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

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  • Options
    #2072
    [Deleted User]
    Posts: 0 ✭✭✭ [Deleted User]


    guyfawkes5 wrote: »
    Attitude does play a pretty heavy part here, as you don't know what you would get or lose if you pursued older bidders, put it back on the market, etc. It comes down to your perception of the market and what you value at that point in time. Do you reliably close the sale now, or take a chance extending the sales process by another few weeks or months post Covid?

    The EA, purely from their own point of view, would prefer the negotiation is concluded quickly and would definitely prefer not to go to other bidders or back to the market. Their drop in fee from a negotiation would be be much smaller compared to the seller, and they'd see this as a much bigger investment of their time for almost no return.

    You personally might not entertain a reduction until you have pursued all other avenues, but I think most sellers would know this is not a 'costless' course of action to take - an already reluctant buyer may move on if they know the seller is shopping around which entails complication, delay, and a reduced chance of getting a price that they might not proceed without.
    If they've got the wiggle room then it probably wouldn't be a problem. But I'd imagine budgets have all been done up and a reduction could mess their plans up. I don't agree there is "attitude" involved. People are buying homes.


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    #2073
    masterboy123
    Registered Users Posts: 5,716 ✭✭✭masterboy123


    Thanks for your opinion.
    It was a shock for me. It is a huge amount and the builder said it very casually as if its the norm. I have never been involved in house buying before.

    I will get in touch with our solicitor.
    awec wrote: »
    Sounds like your builder is a clown.

    This stuff should have all been sorted before he priced and sold the houses. You agreed to pay a certain price, he has agreed to sell the house to you at that price, contracts are signed.

    Talk to your solicitor but I wouldn't just accept that at all.


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    #2074
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    [Deleted User] wrote: »
    If they've got the wiggle room then it probably wouldn't be a problem. But I'd imagine budgets have all been done up and a reduction could mess their plans up. I don't agree there is "attitude" involved. People are buying homes.
    Every case is unique but in a market where buyers are asking for discounts, I doubt that sellers have as much leeway as you think that they can expect to ask the buyer to wait while they begin a process of calling older bidders. The original poster also mentions they aren't really happy with current price - a seller openly shopping the property around to cold bidders would have the risk of them finally cutting their losses and moving on.

    This is not a dispassionate process and your perception is at play. Your original statement was that you'd go with whatever decision had the best return, but my point is that that is very far from obvious and involves very fallible personal readings of people and market factors. You could read things wrong and end up costing yourself money or maneuvering yourself into a worse position.

    They may or may not have strict budgets literally down to the €1,000s done and they may or may not be trading up - all you can do is ask and move on with the information you have once they make a decision.


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    #2075
    Bluefoam
    Registered Users Posts: 7,710 ✭✭✭Bluefoam


    masterboy123 wrote: »
    Thanks for your opinion.
    It was a shock for me. It is a huge amount and the builder said it very casually as if its the norm. I have never been involved in house buying before.

    I will get in touch with our solicitor.

    If you have any documents signed he builder doesn't have a leg to stand on... Presuming the house is not a one off and is part of a development


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    #2076
    masterboy123
    Registered Users Posts: 5,716 ✭✭✭masterboy123


    Yes, contracts signed.
    Let's see what solicitor will say.
    Bluefoam wrote: »
    If you have any documents signed he builder doesn't have a leg to stand on... Presuming the house is not a one off and is part of a development


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    #2077
    Paris123
    Registered Users Posts: 18 ✭Paris123


    Hi There,

    My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

    Any advice for us first timer buyers is welcomed.


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    #2078
    NIMAN
    Registered Users Posts: 32,976 ✭✭✭✭NIMAN


    Paris123 wrote: »
    Hi There,

    My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

    Any advice for us first timer buyers is welcomed.

    Well all you can do is to say your limit/top offer would be 215k and leave it at that. If the 240k offer is genuine then you're gone.

    There is a fair gap to 245k, so if you think the house isn't worth more than 215k, don't stretch yourself. Let it go, there will be other houses.


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    #2079
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    Paris123 wrote: »
    Hi There,

    My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

    Any advice for us first timer buyers is welcomed.
    I would say the vast, vast likelihood is that he's telling the truth.

    If you want to allow for the possibility he might be lying or that the sale might fall through, communicate exactly what you said here to him - that you feel the house is worth a €215k bid maximum and to contact you in future if he wishes.


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    #2080
    cnocbui
    Registered Users Posts: 19,674 ✭✭✭✭cnocbui


    Paris123 wrote: »
    Hi There,

    My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

    Any advice for us first timer buyers is welcomed.

    I would concur with the two previous posts, but do have to wonder - no criticism intended - whether your valuation may be unrealistic.

    If you take recent sales of similar property types from the property price register and work out the sale price per square metre - you will probably have to google the original listings - how far apart are those prices per sqm from the house you are interested in? If your estimated value, worked out on unit area, is close to recent sales, then go with your valuation being realistic.


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    #2081
    lastusername
    Registered Users Posts: 338 ✭✭lastusername


    Paris123 wrote: »
    Hi There,

    My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

    Any advice for us first timer buyers is welcomed.

    If it's listed at 245k but you feel it's only worth 30-35k less, I'm not sure you like it that much and would go for another one you feel is worth at least the asking price, or a shade under (like 5-15k).


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    #2082
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    Paris123 wrote: »
    Hi There,

    My partner and I are first time buyers. We went on a recent viewing and house is on a guide price of 245k. The Estate Agent has informed us that an offer has been made for 240k and that if we are thinking of making an offer, we should move fast. We like the house but feel that 240k is a bit much. We would be prepared to offer a smaller figure of 210-215, can you suggest if we should counter-offer at a lower figure or just assume that the estate agent is telling the truth on the 240k offer and move on?

    Any advice for us first timer buyers is welcomed.

    Make an offer of what you think. After a few times you will get good at valuation.


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    #2083
    jimmytwotimes 2013
    Registered Users Posts: 4,763 ✭✭✭jimmytwotimes 2013


    Silly question
    Bought in 2007 for 195k, took mortgage for 165k, owe 104k

    Hoping to move (probably in a year but that house you see online gets you to jump too soon :)) , have 30k saved

    New property costs 220k, so wud need mortgage of 190k (not quite making the 80%)

    Wud put own house for sale and hope to make 40k.

    Wud a bank allow you to go on interest-only on 1st property or give a mortgage break to allow for move to 2nd property? (while waiting for 1st house (where we currently live) to sell)

    Combined mortgages wud be within our 3.5x but I'd rather not be paying two mortgages if I didn't have to.

    Sorry if this question is stupid, presuming bank wouldn't entertain it.


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    #2084
    Queenio
    Registered Users Posts: 53 ✭✭Queenio


    Hi everyone. FTB here with an offer in on a house at 4% under asking. No other offers yet. Executor sale. This house was on the market at a higher price Aug 2019 and dropped Nov 2019. So no major interest is what I can infer from that. We have our offer in almost 4 weeks now. Any idea what the usual timing is to accept /reject?

    EA told us they holding out for more money (our offer is 10% off the original asking) I see no point in out bidding myself. Why would I? There's no interest And original asking price is irrelevant bc if house was worth that it would have sold for that especially as the market was buoyant a year ago. We really want this house as it does suit us well but it needs a ton of hopefully only cosmetic renovations. While I would like to get things moving as we have a baby on the way, I'm equally not going to throw money away to get there. Any thoughts? Any chance an executor sale can close quickly once the ball is rolling?


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    #2085
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    Queenio wrote: »
    Hi everyone. FTB here with an offer in on a house at 4% under asking. No other offers yet. Executor sale. This house was on the market at a higher price Aug 2019 and dropped Nov 2019. So no major interest is what I can infer from that. We have our offer in almost 4 weeks now. Any idea what the usual timing is to accept /reject?

    If it is an executor sale, you may well be dealing with a "committee" of beneficiaries. Trying to get them all to agree can take time. You would need to make enquiries as to who the deceased was and what the family situation is.


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    #2086
    Queenio
    Registered Users Posts: 53 ✭✭Queenio


    Claw Hammer wrote: »
    If it is an executor sale, you may well be dealing with a "committee" of beneficiaries. Trying to get them all to agree can take time. You would need to make enquiries as to who the deceased was and what the family situation is.

    Thanks for replying. EA has said they are the children of the deceased (father). Im sure some if not all have a set number in their heads of what they want to achieve but given its closing in on 12 months since the house was first listed I'm not sure how realistic their ideal is?

    My understanding is an executor sale should proceed within 12 months. Covid closure of the market will no doubt be offset against that, as is only fair. But there have been no offers made at all since we made ours. I am not keen to bid against myself and getting fed up waiting to hear either way.


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    #2087
    brucky
    Registered Users Posts: 131 ✭✭brucky


    masterboy123 wrote: »
    Could someone please provide their opinion on this?

    I bought a new house last year and works are being completed now.

    Builder told me there are extras that I need to pay in the range of €5000+VAT as different authorities such building envelope, energy & air tightness regulators, and electrical engineers recommended changes in his initial plan which has resulted in this extra cost.

    I wasn't made aware of these costs and builder made the necessary changes. Now he told me these will be added in my final amount.

    We signed contract in March 2019 and final price agreed on it. Is this the norm and where do I stand?
    The house is in an estate.

    Thank you

    It’s the builder job to construct any house in accordance with any Regulations or laws of the land. If he cannot do this then he is not a competent builder. On the face of it it sounds like he’s had some problems with the Regulatory authorities. These issues are not client choices such as an upgraded kitchen. I wonder what these Regulatory issues were (If any) and if they are still outstanding, now he’s drawn your attention to it. Your solicitor would advise you. Drag it out until the 11th hour as completion draws closer he’s running out of time and it’s not a sellers market. If he’s at this messin I would be snagging the house very carefully. Best of luck.


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    #2088
    Claw Hammer
    Registered Users Posts: 6,160 ✭✭✭Claw Hammer


    Queenio wrote: »
    Thanks for replying. EA has said they are the children of the deceased (father). Im sure some if not all have a set number in their heads of what they want to achieve but given its closing in on 12 months since the house was first listed I'm not sure how realistic their ideal is?

    My understanding is an executor sale should proceed within 12 months. Covid closure of the market will no doubt be offset against that, as is only fair. But there have been no offers made at all since we made ours. I am not keen to bid against myself and getting fed up waiting to hear either way.

    There is a recognised executors year in which the executor is expected to have wound up the estate. if the executor is not making progress the beneficiaries could seek the removal of the executor. If the beneficiaries agree among themselves to keep it going, it can go on for years.
    You will have to find some way to get pressure on them to move.


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    #2089
    Queenio
    Registered Users Posts: 53 ✭✭Queenio


    Claw Hammer wrote: »
    If the beneficiaries agree among themselves to keep it going, it can go on for years.
    I was not aware of this. Thank you so much for that information. Other than putting an end date on my offer I'm how else to do this. We can for sure offer more too. You've given me food for thought anyways. Thanks again


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    #2090
    Markitron
    Registered Users Posts: 3,157 ✭✭✭Markitron


    Queenio wrote: »
    I was not aware of this. Thank you so much for that information. Other than putting an end date on my offer I'm how else to do this. We can for sure offer more too. You've given me food for thought anyways. Thanks again

    This is what I would do, put a date on it and be 100% ready to walk away after it.


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    #2091
    awec
    Administrators Posts: 53,356 Admin ✭✭✭✭✭awec


    I wouldn't bother with an end date, it's unlikely to have any effect.

    Keep looking elsewhere. When you ring to enquire again, make it clear that you are looking elsewhere and will proceed elsewhere if you find something you like, that you aren't waiting on this specific house.

    You could also ask what figure they're holding out for.


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    #2092
    Queenio
    Registered Users Posts: 53 ✭✭Queenio


    awec wrote: »
    make it clear that you are looking elsewhere and will proceed elsewhere if you find something you like, that you aren't waiting on this specific house.

    This is what I'm most tempted to do. And will do. Unfortunately supply seems to be very much strangled but there are other houses out there we could go with. Getting fed up waiting but I'm just not sure if I'm being unduly impatient too. I think if we don't hear by the end of the week we will contact and let them know we are looking for a quick sale and not necessarily this particular house


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    #2093
    awec
    Administrators Posts: 53,356 Admin ✭✭✭✭✭awec


    Queenio wrote: »
    This is what I'm most tempted to do. And will do. Unfortunately supply seems to be very much strangled but there are other houses out there we could go with. Getting fed up waiting but I'm just not sure if I'm being unduly impatient too. I think if we don't hear by the end of the week we will contact and let them know we are looking for a quick sale and not necessarily this particular house

    Yea as someone mentioned earlier the problem with these sort of sales is it just takes 1 of the family members to be awkward to slow the whole thing down. It's also not likely to be as high a priority for them compared to if they were selling their own houses.


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    #2094
    cnocbui
    Registered Users Posts: 19,674 ✭✭✭✭cnocbui


    Queenio wrote: »
    Any chance an executor sale can close quickly once the ball is rolling?

    There is no practical reason an executor sale can't proceed quickly. I don't believe there is an absolute onus on them doing the bidding of the beneficiaries, they just have to act in their best interests so if one isn't happy they can just ignore them and proceed.

    Is there anyone living in the house? If so, it might be the executor, in which case heel dragging could be the order of the day.


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    #2095
    Gavin "shels"
    Registered Users Posts: 17,963 ✭✭✭✭Gavin "shels"


    Sale Agreed as of last week! We went 1.5% over asking price but we were happy enough to go ahead with it as it's going to be our long term home (plenty of potential once we can shake the money tree in a few years :D)


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    #2096
    1sttimebuyer20
    Registered Users Posts: 32 ✭1sttimebuyer20


    Queenio wrote: »
    Hi everyone. FTB here with an offer in on a house at 4% under asking. No other offers yet. Executor sale. This house was on the market at a higher price Aug 2019 and dropped Nov 2019. So no major interest is what I can infer from that. We have our offer in almost 4 weeks now. Any idea what the usual timing is to accept /reject?

    EA told us they holding out for more money (our offer is 10% off the original asking) I see no point in out bidding myself. Why would I? There's no interest And original asking price is irrelevant bc if house was worth that it would have sold for that especially as the market was buoyant a year ago. We really want this house as it does suit us well but it needs a ton of hopefully only cosmetic renovations. While I would like to get things moving as we have a baby on the way, I'm equally not going to throw money away to get there. Any thoughts? Any chance an executor sale can close quickly once the ball is rolling?


    This story sounds very familiar, doesn’t happen to be in Naas?


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    #2097
    El Guapo!
    Registered Users Posts: 12,427 ✭✭✭✭El Guapo!


    Can anybody give me an idea of how long it usually takes to get a valuation done on a property?
    We're sale agreed on a new build. The house is ready to go.
    Broker said they would instruct the valuer to go take a look at the property over 2 weeks ago but still nothing yet. When I ask about it, they say they're still waiting. I'm just wondering if it usually takes this long?


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    #2098
    bulmersgal
    Registered Users Posts: 1,174 ✭✭✭bulmersgal


    El Guapo! wrote: »
    Can anybody give me an idea of how long it usually takes to get a valuation done on a property?
    We're sale agreed on a new build. The house is ready to go.
    Broker said they would instruct the valuer to go take a look at the property over 2 weeks ago but still nothing yet. When I ask about it, they say they're still waiting. I'm just wondering if it usually takes this long?

    Mine took about 5 working days. I got mine done last week they did say there was a backlog with Covid


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    #2099
    masterboy123
    Registered Users Posts: 5,716 ✭✭✭masterboy123


    Thank you.
    Snagging is in the process and solicitor contacted. Very unhappy with this big slap of a bill.
    brucky wrote: »
    It’s the builder job to construct any house in accordance with any Regulations or laws of the land. If he cannot do this then he is not a competent builder. On the face of it it sounds like he’s had some problems with the Regulatory authorities. These issues are not client choices such as an upgraded kitchen. I wonder what these Regulatory issues were (If any) and if they are still outstanding, now he’s drawn your attention to it. Your solicitor would advise you. Drag it out until the 11th hour as completion draws closer he’s running out of time and it’s not a sellers market. If he’s at this messin I would be snagging the house very carefully. Best of luck.


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    #2100
    guyfawkes5
    Registered Users Posts: 291 ✭✭guyfawkes5


    El Guapo! wrote: »
    Can anybody give me an idea of how long it usually takes to get a valuation done on a property?
    We're sale agreed on a new build. The house is ready to go.
    Broker said they would instruct the valuer to go take a look at the property over 2 weeks ago but still nothing yet. When I ask about it, they say they're still waiting. I'm just wondering if it usually takes this long?
    That seems like a long time. I think mine took two working days from the bank initiating it to receiving the report back.


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    #2101
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Queenio wrote: »
    This is what I'm most tempted to do. And will do. Unfortunately supply seems to be very much strangled but there are other houses out there we could go with. Getting fed up waiting but I'm just not sure if I'm being unduly impatient too. I think if we don't hear by the end of the week we will contact and let them know we are looking for a quick sale and not necessarily this particular house

    Can you ask the EA what figure the sellers are holding out for? If you're 4% under asking I can't imagine the gap is huge between what you're offering and the current asking price - it's up to you if the house is worth the extra 4% (assuming the asking price is a price the beneficiaries will accept...which is why asking the EA can help).


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