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

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Comments

  • #1592
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    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


  • #1593
    awec
    Administrators Posts: 53,342 Admin ✭✭✭✭✭awec


    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.


  • #1594
    blowin3
    Registered Users Posts: 477 ✭✭blowin3


    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 .


  • #1595
    masterboy123
    Registered Users Posts: 5,716 ✭✭✭masterboy123


    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.


  • #1596
    addaword
    Registered Users Posts: 671 ✭✭✭addaword


    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.


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  • #1597
    SimpNation
    Banned (with Prison Access) Posts: 20 ✭SimpNation


    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.


  • #1598
    SimpNation
    Banned (with Prison Access) Posts: 20 ✭SimpNation


    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 :D


  • #1599
    coff66
    Registered Users Posts: 163 ✭✭coff66


    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.


  • #1600
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    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.


  • #1601
    coff66
    Registered Users Posts: 163 ✭✭coff66


    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.


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  • #1602
    SimpNation
    Banned (with Prison Access) Posts: 20 ✭SimpNation


    Pivot Eoin wrote: »
    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.

    In fairness most FTB are between 27-33, that generation got royally screwed over in the last recession, i think many are due their day in the sun and tbh the amount of greedy landlords and "i'm alright jacks" who have made a killing off this generation is sickening. I genuinely hope prices drop 50% or more and those mentioned and those who borrowed recklessly or got money from the bank of mammy and daddy lose their shirt and more.

    Delayed gratification should be rewarded and it's time for those financially responsible get rewarded for their patience and prudence.


  • #1603
    Pivot Eoin
    Registered Users Posts: 564 ✭✭✭Pivot Eoin


    SimpNation wrote: »
    In fairness most FTB are between 27-33, that generation got royally screwed over in the last recession, i think many are due their day in the sun and tbh the amount of greedy landlords and "i'm alright jacks" who have made a killing off this generation is sickening. I genuinely hope prices drop 50% or more and those mentioned and those who borrowed recklessly or got money from the bank of mammy and daddy lose their shirt and more.

    Delayed gratification should be rewarded and it's time for those financially responsible get rewarded for their patience and prudence.

    Their day in the sun? At the expense of everyone else's happiness/existence and to **** over the current crop of 17-23 year olds? Not for me thanks.

    Not sure you understand what a 50% drop in House Prices means for the average Joe. It wont happen anyway, but just such a selfish view.

    Yours sincerely, 32 year old FTBer.


  • #1604
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    SimpNation wrote: »
    In fairness most FTB are between 27-33, that generation got royally screwed over in the last recession, i think many are due their day in the sun and tbh the amount of greedy landlords and "i'm alright jacks" who have made a killing off this generation is sickening. I genuinely hope prices drop 50% or more and those mentioned and those who borrowed recklessly or got money from the bank of mammy and daddy lose their shirt and more.

    Delayed gratification should be rewarded and it's time for those financially responsible get rewarded for their patience and prudence.

    FTB here... while I love the thought of getting a house in an affluent Dublin suburb at 50% off its current price, do you realise for this to happen everything else will be absolutely gone to sh**te?


  • #1605
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    SimpNation wrote: »
    In fairness most FTB are between 27-33, that generation got royally screwed over in the last recession, i think many are due their day in the sun and tbh the amount of greedy landlords and "i'm alright jacks" who have made a killing off this generation is sickening. I genuinely hope prices drop 50% or more and those mentioned and those who borrowed recklessly or got money from the bank of mammy and daddy lose their shirt and more.

    Delayed gratification should be rewarded and it's time for those financially responsible get rewarded for their patience and prudence.

    you really don't know what you're talking about, much like the rest of the contributors in this thread. If prices were to drop anywhere close to 50% you wont be buying a property for a very long time....


  • #1606
    TheSheriff
    Registered Users Posts: 1,108 ✭✭✭TheSheriff


    Hubertj wrote: »
    you really don't know what you're talking about, much like the rest of the contributors in this thread. If prices were to drop anywhere close to 50% you wont be buying a property for a very long time....

    Agreed, hope for a 10-15% drop and pray your job is not affected and you still meet the banks criteria...... Probably the best outcome.


  • #1607
    coff66
    Registered Users Posts: 163 ✭✭coff66


    Pivot Eoin wrote: »
    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.

    A little harsh, was agreeing more with the sentiment than the actual figures.

    Don't for one second believe or wish house prices in to drop 50% or anywhere near it.

    Would have been quite happy to proceed today with a 4-6% decrease on the current sale agreed price


  • #1608
    coolshannagh28
    Registered Users Posts: 1,476 ✭✭✭coolshannagh28


    Hubertj wrote: »
    you really don't know what you're talking about, much like the rest of the contributors in this thread. If prices were to drop anywhere close to 50% you wont be buying a property for a very long time....

    Is this a discussion or condescension forum ? last time around prices fell by 70 % in many parts of the country and there were still buyers for property , if there is a worldwide slowdown there is nothing to stop prices falling much more than the insiders predict.


  • #1609
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    SimpNation wrote: »
    In fairness most FTB are between 27-33, that generation got royally screwed over in the last recession, i think many are due their day in the sun and tbh the amount of greedy landlords and "i'm alright jacks" who have made a killing off this generation is sickening. I genuinely hope prices drop 50% or more and those mentioned and those who borrowed recklessly or got money from the bank of mammy and daddy lose their shirt and more.

    Delayed gratification should be rewarded and it's time for those financially responsible get rewarded for their patience and prudence.

    You're a very simple individual if you think that's a positive. Lol. I hope you don't get a property if that's your bitter, narrow minded way of thinking. Hopefully covid fecks off and you can just emigrate to Brighton or something!


  • #1610
    addaword
    Registered Users Posts: 671 ✭✭✭addaword


    coolshannagh28 wrote: »
    last time around prices fell by 70 % in many parts of the country and there were still buyers for property , if there is a worldwide slowdown there is nothing to stop prices falling much more than the insiders predict.

    Correct. And unfortunately I think there will be a world slowdown, or at least in the western world.


  • #1611
    Hubertj
    Registered Users Posts: 2,000 ✭✭✭Hubertj


    coolshannagh28 wrote: »
    Is this a discussion or condescension forum ? last time around prices fell by 70 % in many parts of the country and there were still buyers for property , if there is a worldwide slowdown there is nothing to stop prices falling much more than the insiders predict.

    Well if you can call what people peddle in here discussion....


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  • #1612
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Mod Note

    Knock it off (and re-read the mod note in post 1 please).


    Currently buying/selling a house? How is it going?


  • #1613
    ZX7R
    Registered Users Posts: 3,426 ✭✭✭ZX7R


    I signed off on the sale of our home today.
    Took the buyer's bank over 4 weeks to transfer the funds.
    All done now very stressful as the sale of our home was needed as my family and I are leaving Ireland.


  • #1614
    dowhatyoulove
    Registered Users Posts: 155 ✭✭dowhatyoulove


    Our snags were completed - we’ve started the drawdown process today - solicitor is sending the letter/notice to the bank.

    Gave notice on our rental property - now have to find another tenant to fill the last 4 months of our rental agreement which is proving difficult to say the least with the landlord asking a random intermediary person to vet the new tenants.

    Got floors measured by flooring company to get them ordered as well - site foreman is very helpful.

    Hopefully everything goes smoothly- no change in income in our house hold (although we’ve saved an extra wee bit in last 2 months).


  • #1615
    Tazium
    Registered Users Posts: 899 ✭✭✭Tazium


    Congrats, our new build purchase won't be ready till Q3 but managed to draw down the mortgage early to overcome any change in the bank's position or willingness to lend. Lucky to be in a position to support two mortgages for the time being.


  • #1616
    vmb
    Registered Users Posts: 140 ✭✭vmb


    Tazium wrote: »
    Congrats, our new build purchase won't be ready till Q3 but managed to draw down the mortgage early to overcome any change in the bank's position or willingness to lend. Lucky to be in a position to support two mortgages for the time being.

    I would never do something like that :eek: What if the builder goes out of business and does not complete the building? That has happened before.


  • #1617
    Tazium
    Registered Users Posts: 899 ✭✭✭Tazium


    It's not paid over to the builder, it's held by the solicitor. Could have the same discussion for the solicitor though, what if they absconded with the funds? I'm satisfied that won't happen. If the building doesn't complete then the mortgage can be repaid in full.


  • #1618
    Claw Hammer
    Registered Users Posts: 6,155 ✭✭✭Claw Hammer


    Tazium wrote: »
    It's not paid over to the builder, it's held by the solicitor. Could have the same discussion for the solicitor though, what if they absconded with the funds? I'm satisfied that won't happen. If the building doesn't complete then the mortgage can be repaid in full.

    If the solicitor absconds, the Law society will make good the loss. Different with builders.


  • #1619
    awec
    Administrators Posts: 53,342 Admin ✭✭✭✭✭awec


    Tazium wrote: »
    Congrats, our new build purchase won't be ready till Q3 but managed to draw down the mortgage early to overcome any change in the bank's position or willingness to lend. Lucky to be in a position to support two mortgages for the time being.

    This sounds very suspect. How did your bank let you drawn down your mortgage, secured against a house that isn't finished? :confused:

    Did you tell them the house wasn't finished?


  • #1620
    stayback
    Registered Users Posts: 156 ✭✭stayback


    Tazium wrote: »
    Congrats, our new build purchase won't be ready till Q3 but managed to draw down the mortgage early to overcome any change in the bank's position or willingness to lend. Lucky to be in a position to support two mortgages for the time being.

    I’m trying to get my head around this.. how could the solicitor confirm the house is finished . How has the title passed to you. How will the solicitor fulfill his undertaking to the bank.

    I hope for everyone’s sake the builder doesn’t go bust or there is a major delay in getting the keys cause there will be a lot of questions to answer. Your paying for a house that you don’t have possession of. Very risky move ..


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  • #1621
    SpencerJC
    Registered Users Posts: 56 ✭✭SpencerJC


    UB finally drew down for us today, getting the keys tomorrow, exciting times!


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