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

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Comments

  • #692
    merikahan
    Registered Users Posts: 46 ✭merikahan


    gavvvvers wrote: »
    Hey - looking for a bit of advice. Myself and my gf are about to place reserve on house in Maynooth - new build which will be ready in December. The price was already good relative to other comparable properties but we are now starting to wonder, are we mad to be progressing a sale with everything going on?

    We are eager to keep pushing forward, especially because we love the house but is it reasonable to negotiate a discount given the potential outlook of economy and property market? Should we play hard ball and refuse the full asking?

    you're talking about Mariavilla ?


  • #693
    gavvvvers
    Registered Users Posts: 21 ✭gavvvvers


    Yeah Mariavilla - but really what I want to know is, should we be holding on and pushing back on original asking price? Has anyone else had any experience getting a reduction on new build?


  • #694
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    gavvvvers wrote: »
    Yeah Mariavilla - but really what I want to know is, should we be holding on and pushing back on original asking price? Has anyone else had any experience getting a reduction on new build?

    The new build situation is going to be interesting to watch. Normally you'd say a recession would lead to emigration and an easing of the housing crisis, which in turn lowers demand and will bring prices down.

    On the other hand, this is a global recession and if it's that bad, emigration isn't the same option as it was in 09 and it could also be a V shaped event that swings back quickly.

    Glenveagh (public traded large developer) have suspended their guidance for this year, however they seem to be saying they believe their ability to complete houses will be the issue rather than demand - https://www.rte.ie/news/business/2020/0326/1126593-glenveagh-properties-on-virus/

    They could hold on to stock and not move on the basis of wanting to see what occurs. If they can't complete, why respond to your lower offer now and just wait to try sell the house at market rate (which could very well be today's rate) in a few months when things are clearer? They have up to €240m in cashflow facilities to ride it out. And the housing crisis here is systemic, it would take extraordinary emigration to shift it.

    Different situation for people trying to sell and buy 2nd hand.


  • #695
    beauf
    Closed Accounts Posts: 22,651 ✭✭✭✭beauf


    wirelessdude01 wrote: »
    We are kinda in the same boat. Place where we bought our flooring is still open so going to collect that either today or tomorrow but carpet place is shut, two places where we bought bedding and couches aren't delivering. However we think we can still have our mattresses and dining table/chairs delivered. Getting keys either this evening or Monday.

    Haven't even looked at white goods yet as things had been so much up in the air.

    Anyone got any idea if broadband installs are still going on?

    I read the they won't enter a house except in exceptional circumstance.

    Most Broadband i self install anyway.


  • #696
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    beauf wrote: »
    I read the they won't enter a house except in exceptional circumstance.

    Most Broadband i self install anyway.

    And if you can't manage it they seem to still be sending out service engineers, eg Virgin Media https://www.virginmedia.ie/covid19/
    When in your home our engineers will be wearing protective equipment, and will wipe down anything they come into contact with , they will also be adhering to social distancing guidelines.


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  • #697
    DaveyDave
    Registered Users Posts: 6,179 ✭✭✭DaveyDave


    gavvvvers wrote: »
    Yeah Mariavilla - but really what I want to know is, should we be holding on and pushing back on original asking price? Has anyone else had any experience getting a reduction on new build?

    Is that the estate where people were pulling out because of the apartment block they didn't know about?

    I'd say you could try as I don't think that estate was selling out like most in West Dublin or Kildare.

    An estate agent called the girlfriend asking if we were still looking, obviously people are pulling out as we've been on that list for over two months.
    beauf wrote: »
    I read the they won't enter a house except in exceptional circumstance.

    Most Broadband i self install anyway.

    New builds don't seem to be set up for the customer to install themselves, not that I can see anyway. They're just a blank panel, although people seem to be ok doing new builds only.

    Otherwise they'd just deliver package to you and you plug it in at an existing point.


  • #698
    merikahan
    Registered Users Posts: 46 ✭merikahan


    gavvvvers wrote: »
    Yeah Mariavilla - but really what I want to know is, should we be holding on and pushing back on original asking price? Has anyone else had any experience getting a reduction on new build?

    We've had put deposit for Mariavilla for next phase but going to pull out in next few weeks. We asked the Developer for any reduction in the price as we feel they are overpriced by 20-22%, but not much luck.


  • #699
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    merikahan wrote: »
    We've had put deposit for Mariavilla for next phase but going to pull out in next few weeks. We asked the Developer for any reduction in the price as we feel they are overpriced by 20-22%, but not much luck.

    If it's a development that was overpriced a few weeks ago, eg relative to the price per square foot in a comparable market, fair enough and if you don't need to make the move I'd go with it to see what washes out.


  • #700
    Maitguel
    Registered Users Posts: 42 ✭Maitguel


    Just finalising my mortgage this week and the sense I got from my branch manager is that there could be a change coming in relation to mortgage lending so if you really want to be on the property market you may find it difficult later on in the year.

    We are going to proceed in any event as the property is still good value all things considered and there will be still be other buyers out there despite the economy going to ****. Not everyone will lose their job and there will be work to be done once this is all over.

    I can understand buyers in Dublin and surrounding areas wanting to hedge their bets, but it all depends on the particular properties. You will get cheaper properties after this but it might not be in the area you want


  • #701
    Mic 1972
    Registered Users Posts: 3,213 ✭✭✭Mic 1972


    Maitguel wrote: »
    Just finalising my mortgage this week and the sense I got from my branch manager is that there could be a change coming in relation to mortgage lending so if you really want to be on the property market you may find it difficult later on in the year.

    We are going to proceed in any event as the property is still good value all things considered and there will be still be other buyers out there despite the economy going to ****. Not everyone will lose their job and there will be work to be done once this is all over.

    I can understand buyers in Dublin and surrounding areas wanting to hedge their bets, but it all depends on the particular properties. You will get cheaper properties after this but it might not be in the area you want


    It comes as no surprise to me, but a lot of people are still unrealistically convinced that banks will continue to led money. They won't


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  • #702
    Bobeagleburger
    Registered Users Posts: 45,250 ✭✭✭✭Bobeagleburger


    Maitguel wrote: »
    Just finalising my mortgage this week and the sense I got from my branch manager is that there could be a change coming in relation to mortgage lending so if you really want to be on the property market you may find it difficult later on in the year.

    We are going to proceed in any event as the property is still good value all things considered and there will be still be other buyers out there despite the economy going to ****. Not everyone will lose their job and there will be work to be done once this is all over.

    I can understand buyers in Dublin and surrounding areas wanting to hedge their bets, but it all depends on the particular properties. You will get cheaper properties after this but it might not be in the area you want

    Of course your branch manager will say that! He's selling you a product....

    Id expect a big drop in house prices and would walk away from any deal tbh. Personal opinion.


  • #703
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    Might not be the right place to ask this, but is a mortgage offer letter binding? Is there any way a bank can withdraw the offer before the 6 month validity ends? Our jobs are safe so not concerned about this, more about banks deciding not to lend. We're well within the central bank limits and could afford to put in a bigger than 20% deposit (second time buyers). The house we intend to buy won't be ready until the summer and contracts haven't been received yet so there's probably some scope for a reduced price if the market heads that way.


  • #704
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    Approval in principle is not binding, not sure about the offer letter which is per property and is made when you're sale agreed.


  • #705
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    guyfawkes5 wrote: »
    Approval in principle is not binding, not sure about the offer letter which is per property and is made when you're sale agreed.

    We have the offer letter, we're sale agreed on the new property.


  • #706
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    Apologies, you mentioned that in your original post! I have no idea unfortunately.


  • #707
    Maitguel
    Registered Users Posts: 42 ✭Maitguel


    6 wrote: »
    Of course your branch manager will say that! He's selling you a product....

    Id expect a big drop in house prices and would walk away from any deal tbh. Personal opinion.

    I get that, but i thought commission/ incentives were gone for bank employees on lending products so nothing really in it for him whether I take it or not?


  • #708
    Maitguel
    Registered Users Posts: 42 ✭Maitguel


    6 wrote: »
    Of course your branch manager will say that! He's selling you a product....

    Id expect a big drop in house prices and would walk away from any deal tbh. Personal opinion.

    I get that, but i thought commission/ incentives were gone for bank employees on lending products so nothing really in it for him whether I take it or not?


  • #709
    Deco99
    Registered Users Posts: 1,642 ✭✭✭Deco99


    6 wrote: »
    Of course your branch manager will say that! He's selling you a product....

    Id expect a big drop in house prices and would walk away from any deal tbh. Personal opinion.

    What experience in buying or selling property would you have? Curious if you've ever purchased


  • #710
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Any risk in sending a booking deposit in the current climate in case the EA went bust?


  • #711
    mcbert
    Registered Users Posts: 460 ✭✭mcbert


    So is that the end of house surveys for a while or could they somehow be in the essential services category?


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  • #712
    Bobeagleburger
    Registered Users Posts: 45,250 ✭✭✭✭Bobeagleburger


    Deco99 wrote: »
    What experience in buying or selling property would you have? Curious if you've ever purchased

    Homeowner


  • #713
    Bobeagleburger
    Registered Users Posts: 45,250 ✭✭✭✭Bobeagleburger


    Daveys think prices could fall up to 20%

    https://www.irishtimes.com/business/construction/stock-market-moves-indicate-new-house-prices-could-fall-up-to-20-1.4210823


  • #714
    vmb
    Registered Users Posts: 140 ✭✭vmb


    we have just exchanged contracts with the buyers and conveyance date is due the 20th of April. With the new "stay at home" measures I wonder if the buyers will be able to move in.

    Any info about this?


  • #715
    Nijmegen
    Registered Users Posts: 3,086 ✭✭✭Nijmegen


    vmb wrote: »
    we have just exchanged contracts with the buyers and conveyance date is due the 20th of April. With the new "stay at home" measures I wonder if the buyers will be able to move in.

    Any info about this?

    Well do they live within 2km of the house?

    I think no completions will be happening till this is over.


  • #716
    ZX7R
    Registered Users Posts: 3,426 ✭✭✭ZX7R


    Logan Roy wrote: »
    We have the offer letter, we're sale agreed on the new property.

    Have you signed the mortgage contract with your solicitor .


  • #717
    wirelessdude01
    Registered Users Posts: 8,417 ✭✭✭wirelessdude01


    vmb wrote: »
    we have just exchanged contracts with the buyers and conveyance date is due the 20th of April. With the new "stay at home" measures I wonder if the buyers will be able to move in.

    Any info about this?

    Was meant to be collecting our flooring today and the keys on Monday. God only knows when all of this will happen now.


  • #718
    Logan Roy
    Closed Accounts Posts: 452 ✭✭Logan Roy


    ZX7R wrote: »
    Have you signed the mortgage contract with your solicitor .

    Not yet, main priority at this stage is to get our own sale over the line, i'm not too concerned about the new house or getting a mortgage when the time comes as we are asking for much less than 3.5x combined earnings. Famous last words and all that though! :pac:


  • #719
    ZX7R
    Registered Users Posts: 3,426 ✭✭✭ZX7R


    Logan Roy wrote: »
    Not yet, main priority at this stage is to get our own sale over the line, i'm not too concerned about the new house or getting a mortgage when the time comes as we are asking for much less than 3.5x combined earnings. Famous last words and all that though! :pac:

    Ok best of luck


  • #720
    0gac3yjefb5sv7
    Closed Accounts Posts: 3,948 ✭✭✭0gac3yjefb5sv7


    Pheonix10 wrote: »
    Any risk in sending a booking deposit in the current climate in case the EA went bust?

    Anyone? :/


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  • #721
    akesha
    Registered Users Posts: 135 ✭✭akesha


    Hi all,

    we are selling our house and completion date is in two weeks.

    My husband and I are very concerned due to all this situation:

    - last week buyers signed the contract and the loan has been issued
    - our contract does NOT have any clause to get the buyers out of the deal
    - this week we exchanged signed contracts and entered in a binding contract with a completion date in 2 weeks
    - We are not living in the house, so this is ready for them so we told our solicitor to try and get an earlier closing date
    - We left the keys in the house, only person with a key is the state agent

    Now we are seeing the news with the new measures and we are wondering if buyers would be able to do what's needed to close the deal.

    Are solicitors able to perform their duties regarding getting the funds from the banks?
    Would be possible for state agent (who I know is working from home), to get the key and deliver to the buyers?


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