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Selling to Galway CoCo

  • 09-05-2019 9:37am
    #1
    LFC Murphy
    Registered Users Posts: 825 ✭✭✭


    Hi, just wondering if anyone has had any experience with selling to Galway CoCo.

    They are working thru an estate agent and he is due to call me to strike a deal. Just looking for any experience in terms of do they ask us for a price or do we ask them to make an offer.

    The council told us that we will deal directly with agent.

    We do not have estate agent but only sold another property last December in the same area so well aware of the market as I have been tracking sales etc

    Thanks for any pointers.


Comments

  • #2
    LFC Murphy
    Registered Users Posts: 825 ✭✭✭LFC Murphy


    Anyone with any experience even with dealing with negotiations with the estate agent and what to expect i.e. do you ask them to make an offer or we should state the expected price?


  • #3
    LFC Murphy
    Registered Users Posts: 825 ✭✭✭LFC Murphy


    Just in case anyone is interested.

    I completed the sale of my property to the council. All in all went fairly smoothly (I sold a similar property to private sellers in 2018 for comparison)

    The sale end to end process took 4 months, really could have taken 3 except for issues with my solicitor 🀨

    I'm now officially out of the private rental business and it feels GREAT ðŸ‘


  • #4
    Millionaire only not
    Banned (with Prison Access) Posts: 1,625 ✭✭✭Millionaire only not


    LFC Murphy wrote: »
    Just in case anyone is interested.

    I completed the sale of my property to the council. All in all went fairly smoothly (I sold a similar property to private sellers in 2018 for comparison)

    The sale end to end process took 4 months, really could have taken 3 except for issues with my solicitor 🀨

    I'm now officially out of the private rental business and it feels GREAT ðŸ‘


    Congratulations a mugs game !
    Any chance of a loan ?


  • #5
    Iodine1
    Registered Users Posts: 376 ✭✭Iodine1


    Just curious. Did you sell to the council, vacant possession or with tenants in situ?


  • #6
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    LFC Murphy wrote: »
    Just in case anyone is interested.

    I completed the sale of my property to the council. All in all went fairly smoothly (I sold a similar property to private sellers in 2018 for comparison)

    The sale end to end process took 4 months, really could have taken 3 except for issues with my solicitor 🀨

    I'm now officially out of the private rental business and it feels GREAT ðŸ‘


    And on here the landlord bashers /keyboard warriors of justice would have us all believe the renting game is a one way ticket to riches. What is wrong with this tall tale ?


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  • #7
    Millionaire only not
    Banned (with Prison Access) Posts: 1,625 ✭✭✭Millionaire only not


    handlemaster wrote: »
    And on here the landlord bashers /keyboard warriors of justice would have us all believe the renting game is a one way ticket to riches. What is wrong with this tall tale ?


    A miserable road to stress , taxes , bad tenants ( is there actually a good one )
    House tax , insurance, lawns maintenance , washing machines showers , dryers nothing seems to last in a rental house for some reason !
    The list is endless !


  • #8
    Old diesel
    Registered Users Posts: 5,786 ✭✭✭Old diesel


    handlemaster wrote: »
    And on here the landlord bashers /keyboard warriors of justice would have us all believe the renting game is a one way ticket to riches. What is wrong with this tall tale ?

    The issue is that at current rent levels - the amount of money going into the rental sector "should" be enough.

    But it's not enough - which means there are cost issues - for example the tax situation.

    Other issues include the costs incurred from Celtic tiger era mortgages and the issues from the crash that followed.

    Rental sector at present is a bit of a money pit - it's like the way the HSE struggles even though record money is going into the health service.

    To put it in prospective........

    At 2 k a month - that's 24 k a year.....

    It's 240 k over 10 years

    480 k over 20 years......

    720 k over 30 years.....

    960 k over 40 years.....

    1100 k over 50 years....

    Not everyone is getting 2 k.

    So if we assume 1600 per month.......

    19200 a year......

    192 k over 10 years......

    384 k over 20 years

    576 k over 30 years

    768 k over 40 years

    960 k over 50 years

    1152 k over 60 years.

    The above all assumes no increase at all.

    We are talking sums of money that should buy the house outright at least twice.

    The costs need looking at.


  • #9
    LFC Murphy
    Registered Users Posts: 825 ✭✭✭LFC Murphy


    Iodine1 wrote: »
    Just curious. Did you sell to the council, vacant possession or with tenants in situ?

    Vacant possession... 6 months notice for tenant (plus another 2 for overholding)

    So Vacancy (6+2) + Sale (4 months)

    = Freedom from mental anguish and headaches


  • #10
    LFC Murphy
    Registered Users Posts: 825 ✭✭✭LFC Murphy


    Millionaire only not wrote: »
    A miserable road to stress , taxes , bad tenants ( is there actually a good one )
    House tax , insurance, lawns maintenance , washing machines showers , dryers nothing seems to last in a rental house for some reason !
    The list is endless !

    Fully agree. I also spent 3 years as a tenant myself during last 10 years so know both sides before anyone passes judgement


  • #11
    Millionaire only not
    Banned (with Prison Access) Posts: 1,625 ✭✭✭Millionaire only not


    LFC Murphy wrote: »
    Fully agree. I also spent 3 years as a tenant myself during last 10 years so know both sides before anyone passes judgement


    The banks took them off me left me with residual, still did me a favour!


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  • #12
    LFC Murphy
    Registered Users Posts: 825 ✭✭✭LFC Murphy


    Millionaire only not wrote: »
    The banks took them off me left me with residual, still did me a favour!

    There were times during 2009-2010 that I thought the banks would take them.

    The amount of times my properties were trashed by tenants was crazy and there was nothing I could do. My last tenant overheld by 2 months (which was lucky) and I had an arrogant Threshold agent threatening me with Legal Action was madness. In the end I refused to deal with them as I stated my contact was with Tenant and not them

    Anyway it's done now and I'm in a great place financially and mentally so happy days.


  • #13
    Iodine1
    Registered Users Posts: 376 ✭✭Iodine1


    LFC Murphy wrote: »
    Vacant possession... 6 months notice for tenant (plus another 2 for overholding)

    So Vacancy (6+2) + Sale (4 months)

    = Freedom from mental anguish and headaches

    Thanks for sharing the info. Whole tenant landlord situ is farcical, in this country. If landlords were treated fairly, they would invest, making more properties available to tenants. But they are selling out instead, reducing the availability. This fact is lost on Threashold and the PRTB.


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