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

13-02-2021 12:41am

Signed contracts today

FTB, HTB, moving out of apartment renting in Dublin to a house within a half hour of heuston on the train, wfh allowed us to expand our search a little, saved up during COVID

Could we tick any more boxes?!

hao123 · 13-02-2021 10:04am

goingagain wrote: »

We also closed today.

Bought and sold in same day, so it can be done. It was very busy.

Removers arrived to our house at 8.30 we left about 1, new owners outside waiting to come in. Got keys for new place at 4, really at the last minute.

Boxes everywhere now, so much to do.

Congratulations!

hao123 · 13-02-2021 10:06am

Deleted User wrote: »

Signed contracts today

FTB, HTB, moving out of apartment renting in Dublin to a house within a half hour of heuston on the train, wfh allowed us to expand our search a little, saved up during COVID

Could we tick any more boxes?!

Congratulations! finding this thread, oops, one more box

Nika Bolokov · 13-02-2021 12:40pm

DataDude wrote: »

You're not really committing to anything though? Is it not just bidding to have the right of first refusal at that price when you can go to view?

Not really because your committing to a price level that may never have been achieved had all bidders actually seen the property and got a feel for it.

Sweetaure · 16-02-2021 3:09pm

Any buying/ selling happening at the moment? We have an offer on a house but the vendor is in no hurry and seems to want to wait until March to see how much he can get. Already €5k over asking. Hardly anything has come online in my budget/ area search in the last 2 weeks...

optogirl · 16-02-2021 3:11pm

Sweetaure wrote: »

Any buying/ selling happening at the moment? We have an offer on a house but the vendor is in no hurry and seems to want to wait until March to see how much he can get. Already €5k over asking. Hardly anything has come online in my budget/ area search in the last 2 weeks...

Very little out there and AIP clock running down all the time. It's really so frustrating especially as every single house we have viewed has gone way over asking.

Sweetaure · 16-02-2021 3:31pm

optogirl wrote: »

Very little out there and AIP clock running down all the time. It's really so frustrating especially as every single house we have viewed has gone way over asking.

And are you selling or FTB? The sale of our house is progressing but we haven’t found a new house yet. Very frustrating indeed...

givyjoe · 16-02-2021 3:34pm

Sweetaure wrote: »

Any buying/ selling happening at the moment? We have an offer on a house but the vendor is in no hurry and seems to want to wait until March to see how much he can get. Already €5k over asking. Hardly anything has come online in my budget/ area search in the last 2 weeks...

Considering the appalling lack of supply, I think they may be wasting their time waiting. The few properties we're looking at are definitely going for a premium, which id be highly skeptical they would achieve without the current restrictions. There's a marked increase now in every house I've looked at, above what I was seeing last year. Even had one agent insist it wouldn't go for much more than asking (he thought it wasn't competitively priced), only for him to come back to me and confirm it had gone way above asking and our budget.

VegetaIRL8e · 16-02-2021 3:36pm

Almost pulling my hair out with getting the other side and a "Letter of Consent".
Went sale agreed over 4 months ago and aware of the AIP time running out. Its just very frustrating and the uncertainty is killer.

optogirl · 16-02-2021 3:59pm

Sweetaure wrote: »

And are you selling or FTB? The sale of our house is progressing but we haven’t found a new house yet. Very frustrating indeed...

We're FTBs but in our 40's....looks like we might be renting for life at this stage unless that sweet lottery win comes in

zweton · 16-02-2021 4:03pm

optogirl wrote: »

We're FTBs but in our 40's....looks like we might be renting for life at this stage unless that sweet lottery win comes in

Will they not entertain because of yer age?

optogirl · 16-02-2021 4:14pm

zweton wrote: »

Will they not entertain because of yer age?

We have AIP from DCC for the Rebuilding Ireland Home Loan but the clock is ticking now. It's up in March - I had to get TDs involved to get a 3 month extension but basically if we haven't found a house by June we're fooked. Everything we've bid on so far has gone way over asking. We're renting with 2 kids so we need the house to be livable while we do it up and there's not much out there that isn't way over our budget. It's so frustrating.

Padre_Pio · 16-02-2021 4:17pm

Saw a really nice place online.

EA won't entertain viewings during level 5. Fair enough.
It's a bank sale, the place is not occupied, so I drove out myself and had a look around the property.

I know you can do viewings if sale agreed, so I called the EA and he said they're not taking any offers until lockdown is over.
Also, bank want to have it on the market a few weeks to see what interest there is.
Also, bank could take up to 4 weeks to approve an offer, even if they were taking them.

Is this normal?

I thought that once the bank got at least asking, they'd take it and move on. Didn't realise it would be so drawn out.

VegetaIRL8e · 16-02-2021 4:26pm

Padre_Pio wrote: »

I thought that once the bank got at least asking, they'd take it and move on. Didn't realise it would be so drawn out.

See my last post just 30mins. Bank sale and while all documents and reports are completed. Still waiting for one final part of a letter from the bank, Despite the fact that its been verbal and written agreement, there is no sign of the formal written agreement after 4 months.

brianc27 · 16-02-2021 4:42pm

optogirl wrote: »

Very little out there and AIP clock running down all the time. It's really so frustrating especially as every single house we have viewed has gone way over asking.

yep, my AIP runs out in a few weeks, very frustrating with viewings halted, i've resigned myself to having to reapply for approval, luckily my spending habits haven't changed since i first got the AIP so i don't expect any issues getting approved again

Sweetaure · 16-02-2021 4:46pm

VegetaIRL8e wrote: »

See my last post just 30mins. Bank sake and while all documents and reports are completed. Still waiting for one final part of a letter from the bank, Despite the fact that its been verbal and written agreement, there is no sign of the formal written agreement after 4 months.

So what’s missing?

VegetaIRL8e · 16-02-2021 4:50pm

Sweetaure wrote: »

So what’s missing?

Formal written Letter of Consent from the Bank.
Up to now there has been an agreement that all parties are happy with pricing and terms, but the letter hasnt been sent. Its purely Red Tape - take time to press a send button type stuff which to me is the most frustrating.

zweton · 16-02-2021 4:58pm

optogirl wrote: »

We have AIP from DCC for the Rebuilding Ireland Home Loan but the clock is ticking now. It's up in March - I had to get TDs involved to get a 3 month extension but basically if we haven't found a house by June we're fooked. Everything we've bid on so far has gone way over asking. We're renting with 2 kids so we need the house to be livable while we do it up and there's not much out there that isn't way over our budget. It's so frustrating.

Sorry to hear, is this in Dublin? The whole thing is a joke and sad really.

optogirl · 16-02-2021 5:06pm

zweton wrote: »

Sorry to hear, is this in Dublin? The whole thing is a joke and sad really.

Yeah Dublin. (Awaits the flurry of post telling me to move to Leitrim)

McGrath5 · 16-02-2021 5:24pm

Anyone selling in South Dublin at the moment? I have my 3 bed terraced house up for sale in Rathfarnham for the last 3 weeks and to be honest there hasn't been much interest , got an offer for just below asking price but it was quickly withdrawn.
The house is priced well compared to other 3 beds in the area, be interested to hear other peoples thoughts.

DataDude · 16-02-2021 5:28pm

McGrath5 wrote: »

Anyone selling in South Dublin at the moment? I have my 3 bed terraced house up for sale in Rathfarnham for the last 3 weeks and to be honest there hasn't been much interest , got an offer for just below asking price but it was quickly withdrawn.
The house is priced well compared to other 3 beds in the area, be interested to hear other peoples thoughts.

Not selling myself but very close with somebody who is. Same property had gone sale agreed and subsequently fell through a couple of years ago. Re-listed in the last while, hoping to take advantage of the supposed desperate buyers currently out there. No interest at all so far, not even at the lower level they previously went sale agreed at which they were hoping to far exceed.

EDIT - Should clarify South County Dublin rather than Dublin South

Fuzzy_Dunlop · 16-02-2021 5:32pm

McGrath5 wrote: »

Anyone selling in South Dublin at the moment? I have my 3 bed terraced house up for sale in Rathfarnham for the last 3 weeks and to be honest there hasn't been much interest , got an offer for just below asking price but it was quickly withdrawn.
The house is priced well compared to other 3 beds in the area, be interested to hear other peoples thoughts.

I'm surprised at that. Trying to buy a 3 bed in the area at the minute and every single one we bid on has loads of people throwing money at it. Is the back garden North facing?

McGrath5 · 16-02-2021 6:07pm

Fuzzy_Dunlop wrote: »

I'm surprised at that. Trying to buy a 3 bed in the area at the minute and every single one we bid on has loads of people throwing money at it. Is the back garden North facing?

Yes it is.

Cash_Q · 16-02-2021 8:51pm

McGrath5 wrote:

Anyone selling in South Dublin at the moment? I have my 3 bed terraced house up for sale in Rathfarnham for the last 3 weeks and to be honest there hasn't been much interest , got an offer for just below asking price but it was quickly withdrawn. The house is priced well compared to other 3 beds in the area, be interested to hear other peoples thoughts.

We sold in Tallaght in October and bought 1km still in Tallght and while almost every house we were interested in went for 20-30k over asking, ours sold for 6k over. It was on the market for about a month and we were conscious of the ever changing situation with the pandemic so we just reduced our expectations and accepted that price. Luckily the house we bought we got for just 5k over asking. Both were with the same EA, not sure if that had anything to do with the lack of interest in our own house or indeed their ability to put us forward as strong buyers for the vendors of the new house. Obviously the pricing is quite different in Rathfarnham but interesting to hear that not all house prices are going through the roof

Snipp · 16-02-2021 8:59pm

For those of you who have put offers in recently, how long are the vendor and estate agent taking to return to you with their answer. We have a pending bid for the asking price from last week and have received no response or acknowledgment. It's incredibly frustrating.

Gael23 · 16-02-2021 9:02pm

Been waiting 2 weeks for someone in AIB to come back to me.
Getting quote annoyed

Pete123456 · 16-02-2021 9:49pm

Gael23 wrote: »

Been waiting 2 weeks for someone in AIB to come back to me.
Getting quote annoyed

I would think that’s unusual... in fairness AIB were back to us within a day or two on the online portal in November?

Bitconfused · 16-02-2021 11:59pm

How much would you recommend leaving as a buffer for legal and other fees when buying. Excluding any costs of furniture etc just costs related to the sale

For example if i have 30 k savings and aip for 140K i should be budgeting for a purchase cost of €165 maybe to allow for fees? What costs do i need to allow for aside from solicitor ones?

ongarite · 17-02-2021 12:02am

2K for solicitor fees, another 200 for valuation report, 500 for surveyor if 2nd hand property.

Sweetaure · 17-02-2021 12:13am

Bitconfused wrote: »

How much would you recommend leaving as a buffer for legal and other fees when buying. Excluding any costs of furniture etc just costs related to the sale

For example if i have 30 k savings and aip for 140K i should be budgeting for a purchase cost of €165 maybe to allow for fees? What costs do i need to allow for aside from solicitor ones?

Movers, stamp duty if not new build and then obviously any furniture/ decorating/ renovations you’ll need to do

Sweetaure · 17-02-2021 12:17am

Snipp wrote: »

For those of you who have put offers in recently, how long are the vendor and estate agent taking to return to you with their answer. We have a pending bid for the asking price from last week and have received no response or acknowledgment. It's incredibly frustrating.

It depends on the EA and the vendor. We have an offer on a house, put to the EA yesterday, I haven’t heard back and I’ll have to ring him to get an answer as he won’t ring me. Vendor wants to wait and get as much as he can, instead of indicating a minimum. Very frustrating for us.

When we sold our house, in December, we got 4 offers, 3 of which we rejected, and and we always got back to our EA on the same day, and she told the potential purchasers straight away (or so she told us).

Bitconfused · 17-02-2021 12:40am

Ok so far I have 2k for solicitor fees, 200 for valuation report, 500 for surveyor & 1,600 ish stamp duty. Best leave a buffer of €4,500 so.Any thing else?

Im purposely leaving out furniture and appliances for now.

Am I right in saying that the valuation is after sale is agreed, say for example i pay over what the valuation thinks the house is worth, will the bank only lend me what the valuation has the price at? This would leave a shortfall.

poker--addict · 17-02-2021 1:41am

Padre_Pio wrote: »

....
Also, bank want to have it on the market a few weeks to see what interest there is.
Also, bank could take up to 4 weeks to approve an offer, even if they were taking them.

Is this normal?

I thought that once the bank got at least asking, they'd take it and move on. Didn't realise it would be so drawn out.

I believe it is fairly normal, i recall getting a similar explanation previously when asking an EA.

klose · 17-02-2021 8:28am

Gael23 wrote: »

Been waiting 2 weeks for someone in AIB to come back to me.
Getting quote annoyed

Ring them with the number on the portal website, have tour mortgage application number handy as they'll ask for that.

cubatahavana · 17-02-2021 8:44am

Bitconfused wrote: »

Ok so far I have 2k for solicitor fees, 200 for valuation report, 500 for surveyor & 1,600 ish stamp duty. Best leave a buffer of €4,500 so.Any thing else?

Im purposely leaving out furniture and appliances for now.

Am I right in saying that the valuation is after sale is agreed, say for example i pay over what the valuation thinks the house is worth, will the bank only lend me what the valuation has the price at? This would leave a shortfall.

Valuation is usually ok. We sold our apartment in December and it became the highest price for an apartment in the area since 2008. As the EA had a list of the bids and as well it didn’t deviate like 50% of the prices of the other similar properties in the area, our purchasers had no trouble.

enrique66_35 · 17-02-2021 12:50pm

Bitconfused wrote: »

Ok so far I have 2k for solicitor fees, 200 for valuation report, 500 for surveyor & 1,600 ish stamp duty. Best leave a buffer of €4,500 so.Any thing else?

Im purposely leaving out furniture and appliances for now.

Am I right in saying that the valuation is after sale is agreed, say for example i pay over what the valuation thinks the house is worth, will the bank only lend me what the valuation has the price at? This would leave a shortfall.

The valuation done after you're sale agreed is for the bank (has to be done by one of their panel of valuers but you can choose) and the valuer should know (or you ensure they know) the agreed price as the purpose of the valuation for the bank to make sure the valuation isn't below the sale price thereby protecting their security if they ever needed to repossess and sell to get their money back. Grim but that's the reality.

If the valuation says its worth way less than you've agreed to pay, or worse is below the mortgage amount you could have an issue alright but if that's the case, maybe you should re-consider if you're over-paying.

cojomo2 · 17-02-2021 1:45pm

ongarite wrote: »

2K for solicitor fees, another 200 for valuation report, 500 for surveyor if 2nd hand property.

In my experience, 2k would cover a sale, there is more involved in a purchase, I'd budget 3k for that.

pleh · 17-02-2021 6:48pm

Snipp wrote: »

For those of you who have put offers in recently, how long are the vendor and estate agent taking to return to you with their answer. We have a pending bid for the asking price from last week and have received no response or acknowledgment. It's incredibly frustrating.

We got a reply the same day. Not being funny but no answer is an answer

Treppen · 17-02-2021 7:02pm

Sweetaure wrote: »

It depends on the EA and the vendor. We have an offer on a house, put to the EA yesterday, I haven’t heard back and I’ll have to ring him to get an answer as he won’t ring me. Vendor wants to wait and get as much as he can, instead of indicating a minimum. Very frustrating for us.

When we sold our house, in December, we got 4 offers, 3 of which we rejected, and and we always got back to our EA on the same day, and she told the potential purchasers straight away (or so she told us).

Suppose it's a sellers market, I find certain EAs just as lazy as **""# when you're buying. They're probably all grand if they're selling your property as it's a 1 to 1 relationship.

I don't get it though. I wanted to put a bid on a property since Friday and just get secretary who says to send an email and they'll ring you back! I suspect they might just pick one day for one or two properties then do all the horse trading with phone calls that day. Also if they leave it for one specific day per week they can stop all the tyre kicking and small bidding and daily phone calls.

Milena009 · 17-02-2021 7:57pm

Hi all,

I want to put a bid on a second hand property. Let's say I do Win the bidding.
How does it work afterwards? Is there like booking deposit so 5k for example?
Do I put full deposit straight away? So let's say 30k?
I have solicitor enrolled.

Thank you,

brianc27 · 17-02-2021 8:12pm

Milena009 wrote: »

Hi all,

I want to put a bid on a second hand property. Let's say I do Win the bidding.
How does it work afterwards? Is there like booking deposit so 5k for example?
Do I put full deposit straight away? So let's say 30k?
I have solicitor enrolled.

Thank you,

This is something I've been wondering myself, absolutely no idea how this all works after a bid is accepted

Sweetaure · 17-02-2021 8:25pm

Milena009 wrote: »

Hi all,

I want to put a bid on a second hand property. Let's say I do Win the bidding.
How does it work afterwards? Is there like booking deposit so 5k for example?
Do I put full deposit straight away? So let's say 30k?
I have solicitor enrolled.

Thank you,

Yes you normally transfer a deposit to the EA holding account, and the contracts are sent to the solicitors by each EA, and the rest of the deposit is paid after the engineer comes and when the contracts are signed, basically when you draw down the mortgage. Here’s a link I found useful: https://www.ccpc.ie/consumers/housing/buying-home-step-by-step-guide/

brianc27 · 17-02-2021 8:37pm

Sweetaure wrote: »

Yes you normally transfer a deposit to the EA holding account, and the contracts are sent to the solicitors by each EA, and the rest of the deposit is paid after the engineer comes and when the contracts are signed, basically when you draw down the mortgage. Here’s a link I found useful: https://www.ccpc.ie/consumers/housing/buying-home-step-by-step-guide/

Should a solicitor already be in place before a booking deposit is paid, I got in contact with a few solicitors and none seemed interested unless I had a property lined up

Milena009 · 17-02-2021 8:45pm

brianc27 wrote: »

Should a solicitor already be in place before a booking deposit is paid, I got in contact with a few solicitors and none seemed interested unless I had a property lined up

Same.
I sent few inquiries but they said to only contact when we put deposit on a place

Snipp · 17-02-2021 9:37pm

pleh wrote: »

We got a reply the same day. Not being funny but no answer is an answer

Yeh you're probably right. We have bid over asking though and would have at least expected some correspondence.

Sweetaure · 17-02-2021 9:44pm

brianc27 wrote: »

Should a solicitor already be in place before a booking deposit is paid, I got in contact with a few solicitors and none seemed interested unless I had a property lined up

Yes you’ll need a solicitor very quickly. When we bought our first house, we had already contacted a solicitor, and we’re using the same for the sale (and purchase, whenever this happens!), and I contacted her a few months in advance of putting the house up for sale. She charges a set fee for the sale and the same for the purchase, so apart from little extras (for printing/ stamps, etc), then you should know in advance how much you’ll need to budget.

Where are you based? I’m sure you can get recommendations here, is that allowed?

Smouse156 · 17-02-2021 9:59pm

Conor1974 wrote: »

Looking at 2 houses in Malahide.Ea rang a couple of hours ago to tell us the one we where looking at @ €725,000 is now at €810,000 cash.
The second house @ €750,000 the Ea wouldn’t even entertain us as they are looking for a cash buyer and told us to sell ours and rent and we would have a better chance.Ignorant cow

Malahide high end market oversupplied so that seems surprising to hear that. Price drops in Robswall and Ivy Lodge recently.

With all the new builds (Brookfield, Ashwood, ivy lodge, Dun Na Ri along with Seamount rise on the way) all of them in the high end I would have thought prices struggling there.

These aren’t the 300-500k HTB homes where the strong demand is there.

cubatahavana · 17-02-2021 11:26pm

Milena009 wrote: »

Hi all,

I want to put a bid on a second hand property. Let's say I do Win the bidding.
How does it work afterwards? Is there like booking deposit so 5k for example?
Do I put full deposit straight away? So let's say 30k?
I have solicitor enrolled.

Thank you,

1- when you go sale agreed, the booking deposit (fully refundable and usually 5-10k) is paid to EA (this is the last time you have to worry about them)
2- contact a solicitor when booking deposit is paid
3- seller solicitor will send contracts to your solicitor
4- your solicitor goes over the contracts and prepares queries for the seller’s solicitor (things that are not clear in the contract). He should recommend a subject to finance clause (if you don’t get mortgage, you don’t lose the non refundable deposit that you pay at a later stage)
5- you arrange a survey of the property by a qualified person (engineer, professional surveyor, etc)
6- once you’re happy with the contract queries and the survey, you are ready to sign the contracts (you will pay 10% non refundable deposit after signing)
7- seller signs the contracts and you receive them signed by yourself and the seller. At this stage your 10% deposit becomes non refundable. You are committed to buy the property and the seller is committed to sell. If you have a subject to finance clause in the contract, the deposit will be refunded if you have a problem with the finance
8- you agree to a closing date
9- you draw down your mortgage a couple of days before the closing date
10- on closing day, your solicitor will send the funds (minus the 10% deposit) to the other solicitor and you get the keys

Gael23 · 17-02-2021 11:51pm

Are viewings still set to be allowed from March 5th?

Milena009 · 18-02-2021 12:18am

cubatahavana wrote: »

1- when you go sale agreed, the booking deposit (fully refundable and usually 5-10k) is paid to EA (this is the last time you have to worry about them)
2- contact a solicitor when booking deposit is paid
3- seller solicitor will send contracts to your solicitor
4- your solicitor goes over the contracts and prepares queries for the seller’s solicitor (things that are not clear in the contract). He should recommend a subject to finance clause (if you don’t get mortgage, you don’t lose the non refundable deposit that you pay at a later stage)
5- you arrange a survey of the property by a qualified person (engineer, professional surveyor, etc)
6- once you’re happy with the contract queries and the survey, you are ready to sign the contracts (you will pay 10% non refundable deposit after signing)
7- seller signs the contracts and you receive them signed by yourself and the seller. At this stage your 10% deposit becomes non refundable. You are committed to buy the property and the seller is committed to sell. If you have a subject to finance clause in the contract, the deposit will be refunded if you have a problem with the finance
8- you agree to a closing date
9- you draw down your mortgage a couple of days before the closing date
10- on closing day, your solicitor will send the funds (minus the 10% deposit) to the other solicitor and you get the keys

That is so helpful! Thank you so very much ðŸ˜Š

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

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