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

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Comments

  • Registered Users Posts: 152 ✭✭JamesMason


    Summer2020 wrote: »
    Agreed. I think it’s all up in the air and there’s no definite answer either way whether buying or selling. It all depends on your own circumstance.i think it’s fair to say though that a lot of sales will fall through for one reason or another now.
    Wouldn’t like to be an estate agent at the minute.
    Clicking back to page 14/15 on this thread is like stepping back in time. It's hard to believe how quickly things have turned. For those on the cusp of selling/buying, I sincerely hope it all works out for you in search of a home. For the estate agents that only just last month, scoffed at and bull****tted prospective clients...good luck- you're going to need it.


  • Registered Users Posts: 2,762 ✭✭✭Sheeps


    My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

    Scary, scary times.

    If you can afford a home in this day and age then the odds are that if your job is in a relatively secure industry, that during a recession you will likely be able to avail of potentially cheaper labour to rennovate your home.

    Try not to think of the value of your home in monetary terms.


  • Registered Users Posts: 6,171 ✭✭✭Ubbquittious


    I wonder will the Corona put a halt to my attempt at buying. Twas hard enough to try and move the thing along before the virus. Hopefully the seller will put some pressure on now with the impending recession


  • Moderators, Computer Games Moderators Posts: 15,225 Mod ✭✭✭✭FutureGuy


    Hi all, in these exceptional circumstances, if your solicitor was gone awol, would you attempt to contact the vendor solicitor or even the vendor themselves?


  • Registered Users Posts: 446 ✭✭ebayissues


    TheSheriff wrote: »
    We're likely to hand over a booking deposit in the next few days to a small EA in D15 - part of me worrying what if the EA goes bust in the coming weeks. They have very few properties, and will likely have even less now ! So much uncertainty.




    How will the estate agent go bust? I hve 10k sitting in their account - this has me spooked


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  • Registered Users Posts: 3,424 ✭✭✭scarepanda


    ebayissues wrote: »
    How will the estate agent go bust? I hve 10k sitting in their account - this has me spooked

    Surely the booking deposit is in a bond or something similar?


  • Registered Users Posts: 44,879 ✭✭✭✭Mitch Connor


    We're due to get keys either today or wednesday.

    My worry at this point is whether the people booked to put the floors in, or deliver various items, will be in a position to do so over the next couple of weeks. Floors are due to be put down from Monday next week and nothing has been said otherwise, but who knows what the case will be 7 days from now.


  • Registered Users Posts: 1,608 ✭✭✭ittakestwo


    Pheonix10 wrote: »
    Was bidding on an apartment that was sale agreed at 300k. Buyer couldn't get funding weeks ago so back on the market. The second bidder is now at 285k and I'm 286k.

    Not sure what to do?

    Run for the hills


  • Closed Accounts Posts: 3,948 ✭✭✭ Lorelai Thoughtless Purple


    ittakestwo wrote: »
    Run for the hills

    Why? How are you so sure.


  • Registered Users Posts: 1,608 ✭✭✭ittakestwo


    Pheonix10 wrote: »
    Why? How are you so sure.

    Huge uncertainty out there regarding how bad corona will leave world economy. Just this morning the ISEQ index is down over 10%.

    Some are saying well buy now as you might not get mortgage approval in a few months if the banks get in trouble. But if you do win a bidding war with someone also afraid of not getting a mortgage too in a few months. Put down a 20% deposit and buy for 286k with a mortgage. As soon as banks stop lending the value of the apartment will fall as buyers cant get a mortgages. On book you will probably lose all your 20% equity and even risk going into negative equity. But you will have a home.


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  • Registered Users Posts: 521 ✭✭✭Bargain_Hound


    Just got confirmation from our EA for the property went went sale agreed on is closing now for 2 weeks. Valuation cannot be done now either as valuer needs to be present at property. A sign of what is ahead. Haven't got much hope this sale is going to through ahead now. :(


  • Registered Users Posts: 1,108 ✭✭✭TheSheriff


    "Sale agreed" on one property and booking deposit due to be paid today/tomorrow (Estate Agent #1).

    Two active highest bids on two other properties (Estate Agent #2).

    Both EAs called this morning to say they are shutting down, expect there to be little/no movement for the next number of weeks.

    To be honest, we were likely going to pull from the sale anyway if it went ahead, the price we agreed two weeks ago, with bidding wars etc. seems meaningless now.


  • Registered Users Posts: 1,110 ✭✭✭rob w


    We are selling & buying and signed all contracts last week to close this Friday. We are due to drawdown our mortgage on Wednesday and move in Friday. We had planned to stay with parents if that got delayed a few days - but we cant do that now with social distancing etc (our parents are getting on a bit too, so not a good idea to land in on top of them with all this going on!)

    We have been through a very long and stressful process already without this sh1t happening, our house went on the market in January 2019 and took a long time to sell due to us being notified of a compulsory purchase order on our front garden the week after we went on the market! Sold well below original asking price in the end. One issue after another during conveyancing process on the place we bought dragged the purchase process on too, but we got there in the end......just in time for COVID-19 to roll in to town.

    If the house prices fall after we move in so be it, but we were trading up anyway, so the value of the property we sold would have dropped too and its all relative. The house we bought is for our long term home. Lucky enough we are in stable jobs that should be still there after this blows over, I'm aware not everyone can have that certainty though!


    I actually cant sleep or do anything due to the worry over this atm (I'm supposed to be working from home, but cant focus on anything right now :( ) Don't know where we will end up if we cant get in to new house on Friday. There are so many ways this could go south! Keeping our fingers crossed and hoping the best for everyone else on this thread!

    Sorry for the rant, but my other half has the ear burned off already and I need to vent some more! :eek:


  • Moderators, Computer Games Moderators Posts: 15,225 Mod ✭✭✭✭FutureGuy


    Our solicitor has phone off now for 5 days. Or EA is not answering.

    I just don't know what to do anymore.


  • Registered Users Posts: 7 Chickpea111


    Idbatterim wrote: »
    what is the rent like v the mortgage?

    Rent is very manageable, no problem there, mortgage repayments would be a bit more a month but not much, but there is work to be done to the house it’s an old enough property


  • Registered Users Posts: 687 ✭✭✭reg114


    FutureGuy wrote: »
    Our solicitor has phone off now for 5 days. Or EA is not answering.

    I just don't know what to do anymore.

    Genuinely I would park all notion of buying or selling at the moment. Dealing with property is a complex, stressful and lengthy process at the best of times, given the current climate of uncertainty you would be crazy to attempt to guess one or two steps ahead especially when important players like solicitors and estate agents are no longer contactable. Park any property plans until there is a clearer picture as to what is happening in this country as a whole never mind the property market. If this virus takes hold like it has in Italy you are looking at a total collapse in economic output, mass job losses and as a result the rental and residential sales market will undergo enormous upheaval.


  • Registered Users Posts: 1,272 ✭✭✭RiseToMe


    We are closing on a new build Friday, we motioned to draw down last Friday and on foot of everything we have decided to push everything forward so will close on Wednesday.

    Money and value isn't a concern for us however I would imagine that we will be waiting quite some time for floors and appliances


  • Registered Users Posts: 196 ✭✭lfen


    Anyone get approved in the last few days?


  • Registered Users Posts: 21,224 ✭✭✭✭ELM327


    scarepanda wrote: »
    Surely the booking deposit is in a bond or something similar?
    One would imagine that, similar to other regulated industries, there would have to be a division between their funds and customer funds.


  • Registered Users Posts: 330 ✭✭paul-2008


    Sale due to close last friday but delay with the bank... funds released to solicitor today so I'm hoping this virus doesnt stop us getting keys this week since we have actually drawn down our mortgage and will be paying a mortgage for a property we dont have :eek: scary times ahead


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  • Registered Users Posts: 521 ✭✭✭Bargain_Hound


    lfen wrote: »
    Anyone get approved in the last few days?

    One week ago. Sale agreed the day following.
    It's all on hold now as EA cant move nor can the banks move forward anymore on mortgage process.


  • Registered Users Posts: 155 ✭✭dowhatyoulove


    We signed our mortgage and deed papers this morning - we’d already signed our contracts for the house. Sending the access code for H2B tonight hopefully. We snagged our house as well this week - few wee bits to do but hoping for a positive outcome. Panicking will do no good to anyone


  • Registered Users Posts: 3,424 ✭✭✭scarepanda


    ELM327 wrote: »
    One would imagine that, similar to other regulated industries, there would have to be a division between their funds and customer funds.

    I dropped our solicitor an email asking and she pretty much confirmed exactly what you have said above and it's the same for them. We have the booking deposit and 10% deposit paid already, so we've quite a chunk of money sitting in other accounts.


  • Banned (with Prison Access) Posts: 94 ✭✭randoplh134


    <SNIP>


  • Registered Users Posts: 1,475 ✭✭✭DelBoy Trotter


    We have been looking for approximately 6 months, but we will definitely be putting it on hold for the next couple of months


  • Closed Accounts Posts: 3,948 ✭✭✭ Lorelai Thoughtless Purple


    Got an email this morning to say there was a higher offer which came in this morning.

    Can't help but think this is the EA trying to get me to close off and bid higher.


  • Registered Users Posts: 280 ✭✭Citroen2cv


    Pheonix10 wrote: »
    Got an email this morning to say there was a higher offer which came in this morning.

    Can't help but think this is the EA trying to get me to close off and bid higher.

    The EA is probably reading your post.


  • Closed Accounts Posts: 3,948 ✭✭✭ Lorelai Thoughtless Purple


    Citroen2cv wrote: »
    The EA is probably reading your post.

    The whole of Cork is a big place haha.


  • Moderators, Computer Games Moderators Posts: 15,225 Mod ✭✭✭✭FutureGuy


    reg114 wrote: »
    Genuinely I would park all notion of buying or selling at the moment. Dealing with property is a complex, stressful and lengthy process at the best of times, given the current climate of uncertainty you would be crazy to attempt to guess one or two steps ahead especially when important players like solicitors and estate agents are no longer contactable. Park any property plans until there is a clearer picture as to what is happening in this country as a whole never mind the property market. If this virus takes hold like it has in Italy you are looking at a total collapse in economic output, mass job losses and as a result the rental and residential sales market will undergo enormous upheaval.

    We have about 20k sitting in EA and solicitors accounts. Contracts signed.


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  • Registered Users Posts: 1,108 ✭✭✭TheSheriff


    Pheonix10 wrote: »
    Got an email this morning to say there was a higher offer which came in this morning.

    Can't help but think this is the EA trying to get me to close off and bid higher.

    I would ABSOLUTELY "roll the dice" on this so to speak and not bid higher.

    There is a good chance the other bidder may not have funds in place or their circumstances could chance drastically in the coming weeks (so could yours mind you).

    See where things are in a few weeks time.


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