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

Salanky · 23-07-2020 9:33pm

brisan wrote: »

No he does not

Doesnt make sense sure then they will just keep losing sales. I viewed two other houses and that estate agent said he had to disclose that there was structural damage to one of the houses which put me off it straight away as I dont have a huge budget.

brisan · 23-07-2020 9:42pm

Salanky wrote: »

Doesnt make sense sure then they will just keep losing sales. I viewed two other houses and that estate agent said he had to disclose that there was structural damage to one of the houses which put me off it straight away as I dont have a huge budget.

Believe it or not some cash buyers dont get surveys done,and there are bad surveyors out there

Alrigghtythen · 23-07-2020 9:48pm

Salanky wrote: »

Doesnt make sense sure then they will just keep losing sales. I viewed two other houses and that estate agent said he had to disclose that there was structural damage to one of the houses which put me off it straight away as I dont have a huge budget.

I just pulled out of a sale because the seller didn't have the planning documents. One would imagine the sellers solicitors would make sure that the house was saleable early in the process but it didnt come to light until 11 months after the house was put up for sale and 5 months after sale agreed. Estate agents and solicitor I've dealt with just either avoid answering the phone or send half assed replies to letters and drag the process out. Theres not much transparency about the process.

into_the_wild · 23-07-2020 9:57pm

I have a newbie question. I'm currently in the process of buying a second hand property in which the current owners live. Now I am assuming that the current owners are relying on sale of this property to use those proceeds to buy elsewhere and move. Would that not mean I could be stuck sale agreed in limbo waiting for them to move on? I'm guessing most of second hand homes sell this way so this kinda scenario must be a common one.

Salanky · 23-07-2020 10:03pm

brisan wrote: »

Believe it or not some cash buyers dont get surveys done,and there are bad surveyors out there

Oh I believe it, there was a cash buyer involved last time it was sale agreed who was gonna buy it without survey but they had bought somewhere in the time it took for the sale to fall through. Im not gonna go with it if something comes up on the survey, sure I'm only planning to do this once so it has to be the right place or I'll regret it.

brisan · 23-07-2020 10:04pm

into_the_wild wrote: »

I have a newbie question. I'm currently in the process of buying a second hand property in which the current owners live. Now I am assuming that the current owners are relying on sale of this property to use those proceeds to buy elsewhere and move. Would that not mean I could be stuck sale agreed in limbo waiting for them to move on? I'm guessing most of second hand homes sell this way so this kinda scenario must be a common one.

Its a chain
If you are A
A wants to buy B house
B wants to Buy C house
C wants to buy D house
D wants to buy E house
if any one of the last 3 sales fall through or is held up because of
Finance
Survey
Legal delays
AN other
You could be months waiting

24-07-2020 7:08am

Markitron wrote: »

He has AIP

AIP doesn't go to the underwriters. Its not the same thing. Hence being called "in principal".

8-10 · 24-07-2020 7:49am

[Deleted User] wrote: »

AIP doesn't go to the underwriters. Its not the same thing. Hence being called "in principal".

Depends on the bank. KBC do an underwritten AIP

Markitron · 24-07-2020 8:28am

Deleted User wrote: »

AIP doesn't go to the underwriters. Its not the same thing. Hence being called "in principal".

Wait so you are saying people shouldn't bid on houses until they have full approval? Doesn't that come after they have a bid accepted?

Corruptedmorals · 24-07-2020 8:39am

[Deleted User] wrote: »

AIP doesn't go to the underwriters. Its not the same thing. Hence being called "in principal".

So how would anyone bid then, considering full mortgage approval is done AFTER sale agreed?

Duke of Url · 24-07-2020 8:42am

Markitron wrote: »

Wait so you are saying people shouldn't bid on houses until they have full approval? Doesn't that come after they have a bid accepted?

That wouldn't make sense to bid when you have full approval.

To get a loan offer, you need to supply them with the price of the house you intend to buy.

you wont have the price unless you have agreed a price with the vender.

You should get Sale Agreed at AIP level.

Markitron · 24-07-2020 8:45am

Duke of Url wrote: »

That wouldn't make sense to bid when you have full approval.

To get a loan offer, you need to supply them with the price of the house you intend to buy.

you wont have the price unless you have agreed a price with the vender.

You should get Sale Agreed at AIP level.

Yea that's what I thought

Duke of Url · 24-07-2020 8:48am

Markitron wrote: »

Yea that's what I thought

Im closing next week on a new build.

We had put a deposit down on the house at AIP level.

We also had a Solicitor at AIP level also.

Lolle06 · 24-07-2020 9:09am

We got an underwritten AIP from our house bank.

The full mortgage approval was granted for a certain property.

There are « quick » AIP’s you can get from some online mortgage calculators. Obviously they are not underwritten and have no value really.

24-07-2020 9:12am

If some banks get AIP from the underwriters then great. It hasn't been my experience. We had to get full approval based on the maximum we can afford, you don't need to be sale agreed or even have a house in mind at that stage. Its literally this is the max mortgage we will give you, fully approved.

If you are bidding on AIP without having been scrutinised by the underwriters then that's very risky. They could take a look at your bank statements, see something they don't like and refuse you a mortgage.

Like I said if some banks do this for AIP then that's great.

mojesius · 24-07-2020 9:19am

We got written AIP signed off by underwriters, took a couple of weeks to get it from submitting the initial application. Got it for the max they'll lend us.

For the full approval, we just needed to get the valuation, mortgage protection and a recent utility bill to show we're still at the same address.

8-10 · 24-07-2020 9:38am

Deleted User wrote: »

If some banks get AIP from the underwriters then great. It hasn't been my experience. We had to get full approval based on the maximum we can afford, you don't need to be sale agreed or even have a house in mind at that stage. Its literally this is the max mortgage we will give you, fully approved.

If you are bidding on AIP without having been scrutinised by the underwriters then that's very risky. They could take a look at your bank statements, see something they don't like and refuse you a mortgage.

Like I said if some banks do this for AIP then that's great.

Yeah at least 3 banks I've dealt with did it like that, when was your approval?

jenno86 · 24-07-2020 9:42am

I got fully underwritten AIP from BOI this week, took exactly 2 weeks from when I got confirmation they had had all the docs they needed. I did question it and they came back to confirm it.

mimimcmc · 24-07-2020 12:03pm

got AIP at the start of July.

Made a couple of bids on a house since then, got into bidding war, i emailed EA this morning and said our final offer was x amount.

She has emailed and only now asked for loan offer and and proof of funds as she has this for the other bidders (even though this is our 3rd bid on this property).

So what exactly do i send her, just the AIP letter from the bank with the amounts taken off?? (do i need to take off the term as well or does that make a difference?)
And how do we show proof of funds?

Any help appreciated

woodchuck · 24-07-2020 12:07pm

So what exactly do i send her, just the AIP letter from the bank with the amounts taken off?? (do i need to take off the term as well or does that make a difference?)

We were able to get our bank to draw up an AIP letter for the exact amount we were bidding (lower than what they were willing to loan us) and for the address of the house in question. They advised us of this when we initially met to discuss AIP - it means you can prove you have AIP for the amount you're bidding, but doesn't let the cat out of the bag that you'd be able to go higher!

guyfawkes5 · 24-07-2020 12:08pm

mimimcmc wrote: »

got AIP at the start of July.

Made a couple of bids on a house since then, got into bidding war, i emailed EA this morning and said our final offer was x amount.

She has emailed and only now asked for loan offer and and proof of funds as she has this for the other bidders (even though this is our 3rd bid on this property).

So what exactly do i send her, just the AIP letter from the bank with the amounts taken off?? (do i need to take off the term as well or does that make a difference?)
And how do we show proof of funds?

Any help appreciated

Her terminology seems a bit mixed up, but giving her the AIP with the amount blanked out is usually acceptable. If she presses for more, you can arrange for her to email your bank advisor with the bid amount to confirm you can meet the amount. The term shouldn't make a difference.

I haven't been asked for proof of funds before. Do they mean deposit? If you have AIP from the bank then this means they have already checked you have the appropriate funds. You may want to ask what she wants to find out here.

Graham · 24-07-2020 12:09pm

guyfawkes5 wrote: »

I haven't been asked for proof of funds before. Do they mean deposit?

Proof of funds is generally proof that you have the means to complete the purchase (cash/mortgage).

guyfawkes5 · 24-07-2020 12:13pm

Which is a weird thing for as an EA to ask for as this is usually checked by the bank during the approval phase.

Graham · 24-07-2020 12:16pm

I'd be concerned to discover an EA was accepting offers without proof of funds. There's every chance some of the offers you bettered were little more than wishful thinking.

mimimcmc · 24-07-2020 12:16pm

guyfawkes5 wrote: »

Which is a weird thing for an EA to ask for as this is usually checked by the bank during the approval phase.

Ya i'm confused as to why she's asking for this.
Should i state that i don't need to prove that as that would already have been covered by the bank in the AIP? or should i ask her exactly what she wants?

Woshy · 24-07-2020 12:18pm

We bought recently and were asked for proof of funds. I sent a scanned copy of our AIP offer letter from the bank. I covered the amount we were approved up to because I didn't want the EA to know the max we could afford (we had a significant deposit) but left the amount they were willing to lend visible. That was all the EA needed

mimimcmc · 24-07-2020 12:18pm

Graham wrote: »

I'd be concerned to discover an EA was accepting offers without proof of funds. There's every chance some of the offers you bettered were little more than wishful thinking.

of course, but isn't it already proven is AIP stage by the bank?

It's funny that she's only asking this now on our 3rd and final bid...

guyfawkes5 · 24-07-2020 12:19pm

Graham wrote: »

I'd be concerned to discover an EA was accepting offers without proof of funds. There's every chance some of the offers you bettered were little more than wishful thinking.

EAs usually check AIP, which covers a bank validating proof of funds themselves.

The original post described the EA looking for an 'offer letter' (presume they meant AIP) and proof of funds, which is extremely unusual and redundant even from their point of view. I presume this is crossed wires as it makes very little sense for them to seek this stuff out.

Woshy · 24-07-2020 12:20pm

oh and we were only asked for it once we had gone sale agreed. We had told him we had AIP etc, but the EA hadn't seen anything until that stage

mimimcmc · 24-07-2020 12:21pm

Woshy wrote: »

oh and we were only asked for it once we had gone sale agreed. We had told him we had AIP etc, but the EA hadn't seen anything until that stage

I was expecting it at sale agreed stage, as we've viewed a few houses and no estate agent in this area looked for AIP

Woshy · 24-07-2020 12:32pm

I guess it's a way of being cautious and ensuring your bids are legitimate. I have heard of other people having to do similar although it's not super common

Queenio · 24-07-2020 2:47pm

Hi everyone. I've gotten my structural report back and several times a builder is recommended to get quotes for costs of repairs before exchanging contracts. And am examination of the roof. Does this require a separate person? Any ideas how to go about finding a builder in south dublin? Thanks

brisan · 24-07-2020 3:00pm

Queenio wrote: »

Hi everyone. I've gotten my structural report back and several times a builder is recommended to get quotes for costs of repairs before exchanging contracts. And am examination of the roof. Does this require a separate person? Any ideas how to go about finding a builder in south dublin? Thanks

To be honest you are better getting recommendations off someone you know
The whole roof including joists could need work done and thats a major expense
I would tread cautiously unless you are really in love with the property and have funds to put into it

lfen · 24-07-2020 9:58pm

Finally collected keys today! Have been on this thread from day 1 and what a long road it’s been. Went sale agreed in March on a new build that was ready to go. One of us is self employed so the Covid check for us was a huge ask. Basically the bank requested business accounts for the first 6 months of this year, despite letters from accountant and bank confirming that the business had not been impacted by covid and in fact was performing better than when we got full approval. Accounts were requested early May so we had to wait until start of July to get the accounts together and pay over 1k for the pleasure. It’s not a process for the faint hearted...Very little self employed stories here so thought some may find this beneficial. Best of luck everyone, you do get there in the end!

errlloyd · 25-07-2020 1:22am

Got AIP from BOI this week.

I'm not self employed, but im in a fairly early stage start up, so the brokers had told me to wait another year. Delighted to get AIP. Looking forward to having EAs mail me back.

Immy · 25-07-2020 12:58pm

We just went sale agreed on our own house last week. It’s walk in condition so luckily sold quickly.

Feeling nervous as there is nothing out there for us to buy. We have a very small search area.

GraceFace12 · 25-07-2020 2:07pm

A house I really like has come to the market in Cork city in an area I know quite well. Planning has been granted for a site directly to the rear of the property which currently has nothing on it, for six duplexes. Planning was refused for numerous reasons in 2016 and 2018 and third application was successful earlier this year.

Let’s assume that I don’t have a problem with the development. What issues could come about during the sale? Having read objection letters by current residents, they think it will impact house values because the new build infringes on privacy of rear of these terrace houses including the one I’m interested in. Also one resident mentions issues relating to subsidence given that major excavation works are required for the development.

My guess is this is a major reason why the house is for sale. Also, In considering this, it sleeps slightly over valued... but not massively.

What should I be aware of here?

Smouse156 · 25-07-2020 2:41pm

GraceFace12 wrote: »

A house I really like has come to the market in Cork city in an area I know quite well. Planning has been granted for a site directly to the rear of the property which currently has nothing on it, for six duplexes. Planning was refused for numerous reasons in 2016 and 2018 and third application was successful earlier this year.

Let’s assume that I don’t have a problem with the development. What issues could come about during the sale? Having read objection letters by current residents, they think it will impact house values because the new build infringes on privacy of rear of these terrace houses including the one I’m interested in. Also one resident mentions issues relating to subsidence given that major excavation works are required for the development.

My guess is this is a major reason why the house is for sale. Also, In considering this, it sleeps slightly over valued... but not massively.

What should I be aware of here?

That clearly just sounds like a good case of “not in my back yard!”. Property devaluation is a reason to let the building proceed as property is way overpriced anyway. The subsidence issue is likely clutching at strings

wolfyboy555 · 25-07-2020 8:28pm

How do you find out of a new estate is to be taken over by the council or weather it will be privately ran with a management company? Would it be in the plans on the council website? I asked the EA who said council but I've had other experiences of him lying on other questions and wouldn't surprise me here.

em_cat · 25-07-2020 10:47pm

wolfyboy555 wrote: »

How do you find out of a new estate is to be taken over by the council or weather it will be privately ran with a management company? Would it be in the plans on the council website? I asked the EA who said council but I've had other experiences of him lying on other questions and wouldn't surprise me here.

You can find out pretty quickly via the planning application form, which is on the coco’s website. Our estate took at least 6 years before they took the roads, footpaths & public space in charge, was an absolute nightmare as we had a lot of anti social behaviour and the Garda had a very hard time dealing with it due to those areas not being in charge by the council. If your paying management fees then that indicates a management company with the coco owning the the footpaths, roads and public spaces. You'll know your to pay fees as it will be in the listing.

em_cat · 25-07-2020 10:52pm

We finally closed last Friday after having gone sale agreed before Xmas last year. It’s been such a long drawn out process that it’s pretty hard to be excited tho.

guyfawkes5 · 25-07-2020 10:58pm

em_cat wrote: »

We finally closed last Friday after having gone sale agreed before Xmas last year. It’s been such a long drawn out process that it’s pretty hard to be excited tho.

Congratulations. Have you gotten the keys checked out the new place yet?

I'm going through something similar although I haven't been waiting so long as you. A slow and difficult closing process caused primarily by a poor choice of solicitor on the seller's part has definitely drained a lot of my enthusiasm for the upcoming move even though I'm realistically a week or two from getting the keys now. After all the frustration and constant set backs, it just doesn't feel real yet. Hopefully I'll shake it off when I step into the new place.

Nalz · 26-07-2020 10:43am

I'm hoping and praying covid doesn't significantly reduce interest in our house. We're selling a 4bed in Clonee/Castaheany area. Only went up for sale last week, fingers and toes crossed.

Foggy Jew · 26-07-2020 11:48am

Nalz wrote: »

I'm hoping and praying covid doesn't significantly reduce interest in our house. We're selling a 4bed in Clonee/Castaheany area. Only went up for sale last week, fingers and toes crossed.

Our house went up for sale March 16, then BOOM. Lockdown. There were literally thousands of views on Daft.ie, but probably the majority these were bored people having a gawk. Socially distanced viewings began on June 8th. Three serious contenders commenced bidding & the house went sale agreed on 24 June for €20k over asking price. Sweet as a nut. The best of luck Nalz.

cubatahavana · 26-07-2020 12:35pm

Selling a 3 bed duplex in north Dublin. Will go on sale probably next week. Expecting a not too long wait as it is in showhouse condition. Finishing the mortgage approval with KBC (taking a good bit of time!) through a broker. We saw a new house (being built at the moment) in south Dublin that we really like. Sent EA letter from our broker stating that we can afford it and waiting from word from EA to place an offer and reserve the property. We have a long way ahead of us. Wish us luck.

We had seen another newly built property and gave deposit but then having a look at planning applications we discovered that a large development of apartments were going to be built across the street. I wouldn't mind if the apartment blocks weren't massive or were part of our development, but they were 241 planned apartments. Of course the EA said that he hadn't heard of that (obviously!). We pulled out of that one.

Smouse156 · 26-07-2020 1:27pm

cubatahavana wrote: »

Selling a 3 bed duplex in north Dublin. Will go on sale probably next week. Expecting a not too long wait as it is in showhouse condition. Finishing the mortgage approval with KBC (taking a good bit of time!) through a broker. We saw a new house (being built at the moment) in south Dublin that we really like. Sent EA letter from our broker stating that we can afford it and waiting from word from EA to place an offer and reserve the property. We have a long way ahead of us. Wish us luck.

We had seen another newly built property and gave deposit but then having a look at planning applications we discovered that a large development of apartments were going to be built across the street. I wouldn't mind if the apartment blocks weren't massive or were part of our development, but they were 241 planned apartments. Of course the EA said that he hadn't heard of that (obviously!). We pulled out of that one.

Would that happen to be Daneswell Place?

Bigmac1euro · 26-07-2020 2:18pm

guyfawkes5 wrote: »

Congratulations. Have you gotten the keys checked out the new place yet?

I'm going through something similar although I haven't been waiting so long as you. A slow and difficult closing process caused primarily by a poor choice of solicitor on the seller's part has definitely drained a lot of my enthusiasm for the upcoming move even though I'm realistically a week or two from getting the keys now. After all the frustration and constant set backs, it just doesn't feel real yet. Hopefully I'll shake it off when I step into the new place.

Just wondering how long after sale agreed did your solicitor get contracts?

We went sale agreed 12 days ago but we feel like everything is moving so fast.
On Thursday my solicitor emailed me asking to hurry up loan offer if possible as she already received contracts from the vendors solicitor.

We applied for loan offer on Friday through broker and we’re quite nervous.
Broker said things should speed up once we received loan offer but I feel like things are moving fast enough as is.

Things worth noting are, the house is vacant and vendor seems eager.
I don’t think there’s a mortgage on the property.
Could we be in, in 6 weeks?
I know this isn’t very likely but just curious.
The survey is done with no real issues found.

We have literally no interest in anything on the market at the moment so we’re worried about loan offer. It took us weeks to get AIP only short of asking us for the shirts off our backs.

drunkmonkey · 26-07-2020 2:29pm

If neither of you are on any kind of covid payment/wage subsidy they'll look favourably on it. Why a broker and opposed to direct, my broker sent me direct for the last mortgage as he said it was the best deal. He was more interested in keeping and getting other business from me. We went with EBS on the brokers recommendation, they don't give commission to brokers I think he said.

guyfawkes5 · 26-07-2020 2:31pm

Bigmac1euro wrote: »

Just wondering how long after sale agreed did your solicitor get contracts?

We went sale agreed 12 days ago but we feel like everything is moving so fast.
On Thursday my solicitor emailed me asking to hurry up loan offer if possible as she already received contracts from the vendors solicitor.

We applied for loan offer on Friday through broker and we’re quite nervous.
Broker said things should speed up once we received loan offer but I feel like things are moving fast enough as is.

Things worth noting are, the house is vacant and vendor seems eager.
I don’t think there’s a mortgage on the property.
Could we be in, in 6 weeks?
I know this isn’t very likely but just curious.
The survey is done with no real issues found.

We have literally no interest in anything on the market at the moment so we’re worried about loan offer. It took us weeks to get AIP only short of asking us for the shirts off our backs.

I just checked my emails and my solicitor received contracts about a month after going sale agreed, although I don't know if that is the norm as the vendor's solicitor subsequently showed themselves to be shockingly slow.

There's no minimum period for closing, and less parties being involved like a bank on the solicitor's side speeds things up. A closing period of two or three months is possible. I have friends that closed in around that period of time (over lockdown no less) as both the seller and themselves were eager.

If you're feeling like things are moving too fast, nothing is final until your signed contracts are sent off by your solicitor. If you're feeling like the seller is 'too' eager or the bank might leave you hanging, you can double check with your solicitor that there's no unusual stipulations in the contract and there's a clause in there that you can pull out if the bank don't provide finance (even though they probably already have done this). During my sale, the vendor's solicitor initially included all sorts of clauses that you'd typically see in distressed sales, which were swiftly removed by mine.

Nalz · 26-07-2020 3:36pm

Foggy Jew wrote: »

Our house went up for sale March 16, then BOOM. Lockdown. There were literally thousands of views on Daft.ie, but probably the majority these were bored people having a gawk. Socially distanced viewings began on June 8th. Three serious contenders commenced bidding & the house went sale agreed on 24 June for €20k over asking price. Sweet as a nut. The best of luck Nalz.

wowsers.

Where was your house based if you don't mind me asking? 3 or 4 bed? First time buyers mostly interested?

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

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