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

narodvale · 12-01-2021 12:47pm

We're in a stressful spot, so this is more of an update/vent. Any feedback would be greatly appreciated.

We are at Sale Agreed, with an agreed closing date of next Friday, January 22nd. We have paid our full deposit. But we haven't exchanged contracts yet.....

Our solicitor included a clause, that the sellers solicitor agreed to, that the sale is dependent on us being able to draw down loan monies. He advised this is common in case there is an issue with our life insurance, or bank has issues at the final stage or something along those lines. This makes perfect sense to me, as something unexpected could happen. The seller is now insisting we remove it before exchanging contracts, as he is trying to buy another new build property and cannot sign for the property with this clause in there.

What now looks will happen is that we will exchange contracts , without this clause, on the day we are due to close/collect keys, next Friday.

Given all that's going on with the property market I''m now very nervous.

We walked past the property over the weekend, as it's within our 5km, and there was a skip outside so house is clearly being cleared.

Should I be as nervous as I am? All of the speed and urgency to buy/sell quickly was on the sellers part as they want to get their new build purchase closed ASAP.

I'm normally very calm, but this is stressing me out a lot

CarMc · 12-01-2021 1:32pm

narodvale wrote: »

We're in a stressful spot, so this is more of an update/vent. Any feedback would be greatly appreciated.

What has your solicitor advised?

I think it's fairly common for this clause to be left out of new build contracts but it's commonly included in contracts for sale/purchase of second hand homes, I think the seller can't get it put into his new home purchase so wants it taken out of his sale contract which leaves you at risk. I'd insist it's left in. The contract you have with him to buy his house has no baring on the contract he will sign to purchase his new home. They are separate deals and do not need to contain the same clauses. I'd insist the clause stays and see what he says. If he's clearing the house out I doubt he'd want to lose the sale at this stage.

narodvale · 12-01-2021 1:58pm

Good question.

Our solicitor has advised that we leave it in to avoid leaving us at risk should anything happen, which i completely appreciate. I've just never heard of anyone exchanging contracts on the day the sale is due to close, which is what their solicitor is now advising/requesting.

The house itself is no longer listed online on either My Home, or indeed the estate agents website, so I should probably relax. It's just a bit unnerving after months and months of paperwork and negotiations and delays and lockdown, to then have everything go down to one day.

I'll be due a beer at the end of that day either way

Dick Turnip · 12-01-2021 2:01pm

CarMc wrote: »

What has your solicitor advised?

I think it's fairly common for this clause to be left out of new build contracts but it's commonly included in contracts for sale/purchase of second hand homes, I think the seller can't get it put into his new home purchase so wants it taken out of his sale contract which leaves you at risk. I'd insist it's left in. The contract you have with him to buy his house has no baring on the contract he will sign to purchase his new home. They are separate deals and do not need to contain the same clauses. I'd insist the clause stays and see what he says. If he's clearing the house out I doubt he'd want to lose the sale at this stage.

This sounds like perfect advice to me. They're completely separate deals, just because the house they're buying doesn't have it has nothing to do with you.

And if they have a skip in the driveway, I can't imagine they'll risk the sale falling through by insisting you take it out at this stage.

Claw Hammer · 12-01-2021 2:07pm

narodvale wrote: »

We're in a stressful spot, so this is more of an update/vent. Any feedback would be greatly appreciated.

We are at Sale Agreed, with an agreed closing date of next Friday, January 22nd. We have paid our full deposit. But we haven't exchanged contracts yet.....

Our solicitor included a clause, that the sellers solicitor agreed to, that the sale is dependent on us being able to draw down loan monies. He advised this is common in case there is an issue with our life insurance, or bank has issues at the final stage or something along those lines. This makes perfect sense to me, as something unexpected could happen. The seller is now insisting we remove it before exchanging contracts, as he is trying to buy another new build property and cannot sign for the property with this clause in there.

What now looks will happen is that we will exchange contracts , without this clause, on the day we are due to close/collect keys, next Friday.

Given all that's going on with the property market I''m now very nervous.

We walked past the property over the weekend, as it's within our 5km, and there was a skip outside so house is clearly being cleared.

Should I be as nervous as I am? All of the speed and urgency to buy/sell quickly was on the sellers part as they want to get their new build purchase closed ASAP.

I'm normally very calm, but this is stressing me out a lot

You won't be signing the contract until the loan money is in your hand so you have nothing to worry about. You either want the house or you don't.

givyjoe · 12-01-2021 3:11pm

Claw Hammer wrote: »

You won't be signing the contract until the loan money is in your hand so you have nothing to worry about. You either want the house or you don't.

Is that really relevant, or helpful? Not sure the first part is either.

Contracts are signed before the loan is drawn down no?

DubLad69 · 12-01-2021 3:26pm

givyjoe wrote: »

Is that really relevant, or helpful? Not sure the first part is either.

Contracts are signed before the loan is drawn down no?

I think its both relevant and helpful. Have the seller sign the contract without the clause, then have your solicitor draw down your funds and sign the contract on the same day.

Its a very common way of doing it. You then have nothing to worry about when it comes to having your loan offer revolked..

givyjoe · 12-01-2021 3:33pm

DubLad69 wrote: »

I think its both relevant and helpful. Have the seller sign the contract without the clause, then have your solicitor draw down your funds and sign the contract on the same day.

Its a very common way of doing it. You then have nothing to worry about when it comes to having your loan offer revolked..

You think the smart arse "you want the house or you dont" comment is relevant and helpful?!

Busi_Girl08 · 12-01-2021 3:51pm

Dick Turnip wrote: »

Reading the last few pages, I realise now how lucky I got in going sale agreed before Christmas, looks everything is on hold really at the moment.

Quick summary of my timeline -

Got AIP in August
Got AIP on LTI exemption in November
Viewed house (in Dublin) twice in November
Put in 1st offer in mid-Dec
Final offer accepted a week before Christmas
Paid deposit and managed to get surveyor and valuation done the days before Christmas
Submitted remaining paperwork to broker last week (recent payslip, bank statements etc)
Have agreed a date in mid-Feb to close and get keys

No hiccups so far, hopefully runs smoothly the next 4/5 weeks!

This is the kind of timeline we're dreaming of, best of luck with the rest of it!

GrumPy · 12-01-2021 4:16pm

We are hoping to close before the end of the month, no firm date just yet though.
We have however arranged with the estate agent to visit the house once more before signing, and take measurements.
Somewhat nervous about road checkpoints though, I guess I'll have to come up with something to show them as evidence we are trying to buy a house.

AdamD · 12-01-2021 4:39pm

Are viewings currently allowed? Not seeing much being put up on Daft, assume the market will be at a bit of a standstill during level 5?

Busi_Girl08 · 12-01-2021 4:44pm

GrumPy wrote: »

We are hoping to close before the end of the month, no firm date just yet though.
We have however arranged with the estate agent to visit the house once more before signing, and take measurements.
Somewhat nervous about road checkpoints though, I guess I'll have to come up with something to show them as evidence we are trying to buy a house.

Can you get a letter from the EA?

Milena009 · 12-01-2021 5:03pm

AdamD wrote: »

Are viewings currently allowed? Not seeing much being put up on Daft, assume the market will be at a bit of a standstill during level 5?

Technically, i think viewings should be virtual unless sale-agreed.
However! I have been contacted by two separate agents if I will be interested in viewings for estate this coming weekend. (not sale agreed)

Baby01032012 · 12-01-2021 5:12pm

IPAV/PSRA have just released updated guidelines effective tomorrow until 31st

Property must be sale agreed before it can be viewed in person...

AdamD · 12-01-2021 5:19pm

Baby01032012 wrote: »

IPAV/PSRA have just released updated guidelines effective tomorrow until 31st

Property must be sale agreed before it can be viewed in person...

On what planet is anyone going sale agreed on a property that haven't viewed in person? :pac:

random_banter · 12-01-2021 5:23pm

AdamD wrote: »

Are viewings currently allowed? Not seeing much being put up on Daft, assume the market will be at a bit of a standstill during level 5?

We booked a viewing just today, for Saturday. House is unoccupied and viewings are spaced out. Agent doesn't come in with you. I really hope it's able to go ahead – our house hunting journey has been delayed enough with the additional Covid-driven demand and supply issues without being able to look at properties at all.

IPAV/PSRA have just released updated guidelines effective tomorrow until 31st

Property must be sale agreed before it can be viewed in person...

Ah crikey.

I know it's not the end of the world for us, but it still sucks a bit.

brisan · 12-01-2021 8:06pm

Markitron wrote: »

Ah right. I am seeing a few in my searches, not seen any the other way around though.

Only EAs can advertise on MyHome ,no private sellers allowed
Daft accept both
Myhome is better for sales as practically all houses will be on there (very few private sales nowadays ) whereas DAFT is better for rentals

brisan · 12-01-2021 8:13pm

Pink11 wrote: »

To anyone else following this house, it went sale agreed again in December. Third time since March...!!

Look at the satellite view of the house
Then drop the little yellow man in and go street view
Then go around the corner and look at the side of the house
You are buying a little more than half a house
That's why the banks will not give a mortgage
I am amazed the EA did not specify it as a cash sale only because no bank will lend on it
The legals are probably a nightmare
If it looks too good to be true ,it probably is

cojomo2 · 12-01-2021 10:37pm

Baby01032012 wrote: »

IPAV/PSRA have just released updated guidelines effective tomorrow until 31st

Property must be sale agreed before it can be viewed in person...

Thanks. If you are sale agreed, can surveyors/valuation agents etc. Still visit the house as required in order to progress the sale?

Baby01032012 · 12-01-2021 11:05pm

AdamD wrote: »

On what planet is anyone going sale agreed on a property that haven't viewed in person? :pac:

Exactly it’s going to put breaks on sales for next Month or longer

Baby01032012 · 12-01-2021 11:09pm

cojomo2 wrote: »

Thanks. If you are sale agreed, can surveyors/valuation agents etc. Still visit the house as required in order to progress the sale?

Engagement of the services of valuers, surveyors and other required professionals to progress the sale is permitted in the following circumstances: :
 The property has gone sale agreed and contracts for sale drafted.
2) Contract for sale signed subject to conditions.
3) Valuations required by banks or solicitors pertaining to essential services.
4) Emergency circumstances.
Professionals to follow sectoral, HSE

klose · 12-01-2021 11:17pm

Baby01032012 wrote: »

Exactly it’s going to put breaks on sales for next Month or longer

You're absolutely off your head going sale agreed without a viewing, the photos and videos estate agents put up are not reflective ever of a house for sale.

Baby01032012 · 12-01-2021 11:23pm

AdamD wrote: »

On what planet is anyone going sale agreed on a property that haven't viewed in person? :pac:

Exactly it’s going to put breaks on sales for next Month or longer

Fuzzy_Dunlop · 13-01-2021 12:32am

There are little or no houses coming up for my saved searches the last few weeks so it does indeed seem that the market is on hold for now. Real pain, we started looking in earnest this time last year and are fed up now.

DubLad69 · 13-01-2021 12:39am

Fuzzy_Dunlop wrote: »

There are little or no houses coming up for my saved searches the last few weeks so it does indeed seem that the market is on hold for now. Real pain, we started looking in earnest this time last year and are fed up now.

I'm pretty sure that this is a quiet time normally anyway. I would expect that there will be a ton of houses hitting the market as soon as lockdown ends.

[Deleted User] · 13-01-2021 1:38am

Baby01032012 wrote: »

IPAV/PSRA have just released updated guidelines effective tomorrow until 31st

Property must be sale agreed before it can be viewed in person...

Got a link?

Previously it was that you had to have viewed it online and had the details, and demonstrated proof of funds. I'm assuming 'sale agreed before viewing' is a mistake.

[Deleted User] · 13-01-2021 1:51am

Apologies if this has been discussed in-depth (I pop in and out of the thread, but haven't been following it constantly).

To anyone who is on the path to buying - are you at all concerned about losing your job? I was looking at a house recently, and although it's not an earth-shattering amount of money, I still feel a bit uneasy, in the event of my worst case scenario occurring, and I'm off to the dole queue.

I can only assume this crosses everyone's mind at some point. How have you been approaching this potential issue? Or are ye just "sweeping it under the rug" and ignoring the possibility?

macplaxton · 13-01-2021 4:13am

Baby01032012 wrote: »

IPAV/PSRA have just released updated guidelines effective tomorrow until 31st

Property must be sale agreed before it can be viewed in person...

Deleted User wrote: »

Got a link?

http://www.psr.ie/en/PSRA/Covid-19%20Guidance%20Doc%2013-01-2021.pdf/Files/Covid-19%20Guidance%20Doc%2013-01-2021.pdf

Viewings by the public of properties for sale

Viewings by the public permitted of properties by appointment only where:
The property has gone sale agreed and contracts for sale drafted

Viewings by one party of two people from the same household is only permitted.
Properties must be unoccupied at the time of appointment.

GrumPy · 13-01-2021 8:35am

Busi_Girl08 wrote: »

Can you get a letter from the EA?

They sent an email in the end

Busi_Girl08 · 13-01-2021 10:08am

macplaxton wrote: »

http://www.psr.ie/en/PSRA/Covid-19%20Guidance%20Doc%2013-01-2021.pdf/Files/Covid-19%20Guidance%20Doc%2013-01-2021.pdf

"Viewings by one party of two people from the same household is only permitted.
Properties must be unoccupied at the time of appointment."

My fiance and I are living in 2 different households

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

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