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

Kh1993 · 28-02-2020 1:04am

Was interested in a house that had an asking price of 275. In an ok-ish area in Dublin, one that has taken a posher name of its neighbour but not actually that area. Basic house, bathroom downstairs, needed rewiring and a layout change fairly soon.

Just seen today it went for 335k. Now maybe there was a bidding war, and two people wanted to live on that road for sentimental or other reasons, but a 60k increase on a poor-average house. The last house on the road to sell last year was bigger, in better condition, and went for 305.

The market between 260ish-300 for second hand houses is definitely hot at the moment. It’s like a mini bubble with in the market.

28-02-2020 9:39am

davedub2015 wrote: »

Sale agreed and survey has brought up a few issues looking to get some money of is this the norm nowadays ie boiler not working ? No harm in trying is there?

A reduction would depend on how quickly the buyer wants to sell, how big demand is in your area, and whether he/she thinks another bidder will pay what you are offering.

A survey will always highlight a few items, but a lot of sellers will tell you it is being sold as seen. I sold a house recently and told the EA to inform anyone who asks that I would be doing no work on the house, it was being sold as is.

Cocobeans101 · 28-02-2020 11:54am

givyjoe wrote: »

Hoping for a cash buyer. Had something similar with literally the first house we viewed on Saturday. Built an extension without PP, basically told in not so many words they wanted to go with cash buyer, who were giving the asking price, despite higher bids from first time buyers/mortgage. Guessing the PP isn't an issue for cash buyers?!

Cash buyers don't need the bank to sign off on the valuation. A house with an extension with no planning might raise issues and have the mortgage refused.

PommieBast · 28-02-2020 12:09pm

givyjoe wrote: »

Did you go through with the purchase?

No.

whatever76 · 28-02-2020 5:38pm

Kh1993 wrote: »

Was interested in a house that had an asking price of 275. In an ok-ish area in Dublin, one that has taken a posher name of its neighbour but not actually that area. Basic house, bathroom downstairs, needed rewiring and a layout change fairly soon.

Just seen today it went for 335k. Now maybe there was a bidding war, and two people wanted to live on that road for sentimental or other reasons, but a 60k increase on a poor-average house. The last house on the road to sell last year was bigger, in better condition, and went for 305.

The market between 260ish-300 for second hand houses is definitely hot at the moment. It’s like a mini bubble with in the market.

Its been like that for the last 2 years ( well in decent areas cork city anyway ) . tough market and with no data to back me up on this just my own learning e - estimating they are over valued by about 30/40k - location being the biggest driving factor ( not condition)

Sweet.Science · 03-03-2020 1:05pm

I'll be in a position to buy late July . Is it too early to start looking around ?

03-03-2020 1:10pm

Sweet.Science wrote: »

I'll be in a position to buy late July . Is it too early to start looking around ?

I have been looking for over 12 months.......in a position to buy......guess it depends what you want.
It's not my first property & I am noticing a terrible lack of supply.....this is in Dublin though.
I would for sure be looking if I was you

whatever76 · 03-03-2020 1:13pm

Sweet.Science wrote: »

I'll be in a position to buy late July . Is it too early to start looking around ?

Absolutely not - start now. Set up Alerts in Myhome/Daft for where you want to buy and price bracket ( go slightly up from your budget so you can see what properties are there and what you get for your budget) . Go to viewings as this will give you a sense of the market and dealing with Estate Agents !

I started Aug 2017 … finally purchased late 2019 :eek: !!

best of luck !!

megabomberman · 03-03-2020 5:00pm

There is very little supply out there at the minute, in the meantime I wonder is the economic shock likely to cause inflation? The supply side of the economy will be suffering for the foreseeable future and money is about to get cheaper.

ebayissues · 09-03-2020 9:45pm

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.

Empty_Space · 09-03-2020 10:50pm

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.

The way I see it, with this uncertainty its hard to know the right move.

Yes, you could buy property and prices could fall, but you could keep also see issues with deposits.
You could also see issues with stocks and pensions.

Hard to know.

lindtee · 10-03-2020 12:25am

Put in an offer last week on a house. 15,000 under asking, there had already been a lower bid. There is no news as of yet, under bidders have been contacted last week. It has been on the market since early December and vendors have a deposit on another house. Feeling very anxious about it all, the market is very funny at the moment. This is my first time in the market to buy a house and the uncertainty of it all is a killer!

Queasy Tadpole · 10-03-2020 12:51am

Sweet.Science wrote: »

I'll be in a position to buy late July . Is it too early to start looking around ?

No way, get started ASAP.

I've been in the market just under a year now. Absolutely nothing out there.

ZX7R · 10-03-2020 12:57am

Empty_Space wrote: »

The way I see it, with this uncertainty its hard to know the right move.

Yes, you could buy property and prices could fall, but you could keep also see issues with deposits.
You could also see issues with stocks and pensions.

Hard to know.

If people are buying a family home i would not be too worried ,its along term
purchase ,people need to realize this is not the same as the property bubble bust,there is safe guards in place,the value of the euro is rising.
the biggest problem is still the shortage of housing.

thunderdog · 10-03-2020 8:21am

I’ve been looking at two properties on the same road. First property needs a good bit of work. Initially a a few offers went in for a small bit under asking price. EA stated that they are happy to sell at asking price. Range yesterday-current bid is 10k over asking price which the sellers have rejected.

Second property is modest enough size wise (approx 100sq metres) but ready to move into, very little work needed. Property started off with 13 bidders. As of yesterday there are still 6 bidders and the current bid is 60k above asking.

I’ve been looking at properties for about a year now, it definitely feels a lot more competitive now than a year ago. The market felt a lot more cautious last year-I get the sense that people were waiting a bit to see where the market was going and given that there was very little decrease in the market, people are now eager to bid now.

Im a First time buyer looking at properties in the 425-525k range. Realistically it’s looking like when I finally buy it will be in the upper range of that given the competitive market.

FutureGuy · 15-03-2020 10:33am

MODS DELETE IF YOU FEEL NEED.

I think anyone buying a property during this time MUST be stressing as this is unprecedented.

How is everyone feeling? My mind is racing with all the new pitfalls that have presented themselves.

- would life insurance soar?
- when we get locked down, will we be able to actually move.
- sellers being awkward due to uncertainty.
- someone in the bring chain getting sick (solicitor, engineer etc)

For us, our main concern is oir solicior has gone awol and haven’t heard from him in a week.

We also live in a small 2 bed apartment and, when we go into lockdown, I’d love to have a garden for the little guy and a bit more space.

Summer2020 · 15-03-2020 10:36am

My main concern would be

Will the bank honor your mortgage approval
Is your job secure, are you likely to suffer a pay cut if we go into recession
Will the seller pull out as they cannot buy property themselves due to no houses coming to the market

Very very uncertain times to buy or sell. The most uncertain in the last 50 years I’d imagine.

lawred2 · 15-03-2020 10:36am

The property market is pretty much going to go into effective shutdown... There's a lot of moving parts in property transactions and it only takes one cog to stop moving for a transaction to stall... I think you'll be where you are for the next three to six months or so. At least.

lawred2 · 15-03-2020 10:38am

Summer2020 wrote: »

My main concern would be

Will the bank honor your mortgage approval
Is your job secure, are you likely to suffer a pay cut if we go into recession
Will the seller pull out as they cannot buy property themselves due to no houses coming to the market

Very very uncertain times to buy or sell. The most uncertain in the last 50 years I’d imagine.

This is a good point.. underwriters are going to pull the plug on a lot of mortgage approvals. Far too high a risk. Especially as I would expect a lot of life insurance underwriters to now be excluding death due to COVID19.

Diairist · 15-03-2020 10:43am

But why would an underwriter choose not to approve you?

Not wishing to fuel any paranoia or anything but...

Did your life / mortgage insurance company offer you a 'Wellbeing' thing on their website? Did you bare your soul to that about your health concerns and the stress you're under at work?

Any wearables tracking your heart rate?

Steer55 · 15-03-2020 10:45am

FutureGuy wrote: »

MODS DELETE IF YOU FEEL NEED.

-
- someone in the bring chain getting sick (solicitor, engineer etc)

That's biggest problem or offices etc closing down over next few weeks due to isolation messures.

Hopefully going by China we should be over the worst of this within 8 to 10 weeks.

km79 · 15-03-2020 10:45am

I would say it is much more stressful for people who need to sell...........

We sold last autumn. We took a hit to move it on as we needed to move on . The sale dragged on and on and on and we felt like pulling the plug on numerous occasions . But we stuck with it and finally got it over the line mid October

And by god am I happy we did now

lawred2 · 15-03-2020 10:49am

Diairist wrote: »

But why would an underwriter choose not to approve you?

Not wishing to fuel any paranoia or anything but...

Did your life / mortgage insurance company offer you a 'Wellbeing' thing on their website? Did you bare your soul to that about your health concerns and the stress you're under at work?

Any wearables tracking your heart rate?

Why would an underwriter choose not to approve you?

The unknown consequences of a global pandemic for one

Johnny Wilcox · 15-03-2020 11:00am

I am buying my dream home and went "sale agreed" on January 31st. The closing date is next Wednesday 18th March. My mortgage advisor rang me on Friday morning to inform me that the mortgage has been drawn down and lodged to my solicitors account.
I subsequently phoned the auctioneer and she informed me that they are not dealing with the public i.e. all house viewings ceased for now. However, there wouldn't be any issue with me collecting the keys once she receives confirmation of sale closure from the vendors solicitor.
I have to be out of my temporary accommodation next Wednesday evening.
As mentioned by a previous poster, I am concerned that either solicitor or their offices may be impacted by the corona virus thus delaying the closing.

Bargain_Hound · 15-03-2020 11:10am

We’re up the wall over this. We went Sale agreed a week ago. Now concerned our mortgage approval will be revoked due to all of this. We sold last august living with family at the moment, not ideal with a child.

My main concern aside from the mortgage revoking, so many moving cogs nessecary for a house sale to go through.

Stressful times.

FutureGuy · 15-03-2020 11:27am

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

km79 · 15-03-2020 11:32am

FutureGuy wrote: »

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

Wouldn’t have thought so
But when you will actually get in to solicitor is another matter

beanyb · 15-03-2020 11:37am

I went sale agreed 10 days ago, so this is definitely not ideal... I do still want to proceed as it has taken me a while to get to the point where I can buy, and if I don't I'm worried I'll end up renting in houseshares forever! But as you say there are a lot of moving parts, so who knows.

I am mortgage approved under the government Rebuilding Ireland Home Loan scheme - which I am assuming will continue as is for at least the next while. But I am due to go into the council for a meeting to submit details of the property, survey etc during the week - which I assume wouldn't/shouldn't go ahead now! Going to ring them tomorrow and see whether moving to submitting things by post instead of in person visits is the way forward.

Good to see this thread - the property market ones were stressing me to bits but I somehow couldn't stay away.

scarepanda · 15-03-2020 11:38am

We're in a similar situation. We're the purchasers, and have been sale agreed for months. We finally got to sign contracts two weeks ago, the vendors as of Friday still hadn't signed. But their solicitor is still working on a closing date for the end of March. Technically we can still pull out, but we really really don't know what to do.

We're a single income family so job losses are a major concern right now, but in terms of job security my husband's is as safe as any in the private sector right now - but who knows how safe any job is at the moment. We are worried about prices dropping and what that means for us when the fixed term is over. For the area were buying in the house is on the upper end, but very few similar houses have come on the market in the area in the last while, and none that fit quite so good - it's our 'dream home' with a bit if work. But it's still a sickner paying peak price for something when we are on the cusp of a recession. There's also the fear that the solicitors and banks will work out how to work around any lockdowns and the sale will close on their end but we won't be able to get keys. We've allowed for an overlap for rent and mortgage payments but only for a couple of months. Our loan offer only has a few weeks left in it as well so we're under pressure on that front too.

The only godsend in this cluster**** is that our Landlord knows we're sale agreed and has told us repeatedly that theres no panic on his side. I was speaking to him again Friday and nothing has changed for him. So we won't have to give full notice and he'll work with us. The only unknown is if he's forced to sell.

Dolbhad · 15-03-2020 11:38am

FutureGuy wrote: »

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

The saying is you don’t have the money from the money until you have the money actually drawn down and in the solicitors account. But it’s unlikely if your due to close quickly.

I think closings will be delayed if people are out. Banks may take longer to issue funds, solicitors will need to be physically present at some point to get the closing documents and reviewed. It’s not a job that can all be done online.

Also contracts need to be signed by both parties. I expect solicitors offices to be abit like auctioneers - not seeing clients at moment so if things haven’t been signed by purchaser/sellers by now they probably won’t for two weeks at least.

However auctioneers, solicitor, banks - they all make their money from a closing actually happening so I expect everyone will do what they can but it just might be delays.

scarepanda · 15-03-2020 11:45am

FutureGuy wrote: »

We have contracts signed and our solicitor is supposed to have received contracts last week but he’s gone awol.

But surely the banks cannot turn around and refuse the mortgage at this stage - we we literally due to draw down?

We hope not as well. We've gone through a broker and he said that the banks are tied into a loan offer until it expires, and he said he would think that they will approve an extension as well as it's your past record (payslips and proof of savings) that they take into account. I'm a bit skeptical on an extension being granted that easily, but time will tell.

I wonder will banks automatically extend loan offers that are due to expire if things shut down?

Sheeps · 15-03-2020 11:45am

I'm pressing ahead with the home I'm purchasing. It's a new build, so I am expecting a delay in the delivery of the phase of development it's in. The fear is that the mortgage won't be approved is there, but will find out this coming week. The mortgage will be 80% LTV so slightly lower risk as a first time buyer of landing in negative equity on the amount borrowed.

The housing crisis will get far worse as a result of the collapse of the building industry in Ireland, in particular if the builders building residential go out of business.

stinger31 · 15-03-2020 12:20pm

Steer55 wrote: »

That's biggest problem or offices etc closing down over next few weeks due to isolation messures.

Hopefully going by China we should be over the worst of this within 8 to 10 weeks.

When China goes back to work etc.....you'll see the cases explode again. Can't see this being over anytime soon

Umaro · 15-03-2020 1:16pm

I went sale agreed at the start of the month, I am a FTB doing it by myself but luckily have a substantial deposit so that I'm about 75% LTV.

It still seems like a good idea to me to complete things and I'm quite happy with the place I'm getting, though can't help but wonder how I'd feel if I wasn't already invested in this process.

I broke up with my partner about 6 months ago, living with my parents in the sticks whilst I house-hunted and I'm just so keen to move back to Dublin as I feel my entire life is stuck on pause unless I get this sorted..

notcarlos · 15-03-2020 1:43pm

I'm nervous myself. We went sale agreed start of the month. Surveyor was sick and no progress last week. He told us report will be done coming week. Nothing heard from our solicitor yet. He just said he will contact vendor solicitor for the the contract, that was on the first week. Hopefully our bank is okay. We are just finished with all the documents required.

Sheeps · 15-03-2020 1:45pm

I was told by my broker on Friday that the banks are working slowly because they have been swamped with mortgage requests due to lower interest rates rather than because of complications due to covid19

FutureGuy · 15-03-2020 2:10pm

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

Uglysoik1 · 15-03-2020 2:29pm

FutureGuy wrote: »

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

I'm exactly in the same situation. Was supposed to drawdown Friday but due to a delay with block insurance that didn't happen. Hoping to close this week though. ðŸ€ž

MarkJD · 15-03-2020 2:40pm

We are with KBC and they advised us that our mortgage rate would automatically have the newer lower rate applied despite our Loan Offer having a higher rate we had agreed the week before! Told us they are not issuing new Loan Offers to people. Not sure if others banks the same.

We are due to close now the 24th of April just got in last week to our solicitors to sign the loan offer and transferred rest of the deposit etc. Not sure what to think in the weeks ahead. Big economy hits due id imagine in the months ahead as well. Some friends commenting saying they wouldn't be buying at a time like this, property market could crash in the next 6 months etc.

Anyone else thinking like this or worried that are closing next few months? Wife gets mad with me if i bring anything like this up in the last week. She just wants the house closed and it all done with!

awec · 15-03-2020 2:45pm

FutureGuy wrote: »

We went fixed with AIB for 3 years at 2.85. We haven’t drawn down. I now see the rate is 2.55.

Any chance they will give us the new rate?

Yes, you'll get the new rate automatically.

scarepanda · 15-03-2020 2:52pm

We are very worried, and don't quite know what to do. I think we'll have to make a decision one way or the other this evening so that we have time to contact solicitor first in the morning if we're pulling out because we don't know when the vendors are signing.

We both think a hit is coming, but both think that it won't be as severe as 08. Both want to still buy the house and can see ourselves living in it. Both agree that it's as close to what we are looking for in lots of ways. But he's worried about what happens when we want to look for the best rate when the fixed term is over. I'm worried about him losing his job even though it's as secure as any at the moment (single income family). He's more cautious/risk adverse than me. I just want to get it done tbh, I'm done waiting for this house and most certainly done looking for somewhere that has potential. As long as he doesn't loose his job and doesn't get a significant pay cut then we can manage repayments.

Bargain_Hound · 15-03-2020 3:00pm

MarkJD wrote: »

We are with KBC and they advised us that our mortgage rate would automatically have the newer lower rate applied despite our Loan Offer having a higher rate we had agreed the week before! Told us they are not issuing new Loan Offers to people. Not sure if others banks the same.

We are due to close now the 24th of April just got in last week to our solicitors to sign the loan offer and transferred rest of the deposit etc. Not sure what to think in the weeks ahead. Big economy hits due id imagine in the months ahead as well. Some friends commenting saying they wouldn't be buying at a time like this, property market could crash in the next 6 months etc.

Anyone else thinking like this or worried that are closing next few months? Wife gets mad with me if i bring anything like this up in the last week. She just wants the house closed and it all done with!

We are thinking the same but still want to close sale as we have spent a long time saving and planning for this.
Also, herself gets very mad when discussing the whole situation now. That’s the problem when you put so much of your energy and thought into planning house purchases.

givyjoe · 15-03-2020 3:06pm

Well, anyone changed their intentions with events over the last few days? Buying ourselves but wondering if we should just put the plans on ice for all sorts of (some obvious, some not) reasons.

randoplh134 · 15-03-2020 3:12pm

scarepanda wrote: »

We are very worried, and don't quite know what to do. I think we'll have to make a decision one way or the other this evening so that we have time to contact solicitor first in the morning if we're pulling out because we don't know when the vendors are signing.

We both think a hit is coming, but both think that it won't be as severe as 08. Both want to still buy the house and can see ourselves living in it. Both agree that it's as close to what we are looking for in lots of ways. But he's worried about what happens when we want to look for the best rate when the fixed term is over. I'm worried about him losing his job even though it's as secure as any at the moment (single income family). He's more cautious/risk adverse than me. I just want to get it done tbh, I'm done waiting for this house and most certainly done looking for somewhere that has potential. As long as he doesn't loose his job and doesn't get a significant pay cut then we can manage repayments.

This will be 2008 on steroids. We sold in 2018 and have been living with family, delighted we did as there will be bargains to be had soon. Anyone thinking of buying now needs their head examined.

randoplh134 · 15-03-2020 3:15pm

Sold in 2018 and delighted now ( put 2nd property up for sale recently but there was little activity so we took it off the market), my brother-in law is currently sale agreed and the buyer has came back with a reduced offer of 10%.

pure breed · 15-03-2020 3:20pm

randoplh134 wrote:

Sold in 2018 and delighted now, my brother-in law is currently sale agreed and the buyer has came back with a reduced offer of 10%.

10% reduced? How does this work after going sale agreed?

ebayissues · 15-03-2020 3:21pm

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.

randoplh134 · 15-03-2020 3:22pm

pure breed wrote: »

10% reduced? How does this work after going sale agreed?

I have no idea to be honest, will be interesting to see how it unfolds.

Hearing countless stories of people gone SA and pulling out now.

ebayissues · 15-03-2020 3:25pm

If I got 10% reduction in price for a S.A property I'll take it.

pure breed · 15-03-2020 3:35pm

ebayissues wrote:

If I got 10% reduction in price for a S.A property I'll take it.

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 â‚¬260 - 375 range. 3 & 4 beds.

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

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