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

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    #872
    DaraDali
    Registered Users Posts: 410 ✭✭DaraDali


    Sale agreeded here for 3 weeks, had a cheeky offer accepted right before the lockdown and very happy to proceed as its a forever home,

    Got approved from BOI during the week letter going to lawyers. Just hard to get engineer and bank survey done as the man is 70 and not leaving the house ,


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    #873
    bigpink
    Banned (with Prison Access) Posts: 4,552 ✭✭✭bigpink


    DaraDali wrote: »
    Sale agreeded here for 3 weeks, had a cheeky offer accepted right before the lockdown and very happy to proceed as its a forever home,

    Got approved from BOI during the week letter going to lawyers. Just hard to get engineer and bank survey done as the man is 70 and not leaving the house ,

    How cheeky an offer?Best wishes in the new home its not easy to so


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    #874
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    SpencerJC wrote: »
    I went sale agreed a few weeks ago. 2-bed/ 2-bath apartment on the Glasnevin/ Finglas boarder. Was listed for 235K, though they were going for the only 230K in January. We had 225K accepted and then decided to offer 10k less (I think I should have tried for more). They came back and said the lowest they could go is 5K less. Personally I'd push back for more but my girlfriend wants to accept and get it done at 220k. Kind of bittersweet, because we will get the place but I am sure they will be reduced over the coming months.

    It's below the build cost. The annual interest on that is less than 6 grand. How much cheaper do you want it to be?


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    #875
    lomb
    Registered Users Posts: 6,031 ✭✭✭lomb


    Conrad83 wrote: »
    Currently have a booking deposit on a new build (outside Dublin) for approx 350k. Contracts arrived to solicitor mid last week.

    Our solicitor advised us last week (pre sites shutting down) that she will sit on contracts for a few weeks due to current situation. I believe she will be able to sit on them for even longer now.

    Currently we are waiting to hear back about our exception from the bank. We have been approved our mortgage but need an exception to buy this home (small amount extra representing an extra €80 pm onto our mortgage). Bank have advised all applications and exceptions at the minute are on hold while they deal with the mortgage break requests and things will be reviewed again in a few weeks when that all 'settled down'. My partner works in the mortgage dept of the bank.

    We have been told by many people to pull out but at the minute we are sticking with it, unless we are forced to pull out for a different reason. Both our jobs are safe and both still working etc. This is our forever home which we believed we were getting a good enough deal on prior to Covid 19. We are currently paying approx €100 pm more in rent then our required mortgage. We are at the stage where we want to start a family sooner rather than later and have been approved HTB for the full €20k which will no doubt not be available in next budget. The house is mostly built with completion expected in July/August which will no doubt be delayed a few months now.

    Not only is the rent more the mortgage is part saving. Renting is uneconomic for the reason that a bank is prepared to lend to landlords at twice the rate. Add to that the middleman and the tax man taking their cut means it's way dearer.


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    #876
    Mrisolation
    Registered Users Posts: 4 ✭Mrisolation


    Have a booking deposit down on a house for 466k just before covid 19 really kicked off. Contracts arrived this week, rang the EA and indicated due to the world being turned upside down im looking for a 10% discount, he was not impressed but will return to seller with offer, il prob loose the house now as there was a lot of interest and bidders but it's not the same world anymore


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    #877
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    Certainly isn't. Expect supply of property to buy to fall off a cliff.

    https://www.thejournal.ie/daft-housing-house-prices-5064704-Apr2020/

    IMO, If you want to get the lowest price, it will take a few years to get to rock bottom.
    So shift your expectation's on buying much further down the line.
    Most people don't sell at peak and buy at bottom. Most people somewhere in the middle of all that.


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    #878
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    Mrisolation wrote: »
    Have a booking deposit down on a house for 466k just before covid 19 really kicked off. Contracts arrived this week, rang the EA and indicated due to the world being turned upside down im looking for a 10% discount, he was not impressed but will return to seller with offer, il prob loose the house now as there was a lot of interest and bidders but it's not the same world anymore


    Interested to see how this goes? We are holding our contracts to see how things go. We will be asking for a price reduction but will leave it go on for a few weeks. No point doing anything drastic yet


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    #879
    Horusire
    Registered Users Posts: 158 ✭✭Horusire


    Supposed to close monday, issues with chain so delays.

    Promised today. No movement as of yet. Solicitor found clause in the contract that allows us to pull the plug.

    Told them same and asked for a weeks rent as compromise. A resounding no from them.

    Reminded them I can pull out without penalty and the house price has dropped since we went sale agreed.

    Monday is D-day. I cant wait to tell them we are actually pulling out of the sale as they have been nothing but obtuse.


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    #880
    coff66
    Registered Users Posts: 163 ✭✭coff66


    Empty_Space wrote: »
    If you are trying to take advantage...why aren't you?.

    I suppose what I meant was we are not looking to renegotiate a drop of 20% and be annoyed if that doesn't materialise.

    Obviously if it is agreeable to everyone involved we would like to take advantage of some possible drop but also not looking to stick the boot into anyone if they are struggling. It is a small builder developing a small estate in one's and twos so margins might not be huge.


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    #881
    tomister
    Registered Users Posts: 271 ✭✭tomister


    Has anyone managed to close a sale since the lockdown came into effect last Friday? Getting the run around at the moment with the funds sitting with my solicitors and the vendor's solicitor not seeing it as essential. Government guidance was legal firm were still operating. I'll have no where to live by next weekend if they don't come up with a solution


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    #882
    akesha
    Registered Users Posts: 135 ✭✭akesha


    I am supposed to be closing in less than two weeks. Solicitor says we are on track but he is not entering in details...:rolleyes:


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    #883
    Donald Trump
    Registered Users Posts: 19,109 ✭✭✭✭Donald Trump


    tomister wrote: »
    Has anyone managed to close a sale since the lockdown came into effect last Friday? Getting the run around at the moment with the funds sitting with my solicitors and the vendor's solicitor not seeing it as essential. Government guidance was legal firm were still operating. I'll have no where to live by next weekend if they don't come up with a solution


    Perhaps your solicitor thinks armageddon is coming and is spending your money on coke and hookers while he still can?





    (Obviously a joke, but an underlying point might be to be careful where you leave your money lying....although it should be segregated)


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    #884
    DaraDali
    Registered Users Posts: 410 ✭✭DaraDali


    bigpink wrote: »
    How cheeky an offer?Best wishes in the new home its not easy to so

    nearly 20% cheeky but this was before the lockdown. First house in 3 years me and herself agreeded on so we will be moving forward asap


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    #885
    Captainsatnav
    Registered Users Posts: 910 ✭✭✭Captainsatnav


    We're trying to get to sale agreed at least at the moment. Great location for us, love the house, fair asking price, we see the potential in it. When this ends we'll get surveyor, solicitor sorted and draw down.


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    #886
    lenny4545
    Registered Users Posts: 72 ✭✭lenny4545


    Has anyone actually been successful in negotiating a reduced price for a new build?


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    #887
    o2bearebel
    Registered Users Posts: 27 ✭o2bearebel


    lenny4545 wrote: »
    Has anyone actually been successful in negotiating a reduced price for a new build?

    I'm all ears. We've a 10K deposit paid down and due to sign contracts but I think it's madness to continue purchase at earlier prices given the nose dive that's expected.

    What's the best way to demand a reduction? The estate is about 30% complete so we're obviously open to risk of it not being completed for the short-medium term etc. Is that a bargaining chip ? I suspect phase 2 prices will be lower also. A bit mad if they won't agree to a price reduction of some amount ? We finalised mortgage approval last week and are renting etc.


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    #888
    Deco99
    Registered Users Posts: 1,642 ✭✭✭Deco99


    o2bearebel wrote: »
    I'm all ears. We've a 10K deposit paid down and due to sign contracts but I think it's madness to continue purchase at earlier prices given the nose dive that's expected.

    What's the best way to demand a reduction? The estate is about 30% complete so we're obviously open to risk of it not being completed for the short-medium term etc. Is that a bargaining chip ? I suspect phase 2 prices will be lower also. A bit mad if they won't agree to a price reduction of some amount ? We finalised mortgage approval last week and are renting etc.

    The answer is nobody knows. Especially on here. Weigh up some of the following:

    -Lots of people on here saying the price of houses will drop 30%. Just blanket comments. No nuance. Just that economy will tank and 30% off everything

    - Latest reports saying amount of houses for sale is gone way down..

    https://www.rte.ie/news/business/2020/0403/1128201-housing/

    https://www.google.com/amp/s/www.thejournal.ie/daft-housing-house-prices-5064704-Apr2020/%3famp=1

    - What's this mean? Well it seems to contradict the experts on here declaring the flood of houses for bargain prices in a few months. But...

    - as you said, at 30% completion does an estate get finished anytime soon?

    - new builds are less price elastic than second hand as the builder has to pay for stuff to build it.

    - Seems supply is drying up and the banks will tighten the grip does that mean houses at lower end of price scale are dropping the magic 30% ? Seems anyone with a good property won't sell anytime soon and new builds stall, why are the lower priced range going to drop?

    The "pull out now" commentators on here offer no insight. Judge your own situation carefully.

    Is the house an investment?
    Can you afford the mortgage if let's say one of you unemployed?

    How long have you been waiting already? Is it worth another 6-12 months for a discount and risking not getting a mortgage.

    ..for transparency, I've said elsewhere on boards own situation. In mid Feb. Was outbid on an old secondhand house for 245k, at time felt madness bidding to 240k but got caught up in the bidding. The winning bidder pulled out and we got offered "sale agreed @220 or it goes back on market" .. we said no, 200k was limit (this was days before pubs closing). They came back 2 days later and agreed. The mortgage is tiny and we've s budget for renovations. But this thread has made me realistically beat myself up to try go back to get a further discount. 30% would be 140k, they went sale agreed for 245k? They would never. So 15%? Again probably would see how they would get on when market is back open. So now we are trying to get maybe 10k off, all the bank stuff would have to be done again and solicitors. And surveyor said it's best place I've asked him to look at, massive potential and already in great nick. So i want to risk all of that for 5k cause of this threads scaremongering


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    #889
    Deco99
    Registered Users Posts: 1,642 ✭✭✭Deco99


    After all that, I confused this thread with the other property market thread which is way more doom and gloom and generalistic. I've found this thread a little more balanced 🀫


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    #890
    wirelessdude01
    Registered Users Posts: 8,418 ✭✭✭wirelessdude01


    tomister wrote: »
    Has anyone managed to close a sale since the lockdown came into effect last Friday? Getting the run around at the moment with the funds sitting with my solicitors and the vendor's solicitor not seeing it as essential. Government guidance was legal firm were still operating. I'll have no where to live by next weekend if they don't come up with a solution

    We closed on Monday morning and keys that afternoon. Lots more seem to have closed this week in our estate judging by people coming and going each day.


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    #891
    davedub2015
    Registered Users Posts: 88 ✭✭davedub2015


    Has anyone been succesful in getting any money of a property in Dublin ?? It is all hearsay right now on this I feel


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    #892
    Reversal
    Registered Users Posts: 402 ✭✭Reversal


    <SNIP>


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    #893
    Greentree_uk
    Registered Users Posts: 1,023 ✭✭✭Greentree_uk


    davedub2015 wrote: »
    Has anyone been succesful in getting any money of a property in Dublin ?? It is all hearsay right now on this I feel

    Yes I did, got another 10k off, I was already paying a good bit under asking as the jan market was slow. my house in the 400-500k bracket. it was still a tough negotiation.

    But given it is Dublin, the savings are not in my price bracket, they are in the 600k+ IMO. Far too many houses in that bracket for the amount of people who can actually afford them and most of them need a total refurb of €100k+. so that too puts it well out of what people can afford. + the drop will be 18-24 months away and I can't wait for that.


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    #894
    alan_mur
    Registered Users Posts: 16 ✭alan_mur


    I put an cash offer on a €595k house in Dublin 9 about 3 weeks ago. My offer was about 6% below asking, slightly higher offer in too. Came back to me to accept, i didn't go through with the offer. The higher one was accepted, Noticed that the sale agreed was removed yesterday and was advertising it again.

    There are a good few empty houses around that need alot of money to bring up to expected levels. They are overpricing. Saw one that was initially advertised for €525k (no viewings) dropped to €495k. BER G. Nothing done for years. Went to see it twice, said to the estate agent it was probably worth €350k (prior to covid) as it needed €250k of work. Said the owners had an offer for €460k and they didn't even want it registered as an offer because it was too low.


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    #895
    awec
    Administrators Posts: 53,428 Admin ✭✭✭✭✭awec


    o2bearebel wrote: »
    I'm all ears. We've a 10K deposit paid down and due to sign contracts but I think it's madness to continue purchase at earlier prices given the nose dive that's expected.

    What's the best way to demand a reduction? The estate is about 30% complete so we're obviously open to risk of it not being completed for the short-medium term etc. Is that a bargaining chip ? I suspect phase 2 prices will be lower also. A bit mad if they won't agree to a price reduction of some amount ? We finalised mortgage approval last week and are renting etc.

    The only bargaining chip you have is you haven't signed contracts, so you haven't committed to anything.

    You can ask for a reduction or say you're pulling out. The builder will either agree or give you back your deposit and you can take a chance on getting in on phase 2 if you think that'll go ahead and you'll still be able to get finance.


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    #896
    KilOit
    Registered Users Posts: 2,985 ✭✭✭KilOit


    alan_mur wrote: »
    I put an cash offer on a €595k house in Dublin 9 about 3 weeks ago. My offer was about 6% below asking, slightly higher offer in too. Came back to me to accept, i didn't go through with the offer. The higher one was accepted, Noticed that the sale agreed was removed yesterday and was advertising it again.

    There are a good few empty houses around that need alot of money to bring up to expected levels. They are overpricing. Saw one that was initially advertised for €525k (no viewings) dropped to €495k. BER G. Nothing done for years. Went to see it twice, said to the estate agent it was probably worth €350k (prior to covid) as it needed €250k of work. Said the owners had an offer for €460k and they didn't even want it registered as an offer because it was too low.

    You'll be in a great position in the coming months when all the competition for houses is gone since banks won't be either lending or people won't have secure jobs. could get a real bargain of a doer upper. Can't see really nice homes being sold though


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    #897
    jrosen
    Registered Users Posts: 1,629 ✭✭✭jrosen


    o2bearebel wrote: »
    I'm all ears. We've a 10K deposit paid down and due to sign contracts but I think it's madness to continue purchase at earlier prices given the nose dive that's expected.

    What's the best way to demand a reduction? The estate is about 30% complete so we're obviously open to risk of it not being completed for the short-medium term etc. Is that a bargaining chip ? I suspect phase 2 prices will be lower also. A bit mad if they won't agree to a price reduction of some amount ? We finalised mortgage approval last week and are renting etc.

    You have an advantage in that you haven't signed. However even with a reduction depending on how things go you could end up owning a house in an unfinished development for quite some time.

    We had signed so we have zero bargaining power as we are locked in. Im just thankful the site is fully finished.


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    #898
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    awec wrote: »
    The only bargaining chip you have is you haven't signed contracts, so you haven't committed to anything.

    You can ask for a reduction or say you're pulling out. The builder will either agree or give you back your deposit and you can take a chance on getting in on phase 2 if you think that'll go ahead and you'll still be able to get finance.

    If the deposit is refundable. Last crash I know people who were happy to lose their deposit and walk away from schemes that were unlikely to be completed. They say it's not the same this time as the builders aren't as exposed. So people say.


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    #899
    awec
    Administrators Posts: 53,428 Admin ✭✭✭✭✭awec


    beauf wrote: »
    If the deposit is refundable. Last crash I know people who were happy to lose their deposit and walk away from schemes that were unlikely to be completed. They say it's not the same this time as the builders aren't as exposed. So people say.

    Deposit is refundable until you sign the contract.


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    #900
    Mrisolation
    Registered Users Posts: 4 ✭Mrisolation


    beauf wrote: »
    Certainly isn't. Expect supply of property to buy to fall off a cliff.



    IMO, If you want to get the lowest price, it will take a few years to get to rock bottom.
    So shift your expectation's on buying much further down the line.
    Most people don't sell at peak and buy at bottom. Most people somewhere in the middle of all that.

    That sounds very feasible , in my opinion there will not be a big correction in housing prices after covid 19 as it is not a credit based issue . In particular with the segment im buying into i imagine most serious bidders have a few quid sorted so what they have pre covid 19 they will have post covid 19


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    #901
    Mrisolation
    Registered Users Posts: 4 ✭Mrisolation


    davedub2015 wrote: »
    Interested to see how this goes? We are holding our contracts to see how things go. We will be asking for a price reduction but will leave it go on for a few weeks. No point doing anything drastic yet

    No dice on the discount from seller , i have to sit on it now and make a call . I dont think asking for a discount is drastic , all they can say is no , they wont turn around and take the contracts off the table on you as it takes a good bit of work to get to the contract stage as you well know , plus in my opinion if there is any chance of getting a discount it is now during the crisis not when it starts to feel more normal again and people regain confidence .
    Just my two cents


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