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

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  • Options
    #5432
    kippy
    Registered Users Posts: 18,393 ✭✭✭✭kippy


    zinfandel wrote: »
    very few pics to bid that much over, prices have gone nuts even in the suburbs !

    Not familiar with that site but when you register are you obligated to uploaded documentation to support your bid (proof of funds?)


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    #5433
    zinfandel
    Registered Users Posts: 234 ✭✭zinfandel


    cnocbui wrote: »
    Seems like a job for a drone. ;)

    now there is an idea....


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    #5434
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Kalico92 wrote: »
    Has anyone had any pushback getting a subject to loan approval clause inserted into a contract on a new build? We put deposit down on a new build last week but haven't signed a contract.

    I still have a few months left on probation in my job (returned from abroad end of last year) so can't move past AIP until probation is passed.

    Shouldn’t be an issue. Standard practice


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    #5435
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    cubatahavana wrote: »
    Shouldn’t be an issue. Standard practice

    There are a few developers that just point blank refuse a subject to finance clause. A few more that may eventually relent and accept the clause.

    That clause is far from a foregone conclusion recently.


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    #5436
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Graham wrote: »
    There are a few developers that just point blank refuse a subject to finance clause. A few more that may eventually relent and accept the clause.

    That clause is far from a foregone conclusion recently.

    My bad, I thought it was very common and that any reputable solicitor would insist on


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    #5437
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    cubatahavana wrote: »
    My bad, I thought it was very common and that any reputable solicitor would insist on

    Solicitor can only really advise their client as to the risks of not having the clause and push for its inclusion.


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    #5438
    CAMAC
    Registered Users Posts: 45 ✭CAMAC


    How long are people currently waiting to get AIP? We’ve just applied but found a property we want and are afraid we’ll lose out by the time we get our AIP, (went up last week and two bids in already). We’re going through a broker and are confident our application won’t have any issues


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    #5439
    optogirl
    Registered Users Posts: 2,975 ✭✭✭optogirl


    CAMAC wrote: »
    How long are people currently waiting to get AIP? We’ve just applied but found a property we want and are afraid we’ll lose out by the time we get our AIP, (went up last week and two bids in already). We’re going through a broker and are confident our application won’t have any issues

    Don't think the wait times with banks are too bad - usually 10 days at the most. Lots of EA's not taking bids unless you can show your AIP & proof of funds at the moment


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    #5440
    Padre_Pio
    Registered Users Posts: 4,895 ✭✭✭Padre_Pio


    cnocbui wrote: »
    Seems like a job for a drone. ;)

    I've done that.

    I'm looking for an old farmhouse. Great way to check the roof, gutters, chimney and fascia.


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    #5441
    Padre_Pio
    Registered Users Posts: 4,895 ✭✭✭Padre_Pio


    optogirl wrote: »
    Don't think the wait times with banks are too bad - usually 10 days at the most. Lots of EA's not taking bids unless you can show your AIP & proof of funds at the moment

    True, but you can make the right noises and let on you have AIP.
    Probably can't place a bid though.

    Worth checking in with the bank and letting them know you have a property in mind.


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    #5442
    errlloyd
    Registered Users Posts: 12,599 ✭✭✭✭errlloyd


    Would an EA ever make up an offer?

    I made an offer on an apartment that had no other offers. The EA said the seller would take it off the market if I offered "x" amount, but I could wait if I wanted.

    I followed up and the EA said he'd be speaking to the seller a little later. Around the time he expected to speak to the seller he emailed me that he had another offer at "x" amount.

    I realise offers come in on Mondays for apartments viewed at the weekend. But this one just feels a bit off to me. (maybe I am just kicking myself for not giving the money.)


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    #5443
    DataDude
    Registered Users Posts: 1,083 ✭✭✭DataDude


    optogirl wrote: »
    Don't think the wait times with banks are too bad - usually 10 days at the most. Lots of EA's not taking bids unless you can show your AIP & proof of funds at the moment

    Any idea how this is interacting with exemptions? We have our AIP at 3.5x but have been told "you'll definitely get the 4.5x exemption, but we no longer provide these formally until you have a specific property lined up" (I think this was because they had issues with people sitting on exemptions and never using).

    But if EA's are demanding proof of funds, it might be a bit of a chicken and egg scenario? "We will get approval for that amount once we go sale agreed" "Well, I'm not accepting you offer until you have your approval in principal"?


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    #5444
    Milena009
    Registered Users Posts: 133 ✭✭Milena009


    DataDude wrote: »
    Any idea how this is interacting with exemptions? We have our AIP at 3.5x but have been told "you'll definitely get the 4.5x exemption, but we no longer provide these formally until you have a specific property lined up" (I think this was because they had issues with people sitting on exemptions and never using).

    But if EA's are demanding proof of funds, it might be a bit of a chicken and egg scenario? "We will get approval for that amount once we go sale agreed" "Well, I'm not accepting you offer until you have your approval in principal"?


    Not sure if it helps but our broker said same for us
    No bank will consider a blank exception. It has to be property specific.

    You can provide AIP to EA and that's it. If they push ask your broker if they are willing to email them outlining situation. Ours is open to it.

    I bid on properties higher than my AIP. Unsuccessfully overall but that's different problem 😂

    Hopefully this helps a bit.


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    #5445
    DataDude
    Registered Users Posts: 1,083 ✭✭✭DataDude


    Milena009 wrote: »
    Not sure if it helps but our broker said same for us
    No bank will consider a blank exception. It has to be property specific.

    You can provide AIP to EA and that's it. If they push ask your broker if they are willing to email them outlining situation. Ours is open to it.

    I bid on properties higher than my AIP. Unsuccessfully overall but that's different problem ��

    Hopefully this helps a bit.

    Thanks for that. For what it's worth, I am also using a broker but a friend went direct to the same bank and has been told he can get the exemption approval in advance. I personally wouldn't be willing to walk away from my broker...but it does seem to be an option.

    I'll email our broker and see if they can provide the letter you have outlined. Either way it does feel a bit risky bidding above AIP on the promise of an exemption but our broker is absolutely adamant it's a 100% sure thing! Hopefully won't need it in the end.


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    #5446
    peckerhead
    Registered Users Posts: 3,379 ✭✭✭peckerhead


    errlloyd wrote: »
    Would an EA ever make up an offer?

    I made an offer on an apartment that had no other offers. The EA said the seller would take it off the market if I offered "x" amount, but I could wait if I wanted.

    I followed up and the EA said he'd be speaking to the seller a little later. Around the time he expected to speak to the seller he emailed me that he had another offer at "x" amount.

    I realise offers come in on Mondays for apartments viewed at the weekend. But this one just feels a bit off to me. (maybe I am just kicking myself for not giving the money.)
    Short answer, yes, they would. They are professional liars, for God's sake. :pac:

    Doesn't necessarily mean your one is lying this time, but I personally would say, "Ah, I see, too bad. Thanks anyway" and let it sit for at least three days.


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    #5447
    DubLad69
    Registered Users Posts: 477 ✭✭DubLad69


    errlloyd wrote: »
    Would an EA ever make up an offer?

    I made an offer on an apartment that had no other offers. The EA said the seller would take it off the market if I offered "x" amount, but I could wait if I wanted.

    I followed up and the EA said he'd be speaking to the seller a little later. Around the time he expected to speak to the seller he emailed me that he had another offer at "x" amount.

    I realise offers come in on Mondays for apartments viewed at the weekend. But this one just feels a bit off to me. (maybe I am just kicking myself for not giving the money.)

    Similar thing happened to me. There is a house up for sale two weeks now. No offers. I made an offer below asking, and apparently 5 minutes later an other offer came in for 20k more than my offer.

    I just replied and said thank you, but this house is not worth that value to me especially with the larger and newer houses around the corner being built for what would be less when you factor in HTB.


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    #5448
    Eire Go Brach
    Registered Users Posts: 1,368 ✭✭✭Eire Go Brach


    New to this Thread. Just have AIP 2 weeks.

    Having a similar experience myself with EA.

    Property went on sale for 315k.We had no AIP

    House went Sales agreed at 332k. Buyers then dropped out after 2 months. As those selling could not find a house themselves.

    We know the family. So asked to view it. They told us it's going back up for 335k but the EA is not advertising it as they already had interested parties.
    Rang the EA.They were told we are interested. EA told us the current bid was 350k.

    Just find the whole situation odd. Can't make out what is going on. By all accounts the loosing bidders, when it previously was up are now bidding more. Just don't trust the EA.

    GF really likes the street. I hate the thoughts bidding 351k. Thinking of just saying 340k and you can have our APT to sell. Just leaving it at that.

    Do EA have to show proof of bids?


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    #5449
    cojomo2
    Registered Users Posts: 3,214 ✭✭✭cojomo2


    Anyone know how long drawdown is taking, from the time the solicitor returns signed loan contracts and requests funds? Thanks


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    #5450
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    cojomo2 wrote: »
    Anyone know how long drawdown is taking, from the time the solicitor returns signed loan contracts and requests funds? Thanks

    It was something like 1 week for us


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    #5451
    itsusuallyjazz
    Registered Users Posts: 72 ✭✭itsusuallyjazz


    cojomo2 wrote: »
    Anyone know how long drawdown is taking, from the time the solicitor returns signed loan contracts and requests funds? Thanks

    Think it depends on the bank. I was onto my broker today and he said my bank (ptsb) are one of the slower ones and they average 5 working days


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    #5452
    cojomo2
    Registered Users Posts: 3,214 ✭✭✭cojomo2


    itsusuallyjazz wrote: »
    Think it depends on the bank. I was onto my broker today and he said my bank (ptsb) are one of the slower ones and they average 5 working days

    Thanks. Anyone had recent experience with KBC?


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    #5453
    Teacher2020
    Registered Users Posts: 150 ✭✭Teacher2020


    cojomo2 wrote: »
    Anyone know how long drawdown is taking, from the time the solicitor returns signed loan contracts and requests funds? Thanks

    We have been in a queue for drawdown since Friday with AIB. They said it should be done today.


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    #5454
    BronsonTB
    Registered Users Posts: 1,886 ✭✭✭BronsonTB


    cojomo2 wrote: »
    Thanks. Anyone had recent experience with KBC?


    Would never ever recommend them esp if there is any other alternative.
    Link - https://www.boards.ie/ttfthread/2057798459

    www.sligowhiplash.com - 3rd & 4th Aug '24 (Confirmed!)



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    #5455
    DubLad69
    Registered Users Posts: 477 ✭✭DubLad69


    cojomo2 wrote: »
    Thanks. Anyone had recent experience with KBC?

    Yes, we have been saving more than double our mortgage repayment amount for the last 18 months. We have a 35% deposit. The week before applying to KBC we paid off a loan as was required for an exemption from AIB who approved us.

    KBC came back and said that they could not offer us a loan as we have no evidence of savings. Apparently, taking the money out to clear of the loan was treated by them as though I never saved anything in the past 6 months.


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    #5456
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    DubLad69 wrote: »
    Similar thing happened to me. There is a house up for sale two weeks now. No offers. I made an offer below asking, and apparently 5 minutes later an other offer came in for 20k more than my offer.

    I just replied and said thank you, but this house is not worth that value to me especially with the larger and newer houses around the corner being built for what would be less when you factor in HTB.

    Just to be aware what some EAs do are they have a list of people who have looked at a property now if your like me I would never show the EA that I am overly interested, at the end of the viewing I would say inform me if there is an offer. Now mosts EAs when they get an offer will ring around any one who has viewed the property and nothing like hearing there is an offer in on a property that your interested in to make you want it that bit more. Now I cannot say if they are lying to this poster or not..I would sit tight for a week ring them ask is there any further movement on the property and ask when the seller is looking to close. Then you make a decision to sit or twist unfortunately..Its a shame there is not a more transparent mechanism for bidding


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    #5457
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Eire Go Brach wrote: »
    New to this Thread. Just have AIP 2 weeks.

    Having a similar experience myself with EA.

    Property went on sale for 315k.We had no AIP

    House went Sales agreed at 332k. Buyers then dropped out after 2 months. As those selling could not find a house themselves.

    We know the family. So asked to view it. They told us it's going back up for 335k but the EA is not advertising it as they already had interested parties.
    Rang the EA.They were told we are interested. EA told us the current bid was 350k.

    Just find the whole situation odd. Can't make out what is going on. By all accounts the loosing bidders, when it previously was up are now bidding more. Just don't trust the EA.

    GF really likes the street. I hate the thoughts bidding 351k. Thinking of just saying 340k and you can have our APT to sell. Just leaving it at that.

    Do EA have to show proof of bids?

    Whats going on is there has been a build up of demand through people holding off for years due to them listening to supposed experts saying we are back in a bubble since 2017 (e.g mcWilliams) which has proven untrue due to lack of easy access to credit then waiting on brexit and then covid kicked in. Lockdown restricted a lot of sales and all of this demand seems to be hitting the market at the same time. Then on the flip side we have an all time low stock of supply add in commencements of new builds being way down last year and the lack of building this year. Add in the strain that lockdown has put on someone who is still living at home or in a house share or a small space, there is no better motivation for you to buy then been stuck there for the guts of a year to make you want your own or a bigger space. With all of this you have a perfect storm for really crazy price rises.


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    #5458
    cojomo2
    Registered Users Posts: 3,214 ✭✭✭cojomo2


    DubLad69 wrote: »
    Yes, we have been saving more than double our mortgage repayment amount for the last 18 months. We have a 35% deposit. The week before applying to KBC we paid off a loan as was required for an exemption from AIB who approved us.

    KBC came back and said that they could not offer us a loan as we have no evidence of savings. Apparently, taking the money out to clear of the loan was treated by them as though I never saved anything in the past 6 months.

    Thanks, just looking for experience in relation to drawdown time, anyone else!?


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    #5459
    Padre_Pio
    Registered Users Posts: 4,895 ✭✭✭Padre_Pio


    fliball123 wrote: »
    With all of this you have a perfect storm for really crazy price rises.

    This phrase has been used regularly from 2005-2008 and 2015-2021.
    You need to buy a house eventually.


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    #5460
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    Padre_Pio wrote: »
    This phrase has been used regularly from 2005-2008 and 2015-2021.
    You need to buy a house eventually.

    That is true so lets be clear I would never tell anyone to buy or sell or not to buy or sell on here as someone buying or selling will have a myriad of individual circumstances going on that will top issues with supply and demand..I was just answering a post as to why prices seem to be going up a lot quicker currently.


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    #5461
    meijin
    Registered Users Posts: 1,251 ✭✭✭meijin


    cisk wrote: »
    I thought this one was funny https://www.myhome.ie/residential/brochure/37-st-annes-avenue-raheny-dublin-5/4485827

    It was up a month or two ago with a for around 425k, seemingly in the meantime they realize that it has a side garden that you could build on. So for the privilege of them pointing out that subject to planning permission you could do that and taking some aerial shots it ends up on Bidx1 with a €515,000 guide price.

    well, the latest bid is €562k now https://bidx1.com/en/property-for-sale/37-st-annes-avenue-raheny-dublin-5-50291 (click View Offers), so 515k was still too low :eek:


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