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

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    #1712
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    JL555 wrote: »
    I'm not too sure about brokers to be honest. I went to two and as soon and as I had told them the price of the property they didn't seem interested, in fact one of them told me that it would be a waste of my time as well as his to start the ball rolling on looking for mortgage approval, he went on and on and on, I didn't even reply to him.

    The next week I went directly into the bank (AIB) and had approval very quickly, and since the process started he has been very good.


    I'm not sure how it works, maybe it's a percentage of the property price they get as commission. Our place was 220k and we're doing a 45k renovation.




    Mind me asking, what does a 45k renovation include?


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    #1713
    JL555
    Registered Users Posts: 288 ✭✭JL555


    ebayissues wrote: »
    Mind me asking, what does a 45k renovation include?

    I can do a lot myself with the exception of electric work and windows, and plastering. Also went with a contractor to do block work for me as have not got the time or experience do it properly. On a high level the job consists of the below and will be enough to get us into the house and focus on more work after that such as nice landscaping etc. I bought additional tools to complete. Plus materials such as plasterboard insulation etc. Most items to complete I had already knew I had to do on inspecting the property, the structural engineer came out and confirmed everything, but that report is great piece of mind and well worth the money.


    Skip hire for gutting the house
    Minor roof repairs
    Removing tiling in kitchen walls, floors and Bathroom.- myself
    Damp treatment (doing myself)
    Some dry lining (myself)
    Skimming - contractor
    Electrical re-wire - contractor
    New kitchen (have most appliances already)
    Herringbone flooring throughout (wife's choice, putting it down myself)
    Bathroom refit (myself)
    New windows and front and back door.
    Garden clearance - (mostly myself)
    Additional attic insulation - myself
    Knocking a non load bearing wall - contractor
    Other block work - contractor ( blocking up 2 doorways not needed and no planning required)
    Inset stoves x 2
    Heating upgrades -
    Painting entire house - myself

    Probably some minor things I left out, but nothing major. Have a few K left to the side as a contingency.


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    #1714
    ebayissues
    Registered Users Posts: 446 ✭✭ebayissues


    JL555 wrote: »
    I can do a lot myself with the exception of electric work and windows, and plastering. Also went with a contractor to do block work for me as have not got the time or experience do it properly. On a high level the job consists of the below and will be enough to get us into the house and focus on more work after that such as nice landscaping etc. I bought additional tools to complete. Plus materials such as plasterboard insulation etc. Most items to complete I had already knew I had to do on inspecting the property, the structural engineer came out and confirmed everything, but that report is great piece of mind and well worth the money.


    Skip hire for gutting the house
    Minor roof repairs
    Removing tiling in kitchen walls, floors and Bathroom.- myself
    Damp treatment (doing myself)
    Some dry lining (myself)
    Skimming - contractor
    Electrical re-wire - contractor
    New kitchen (have most appliances already)
    Herringbone flooring throughout (wife's choice, putting it down myself)
    Bathroom refit (myself)
    New windows and front and back door.
    Garden clearance - (mostly myself)
    Additional attic insulation - myself
    Knocking a non load bearing wall - contractor
    Other block work - contractor ( blocking up 2 doorways not needed and no planning required)
    Inset stoves x 2
    Heating upgrades -
    Painting entire house - myself

    Probably some minor things I left out, but nothing major. Have a few K left to the side as a contingency.




    Cheers, hope you goes well. Congratulations with the purchase.


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    #1715
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    Just looking for your wise opinions on this.

    Currently looking at houses, had a private viewing on Saturday as seller and I have a mutual friend.
    The house is a 4 bed 2 bath, not modern home (it was theirs mothers who passed away), it's been on the market for 18 months and has dropped probably every six months from €260 to €238k and is now at €215k
    They sellers said over and over they want rid of the house but they are looking for offers over 215k. They also said that if it's not sold by September that they will put it up for auction.
    215k is out of our price range.
    What do you think is a good offer without completely insulting them?
    Or do we go ahead an insult them with a low offer as its obvious they want the property off their hands?
    (they will be splitting the sale 5 ways also)


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    #1716
    awec
    Administrators Posts: 53,358 Admin ✭✭✭✭✭awec


    How far out of your price range is 215?


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    #1717
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    awec wrote: »
    How far out of your price range is 215?

    Initially we were looking at houses in the 150 range but for this bigger house, could stretch to 180-190 max


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    #1718
    ELM327
    Registered Users Posts: 21,361 ✭✭✭✭ELM327


    mimimcmc wrote: »
    Just looking for your wise opinions on this.

    Currently looking at houses, had a private viewing on Saturday as seller and I have a mutual friend.
    The house is a 4 bed 2 bath, not modern home (it was theirs mothers who passed away), it's been on the market for 18 months and has dropped probably every six months from €260 to €238k and is now at €215k
    They sellers said over and over they want rid of the house but they are looking for offers over 215k. They also said that if it's not sold by September that they will put it up for auction.
    215k is out of our price range.
    What do you think is a good offer without completely insulting them?
    Or do we go ahead an insult them with a low offer as its obvious they want the property off their hands?
    (they will be splitting the sale 5 ways also)
    Pick your absolute "seaching the couch for spare change" max and deduct 5k.
    Offer them it.


    When they say no, then come back with the +5k offer and say its final.


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    #1719
    awec
    Administrators Posts: 53,358 Admin ✭✭✭✭✭awec


    mimimcmc wrote: »
    Initially we were looking at houses in the 150 range but for this bigger house, could stretch to 180-190 max

    190 isn't insulting, but I think they'll likely hold out for a long time before accepting it given how much they've already knocked off.

    The fact that it's a probate sale will make it a bit slower as it just takes 1 of the interested parties to drag their heels on accepting any offers.


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    #1720
    mimimcmc
    Registered Users Posts: 891 ✭✭✭mimimcmc


    awec wrote: »
    190 isn't insulting, but I think they'll likely hold out for a long time before accepting it given how much they've already knocked off.

    The fact that it's a probate sale will make it a bit slower as it just takes 1 of the interested parties to drag their heels on accepting any offers.

    It seems there hasn't been much interest in it and because they want rid i'm hoping they'll go low.

    And I don't mind if they drag their heels on it, we'll keep searching in the meantime. We were hoping to buy/move at the end of the year so we don't mind waiting, this just came up as the mutual friend put us in touch


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    #1721
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Apologies if this has been asked before but how rigid are the suggested prices on a new development?


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    #1722
    cython
    Registered Users Posts: 4,757 ✭✭✭cython


    mcbert wrote: »
    Rigged? They arent tricking you into buying, they are set to extract as much out of buyers as possible.

    Maybe have a read of that post again, the question asked was about rigidity, i.e. room for haggling. Nothing to do with pulling a fast one....


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    #1723
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    cython wrote: »
    Maybe have a read of that post again, the question asked was about rigidity, i.e. room for haggling. Nothing to do with pulling a fast one....




    haha. sorry. my bad.


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    #1724
    awec
    Administrators Posts: 53,358 Admin ✭✭✭✭✭awec


    Markitron wrote: »
    Apologies if this has been asked before but how rigid are the suggested prices on a new development?

    Generally they are set in stone.

    While in future developers may start accepting lower offers for stock they're struggling to get rid of, I don't think it's going to be something they'll be doing right now.


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    #1725
    Paphos
    Registered Users Posts: 20 ✭Paphos


    Markitron wrote: »
    Apologies if this has been asked before but how rigid are the suggested prices on a new development?

    I think it depends on what stage the development is currently at and how comfortable the developer is with waiting. We put a booking deposit down on a new build and shortly after underbid on a show house in the same development, which was rejected (twice). We then pulled out of the purchase of the first house and the developer subsequently accepted our underbid on the show house. I think that, as they are near completion of the development, they just want to clear the slate and don't want to hold out while buyers are being cautious/unable to purchase due to Covid. If Covid hadn't struck I'm not confident they would have accepted our offer.

    In normal times I think they would hold the line with prices, but the ball isn't as firmly in their court anymore. For instance, it has been reported that Ballymore may have to sell at cost or close to cost <https://www.independent.ie/irish-news/house-prices-due-to-fall-sharply-in-wake-of-pandemic-39220784.html>, so now could be a good opportunity to underbid. I really don't know how the market is panning out though, but best of luck.


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    #1726
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    awec wrote: »
    Generally they are set in stone.

    While in future developers may start accepting lower offers for stock they're struggling to get rid of, I don't think it's going to be something they'll be doing right now.
    Paphos wrote: »
    I think it depends on what stage the development is currently at and how comfortable the developer is with waiting. We put a booking deposit down on a new build and shortly after underbid on a show house in the same development, which was rejected (twice). We then pulled out of the purchase of the first house and the developer subsequently accepted our underbid on the show house. I think that, as they are near completion of the development, they just want to clear the slate and don't want to hold out while buyers are being cautious/unable to purchase due to Covid. If Covid hadn't struck I'm not confident they would have accepted our offer.

    In normal times I think they would hold the line with prices, but the ball isn't as firmly in their court anymore. For instance, it has been reported that Ballymore may have to sell at cost or close to cost <https://www.independent.ie/irish-news/house-prices-due-to-fall-sharply-in-wake-of-pandemic-39220784.html>, so now could be a good opportunity to underbid. I really don't know how the market is panning out though, but best of luck.

    Thanks, this is handy to know. Probably won't be ready to buy for a few more months so I will see how it goes.


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    #1727
    GavMan
    Registered Users Posts: 1,913 ✭✭✭GavMan


    Anyone changed job after loan offer issued but still able to draw down? I changed job about 6 weeks ago due to personal circumstances and difficulties in my old job. It was more or less unbearable. I got a new job, 10k salary bump. Now BOI need the last months payslip from me and my other half before drawing down.

    What are our chances of drawing down now? Anyone been in a similar position in recent weeks? I know it was less than ideal to move job at this point in the process but it truly was having a terrible effect on me and really, at the end of the day, no mortgage or job is worth the kind of stress I was experiencing.

    Edit: I searched the thread for recent Covid-19 experiences but didn't manage to see any


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    #1728
    Paphos
    Registered Users Posts: 20 ✭Paphos


    GavMan wrote: »
    Anyone changed job after loan offer issued but still able to draw down? I changed job about 6 weeks ago due to personal circumstances and difficulties in my old job. It was more or less unbearable. I got a new job, 10k salary bump. Now BOI need the last months payslip from me and my other half before drawing down.

    What are our chances of drawing down now? Anyone been in a similar position in recent weeks? I know it was less than ideal to move job at this point in the process but it truly was having a terrible effect on me and really, at the end of the day, no mortgage or job is worth the kind of stress I was experiencing.

    Edit: I searched the thread for recent Covid-19 experiences but didn't manage to see any

    Haven't been in the same boat so can't give any directly applicable advice, but one thing that jumps out to me as a possible issue is that you're most likely on probation now (perhaps not?). When getting our approval in principle my other half was still on probation and had to submit proof of completion of probation as a condition of moving from approval in principle to loan offer. It might be something to keep in mind and perhaps discuss with your broker if you are using one.


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    #1729
    Paphos
    Registered Users Posts: 20 ✭Paphos


    Paphos wrote: »
    Haven't been in the same boat so can't give any directly applicable advice, but one thing that jumps out to me as a possible issue is that you're most likely on probation now (perhaps not?). When getting our approval in principle my other half was still on probation and had to submit proof of completion of probation as a condition of moving from approval in principle to loan offer. It might be something to keep in mind and perhaps discuss with your broker if you are using one.

    As a P.S., I think there is an obligation on borrowers to inform lenders if their circumstances have materially changed prior to draw down. I would check your contracts to confirm if that is the case. There could be some risk to you if you don't inform them and find yourself to be disadvantaged down the line (for instance, if your new employer determines not to keep on staff post-probation for economic reasons and you lose your job). If you are considered not to have been forthright with the lender about your circumstances, they may feel (or indeed have) less of a duty to assist you.


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    #1730
    GavMan
    Registered Users Posts: 1,913 ✭✭✭GavMan


    Thanks for taking the time to reply. The employment is currently probationary, for 6 months. We are using a broker and I have informed them of the change and the broker has made BOI aware. I'm just trying to gauge what BOI might come back with. They are currently looking for a salary cert but possibly more.


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    #1731
    lfen
    Registered Users Posts: 196 ✭✭lfen


    Guys I had mentioned this briefly a while back but looking for some feedback now for my own sanity. Is anyone else finding UB EXTREMELY slow? Each time they request a document, it honestly takes them 7-10 business days to review it & come back. It’s madness. AIP given in March. Keys are ready. Solicitor seems to be taking a back seat. Any advice on how we can apply some pressure? Or are we just at their mercy...


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    #1732
    Paphos
    Registered Users Posts: 20 ✭Paphos


    GavMan wrote: »
    Thanks for taking the time to reply. The employment is currently probationary, for 6 months. We are using a broker and I have informed them of the change and the broker has made BOI aware. I'm just trying to gauge what BOI might come back with. They are currently looking for a salary cert but possibly more.

    Sounds like its all in order. Good luck and hopefully you'll get some good news soon.


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    #1733
    Tasfasdf
    Closed Accounts Posts: 660 ✭✭✭Tasfasdf


    Property I had my eye on has gone sale agreed without any viewings :( .

    Can I ask the EA the sale agreed price as someone who has only contacted them to ask for a viewing or is it a case they keep that information to themselves. I want to know in the unlikely event the sale falls through. Has anyone asked and what was the response.


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    #1734
    ladystardust
    Registered Users Posts: 131 ✭✭ladystardust


    Tasfasdf wrote: »
    Property I had my eye on has gone sale agreed without any viewings :( .

    Can I ask the EA the sale agreed price as someone who has only contacted them to ask for a viewing or is it a case they keep that information to themselves. I want to know in the unlikely event the sale falls through. Has anyone asked and what was the response.

    On many occasions I would call and the house was sale agreed and not listed as same. I usually asked what the price agreed upon was so I could both get an idea of how much they were going for and if the sale fell through, where the previous benchmark is. I never had an EA decline me the info.
    We are sale agreed and signing contracts on Wednesday. We were very familiar with the houses as my husband grew up in the area so we put down an offer sight unseen subject to survey etc. We actually did have a viewing afterwards and were at 4 viewings during lockdown. All were of empty houses. So there have been some viewings going on.


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    #1735
    Giggles90
    Registered Users Posts: 38 ✭Giggles90


    We are drawing down our mortgage on friday, all going according to plan. Just got an email today from our broker saying file has been sent to final checks. Just wondering does anyone know what is involved in this process, can they look for anymore documents..I've never been as stressed in my life, just reading all the horror stories about banks pulling out before drawdown


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    #1736
    Ubbquittious
    Registered Users Posts: 6,177 ✭✭✭Ubbquittious


    Nearly there now. Waiting for some fella to come out and bless the boundary ðŸ˜ðŸ˜ðŸ˜


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    #1737
    Housebuying
    Registered Users Posts: 54 ✭✭Housebuying


    Hi All,

    I'm looking for a new house but the lack of new houses to the market is very frustrating. It was poor before the pandemic but now non-existing.

    Anyone thinking of selling, are you holding off until the pandemic is over or do you plan to sell in July? Or next year?

    The demand is there. My dad put a house up last week and had an offer at ask after one viewing.

    Thanks!


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    #1738
    rain on
    Registered Users Posts: 1,732 ✭✭✭rain on


    lfen wrote: »
    Guys I had mentioned this briefly a while back but looking for some feedback now for my own sanity. Is anyone else finding UB EXTREMELY slow? Each time they request a document, it honestly takes them 7-10 business days to review it & come back. It’s madness. AIP given in March. Keys are ready. Solicitor seems to be taking a back seat. Any advice on how we can apply some pressure? Or are we just at their mercy...


    Yep same here - got AIP and went sale agreed in March and they only sent the application to the underwriters last week. It's excruciating


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    #1739
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    Housebuying wrote: »
    Hi All,

    I'm looking for a new house but the lack of new houses to the market is very frustrating. It was poor before the pandemic but now non-existing.

    Anyone thinking of selling, are you holding off until the pandemic is over or do you plan to sell in July? Or next year?

    The demand is there. My dad put a house up last week and had an offer at ask after one viewing.

    Thanks!

    Going from recent experience, majority of estate agents were closed from mid-March until this week. We've been engaged with one estate agent previous to yesterday for the past couple of weeks - awaiting replies from a couple of others.


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    #1740
    lfen
    Registered Users Posts: 196 ✭✭lfen


    rain on wrote: »
    Yep same here - got AIP and went sale agreed in March and they only sent the application to the underwriters last week. It's excruciating

    It’s madness. Seems to be no way of speeding them up, getting feedback as to where they are at etc. They wanted to do additional covid checks with us at drawdown. We’ve been very fortunate not to have been impacted. The documents went over 9 working days ago & no word. Keys are ready. If anyone has any advice on how to apply pressure please let me know?


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    #1741
    Immy
    Registered Users Posts: 260 ✭✭Immy


    Housebuying wrote: »
    Hi All,

    I'm looking for a new house but the lack of new houses to the market is very frustrating. It was poor before the pandemic but now non-existing.

    Anyone thinking of selling, are you holding off until the pandemic is over or do you plan to sell in July? Or next year?

    The demand is there. My dad put a house up last week and had an offer at ask after one viewing.

    Thanks!

    We want to sell to trade up, we’ll put ours on the market as soon as there is something there for us.

    We had it up for a week before lock down and had an offer after the first viewing.


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