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

Leozord · 01-09-2020 6:41pm

brisan wrote: »

AIP is approval in principle from your bank or building society
Basically it says that they are prepared to lend you a certain amount of money by way of a mortgage so you can buy a qualifying property ie a property on which you have at least a 10% deposit and is valued at a price they find acceptable.
Have you applied for a mortgage or are you a cash buyer ???

Oh yes, I already got the Approval in Principle, with a higher amount than the asking price. One of the another reasons that I was waiting for bidding was because of the bank - it took a bit longer from Bank of Ireland to get it approved. According to them, there were loads of mortgage applications in July.

brisan · 01-09-2020 6:47pm

Leozord wrote: »

Oh yes, I already got the Approval in Principle, with a higher amount than the asking price. One of the another reasons that I was waiting for bidding was because of the bank - it took a bit longer from Bank of Ireland to get it approved. According to them, there were loads of mortgage applications in July.

If the EA asks to see your AIP redact the amount you are approved for so he/she does not know how much you have to spend .
no point in showing your full hand too early

Pivot Eoin · 01-09-2020 7:12pm

Went Sale Agreed today. Very happy but still lots of work to be done to get over the line... Not to even the mention the renovations needed after that!!! Baby steps anyhow. Stick at it, the right place comes up eventually.

Mslenny · 01-09-2020 7:16pm

brisan wrote: »

I would assume there would be a subject to finance clause in your contract with the seller of the new house.
However your solicitor would be the best person to ask .

We requested the clause .... the sellers solicitor said they won’t amend the contract. I’m surprised I thought it was a standard enough condition for a second time buyer.
As a result our solicitor has said not to buy the house ....

brisan · 01-09-2020 7:22pm

Mslenny wrote: »

We requested the clause .... the sellers solicitor said they won’t amend the contract. I’m surprised I thought it was a standard enough condition for a second time buyer.
As a result our solicitor has said not to buy the house ....

Well I would say you were well advised .
When your house is sold the new build may still be available and subject to finance will not be an issue.
I am surprised though as most solicitors will insist on this clause especially given the uncertain times we live in

awec · 01-09-2020 8:53pm

Leozord wrote: »

loads of gold information here

I found a place which was advertised like 3 months ago. The ask price was 385k.

Right after the announcement, I decided to visit it. I loved the place. I was thinking to offer 355k but because I already had booked flights for a long holiday, I've decided to not bit until I return to Ireland.

Now in august I called the EA to know if the house was sold and he said it was sale agreed for the asking price. Fair enough, I walked away.

Three weeks later, EA calls me back saying that the buyer pulled out. He said there was an offer for 375k but if I offer 380k the owner would sell it to me

I think this is a bit strange situation. Probably what will happen is that I will offer 380 and he will be back to the other bidder and there it goes another bid war. Or he is just bluffing.

What do ye reckon?

If you are happy to buy it for 380 then you have nothing to lose putting a bid in. Either you'll go sale agreed, and you get the house you wanted, or someone else will bid, and you can either bid again or walk away.

awec · 01-09-2020 8:57pm

brisan wrote: »

Well I would say you were well advised .
When your house is sold the new build may still be available and subject to finance will not be an issue.
I am surprised though as most solicitors will insist on this clause especially given the uncertain times we live in

I am not remotely surprised, since solicitors for one party cannot insist on anything.

Given the uncertain times we live in it is not surprising that the vendors do not want this clause added, as it increases the chances that they will be left out of pocket through no fault of their own.

Smouse156 · 01-09-2020 9:01pm

Leozord wrote: »

loads of gold information here

I found a place which was advertised like 3 months ago. The ask price was 385k.

Right after the announcement, I decided to visit it. I loved the place. I was thinking to offer 355k but because I already had booked flights for a long holiday, I've decided to not bit until I return to Ireland.

Now in august I called the EA to know if the house was sold and he said it was sale agreed for the asking price. Fair enough, I walked away.

Three weeks later, EA calls me back saying that the buyer pulled out. He said there was an offer for 375k but if I offer 380k the owner would sell it to me

I think this is a bit strange situation. Probably what will happen is that I will offer 380 and he will be back to the other bidder and there it goes another bid war. Or he is just bluffing.

What do ye reckon?

As many here have stated, offer only what you think it’s worth to you and leave it at that

Queenio · 01-09-2020 9:18pm

awec wrote: »

I am not remotely surprised, since solicitors for one party cannot insist on anything.

Given the uncertain times we live in it is not surprising that the vendors do not want this clause added, as it increases the chances that they will be left out of pocket through no fault of their own.

I understand the vendors position on this but the idea of having to walk away from a very significant deposit that takes years to save us untenable to me. Especially as by withdrawing your offer they are going to be down solicitor fees anyway. I'd rather lose 2k in solicitors fees than 70k deposit. Easy choice for us should vendors decline a subject to finance clause

brisan · 01-09-2020 9:22pm

awec wrote: »

I am not remotely surprised, since solicitors for one party cannot insist on anything.

Given the uncertain times we live in it is not surprising that the vendors do not want this clause added, as it increases the chances that they will be left out of pocket through no fault of their own.

Given the uncertain times we live in it is not surprising that the buyers want this clause added.
The sale of their own house is not in their hands but at the mercy of the buyers and the buyers bank

cubatahavana · 01-09-2020 9:56pm

Mslenny wrote: »

We requested the clause .... the sellers solicitor said they won’t amend the contract. I’m surprised I thought it was a standard enough condition for a second time buyer.
As a result our solicitor has said not to buy the house ....

If there is no clause subject to finance, I’d walk away. Your solicitor should strongly advise you against signing a contract without a subject to finance clause. Mine did

ebayissues · 01-09-2020 9:59pm

Experienced smething similar s I was buying from a chain...Point blank refused not to sign it..

LoonyLovegood · 01-09-2020 11:36pm

Does anyone have an idea of how fast things can go to closing after contracts are signed? Signing next week, vendor's already moved out, from what I can tell we just need drawdown to happen and we'll be good to go, but I've no clue how long it'll take.

Canyon86 · 01-09-2020 11:51pm

LoonyLovegood wrote: »

Does anyone have an idea of how fast things can go to closing after contracts are signed? Signing next week, vendor's already moved out, from what I can tell we just need drawdown to happen and we'll be good to go, but I've no clue how long it'll take.

I was told 3 weeks all going well

mousblaster17 · 02-09-2020 9:15am

brisan wrote: »

https://www.citizensinformation.ie/en/housing/owning_a_home/buying_a_home/stamp_duty.html#:~:text=Budget%202020,from%206%25%20to%207.5%25.
Relevant section below

If you paid VAT on your house, you only have to pay stamp duty on the base price of the house – before the VAT was added. So, for example, if you paid €454,000 (including VAT) for your new house, this is made up of the base price of €400,000 plus 13.5% VAT (€54,000) and you only pay stamp duty on the base price of €400,000. Read more in our document on Value Added Tax.

Would the asking price as advertised by the EA include VAT in the figure?

awec · 02-09-2020 9:24am

mousblaster17 wrote: »

Would the asking price as advertised by the EA include VAT in the figure?

No VAT due on second hand homes. New build prices are always advertised as the price you pay, inclusive of VAT.

mousblaster17 · 02-09-2020 9:29am

Leozord wrote: »

I think this is a bit strange situation. Probably what will happen is that I will offer 380 and he will be back to the other bidder and there it goes another bid war. Or he is just bluffing.

What do ye reckon?

Nope. The EA is obliged to tell the other bidder about your bid regardless. They keep a log of bids for audit purposes. So you offer 380 and the other bidder will be informed of it, at which point they can counter-bid. Or... like the EA says, the vendor could go sale agreed with you straight after you offer the 380.

I lost a house a month ago, calling the EA's bluff that the vendor would go sale agreed. Long story.

fliball123 · 02-09-2020 9:59am

Leozord wrote: »

loads of gold information here

I found a place which was advertised like 3 months ago. The ask price was 385k.

Right after the announcement, I decided to visit it. I loved the place. I was thinking to offer 355k but because I already had booked flights for a long holiday, I've decided to not bit until I return to Ireland.

Now in august I called the EA to know if the house was sold and he said it was sale agreed for the asking price. Fair enough, I walked away.

Three weeks later, EA calls me back saying that the buyer pulled out. He said there was an offer for 375k but if I offer 380k the owner would sell it to me

I think this is a bit strange situation. Probably what will happen is that I will offer 380 and he will be back to the other bidder and there it goes another bid war. Or he is just bluffing.

What do ye reckon?

Well if I was the seller of course I would want the EA to go back and ask its their job to get you the highest price

fliball123 · 02-09-2020 10:00am

Mslenny wrote: »

We are selling our house and buying a new build. We have a buyer and want that contract signed before signing for our own.
However is it not standard that in our contract with new build there would be the condition- ‘subject to sale of purchasers house’?
I would have assumed any second time buyer would look for this protection? If our buyer did not go through with sale after contracts we could recoup the deposit however there is a €20k difference between the deposit on our house and the the deposit we will be putting on the new build.
Appreciate any insights

I think you can get your solicitor to word your signing that you are only going through with the purchase on the basis your own property sells as well. So if your buyer pulls out you can pull out too and your only cost will be your solicitor

LoonyLovegood · 02-09-2020 4:35pm

Canyon86 wrote: »

I was told 3 weeks all going well

Fingers crossed, it'd be lovely to be in before October and get settled before winter's fully set in.

cython · 02-09-2020 4:55pm

LoonyLovegood wrote: »

Does anyone have an idea of how fast things can go to closing after contracts are signed? Signing next week, vendor's already moved out, from what I can tell we just need drawdown to happen and we'll be good to go, but I've no clue how long it'll take.

LoonyLovegood wrote: »

Fingers crossed, it'd be lovely to be in before October and get settled before winter's fully set in.

I signed on June 15th, closed and got keys on July 10th (vendor moved out the previous weekend), and probably could have been slightly quicker had I been more organised with the formalities around insurances, etc. so if you've already signed and are on top of all the remaining paperwork elements, etc. then being in before the end of this month is pretty realistic.

jrosen · 02-09-2020 4:56pm

Just heard of 2 small developments being sold to funds. Demand would have been high. Last phase sold out. Worrying to see.

Smouse156 · 02-09-2020 5:13pm

jrosen wrote: »

Just heard of 2 small developments being sold to funds. Demand would have been high. Last phase sold out. Worrying to see.

Would you mind elaborating on which developments these are?

Leozord · 02-09-2020 5:15pm

sale agreed with my offer, 380K in Drumcondra

thanks everyone for the advices

let's see how it goes from now

Smouse156 · 02-09-2020 5:22pm

Leozord wrote: »

sale agreed with my offer, 380K in Drumcondra

thanks everyone for the advices

let's see how it goes from now

Congrats!

cubatahavana · 02-09-2020 5:34pm

Leozord wrote: »

sale agreed with my offer, 380K in Drumcondra

thanks everyone for the advices

let's see how it goes from now

well done

jrosen · 02-09-2020 5:48pm

Smouse156 wrote: »

Would you mind elaborating on which developments these are?

Id rather not at the moment as I dont have much more info. But its kildare. Up untill about 6 weeks ago the launch was being planned so this was unexpected.. Another development that was due to break ground is being stalled.

Jess2019 · 02-09-2020 6:35pm

My partner has been temporarily laid off for the past 4 months. This has led to us having to pull out of a house. He has received a new job offer and will be starting in 2 weeks. Which means we will have to apply for a mortgage again. As far as we know you have to be in a job 6 months to apply for a mortgage but I have heard that during covid you actually need to be in the job a year. Anyone know if this is true? God I hope it’s not.

Sweet.Science · 02-09-2020 7:58pm

My solicitor is waiting on my deeds (from tsb) before drawing up the contract . How long with these normally take to arrive ?

Vikings · 02-09-2020 8:19pm

Sweet.Science wrote: »

My solicitor is waiting on my deeds (from tsb) before drawing up the contract . How long with these normally take to arrive ?

Could take 3-4 weeks. Took about 2 weeks from our solicitor requesting them to receiving them but she had expected it could take up to 4.

michellie · 02-09-2020 8:49pm

Had our BER done the other day. Estate agent came and did measurements today and the photographer took the photos and did the video walk about. Will be up on the market soon.

The house we were interested in(detached 4 bed fixer uper) and viewed last week went sale agreed yesterday with someone else. Disappointed. Hoping something else comes up soon.

BrosnanL27 · 02-09-2020 8:55pm

Jess2019 wrote: »

My partner has been temporarily laid off for the past 4 months. This has led to us having to pull out of a house. He has received a new job offer and will be starting in 2 weeks. Which means we will have to apply for a mortgage again. As far as we know you have to be in a job 6 months to apply for a mortgage but I have heard that during covid you actually need to be in the job a year. Anyone know if this is true? God I hope it’s not.

As far as I'm aware as long as your partner passes his probation (usually takes 6 months) then is made a permanent employee, you should be good to go for a mortgage. We got mortgage approval in July with PTSB at which point I was only in my job 10 months.

Mslenny · 02-09-2020 9:03pm

fliball123 wrote: »

I think you can get your solicitor to word your signing that you are only going through with the purchase on the basis your own property sells as well. So if your buyer pulls out you can pull out too and your only cost will be your solicitor

Yes this is what we asked to be put into the contract but the seller’s/builder’s solicitor won’t agree to it.

goingagain · 02-09-2020 10:35pm

Sweet.Science wrote: »

My solicitor is waiting on my deeds (from tsb) before drawing up the contract . How long with these normally take to arrive ?

I’m waiting 6 weeks on deeds from BOI. I’ve been promised they’ll be sent next week.

fliball123 · 03-09-2020 11:12am

Mslenny wrote: »

Yes this is what we asked to be put into the contract but the seller’s/builder’s solicitor won’t agree to it.

Well then I would be weary of going through with it you could find yourself losing a deposit if had to pull out. I think their solicitor is being unrealistic to be honest you cant expect someone to not try and protect themselves having said that I can understand the seller wanting to not be in a chain

Branflakes8 · 03-09-2020 3:27pm

Hey,

Has anyone received a letter of offer from AIB recently? We've been waiting over 3 weeks with no communication and our requests for escalation are falling on deaf ears! By the time they reply our documents will be over 30 days and i fear they will ask for everything again before issuing it!!

wolfyboy555 · 03-09-2020 4:56pm

Has anyone successfully negotiated extras on a new build for example kitchen upgrades?

cubatahavana · 03-09-2020 5:06pm

wolfyboy555 wrote: »

Has anyone successfully negotiated extras on a new build for example kitchen upgrades?

I got them to add a socket to the island. That’s about it

awec · 03-09-2020 5:11pm

wolfyboy555 wrote: »

Has anyone successfully negotiated extras on a new build for example kitchen upgrades?

Very unlikely to get this. Kitchens come in from external suppliers, who bill the developer and will give them a price based on buying x number of kitchens.

You may be allowed to change kitchen, or kitchen appliances, but you'll be paying for it.

Upgrading kitchen appliances can be more expensive than you expect too.

masterboy123 · 03-09-2020 5:53pm

Just a quick question.

Is it mandatory to have home + content insurance before mortgage amount is released to the solicitor?

Meraf · 03-09-2020 5:57pm

Branflakes8 wrote: »

Hey,

Has anyone received a letter of offer from AIB recently? We've been waiting over 3 weeks with no communication and our requests for escalation are falling on deaf ears! By the time they reply our documents will be over 30 days and i fear they will ask for everything again before issuing it!!

Hey,

Yes I got mine last week it took them 14 working days to review all documents and provide AIP

Meraf · 03-09-2020 5:58pm

masterboy123 wrote: »

Just a quick question.

Is it mandatory to have home + content insurance before mortgage amount is released to the solicitor?

Home insurance yes, but content not necessary unless you got more money in mortgage to buy your content

wolfyboy555 · 03-09-2020 6:26pm

awec wrote: »

Very unlikely to get this. Kitchens come in from external suppliers, who bill the developer and will give them a price based on buying x number of kitchens.

You may be allowed to change kitchen, or kitchen appliances, but you'll be paying for it.

Upgrading kitchen appliances can be more expensive than you expect too.

Yes I was thinking the same. I would imagine the allowance the builder would give would be much less so you would end up paying a good bit for getting your own changes in. There are no appliances included. Would this be something to maybe ask for instead? I know in another devlopment the next town over they are giving a 2000 voucher towards appliances

awec · 03-09-2020 6:35pm

wolfyboy555 wrote: »

Yes I was thinking the same. I would imagine the allowance the builder would give would be much less so you would end up paying a good bit for getting your own changes in. There are no appliances included. Would this be something to maybe ask for instead? I know in another devlopment the next town over they are giving a 2000 voucher towards appliances

Changes can be expensive cause usually the builder will have you deal directly with the kitchen supplier, and they'll charge you the full public price for stuff, whereas the builder pays less than that.

So if you go to the kitchen crowd looking to get a different kitchen to the one that comes as standard, you might find that the builder will only be paying 10k, whereas all the kitchens cost 12/13.

masterboy123 · 03-09-2020 6:50pm

Is it the solicitor or mortgage bank that will ask for it?
Thank you

Meraf wrote: »

Home insurance yes, but content not necessary unless you got more money in mortgage to buy your content

Meraf · 03-09-2020 6:52pm

masterboy123 wrote: »

Is it the solicitor or mortgage bank that will ask for it?
Thank you

Mortgage bank will ask for home insurance before draw down

rain on · 03-09-2020 7:27pm

masterboy123 wrote: »

Just a quick question.

Is it mandatory to have home + content insurance before mortgage amount is released to the solicitor?

Not necessarily. I drew down with Ulster Bank last week and they specifically said they didn't need to see any home insurance documentation (though I got it before drawdown anyway).

ShockChance · 03-09-2020 7:42pm

Guys whats the story with houses for sale with a AMV price. Do they ever sell for that price.
I am looking at fixer upper houses.

Meraf · 03-09-2020 8:56pm

Hi All,

Apologies but I'm new to this. I'm on the house /apt hunt right now but I've noticed that a lot of advertisements in daft / myhome are no longer accurate due to "sale agreed" state that they forgot to post which is wasting a lot of my time... Is that usual ?

Are there any other websites that are good to check and accurate for new offers ?

fx83wab · 03-09-2020 9:07pm

Branflakes8 wrote: »

Hey,

Has anyone received a letter of offer from AIB recently? We've been waiting over 3 weeks with no communication and our requests for escalation are falling on deaf ears! By the time they reply our documents will be over 30 days and i fear they will ask for everything again before issuing it!!

got it this week, took just under a month. apparently there's a big backlog.

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

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