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

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Comments

  • #332
    Skylinehead
    Registered Users Posts: 11,690 ✭✭✭✭Skylinehead


    I'm sale agreed, contracts in with the solicitor, just getting a few things sorted out. Think I'm going to proceed with it.


  • #333
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    Just got an email from my solicitor that they will be working full steam ahead albeit remotely.


  • #334
    Girrrrseach
    Registered Users Posts: 218 ✭✭Girrrrseach


    Hello, all!

    Sharing my experience here. Went Sale Agreed back in December, and due to be closing this Wednesday. Broker is confident that the bank will move in time... Getting a bit nervy here!


  • #335
    fergus1001
    Registered Users Posts: 2,625 ✭✭✭fergus1001


    would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy


  • #336
    fliball123
    Registered Users Posts: 7,445 ✭✭✭fliball123


    fergus1001 wrote: »
    would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

    They would also have to contend with not being able to get a loan either even if prices went down.


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  • #337
    Immy
    Registered Users Posts: 260 ✭✭Immy


    We put our house up for sale 2 weeks ago, have taken it down. We’ll hold another while and see how things play out


  • #338
    paul-2008
    Registered Users Posts: 330 ✭✭paul-2008


    fergus1001 wrote: »
    would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

    For this to actually matter you would have to be looking at selling the house during this time? For anyone purchasing a property as a family home right now that is not at risk of losing their jobs and can afford the mortgage payments - this doesnt really make a difference


  • #339
    fergus1001
    Registered Users Posts: 2,625 ✭✭✭fergus1001


    paul-2008 wrote:
    For this to actually matter you would have to be looking at selling the house during this time? For anyone purchasing a property as a family home right now that is not at risk of losing their jobs and can afford the mortgage payments - this doesnt really make a difference


    it does if you dont want to be in negative equity because you bought at the top of the market and it really looks like it is even if you take covid-19 out of the equation


  • #340
    scarepanda
    Registered Users Posts: 3,435 ✭✭✭scarepanda


    fergus1001 wrote: »
    would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

    Yes.

    But I think it is only really relative to your plans for the house. If you were buying as a starter, 'short-term' and/or your job was at obvious risk then you should run for the hills. Similarly if you've only reached a stage of sale agreed and not yet spent money on engineers, solicitors, valuations etc.

    However for some of us, while the financial part is massive, there's more to buying a house than that.

    For us personally, we've laboured over whether to proceed and have taken the decision to take a gamble. Sure it will be a kick in the teeth to buy at the very edge of the cliff, but we've looked long and hard over the years and very very few similar houses have come on the market in the area irrespective of price bracket. We're buying a family home for the long term. This house ticks our boxes for size, garden, location, internet, schools, access to motorway and more including some stuff we would like but not necessary, like having a South facing back garden. We're also at the age and have a young family where it's time to get out of the rental market and properly settle down. And while my husband's job is as secure as any at the moment there's no guarantee that the banks will be lending again anytime soon no matter how low risk we are on paper.


  • #341
    paul-2008
    Registered Users Posts: 330 ✭✭paul-2008


    fergus1001 wrote: »
    it does if you dont want to be in negative equity because you bought at the top of the market and it really looks like it is even if you take covid-19 out of the equation

    But again, negative equity only matters if you're selling the property no? Obviously this is only my opinion on the matter.
    In my situation, I am buying a family home in a decent location, I don't think its overpriced for what we are buying and can afford the repayments. Chances are I will be in this house for 30+ years. At the end of the day the repayments will still be less than renting


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  • #342
    Sheeps
    Registered Users Posts: 2,762 ✭✭✭Sheeps


    fergus1001 wrote: »
    it does if you dont want to be in negative equity because you bought at the top of the market and it really looks like it is even if you take covid-19 out of the equation


    I'm in this situation, but ultimately the rewards outweigh the risks. I'll be buying my first home with an 80% LTV mortgage, interest rates will probably sink to their lowest ever, but house prices will have to drop by about 20% for me to be in negative equity. If that happens I know I'm going to be living there for the next 15 years which was the plan anyway.

    The real risk in buying a house right now is knowing if your job will be secure and the payments affordable. I can't see demand for my skills going away any time soon so I estimate the risk is quite low for me. I'd imagine a lot of people who can afford to buy in this market will be in quite a simlar situation given how unaffordable property is at the moment.


  • #343
    scarepanda
    Registered Users Posts: 3,435 ✭✭✭scarepanda


    paul-2008 wrote: »
    But again, negative equity only matters if you're selling the property no? Obviously this is only my opinion on the matter.
    In my situation, I am buying a family home in a decent location, I don't think its overpriced for what we are buying and can afford the repayments. Chances are I will be in this house for 30+ years. At the end of the day the repayments will still be less than renting

    We're similar. The most obvious way we think it will affect us by going into negative equity is chopping and changing providers when our fixed term is over to get the best rate and not being under 80% LTV ratio. But that's a few years away yet and who knows what the lie of the land will be by then


  • #344
    road_high
    Registered Users Posts: 19,385 ✭✭✭✭road_high


    Pheonix10 wrote: »
    Got an email this morning to say there was a higher offer which came in this morning.

    Can't help but think this is the EA trying to get me to close off and bid higher.

    If it were me I'd let them at it. Chances are you may get a better house for less money going forward. They'll probably come back biting your hand off in a few days.


  • #345
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    We have bought new, snagged and the 10% handed over already. Were due to close last week, one document short (BER cert from the local authority)
    If that comes we can close. Our bank (KBC) have confirmed we are ready to draw down. We cant without the cert though. But even with the cert the floor store we were using has closed, the delivery of kitchen appliances wont happen either.

    EA are utterly useless. Once they get the deposit they are virtually unreachable. We have been trying to rush this through for over a week because we were concerned this would happen. All up in the air.


  • #346
    Idbatterim
    Registered Users Posts: 17,840 ✭✭✭✭Idbatterim


    paul-2008 wrote: »
    But again, negative equity only matters if you're selling the property no? Obviously this is only my opinion on the matter.
    In my situation, I am buying a family home in a decent location, I don't think its overpriced for what we are buying and can afford the repayments. Chances are I will be in this house for 30+ years. At the end of the day the repayments will still be less than renting

    its also a quality of life thing in a way, say you save a hundred k, thats another hundred k in interest over a 30-35 year loan. Its money you can spend on other things, holiday , car , kids education etc... if you are currently paying market rent in dublin etc, the buying option is a bit different...


  • #347
    Mitch Connor
    Registered Users Posts: 44,993 ✭✭✭✭Mitch Connor


    jrosen wrote: »
    the floor store we were using has closed, the delivery of kitchen appliances wont happen either.

    that is my worry now.
    Floors due to go down next week.
    Some deliveries due the end of this week.

    Good chance neither happen. We spoke to the floors people today confirming next week, and its still going ahead but things can change very quickly over the next week.


  • #348
    SwordofLight
    Registered Users Posts: 336 ✭✭SwordofLight


    So are the banks even giving mortgage offers at the moment or are they going to freeze everything


  • #349
    Captain Flaps
    Registered Users Posts: 1,834 ✭✭✭Captain Flaps


    fliball123 wrote: »
    They would also have to contend with not being able to get a loan either even if prices went down.

    Exactly.

    We bought just under 2 years ago knowing that there was a chance of a recession a few years down the line, but there's never a right time. If the economy tanks then it'll be very hard to get a mortgage even if the prices are 50% of what they are now, and the rates won't be great on them. Negative equity only counts if you're hoping to sell and move on in the next decade, otherwise its just a number.


  • #350
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    You never know even next week, but I just had a mortgage application with EBS approved Friday and am waiting on the paperwork.


  • #351
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    road_high wrote: »
    If it were me I'd let them at it. Chances are you may get a better house for less money going forward. They'll probably come back biting your hand off in a few days.

    Tbh I'd say they'd just go with the other offer and go sale agreed.


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  • #352
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    SwordofLight wrote: »
    So are the banks even giving mortgage offers at the moment or are they going to freeze everything


    If we really are 3 weeks behind Italy with the virus, things are going to change a lot over here. Yes banks will pull the plug on new mortgages as they will be asked to extend support to a lot of businesses for the near future


  • #353
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    road_high wrote: »
    If it were me I'd let them at it. Chances are you may get a better house for less money going forward. They'll probably come back biting your hand off in a few days.

    Exactly this and never trust an EA, especially in times like these, they will try get as much as possible before the inevitable crash.


  • #354
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Captain Flaps wrote: »
    Exactly.

    We bought just under 2 years ago knowing that there was a chance of a recession a few years down the line, but there's never a right time. If the economy tanks then it'll be very hard to get a mortgage even if the prices are 50% of what they are now, and the rates won't be great on them. Negative equity only counts if you're hoping to sell and move on in the next decade, otherwise its just a number.

    The financially prudent have always got mortgage approval, even in the depths of a financial crisis.


  • #355
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    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.


  • #356
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Mic 1972 wrote: »
    If we really are 3 weeks behind Italy with the virus, things are going to change a lot over here. Yes banks will pull the plug on new mortgages as they will be asked to extend support to a lot of businesses for the near future

    Not true, they will still approve mortgages but at a reduced volume.


  • #357
    beggars_bush
    Registered Users Posts: 4,341 ✭✭✭beggars_bush


    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.

    I'd ring him back and offer 350


  • #358
    road_high
    Registered Users Posts: 19,385 ✭✭✭✭road_high


    Pheonix10 wrote: »
    Tbh I'd say they'd just go with the other offer and go sale agreed.

    That’s making two assumptions- the offer is actually bona fide and that the buyers will actually come up with the cash. Which in the current climate there is a distinct possibility that they won’t. This has very quickly become a buyers markets so don’t panic at all and hang tight.


  • #359
    road_high
    Registered Users Posts: 19,385 ✭✭✭✭road_high


    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.

    Very telling alright- a bird in the hand though...


  • #360
    road_high
    Registered Users Posts: 19,385 ✭✭✭✭road_high


    beggars_bush wrote: »
    I'd ring him back and offer 350

    Yes I think I’d withdraw the bid and either offer lower or walk away. These people aren’t there to be your friends and it’s business


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  • #361
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    road_high wrote: »
    Yes I think I’d withdraw the bid and either offer lower or walk away. These people aren’t there to be your friends and it’s business

    Agreed, encountered so many smug EAs during 2017-2019 that had a very short memory, i don't take delight in their misfortunes to come but you're completely right this is business after all.


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