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

Sweet.Science · 11-08-2020 2:06pm

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

Will Yam · 11-08-2020 2:11pm

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

Sweet.Science · 11-08-2020 2:15pm

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.

Nijmegen · 11-08-2020 4:11pm

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.

cubatahavana · 11-08-2020 9:20pm

Do people bid on many multiple properties?

bulmersgal · 11-08-2020 9:23pm

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.

Canyon86 · 11-08-2020 11:28pm

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?

goingagain · 12-08-2020 7:44am

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

ebayissues · 12-08-2020 8:07am

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?

CiboC · 12-08-2020 2:08pm

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…..:)

Markitron · 12-08-2020 2:20pm

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.

mimimcmc · 12-08-2020 3:34pm

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?

Nijmegen · 12-08-2020 4:10pm

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.

mimimcmc · 12-08-2020 4:23pm

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?

Nijmegen · 12-08-2020 5:27pm

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)

Littleredcar · 12-08-2020 5:47pm

What happens if bank valuer values noise higher than sale price

awec · 12-08-2020 6:08pm

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.

megabomberman · 12-08-2020 7:33pm

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.

_leona_ · 12-08-2020 7:46pm

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.

recyclebin · 12-08-2020 8:28pm

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.

mimimcmc · 13-08-2020 10:48am

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

Sweet.Science · 13-08-2020 10:56am

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

Gavin "shels" · 13-08-2020 11:02am

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.

Jasna1982 · 13-08-2020 3:38pm

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

Will Yam · 13-08-2020 11:12pm

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.

Littleredcar · 14-08-2020 8:36am

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

Gavin "shels" · 14-08-2020 9:29am

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.

cubatahavana · 14-08-2020 10:01am

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

givyjoe · 14-08-2020 10:49am

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)

Dolbhad · 15-08-2020 9:28am

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.

z0oT · 15-08-2020 10:29am

We're at the final hurdle before finally closing now.

We've hit a frustrating snag with the home insurance, the provider just can't seem to get the interested party address to be exactly what BOI are asking for.

BOI want "Bank of Ireland Mortgages, 40 Mespil Road, Dublin 4", but the best I've gotten on the home insurance policy thus far was "Bank of Ireland Mortgages, 40 Mespil Road".

They initially omitted the "Mortgages", now they've omitted the "Dublin 4". I've had to get them to change it 3 times thus far.

Jerry Fireball Mudflap · 15-08-2020 12:54pm

Talked with an EA about a property I'm interested in yesterday ...it's only on the market recently but I was told that they have 2 bids exactly 25k under the asking price already.

Is that normal that an EA would entertain 2 bids of the exact same price in a situation like this (at this early stage)?

If the first bid came in 25k under, would they not only entertain a follow up bid from someone else for at least say 5k or 10k more?

Or would it indicate that the 2nd bidder has a max budget of 25k under and can't/won't go any further?

It's hard to tell if the EA is telling the truth, in two minds about bidding 25k under myself and calling his bluff, I really think its only worth another 10k so don't have much room to start a bidding war (real or with myself!).

Thanks

beauf · 15-08-2020 12:57pm

Depends on which offer is more likely to close.

If one falls though it's useful to have other offers in the background you can go back to.

Dolbhad · 15-08-2020 1:12pm

Jerry Fireball Mudflap wrote: »

Talked with an EA about a property I'm interested in yesterday ...it's only on the market recently but I was told that they have 2 bids exactly 25k under the asking price already.

Is that normal that an EA would entertain 2 bids of the exact same price in a situation like this (at this early stage)?

If the first bid came in 25k under, would they not only entertain a follow up bid from someone else for at least say 5k or 10k more?

Or would it indicate that the 2nd bidder has a max budget of 25k under and can't/won't go any further?

It's hard to tell if the EA is telling the truth, in two minds about bidding 25k under myself and calling his bluff, I really think its only worth another 10k so don't have much room to start a bidding war (real or with myself!).

Thanks

On two houses we were bidding on we had placed an offer of the same price as another bidder. We were asked whether we wanted to Increase offer. We had placed a few bids at this stage so was coming to end where sellers wanted to finalise a deal.

On one house we didn’t cause it was as much as we wanted to pay. On the other we didn’t have any more to bid so had to leave the bid there.

Auctioneer wanted to check proof of funds and let the sellers decide who to go with it (you don’t know if other bidder is cash or has to sell a house etc). However a third bid came along 3k over beat us both.

Jerry Fireball Mudflap · 15-08-2020 1:15pm

beauf wrote: »

Depends on which offer is more likely to close.

If one falls though it's useful to have other offers in the background you can go back to.

True, I just thought at an early stage of the bidding process they would be only be entertaining higher bids ...and if nothing happened then they fall back on the original bids as a last resort.

If I bid at 25k under then there are 3 of us at the same price, and if the other 2 are cash buyers too then no real difference in the bids (I'm not sure if they are though).

Just wondering if should bid 25k under and wait for someone else to bid higher in the hope that they don't and I'm the only cash buyer ...or just bid 5k more now?

Gavin "shels" · 15-08-2020 2:27pm

givyjoe wrote: »

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)

We've had a loan offer, which is now valid until Feb 2021 so all good. Had to submit updated bank & latest payslips - that's all so far.

Sweet.Science · 15-08-2020 3:18pm

Sweet.Science wrote: »

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

Update . 2 viewers returned this morning . And one has now offered the guide price . Delighted

cubatahavana · 15-08-2020 5:10pm

Sweet.Science wrote: »

Update . 2 viewers returned this morning . And one has now offered the guide price . Delighted

Good news!

Neamhshuntasach · 15-08-2020 11:48pm

Not sure where to ask this question, so hopefully somebody might know here.

Interested in a property in Dublin on Auctioneera. So was putting a bid in tonight but it brings me to a pop up that asks me to enter the property ID that i was provided with when viewing the house. I viewed it twice but was never given any property ID. And i don't see it on the listing. The deadline ends before the agent opens on Monday. Anyone any experience with bidding on Auctioneera and where i can find this property ID? Thanks.

cubatahavana · 16-08-2020 1:01am

Neamhshuntasach wrote: »

Not sure where to ask this question, so hopefully somebody might know here.

Interested in a property in Dublin on Auctioneera. So was putting a bid in tonight but it brings me to a pop up that asks me to enter the property ID that i was provided with when viewing the house. I viewed it twice but was never given any property ID. And i don't see it on the listing. The deadline ends before the agent opens on Monday. Anyone any experience with bidding on Auctioneera and where i can find this property ID? Thanks.

Did you search by address?

16-08-2020 10:28am

I dont remember exactly where we got the property ID but they did include it in our final walkthrough appointment email - maybe double check your emails? It was a three digit number, if that helps at all.

GalwayyGirl · 16-08-2020 10:29pm

We are sale agreed on a new build and are at risk of having to pull out of the sale because we no longer qualify for the HTB scheme (requires 70% LTV). We are currently being offered a mortgage of 65% LTV based on one income - the bank isn't including my income due to the covid subsidy.

Has anyone successfully negotiated a price reduction with a developer of a new build? Or paid for a portion of the new build in cash outside of the main contract? In our case the property price would need to be reduced by €20k so that we qualify for HTB 70% LTV.

Any advice on how we might be able to work around the 70% LTV requirement would be appreciated. Thanks!

Dolbhad · 17-08-2020 5:16am

GalwayyGirl wrote: »

We are sale agreed on a new build and are at risk of having to pull out of the sale because we no longer qualify for the HTB scheme (requires 70% LTV). We are currently being offered a mortgage of 65% LTV based on one income - the bank isn't including my income due to the covid subsidy.

Has anyone successfully negotiated a price reduction with a developer of a new build? Or paid for a portion of the new build in cash outside of the main contract? In our case the property price would need to be reduced by €20k so that we qualify for HTB 70% LTV.

Any advice on how we might be able to work around the 70% LTV requirement would be appreciated. Thanks!

I would say chat to your builder and solicitor. When will the house be done? When do you think you would be off the covid payment - is it before the house is done/end of year? You may need to chat to your employer but you could proceed with contracts now and once off the covid payment, reapply for a new loan offer with the 70% LTV and then draw down the HTB funds. Your solicitor may need to put in an additional HTB condition though to cover you and builder would need to agree.

I don’t think in this climate a builder will agree a price reduction when in reality new builds have gone up with the additional 10k from HTB

Foodie2012 · 17-08-2020 11:12am

Looking for some advice, we put our booking deposit down on a new build last month. We've been waiting for loan offer almost 3 weeks now, there was a delay on the valuation report due to the EA/developer, so hoping to get loan offer early this week.

I think our 21 days to sign contracts is up today, and we just got an out-of-office from our solicitor for the next 2 weeks...
Just wondering how strict developers are with the 21 days to sign? Has anyone else gone through something similar? We've done everything right, just so many delays outside of our control, worried we might lose the house as it's the last one left of this type in the development.

Ubbquittious · 17-08-2020 12:31pm

z0oT wrote: »

We're at the final hurdle before finally closing now.

We've hit a frustrating snag with the home insurance, the provider just can't seem to get the interested party address to be exactly what BOI are asking for.

BOI want "Bank of Ireland Mortgages, 40 Mespil Road, Dublin 4", but the best I've gotten on the home insurance policy thus far was "Bank of Ireland Mortgages, 40 Mespil Road".

They initially omitted the "Mortgages", now they've omitted the "Dublin 4". I've had to get them to change it 3 times thus far.

What the duece? why are they making a song and a dance about that? Is it someone just taking the piss?

cubatahavana · 17-08-2020 2:11pm

Foodie2012 wrote: »

Looking for some advice, we put our booking deposit down on a new build last month. We've been waiting for loan offer almost 3 weeks now, there was a delay on the valuation report due to the EA/developer, so hoping to get loan offer early this week.

I think our 21 days to sign contracts is up today, and we just got an out-of-office from our solicitor for the next 2 weeks...
Just wondering how strict developers are with the 21 days to sign? Has anyone else gone through something similar? We've done everything right, just so many delays outside of our control, worried we might lose the house as it's the last one left of this type in the development.

I’ve no idea, but I don’t think they’d want to start the whole process again. I’d say you’re fine. Having said that, the first thing our solicitor did was to check if they were going to enforce the 21 day BS

beauf · 17-08-2020 2:36pm

cubatahavana wrote: »

... check if they were going to enforce the 21 day BS

Why is it BS? Some people will string this out for months.
If you have other people who can buy now, why wait.

witnessmenow · 17-08-2020 2:48pm

Ubbquittious wrote: »

What the duece? why are they making a song and a dance about that? Is it someone just taking the piss?

There must be something in it.

Our broker really emphasized the address we were to use for our lender with the insurance too, thought it was a bit strange as he normally wasn't too bothered by much.

JohnnyChimpo · 17-08-2020 3:23pm

witnessmenow wrote: »

There must be something in it.

Our broker really emphasized the address we were to use for our lender with the insurance too, thought it was a bit strange as he normally wasn't too bothered by much.

I had the exact same issue, and had to call the insurance twice to get it fixed

brisan · 17-08-2020 3:37pm

Jerry Fireball Mudflap wrote: »

True, I just thought at an early stage of the bidding process they would be only be entertaining higher bids ...and if nothing happened then they fall back on the original bids as a last resort.

If I bid at 25k under then there are 3 of us at the same price, and if the other 2 are cash buyers too then no real difference in the bids (I'm not sure if they are though).

Just wondering if should bid 25k under and wait for someone else to bid higher in the hope that they don't and I'm the only cash buyer ...or just bid 5k more now?

Bid the 25k under and show the EA that you are a cash buyer with proof of funds.
A solicitor will sign a letter for you stating that you have ready access to the bid amount .
This is so you do not show your hand early

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

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