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

LF22 · 26-07-2022 2:05pm

https://www.boards.ie/discussion/comment/119375440#Comment_119375440

Your seller would not have been able to purchase the house in the first place without having a PPSN. Maybe it's a probate sale and they are selling as personal representative?

Tar.Aldarion · 26-07-2022 3:10pm

https://www.boards.ie/discussion/comment/119389194#Comment_119389194

I think the solution is to look at cheaper places to give yourself more leeway if possible. I ended up 100k over so had to start at a lower base price since they aren't actually pricing the houses near where they are selling.

Brock Turnpike · 26-07-2022 10:10pm

https://www.boards.ie/discussion/comment/119389857#Comment_119389857

This isn't very good advice in the current market that is slowing down.

Brock Turnpike · 26-07-2022 10:21pm

https://www.boards.ie/discussion/comment/119387208#Comment_119387208

BTW, for anyone wondering, complaints can be lodged via the form contained in the PRSA page below. The form is very straightforward to complete and I would encourage anyone who feels EAs have acted improperly to submit a complaint for investigation.

https://www.psr.ie/consumers-information/investigation-of-complaints/

Tar.Aldarion · 27-07-2022 1:42am

https://www.boards.ie/discussion/comment/119391759#Comment_119391759

A slowdown but demand is still very strong (queues at viewings) and prices are still 6.6% median above asking for Q2. Completely depends where and what they are looking at as slowdown will be different in different areas, and if they are getting outbid everywhere wherever they are looking like they say they are, like several of my friends, they need to adjust or give up for a while. Fine if somebody wants to wait a year and hope for the best while paying a couple grand rent every month but they may just find out the prices level off or are only a very modest reduction so waiting was fruitless.

Markitron · 27-07-2022 7:31am

https://www.boards.ie/discussion/comment/119389194#Comment_119389194

It is soul-crushing process but you will get something suitable eventually

TheRona · 28-07-2022 5:59am

We're nearing the end of the process, but it's been painful, and I'd be in no rush to go through it again. On paper, it's about an easy a purchase as you could hope for. Ex-rental property sitting empty, and no chain involved.

After holdups from the other side (6 weeks waiting for initial contracts, over 3 weeks for pre-contract enquiries), our solicitor said he's happy for us to sign, based on the guarantee that they will provide one missing certificate that has been requested. We start to get excited, say we can come in to sign immediately, only to find that the next available slot our solicitor has for us to sign is in 2 weeks time!! Is that normal? Seems a bit ridiculous to us (and our broker).

We've been told that this latest delay means we will have to suck up a rate increase from Finance Ireland as well.

Markitron · 28-07-2022 7:51am

https://www.boards.ie/discussion/comment/119397488#Comment_119397488

That does seem a bit excessive, for me the meeting to sign took about 25 mins, they could fit you in long before 2 weeks if they were arsed.

TheRona · 28-07-2022 8:11am

https://www.boards.ie/discussion/comment/119397573#Comment_119397573

To be fair, our solicitor is away the first 2 weeks of August, so it's another one taking care of it. Even so, friends of mine just had their contracts couriered out and they signed then returned.

RINO87 · 28-07-2022 10:26am

https://www.boards.ie/discussion/comment/119397488#Comment_119397488

What rise was this, and when were you notified, do you mind me asking? We are also with FI, and awaiting contracts, but have not heard of another rates rise (yet) since the one announced in June.

TheRona · 28-07-2022 11:15am

https://www.boards.ie/discussion/comment/119398112#Comment_119398112

We've known about it for a while, probably a month. Going from 2.4% to 2.9% on 15 year fixed.

My broker forwarded me the email from FI. All docs would have needed to be in to them by COB on 3rd August for closing by 12 August if we wanted to keep the agreed rate.

mcsean2163 · 28-07-2022 9:16pm

https://www.boards.ie/discussion/comment/119398359#Comment_119398359

That's a lot of money over 15 years.

TheRona · 29-07-2022 11:07am

https://www.boards.ie/discussion/comment/119401129#Comment_119401129

Don't remind me 😂

sapper · 29-07-2022 11:33am

Lots of updates from people past Sale Agreed status here but any thoughts from buyers looking at properties or sellers with houses at "For Sale" stage?

Im a reluctant landlord selling a house in Dublin North City - had a lot of interest in June and went sale agreed quickly but that fell through just before contracts signed. Have had it back up for sale for 2 weeks but very few inquiries - is that just because its August and everyone is on holiday?

_Brian · 29-07-2022 5:26pm

https://www.boards.ie/discussion/comment/119049639#Comment_119049639

Our deal closed this week, were mortgage free now on our main home, some CGT to pay but we will have a sum left over to put towards a different property that we're inheriting.. Onwards and upwards !!

i think maybe 11-12 weeks total, only delay was the engineer doing survey for the buyer, he pissed about for 4 weeks before returning his report that everything was ok. Auctioneer and Solicitor were on point..

Marcusm · 29-07-2022 7:11pm

I’m selling a house and I engaged a solicitor in advance to have the pack ready to send out when went sale agreed on 22 June. Buyer sent estate agent his formal AIP letter on 5 July which was (incorrectly) shared with me. My solicitor has been chasing up regularly as not even an acknowledgement from other solicitor. This morning they sent requisitions all but one of which were already in the pack and a statement that they had no idea whether their client was borrowing funds for the purchase so there might be more questions.

very frustrating lapse in comms as I know his rate, LTV ratio and the shortened term (likely due to his age).

he wants in during August so hoping that his solicitor pulls the finger out!

The_Kitty · 29-07-2022 10:47pm

I'm very confused about the order of things as my loan pack is sent to the solicitor but we havent done the bank valuation yet. Shouldnt they have instructed this first? I am woth AIB

AnnieinDundrum · 30-07-2022 9:16pm

https://www.boards.ie/discussion/comment/119389333#Comment_119389333

No the owner is alive and has no ppsn… overseas investor.. maybe they didn’t need it 20 years ago.

Thistley · 31-07-2022 12:36pm

https://www.boards.ie/discussion/comment/119402906#Comment_119402906

We are looking in North County Dublin. I noticed a few properties coming back on the market. We went to an open viewing last weekend where the EA said that July and August are known to be slow. Hopefully, we can start making offers as soon as we have our AIP. We have a Notice to Quit from our rental so need a smooth process :-D If that is even a thing.

sapper · 01-08-2022 3:29pm

https://www.boards.ie/discussion/comment/119411178#Comment_119411178

Ive seen a few mentions I think of properties "coming back to the market" lately - in my case it's because Im a reluctant landlord selling my house after 16 years as a rental property. The advice I got before selling was not to bother getting a survey done myself as the seller - that any issues with the property would come up in the survey done by the buyer and could be sorted out then. Well in my case the survey flagged that the roof of the property was at the end of its lifespan and needed replacing and my buyer walked. Im getting the roof replaced now myself whilst the house is on the market (just a 2-3 day job)

I think I read somewhere that something like 30% of all sales are investment properties, and I would say a good few of them are like mine ie. in need of work that doesnt come up until the survey. Really it should be something that sellers are told to consider if selling an old house- could save a lot of messing - but looking at surveyor websites they only really seem to sell their services to buyers....

put_the_kettle_on · 01-08-2022 4:00pm

I'm just back in the uk after another house hunting trip over. I picked apparently the busiest and most eye-wateringly expensive week of the summer season with a horse racing festival in Galway plus a bank holiday. So I'm back 3 days early as there were no places to stay and anyway I'd about run out of money.

BUT, we found a nice house that ticked all our boxes plus it's empty with no chain. Managed to get it at 10k below the asking price so we put a deposit on it and it's sale agreed.

Hopefully it'll all go through quickly.

Barnaboy · 01-08-2022 7:37pm

https://www.boards.ie/discussion/comment/119415527#Comment_119415527

Congratulations! Did you check if there is probate to go through? Speaking from experience. If you need a quick move it could scupper your plans.

AhhHere · 01-08-2022 10:14pm

https://www.boards.ie/discussion/comment/119416364#Comment_119416364

Not op bit what would be the usual time until completion after probate is granted?

put_the_kettle_on · 01-08-2022 11:50pm

https://www.boards.ie/discussion/comment/119416364#Comment_119416364

Thank you @Barnaboy The agent told us that the owner had met a chap and moved in with him. She's wanting a quick sale so I've got everything crossed for a smooth purchase. 🤞

Barnaboy · 02-08-2022 10:22am

https://www.boards.ie/discussion/comment/119417030#Comment_119417030

Hearing that at the moment it is 14-16 weeks from receipt of application in the probate office. Solicitor needs to do some prep work in advance before submission so all in you are looking at 5 months, all going well.

shesty · 02-08-2022 10:32am

https://www.boards.ie/discussion/comment/119415431#Comment_119415431

They do but I reckon that is because once people decide to sell they figure there is no point putting any more money into their property, so they probably wouldn't employ a surveyor.

We bought and sold last Dec, but we were house hunting in Aug/Sept.Our estate agent actually had two houses on her books that she said to us she was only willing to let people who had builders or background knowledge of building to bid on, because both looked ok from the outside but would need significant work.My OH and I have construction backgrounds, so she was happy to show them to us -one in particular looked sound but on closer inspection, the roof needed doing, the chimneys were letting damp into bedroom ceilings, whole place needed heating (there was none), and rewiring, and a new septic system was needed.Understandable, a large 1930s house.Structurally it was ok, but it needed 150k-200k of work done just to make it livable and bring it to a modern standard, before decorating and furnishing.It went Sale Agreed after a bidding war (we eventually pulled out of it because we knew exactly how much work would be required) but it is now back on the market I see.Strikes me that buyers want something they can just walk into and do nothing with but there is good value in some older houses that need some work, if you have the money.(not a whole revamp!!)

Nia95 · 02-08-2022 10:46am

Bidding war still going on after 2 weeks. The other bidder was taking days to come back with just 1k over our offer each time. Friday evening we put in another offer - within 10 minutes the other bidder had gone 1k over again.

It's a house that needs a lot of work in rural Ireland and already nearly 5% over asking.

Considering offering our highest, but say that we can't keep this bidding war going on any longer so the offer is only valid for the day/next 24 hours. We withdraw the offer otherwise and move on.

Anyone with experience of this?

It's a tough one, the market is so frustrating at the moment.

Brock Turnpike · 02-08-2022 11:38am

https://www.boards.ie/discussion/comment/119418199#Comment_119418199

Estate agent is no doubt loving this. You are both playing the exact game they want you to play.

If it is just you and one other bidder, would you consider adding EA/vendor to stop the tit-for-tat and just move to best and final offer? Doesn't guarantee you will get the property, but might speed things up.

AnnieinDundrum · 03-08-2022 10:41am

The madness continues… our buyers were supposed to close the deal and the date in the contract was 15 July. They then said their buyers were delaying so needed another week, meanwhile we had removals booked, rebooked and rebooked again as they kept faffing around with the date. So they said 25 July, we had boxes and removals on the doorstep when they said “sorry, another few days”… we went ahead, cleared the house and moved our stuff into the new place under a caretakers arrangement. So we were homeless, stayed with relatives for a few days then went away on a holiday, also booked and rebooked several times.

All paperwork is signed, both deals, our deposit on the new place is with the solicitor. I cleaned the house and left a bottle of champagne and a card for the buyers.

they were supposed to move in tomorrow and hand over the cash… now they want a pre-closing inspection… FFS… is this another delaying tactic? I’m happy that the house is empty and clean but I’m afraid to agree as they might pick on something like a tatty carpet and delay further?

we’ve a couple of week away, after that we are homeless again. All our stuff is in an apartment we don’t own and have no access to.

should we agree or refuse and tell them to just get on with it?

chops018 · 03-08-2022 10:49am

https://www.boards.ie/discussion/comment/119422794#Comment_119422794

While I haven't seen the contract between you the buyers of your property so I cannot say if any of the general conditions have been deleted, but usually if you have an agreed closing date and contracts are exchanged and you've done your bit by vacating the property and your solicitor has sent them all agreed closing documents, i.e. you're in a position to close on your side, then you can get your solicitor to issue a Completion Notice under the contract meaning they have to close within 28 days or you can start charging interest.

Also, regarding a pre-closing inspection, if it's just to check the place has been cleared out etc., then I wouldn't have issues with agreeing to that. Even if they want to get a surveyor in to double check I'd let them to be honest. But once contracts are signed and exchanged I'm pretty sure you can say no. Buying a property is very much caveat emptor. They can't go changing the goalposts now as they have signed the contract and paid the deposit. They need to stick to whatever clauses are in the contract so check and see what special conditions have been inserted by your solicitor or if their solicitor inserted any. Usually your solicitor will put in a condition to say the property is what it is and the buyer has time to get it checked and proceed on that basis.

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

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