hobbyist house viewers and time wasters.

    You're at no disadvantage unless you declare "This is all I've got".


  • Registered Users Posts: 6,691 ✭✭✭Lia_lia


    I've been out of the game for about a year since our purchase fell through, just getting back on the saddle. And I've been surprised at being asked for proof of funds before arranging a viewing for anything. Not just a letter confirming mortgage, but an actual bank statement showing that you can make up the balance.

    Is this normal now? Is it just to do with limiting viewings during the pandemic? It seems incredibly invasive and puts the EA at a serious advantage knowing how much cash you have.

    It must be only some estate agents. We viewed a house last week and have 2 viewings lined up for this coming week, none asked for proof of funds. Seems completely ridiculous. But have heard of a few places asking for it.


  • Registered Users Posts: 17,682 ✭✭✭✭Busi_Girl08


    Lia_lia wrote: »
    It must be only some estate agents. We viewed a house last week and have 2 viewings lined up for this coming week, none asked for proof of funds. Seems completely ridiculous. But have heard of a few places asking for it.

    First house we bid on never asked us for any proof of funds. They had a bid to view set up, invited the top 4 bidders to view and then another bidding war for the final sale.

    2nd house we viewed (which we went sale agreed on) asked for proof of funds before we could bid, and after that a similar top bidders offer to view set up.


  • Registered Users Posts: 666 ✭✭✭brianc27


    SheepShep wrote: »
    Is the seller buying also? Our seller chased us to immediately sign contracts and pay deposit then didn't answer / respond to us or our solicitor to exchange contracts or agree a closing date for six months. It wasn't until we said we were pulling out they caved. I think they were using our deposit / contract as leverage in their own bids.

    No, house is a vacant one


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  • Registered Users Posts: 666 ✭✭✭brianc27


    I've been out of the game for about a year since our purchase fell through, just getting back on the saddle. And I've been surprised at being asked for proof of funds before arranging a viewing for anything. Not just a letter confirming mortgage, but an actual bank statement showing that you can make up the balance.

    Is this normal now? Is it just to do with limiting viewings during the pandemic? It seems incredibly invasive and puts the EA at a serious advantage knowing how much cash you have.

    I wouldn't show an estate agent what I can afford at that early stage, if you have a broker then ask them to provide a letter stating you have sufficient funds or if you don't have a broker then as a solicitor, that's what I did, I did however show everything when the bidding got down to me and one other, this seemed to go in my favour then as my bid was accepted about 5 mins after I showed my mortgage amount and savings.


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