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

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    #2702
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    had the 1st viewing on my house Saturday . 4 viewers no offers . Starting to get anxious .


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    #2703
    Will Yam
    Registered Users Posts: 671 ✭✭✭Will Yam


    Sweet.Science wrote: »
    had the 1st viewing on my house Saturday . 4 viewers no offers . Starting to get anxious .

    I wouldn’t get anxious yet.

    I have viewed the same house 3 times over last 5 weeks and have yet to make an offer. And there’s no other offer in either.

    It’s a bit like a slow bicycle race


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    #2704
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    Will Yam wrote: »
    I wouldn’t get anxious yet.

    I have viewed the same house 3 times over last 5 weeks and have yet to make an offer. And there’s no other offer in either.

    It’s a bit like a slow bicycle race

    Thanks . First time selling . And hopefully it will be my last time to have to do it.


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    #2705
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    Our saga continues. After a buyer went sale agreed before lockdown and strung us along only to change their minds after it, went sale agreed with a new buyer after re-advertising etc. On course to an end of August close with a more and more impatient seller on the other side where we're looking to buy ourselves.

    Now it seems our buyer needs some documentation that they won't get till some stage in September in order to draw down with their bank and our mortgage will probably need to be re-done entirely as it runs out around the same time. Putting an eye back on the lockdown scenarios as schools return now, just our luck that'll be the next thing to hit us.

    We soldier onwards.


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    #2706
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Do people bid on many multiple properties?


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    #2707
    bulmersgal
    Registered Users Posts: 1,174 ✭✭✭bulmersgal


    cubatahavana wrote: »
    Do people bid on many multiple properties?

    I've bidded on four in past two months, one I went sale agreed on but I pulled out as issues were found by solicitor. Two I was outbidded on. Bidding on one at the moment, highest bidder for the past two weeks, they have more viewings this week but they said decision should be made by next week.

    I'm still viewing houses and will bid if I see something I like.


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    #2708
    Canyon86
    Registered Users Posts: 1,223 ✭✭✭Canyon86


    Having a frustrating wait from the AIB for my letter
    Of loan offer

    I have rang each day for an update and all I'm getting
    Is that they are swamped busy with covid based applications

    I'm worried I ll delay the sale on my end as a result

    Anybody else the same?


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    #2709
    goingagain
    Registered Users Posts: 53 ✭✭goingagain


    Just to update, we got a quote of less than half of our original solicitor fees from a recommended solicitor that I have worked with in the last. So we’re back on budget and happy out.

    People we’re buying from want a long close, so the plan is to sign contracts in September with closing date of January. They are downsizing and want a last Christmas in their house


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    #2710
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    Regarding D.D what info do the bank request and when? I'm not and never been on covid scheme.



    I assume its just salary?


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    #2711
    CiboC
    Registered Users Posts: 509 ✭✭✭CiboC


    Delighted to say we have finally closed on our house purchase today!

    We might hold the record for longest negotiation process here, we started negotiating with the seller in January 2019…..!

    Unusual situation though as we have bought the house that we were already living in from the landlord. In one sense it was really easy as there was no rush for us to move as we were already here anyway, also having lived in the house for years we knew every nook and cranny, damp spot and draught so could use all of that to haggle over what a fair price was.

    On the other hand there was no rush for the landlord as we were paying rent every month until we bought it, so that all contributed to the delays. Also the fact that the landlord lives abroad didn’t make it any quicker.

    All in all we are very happy with price we got, and moving is going to be pretty easy…..:)


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    #2712
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    CiboC wrote: »
    Delighted to say we have finally closed on our house purchase today!

    We might hold the record for longest negotiation process here, we started negotiating with the seller in January 2019…..!

    Unusual situation though as we have bought the house that we were already living in from the landlord. In one sense it was really easy as there was no rush for us to move as we were already here anyway, also having lived in the house for years we knew every nook and cranny, damp spot and draught so could use all of that to haggle over what a fair price was.

    On the other hand there was no rush for the landlord as we were paying rent every month until we bought it, so that all contributed to the delays. Also the fact that the landlord lives abroad didn’t make it any quicker.

    All in all we are very happy with price we got, and moving is going to be pretty easy…..:)

    The first thing I would do in that scenario is put a hole in the wall, now that you can, just for the ****s and giggles.

    Congrats.


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    #2713
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    Currently sale agreed at the moment, toying with both aib and boi, just looking for confirmation - if we went with BOI for 1 year fixed rate, borrowing 200k (FTB with 10% deposit) would we be absolutely bonkers to switch mortgages to AIB after the 1st year, is this possible?
    A friend says it would be crazy as your mortgage needs to be paid in full plus the interest term (i.e. roughly 300k) to BOI before you can switch to another bank?


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    #2714
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    mimimcmc wrote: »
    Currently sale agreed at the moment, toying with both aib and boi, just looking for confirmation - if we went with BOI for 1 year fixed rate, borrowing 200k (FTB with 10% deposit) would we be absolutely bonkers to switch mortgages to AIB after the 1st year, is this possible?
    A friend says it would be crazy as your mortgage needs to be paid in full plus the interest term (i.e. roughly 300k) to BOI before you can switch to another bank?

    Your friend is talking baloney. A mortgage can be switched once a fixed period ends, and it can be switched during a fixed period too if you’re willing to pay the penalty. The costs in switching apart from any penalty fees - eg if you’re getting a cash back offer make sure it isn’t longer than the fixed rate for example for clawback if you change - will be solicitor and valuation, again. Doing it after 1 year is probably unusual but whatever you like... the main reasons people switch is the market has brought down interest rates and/or your LTV has changed such you can access new more preferential rates.

    Some banks will pay a certain amount, eg €1,500 to you to cover the cost of switching.


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    #2715
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    Nijmegen wrote: »
    Your friend is talking baloney. A mortgage can be switched once a fixed period ends, and it can be switched during a fixed period too if you’re willing to pay the penalty. The costs in switching apart from any penalty fees - eg if you’re getting a cash back offer make sure it isn’t longer than the fixed rate for example for clawback if you change - will be solicitor and valuation, again. Doing it after 1 year is probably unusual but whatever you like... the main reasons people switch is the market has brought down interest rates and/or your LTV has changed such you can access new more preferential rates.

    Some banks will pay a certain amount, eg €1,500 to you to cover the cost of switching.

    She works in mortgage vulture funds so she rightly scared me with this!
    Our plan is to go with BOI for the cashback offer and we have discussed with the boi advisor, they said that there would be no clawback of the cashback.

    if we do steam roll into a recession though, and house prices drop, it would be silly to switch next year then after valuation, am i correct?


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    #2716
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    mimimcmc wrote: »
    She works in mortgage vulture funds so she rightly scared me with this!
    Our plan is to go with BOI for the cashback offer and we have discussed with the boi advisor, they said that there would be no clawback of the cashback.

    if we do steam roll into a recession though, and house prices drop, it would be silly to switch next year then after valuation, am i correct?

    Well your LTV currently is 90% so if the house price cratered I doubt you’d be getting a favourable mortgage offer at a higher LTV. Then again who knows what will happen. Go with the best option and see where the market is when you’re free of obligations to the bank (that are only really breakage fees)


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    #2717
    Littleredcar
    Registered Users Posts: 184 ✭✭Littleredcar


    What happens if bank valuer values noise higher than sale price


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    #2718
    awec
    Administrators Posts: 53,434 Admin ✭✭✭✭✭awec


    Littleredcar wrote: »
    What happens if bank valuer values noise higher than sale price

    Once it's in the same ball park nothing.

    If the valuation is greatly in excess of the sale price there will likely be tax consequences.


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    #2719
    megabomberman
    Registered Users Posts: 131 ✭✭megabomberman


    Canyon86 wrote: »
    Having a frustrating wait from the AIB for my letter
    Of loan offer

    I have rang each day for an update and all I'm getting
    Is that they are swamped busy with covid based applications

    I'm worried I ll delay the sale on my end as a result

    Anybody else the same?

    Chronic delays, I'm nearly waiting a month. They are well aware and sending hold over mails through the portal to keep me from ringing.


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    #2720
    _leona_
    Registered Users Posts: 15 ✭_leona_


    Canyon86 wrote: »
    Having a frustrating wait from the AIB for my letter
    Of loan offer

    I have rang each day for an update and all I'm getting
    Is that they are swamped busy with covid based applications

    I'm worried I ll delay the sale on my end as a result

    Anybody else the same?

    We were the same, went sale agreed on the 13th of July. I rang them last week to let them know the vendors were getting impatient and I didn't want the house to fall through. The loan offer was thankfully issued Monday. They seem to be swamped with applications at the min, I definitely found calling them was more effective than using the App messaging service.


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    #2721
    recyclebin
    Registered Users Posts: 3,502 ✭✭✭recyclebin


    We had a meeting with a mortgage adviser in AIB. He said they didn't have the staff available to deal with applications through the app as they were pulled over on other covid related work. He said that it would be much quicker to apply through the AIB branch.


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    #2722
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    If a bank is organising letter of offer for a specific house, are you able to back out and go with a different bank?


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    #2723
    Sweet.Science
    Registered Users Posts: 2,837 ✭✭✭Sweet.Science


    Another open viewing on my place Saturday. Hopefully get a few through the door


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    #2724
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    mimimcmc wrote: »
    If a bank is organising letter of offer for a specific house, are you able to back out and go with a different bank?

    Think so, it was something our solicitor mentioned to us yesterday as we're only a 2 year fixed, she said maybe to try get a 3 year fixed elsewhere. Unfortunately as we're getting an exemption it's pointless for us to apply elsewhere.


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    #2725
    Jasna1982
    Registered Users Posts: 277 ✭✭Jasna1982


    Gavin "shels" wrote: »
    Think so, it was something our solicitor mentioned to us yesterday as we're only a 2 year fixed, she said maybe to try get a 3 year fixed elsewhere. Unfortunately as we're getting an exemption it's pointless for us to apply elsewhere.

    What bank are you currently getting an exemption with? I thought none were doing them

    Use my Tesla referral link for free charging credits: https://www.tesla.com/referral/jasna121868



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    #2726
    Will Yam
    Registered Users Posts: 671 ✭✭✭Will Yam


    Sweet.Science wrote: »
    Thanks . First time selling . And hopefully it will be my last time to have to do it.

    House I’ve been viewing for 5 weeks got 3 bids in 17 hours.

    96% of asking price. I’d say it will go higher.


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    #2727
    Littleredcar
    Registered Users Posts: 184 ✭✭Littleredcar


    Sweet.Science wrote: »
    Another open viewing on my place Saturday. Hopefully get a few through the door

    I’ve been viewing for 2 years it always takes the second viewing before I make a decision . I’ve bid on lots


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    #2728
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    Jasna1982 wrote: »
    What bank are you currently getting an exemption with? I thought none were doing them

    We're AIP since the end of Feb. Just at the final steps now.


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    #2729
    cubatahavana
    Registered Users Posts: 990 ✭✭✭cubatahavana


    Mine went for sale very end of July. So far 3 viewing sessions and 3 bids in, with the last one going a little over asking price. Two more viewing slots this week, lets see how that goes


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    #2730
    givyjoe
    Registered Users Posts: 3,287 ✭✭✭givyjoe


    Gavin shels wrote: »
    We're AIP since the end of Feb. Just at the final steps now.

    Have you had to re-submit any docs yet? I ask as AIP would usually be up now, we've ours since March (i.e. nearly 6 months also)


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    #2731
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    cubatahavana wrote: »
    Do people bid on many multiple properties?

    Yes - I was bidding on three properties at the same time two weeks ago. Two I was outbid on. Secured one but recent engineers report as told me unless we have 60k to fix work to the house (we don’t) or get a reduction in price (they won’t) to walk away. So we walked away.

    Back to viewings next week.

    Tried to view a house this week but couldn’t get out of work to see it. I was told they expect to get asking at the viewing and unlikely to hold a second viewing. They emailed me day after viewing to say asking was offered and it’s now off the market.

    Cork auctioneers don’t seem as flexible with viewings outside of office hours. I wish auctioneers would go back to recording videos of houses.


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