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

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Comments

  • #252
    beggars_bush
    Registered Users, Registered Users 2 Posts: 4,647 ✭✭✭beggars_bush


    pure breed wrote: »
    Why if you SA at higher price? If that's not a stupid question.

    I'm trying to buy in Galway and definitely seems a sellers market in €260 - 375 range. 3 & 4 beds.

    Because nobody is going to buy a house for the next 6 month's plus


  • #253
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    People who have deposit saved, and good steady salaries and ready to buy are still ready to buy. They might look for a reduction but there is still a shortage of housing. It may even get worse if the supply dries up if building and finance slow down. Even if a lot of places close up, and a lot of people leave the country there will still a shortage as there will still be a pent up demand for housing. If people can't get buyers they might take property off the market for a few months, reducing supply even further. If you were going to rent a place and realised people might not be able to pay rent, you might keep it vacant for a while to everything stabilises.

    In China the was a dip in economic activity but it's recovering. The long term effect on that especially on low paid sectors and business will only be realised in the next few months.

    Rather a crash it might have a cooling effect on the Irish economy which would be no bad thing.


  • #254
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    beggars_bush wrote: »
    Because nobody is going to buy a house for the next 6 month's plus

    Wait 6 months and you might not get mortgage approval again and you might have it now.

    If I was at my limit even over extending and not secure in my income I would wait. If I was a cash buyer or even very secure in my income/job and my ideal place came up I'd buy. Especially if You've been waiting a few years to buy.


  • #255
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    ebayissues wrote: »
    With the carnage in Financial markets today, how's everyone thinking?

    Over the past couple of weeks, I've seen properties that were sale agreed come back on the market..tho it could be due to many reasons....

    I've gone sale agreed 10days ago but I've not started paper work or stuff yet.. The market doesn't have me spooked yet but this could start a snow ball effect.

    Renegotiate a lower price. The ball is firmly in the buyers court


  • #256
    Summer2020
    Registered Users Posts: 641 ✭✭✭Summer2020


    randoplh134 wrote: »
    Renegotiate a lower price. The ball is firmly in the buyers court

    Not really. I’m a seller; currently sale agreed and if the buyer comes back to me offering less I’ll just cancel the sale. In no rush to sell or move thankfully. Would be just as happy to stay in current property for the next 5 years.
    Your strategy will only work if the sellers have no choice but to sell.

    In fact I’d argue that in my and a lot of sellers positios the ball is firmly in my court. Buyer is currently renting, and mortgage approved. Who knows if they’ll get a mortgage again if they pull out now. And they face paying rental costs for as long as it takes to find a new property.


  • #257
    Idbatterim
    Registered Users, Registered Users 2 Posts: 17,853 ✭✭✭✭Idbatterim


    Summer2020 wrote: »
    Not really. I’m a seller; currently sale agreed and if the buyer comes back to me offering less I’ll just cancel the sale. In no rush to sell or move thankfully. Would be just as happy to stay in current property for the next 5 years.
    Your strategy will only work if the sellers have no choice but to sell.

    or think there could be a **** load of hassle and time wasting and just want it done...


  • #258
    Summer2020
    Registered Users Posts: 641 ✭✭✭Summer2020


    Every situation is different. All I know is that if buyer tries to renegotiate I’ll be saying no.


  • #259
    Idbatterim
    Registered Users, Registered Users 2 Posts: 17,853 ✭✭✭✭Idbatterim


    there is another factor, while many waited the last time round, thinking it prudent and waiting for prices to drop, all it did, was lock them out of homeownership, with the more stringent lending restrictions etc.


  • #260
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    Idbatterim wrote: »
    or think there could be a **** load of hassle and time wasting and just want it done...

    I have no idea what that means, do you mean the seller will accept a cheaper price just to get rid of it?

    If I was a seller I'd just wait for the market to stabilise. If all slows down it will just make the shortage worse.


  • #261
    Idbatterim
    Registered Users, Registered Users 2 Posts: 17,853 ✭✭✭✭Idbatterim


    beauf wrote: »
    I have no idea what that means, or if you are talking about the seller or buyer???

    the seller, they could just think to hell with it. I want it done and wrapped up and would take a few percent drop, just to have it over with. Look there are too many different scenarios, trains of thought, situations etc...


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  • #262
    DaveyDave
    Registered Users Posts: 6,288 ✭✭✭DaveyDave


    Nearly have the keys to our new house, just over two months in at this stage.

    Started looking in December, our initial budget was €275k but the houses we were looking at were €275-290k, mostly on the upper end. In the last 6 months we only saw two that were actually nice. Majority of them had awful carpets, wallpaper or neglected gardens that would need a lot of work. They were approx 90-95m.

    For comparison, €350k wouldn't necessarily get you anything better. Smaller (75-85m), older houses that are worse due to traffic, low BER ratings or visible damage or the same 90-95m houses with some upgraded kitchen or bathrooms of a very 90s taste.

    There was some doubts about our mortgage application as I work shifts, some banks wouldn't recognize the full shift allowance I get so we only had one option in the end.

    There's 4-5 developments in the area, almost all sold out with one or two minor phases coming soon. With an exemption from KBC and the Help to Buy scheme we were able to afford a new build. We got lucky to secure a cancellation in the estate we wanted. €360k, 3 bed end of terrace 112m. We could have had one or two other new houses but the layout of the one we're getting sold it to us.

    Just done the snag last week, very minor stuff. Shower door not closing, two windows catching and some scuffs and paint touch ups. Hopefully not long now before we get the move in date.


  • #263
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    beggars_bush wrote: »
    Because nobody is going to buy a house for the next 6 month's plus

    I might! God knows what state the Economy and banks will be in when this is done. Have a feeling banks may pull the plug in the coming weeks though on already issued mortgage approvals. So many folks will be working in jobs that are at risk.


  • #264
    ittakestwo
    Registered Users, Registered Users 2 Posts: 1,685 ✭✭✭ittakestwo


    Summer2020 wrote: »
    Every situation is different. All I know is that if buyer tries to renegotiate I’ll be saying no.

    Well you probably wont be moving then. If I was sale agreed before a fortnight and vender was not negotiating a new price given what has happened then they can have it.


  • #265
    Summer2020
    Registered Users Posts: 641 ✭✭✭Summer2020


    ittakestwo wrote: »
    Well you probably wont be moving then. If I was sale agreed before a fortnight and vender was not negotiating a new price given what has happened then they can have it.

    Grand , I’m comfortable with that scenario.


  • #266
    klose
    Registered Users, Registered Users 2 Posts: 11,873 ✭✭✭✭klose


    Me and my girlfriend have been saving got 12-18 months and are just shy of 30,000 between us and only waiting on a salary cert before we go to talk to banks to get the ball rolling, I assume it's probably a bad time to now? A lot of uncertainty?


  • #267
    dowhatyoulove
    Registered Users Posts: 155 ✭✭dowhatyoulove


    We’ve signed our contracts and due to sign our mortgage papers tomorrow morning - will be going through with it cos at the end of the day we need somewhere to live and it’s far far cheaper than our rent


  • #268
    [Deleted User]
    Posts: 18,749 ✭✭✭✭ [Deleted User]


    klose wrote: »
    Me and my girlfriend have been saving got 12-18 months and are just shy of 30,000 between us and only waiting on a salary cert before we go to talk to banks to get the ball rolling, I assume it's probably a bad time to now? A lot of uncertainty?

    Most aip last for 6 to 9 months, so why not get it now, no rush then looking for properties


  • #269
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    Summer2020 wrote: »
    Not really. I’m a seller; currently sale agreed and if the buyer comes back to me offering less I’ll just cancel the sale. In no rush to sell or move thankfully. Would be just as happy to stay in current property for the next 5 years.
    Your strategy will only work if the sellers have no choice but to sell.

    In fact I’d argue that in my and a lot of sellers positios the ball is firmly in my court. Buyer is currently renting, and mortgage approved. Who knows if they’ll get a mortgage again if they pull out now. And they face paying rental costs for as long as it takes to find a new property.

    That's all well and good but there are many buyers with dry powder on standby, this buyer may be desperate and is why they agreed to a over valued price to lock in a deal in case mortgage approval runs out.

    I would flip the coin and ask yourself do you need to sell? If so, would you be able to stomach selling for >20% less further down the road due to buyers waiting for the market to bottom out.


  • #270
    tomister
    Registered Users Posts: 271 ✭✭tomister


    I snagged last Tuesday and was hoping to draw down the week of the 23rd. Just waiting for the builders to confirm all the works from the snag are completed (only minor cosmetic issues). Banks and my solicitor were in touch on Friday and its still all go but I'm going to check in on Wednesday to assess. Should be able to still go ahead... I hope!!


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  • #271
    lindtee
    Registered Users, Registered Users 2 Posts: 3,396 ✭✭✭lindtee


    Have an offer on a house for 15,000 under asking. I haven’t heard any updates in a couple of weeks. I’m not sure am I ready to walk away if they do come back and accept my offer...On one hand I have a HSE job, and savings and funding in place for over half the purchase price so I would still be in a strong position to buy in the future, on the other hand I do like the house and it is good value at my offer price. It’s in a nice quiet area and only half hours commute from work.
    To be honest I’ve spent less time worrying about the corona virus itself than the corona-property effect.


  • #272
    beauf
    Closed Accounts Posts: 22,648 ✭✭✭✭beauf


    randoplh134 wrote: »
    ...I would flip the coin and ask yourself do you need to sell? If so, would you be able to stomach selling for >20% less further down the road due to buyers waiting for the market to bottom out.

    If you agree a reduced price the buyer is likely to keep asking for reductions. Only way to know the price is to go back to the market and see if anyone offers more. If no one does, that means the original buyer will offer lower again. So basically the deal with the original buyer is busted once you start renegotiating. You'll never trust each other.


  • #273
    awec
    Administrators Posts: 54,091 Admin ✭✭✭✭✭awec


    randoplh134 wrote: »
    That's all well and good but there are many buyers with dry powder on standby, this buyer may be desperate and is why they agreed to a over valued price to lock in a deal in case mortgage approval runs out.

    I would flip the coin and ask yourself do you need to sell? If so, would you be able to stomach selling for >20% less further down the road due to buyers waiting for the market to bottom out.

    If he sells it for 20% less further down the road then he'll also be buying his next house for 20% less. Makes no real difference to him.

    If I was selling right now I'd probably entertain a few percentage points reduction, provided the amount was still sufficient for me to fund my next purchase, but if the seller came in with nonsense like a 15-20% drop I'd laugh and cancel the sale. Delusional stuff.


  • #274
    Gavin "shels"
    Registered Users, Registered Users 2 Posts: 17,965 ✭✭✭✭Gavin "shels"


    Bit worried ourselves, approved two weeks ago and have only managed to get one viewing in. Can see all viewings in lockdown now for a few weeks, hopefully the banks extend approval.


  • #275
    jluv
    Registered Users Posts: 3,719 ✭✭✭jluv


    awec wrote: »
    If he sells it for 20% less further down the road then he'll also be buying his next house for 20% less. Makes no real difference to him.

    I'm selling and sale agreed 2 weeks. I'm expecting to get a call saying they might want to renegotiate price but as I'm in no hurry I wont be entertaining it. Exactly because of your point above..


  • #276
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    klose wrote: »
    Me and my girlfriend have been saving got 12-18 months and are just shy of 30,000 between us and only waiting on a salary cert before we go to talk to banks to get the ball rolling, I assume it's probably a bad time to now? A lot of uncertainty?

    Worst possible time to buy, there will be a huge dip in prices soon.


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  • #277
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    awec wrote: »
    If he sells it for 20% less further down the road then he'll also be buying his next house for 20% less. Makes no real difference to him.

    If I was selling right now I'd probably entertain a few percentage points reduction, provided the amount was still sufficient for me to fund my next purchase, but if the seller came in with nonsense like a 15-20% drop I'd laugh and cancel the sale. Delusional stuff.

    That depends entirely on the type of property said is interested in, will they be upsizing,downsizing etc. Ireland's demographic is changing rapidly and so is it's approach to property development, the next house he has his eye on may well be a scarce commodity within a couple of years.

    It is not delusional at all to expect a 15-20% drop in a market that was already laughably over valued and at the end of it's economic expansion phase, not to mention we are facing a global depression and throw a pandemic in for good measure.

    All of this will be the pin that pops the bubble, anyone expecting prices across all asset sectors to remain steadfast and strong is delusional.


  • #278
    randoplh134
    Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    jluv wrote: »
    I'm selling and sale agreed 2 weeks. I'm expecting to get a call saying they might want to renegotiate price but as I'm in no hurry I wont be entertaining it. Exactly because of your point above..

    Pretty poor point to base one of your biggest financial decisions on


  • #279
    jluv
    Registered Users Posts: 3,719 ✭✭✭jluv


    randoplh134 wrote: »
    Pretty poor point to base one of your biggest financial decisions on

    ? If house prices fall and I get less for my house because of the market, then I will be paying less for the house I will be purchasing..downsizing btw..


  • #280
    beggars_bush
    Registered Users, Registered Users 2 Posts: 4,647 ✭✭✭beggars_bush


    we're going to withdraw from the sale agreed

    too much uncertainty


  • #281
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,237 Mod ✭✭✭✭FutureGuy


    Has anyone signed contracts and have 10% over with solicitors?


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  • #282
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,237 Mod ✭✭✭✭FutureGuy


    ebayissues wrote: »
    As someone who is buying and gone S.A on a house I'm pulling the plug.


    I got an exemption with the bank, with the COV19 and financial markets what to say that they won't honor it.


    IMO I see atleast two quarters of downturn depending on how COV19 impacts the economy and how Ireland and other economies react to it. If it's just 2 quarters, no big isssue. If not, I see a recession. House prices will be 10 - 15% lower. This doesnt mean one might have the credit facility to buy it as banks could be tight with lending money or it could be strictly at the 3.5 rule. So as a single person and on the exemption, I question if I shouldnt let this slip.


    I think 3 - 6months should give an idea of how things are panning out. One can proceed with S.A, take your time on it and hope to know better in June-sep.


    If you think your job is safe and even with a pay cut you can afford repaymants, I'd consider buying now.


    Also economies has cycles. if you're purchasing for the long run, I'd proceed and buy it.

    Surely they can’t NOT honour the exemption? I’m in the same both. We needed an exemption too.


  • #283
    awec
    Administrators Posts: 54,091 Admin ✭✭✭✭✭awec


    FutureGuy wrote: »
    Surely they can’t NOT honour the exemption? I’m in the same both. We needed an exemption too.

    Very unlikely not to honour it IMO.

    I reckon most likely action from banks right now is almost no new approvals for mortgages until they get a clearer picture. People already in the system proceed if they wish.


  • #284
    Mixmistro
    Registered Users Posts: 13 ✭Mixmistro


    FutureGuy wrote: »
    Has anyone signed contracts and have 10% over with solicitors?

    Yes I have and hoping to get keys this week once drawdown happens. It was delayed last week over a small discrepancy with one document which I hope is sorted now so missed official closing date.


  • #285
    Summer2020
    Registered Users Posts: 641 ✭✭✭Summer2020


    jluv wrote: »
    ? If house prices fall and I get less for my house because of the market, then I will be paying less for the house I will be purchasing..downsizing btw..

    Exact same position as me. Don’t need to sell. If buyer pulls out or tries to renegotiate it doesn’t affect me and I’ll refuse. Could easily live in house for next 10 years. If price for our own house is down when we eventually buy , then our next purchase house will be down equivalent amount.
    If I was in an apartment with 2/3 kids I’d be in a different position and would need to sell obviously.


  • #286
    awec
    Administrators Posts: 54,091 Admin ✭✭✭✭✭awec


    Summer2020 wrote: »
    Exact same position as me. Don’t need to sell. If buyer pulls out or tries to renegotiate it doesn’t affect me and I’ll refuse. Could easily live in house for next 10 years. If price for our own house is down when we eventually buy , then our next purchase house will be down equivalent amount.
    If I was in an apartment with 2/3 kids I’d be in a different position and would need to sell obviously.

    If you were in this boat I think all approaches are risky tbh. Wouldn't envy anyone with this decision to make. You'd have to decide what the greater risk is, losing potential money on your current place or ending up with no place.

    If you sell now in a hurry, you're gambling on the fact that you'll be able to buy again soon. If you sell, and things do go tits up, you may not even get a mortgage again. Plenty got screwed and stuck in the rent system after the last crash.


  • #287
    Uglysoik1
    Registered Users Posts: 42 ✭Uglysoik1


    FutureGuy wrote: »
    Has anyone signed contracts and have 10% over with solicitors?

    Yes I have. I was supposed to drawdown last Friday but due to a delay on vendors side didn't happen. Hopefully will close this week though. Fingers crossed


  • #288
    z0oT
    Registered Users, Registered Users 2 Posts: 740 ✭✭✭z0oT


    My wife & I are buying a new build currently. It's been an extremely long process having signed all the way back in October of 2018.

    Our contractual closing date is the end of April. The house is still being worked on and work is progressing at a good pace. We've a high level of savings, we're down for around 75% LTV, working on getting mortgage protection in place currently. Neither of us have any clue what'll happen. I'm trying to think about it too much and proceeding as normal until an external force calls a halt to it.

    But I find it hard to think past the next 1-2 weeks currently.


  • #289
    Anamdearcadh
    Registered Users Posts: 19 ✭Anamdearcadh


    My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

    Scary, scary times.


  • #290
    FutureGuy
    Moderators, Computer Games Moderators Posts: 15,237 Mod ✭✭✭✭FutureGuy


    As a question, I said elsewhere that our solicitor has gone AWOL.

    Is it bad form to contact the VENDORS solicitor to get an update?

    We really don’t want to pull out but are nervous of what the banks may/may not do.


  • #291
    Idbatterim
    Registered Users, Registered Users 2 Posts: 17,853 ✭✭✭✭Idbatterim


    Anamdearcadh wrote: »
    My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

    Scary, scary times.

    wouldn't surprise me if the quotes you get to do this work, start coming down significantly! Hope you haven't locked in with a builder etc yet?


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  • #292
    km79
    Registered Users, Registered Users 2 Posts: 48,254 ✭✭✭✭km79


    FutureGuy wrote: »
    As a question, I said elsewhere that our solicitor has gone AWOL.

    Is it bad form to contact the VENDORS solicitor to get an update?

    We really don’t want to pull out but are nervous of what the banks may/may not do.

    Contact the estate agent and ask him to get an update from the other side
    Who knows their solicitor may be trying to contact yours too and they could also be freaking out!!!!

    Our estate agent was EXCELLENT in this regard. Both solicitors were painful

    Pm me if you want any more info


  • #293
    Anamdearcadh
    Registered Users Posts: 19 ✭Anamdearcadh


    Idbatterim wrote: »
    wouldn't surprise me if the quotes you get to do this work, start coming down significantly! Hope you haven't locked in with a builder etc yet?

    No I haven't which I'm grateful for.


  • #294
    Chickpea111
    Registered Users Posts: 7 ✭Chickpea111


    I have paid a booking deposit. The surveyor was in to survey the property last week but he hasn't been in contact yet. I am strongly considering walking away. I've offered the asking price and my job is safe and pensionable but there is just so much uncertainty right now. Also I am renting and not under any pressure from the landlord and wont be. Not really sure what to do to be honest.


  • #295
    Idbatterim
    Registered Users, Registered Users 2 Posts: 17,853 ✭✭✭✭Idbatterim


    Chickpea111 wrote: »
    I have paid a booking deposit. The surveyor was in to survey the property last week but he hasn't been in contact yet. I am strongly considering walking away. I've offered the asking price and my job is safe and pensionable but there is just so much uncertainty right now. Also I am renting and not under any pressure from the landlord and wont be. Not really sure what to do to be honest.

    what is the rent like v the mortgage?


  • #296
    Mav11
    Registered Users, Registered Users 2 Posts: 2,250 ✭✭✭Mav11


    Chickpea111 wrote: »
    I have paid a booking deposit. The surveyor was in to survey the property last week but he hasn't been in contact yet. I am strongly considering walking away. I've offered the asking price and my job is safe and pensionable but there is just so much uncertainty right now. Also I am renting and not under any pressure from the landlord and wont be. Not really sure what to do to be honest.

    Booking deposits are repayable on demand and usually dependent on acceptable surveyors report.


  • #297
    km79
    Registered Users, Registered Users 2 Posts: 48,254 ✭✭✭✭km79


    Mav11 wrote: »
    Booking deposits are repayable on demand and usually dependent on acceptable surveyors report.

    ?
    They are refundable full stop . Can pull out for whatever reason . Don’t need a report


  • #298
    Summer2020
    Registered Users Posts: 641 ✭✭✭Summer2020


    Agreed. I think it’s all up in the air and there’s no definite answer either way whether buying or selling. It all depends on your own circumstance.i think it’s fair to say though that a lot of sales will fall through for one reason or another now.
    Wouldn’t like to be an estate agent at the minute.


  • #299
    TheSheriff
    Registered Users, Registered Users 2 Posts: 1,108 ✭✭✭TheSheriff


    We're likely to hand over a booking deposit in the next few days to a small EA in D15 - part of me worrying what if the EA goes bust in the coming weeks. They have very few properties, and will likely have even less now ! So much uncertainty.


  • #300
    sparkle109
    Registered Users Posts: 174 ✭✭sparkle109


    What’s the likelihood of the help to buy scheme staying til the end of 2021?


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  • #301
    lfen
    Registered Users Posts: 196 ✭✭lfen


    We had all our docs over to the bank the last week in Jan and have been waiting for AIP since.
    Last update was Friday just gone when we were told it’s pretty much done, but need official green light from underwriters which should be Monday (tomorrow).
    Anyone working in that industry and if so, you reckon approvals will be put on the long finger for the foreseeable?


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