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

jimmytwotimes 2013 · 03-03-2021 12:05am

Silly question.

Sent in mortgage approval docs last Wednesday.

The BOI local mortgage specialist said they have sent along the documents for approval in principle now.

How long more to wait?

(trading up, no prob on salaries or deposit)

cubatahavana · 03-03-2021 10:47am

jimmytwotimes 2013 wrote: »

Silly question.

Sent in mortgage approval docs last Wednesday.

The BOI local mortgage specialist said they have sent along the documents for approval in principle now.

How long more to wait?

(trading up, no prob on salaries or deposit)

It took us from end July to beginning of December from AIP to keys in hand. We went sale agreed early august in both our apartment (selling) and our house (buying) It went smooth and with very few issues. Now probably it’ll be longer due to more restrictions in place

pleh · 03-03-2021 1:38pm

jimmytwotimes 2013 wrote: »

Silly question.

Sent in mortgage approval docs last Wednesday.

The BOI local mortgage specialist said they have sent along the documents for approval in principle now.

How long more to wait?

(trading up, no prob on salaries or deposit)

We are buying. I think we waited a month with KBC for AIP, questions came back such as what was this 5k spent on, and that kind of thing that may have delayed us getting it, as our broker had tried to preempt any queries, so we did all we could there. Some people get AIP in a couple of days.
We had aip for a couple of months when we went sale agreed. Then appointed a solicitor and paid a booking deposit the day after sale agreed.
It took nearly 3 months for the bank to send the deeds to the sellers solicitor and then contracts took another couple of weeks after that.
Reminded our solicitor quite frequently to ask what was the delay, and asked the EA a well so couldn't do much more there to speed that up, but was disappointingly slow.

Now questions on the contract are going back and forth. We don't know when we will sign the contract nor when the closing date is.
I first spotted the house for sale last summer 2020, I think it will be summer 2021 b4 the sale is completed and we get the keys please God.

Markitron · 03-03-2021 1:48pm

I went sale agreed at the end of January, paid the booking deposit straight away and got my solicitor sorted. I have been waiting since then for BOI to issue my loan offer and for the developer to get his end of the HTB sorted. After that's all sorted my solicitor has advised me of an issue with the house which will be another roadblock. House is sitting there finished and ready to be moved into but I have no idea if it will be 4 weeks or 4 months. I Try not to think about it too much but it is frustrating AF.

JimmyVik · 03-03-2021 2:27pm

givyjoe wrote: »

Well, the one hour outside dublin at the moment will be twice as long, then!

I commute from about 7km outside the M50.
Takes me an hour and a half to get into the city center for 8am start during non-covid times on the bus. When bus connects comes i'll have to change buses, so probably wont even have a seat.

When I drive its more like 2 hours.
Its worse on the way home.
And looking at what they have done to the roads recently car commutes can only be longer once traffic gets going again post covid.

Cant believe anyone is even thinking of commuting from further out.

Teacher2020 · 03-03-2021 2:44pm

JimmyVik wrote: »

I commute from about 7km outside the M50.
Takes me an hour and a half to get into the city center for 8am start during non-covid times on the bus. When bus connects comes i'll have to change buses, so probably wont even have a seat.

When I drive its more like 2 hours.
Its worse on the way home.
And looking at what they have done to the roads recently car commutes can only be longer once traffic gets going again post covid.

Cant believe anyone is even thinking of commuting from further out.

I think it is possibly easier to commute from further out as you just hop on a train and you're in Heuston/Connolly in an hour. Husband used to regularly commute from Carlow before COVID. He has a fold up bike so he used once he got to Heuston. Train left Carlow town at around 7 and he was usually in office before 8.30. It's a similar commute time wise.

0gac3yjefb5sv7 · 03-03-2021 2:50pm

JimmyVik wrote: »

I commute from about 7km outside the M50.
Takes me an hour and a half to get into the city center for 8am start during non-covid times on the bus. When bus connects comes i'll have to change buses, so probably wont even have a seat.

When I drive its more like 2 hours.
Its worse on the way home.
And looking at what they have done to the roads recently car commutes can only be longer once traffic gets going again post covid.

Cant believe anyone is even thinking of commuting from further out.

If you're using public transport then its a 30min train from the likes of Maynooth which is handy.

Padre_Pio · 03-03-2021 2:54pm

Called about a property I'm interested in.
No viewings allowed, but 3 interested parties already, who've got three engineers in to do reports.

I might just ask the EA for the names of the engineers and give them a call for the report. Don't mind paying for it, but don't see the point of getting a fourth visit out to the property either.

JimmyVik · 03-03-2021 3:23pm

Teacher2020 wrote: »

I think it is possibly easier to commute from further out as you just hop on a train and you're in Heuston/Connolly in an hour. Husband used to regularly commute from Carlow before COVID. He has a fold up bike so he used once he got to Heuston. Train left Carlow town at around 7 and he was usually in office before 8.30. It's a similar commute time wise.

I live 7km from a train station.
Its grand if you are in the station and on the train before 7am.
After that you wont get a seat. And its unbearable on the commuter trains in the summer.

Of course you have to drive to the station as well unless you live close by.
Your husbands commute was 1.5 hours, not counting his travel time to the station and wait time before the train left. Thats still a long commute. So probably spending about 4 hours per day commuting. Expensive too.
Glad hes got a bit of respite with Covid. The only good thing to come from it.

JimmyVik · 03-03-2021 3:28pm

MattS1 wrote: »

If you're using public transport then its a 30min train from the likes of Maynooth which is handy.

Theres also the commute to and from train stations

Grand if you live within 10 mins of the station.

People dont seem to count wait time in the station in their commutes.
When I lived in New York, people used to count the 10 mins it took them to get out of their apartment to the street and the same on the way home in their commute times.

whiskeyman · 03-03-2021 5:12pm

Padre_Pio wrote: »

Called about a property I'm interested in.
No viewings allowed, but 3 interested parties already, who've got three engineers in to do reports.

I might just ask the EA for the names of the engineers and give them a call for the report. Don't mind paying for it, but don't see the point of getting a fourth visit out to the property either.

The EA doesn't arrange the surveyor.
That's up to the potential buyers.
You don't want any bias.

Pick one that comes with a recommendation and get your own.
You've no idea what the others were like.

Interesting that interested parties are getting surveys done. I thought it was only done once sale agreed, but I guess if serious after virtual viewing it's the only way.

Teacher2020 · 03-03-2021 6:21pm

JimmyVik wrote: »

I live 7km from a train station.
Its grand if you are in the station and on the train before 7am.
After that you wont get a seat. And its unbearable on the commuter trains in the summer.

Of course you have to drive to the station as well unless you live close by.
Your husbands commute was 1.5 hours, not counting his travel time to the station and wait time before the train left. Thats still a long commute. So probably spending about 4 hours per day commuting. Expensive too.
Glad hes got a bit of respite with Covid. The only good thing to come from it.

Oh 100% its still a horrible commute and resulted in a 12 hour day. It's no way to live. I was just making the point that your commute living 7km from the m50 is similar to his living 70km from the m50.

0gac3yjefb5sv7 · 03-03-2021 6:58pm

Teacher2020 wrote: »

Oh 100% its still a horrible commute and resulted in a 12 hour day. It's no way to live. I was just making the point that your commute living 7km from the m50 is similar to his living 70km from the m50.

2 hour commute each way is far too much. I'd say the average is one hour or slightly less/more in some cases. Hopefully with WFH it will only be 1-3 days a week maximum from now on. Train from Maynooth is very doable but further with less transport links must be very tough.

decreds · 03-03-2021 9:10pm

One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

GrumPy · 03-03-2021 9:52pm

GrumPy wrote: »

We finally got our keys at 18:00 on Friday. Sale agreed since August 5th... bitter sweet really, we we're stressed right up until the buzzer. There was a good chance it would have pushed to Monday, and we were desperate to finally just get in and have the weekend to move. I had to pull out all the stops to make it happen, including contacting the seller directly, and there was last minute paperwork issues in the final hour, like at 16:00 on planned close day!

Lessons Learned:
- checkin with agent more regularly at the start
- engage the land registry (if required) ASAP
- *never* give up hope

We still have no power. (Or heat). Gas Networks Ireland were v. quick to come out and switch gas back on (house empty for 12+ months). However, experience with ESB has been awful. Qualifed electrician certified notification on Tuesday 23rd.
But as of 11:00 today, they 'still haven't received it, and COVID is slowing everything down'.
At this rate, we will never officially move in! Extremely frustrating.
But we've managed to achieve quite alot without power. Appliances delivered, vinyl floor put down, 3 rooms painted, some plumbing work, grass cut, new custom fit side gate installed, chimney cleaned, roof tiles replaced, furniture assembled, attic cleared (was disaster up there), lights installed and a bunch of other minor bits and pieces. (Admittedly, alot of this was outsourced!) Without taking any time off work, at all. Knackered!

Nika Bolokov · 03-03-2021 9:59pm

decreds wrote: »

One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

Of if your a couple of FTBs what happens if kids arise and childcare bills begin to appear on top of your hefty mortgage payments which also rise as interest rates slip back towards normality eventually.

thegreatescape · 03-03-2021 10:55pm

decreds wrote: »

One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

In this situation myself, mid 20's, renting with AIP in place actively looking. Trying to assess the market and the chances of more property coming to market after lockdown, if prices will continue to rise etc.

TheSheriff · 03-03-2021 11:50pm

decreds wrote: »

One thing is for sure, i would be sick to my stomach putting a bid in for the property that is out there at the moment. I understand paying high rents is an issue, but it its absolutely grim at the moment.

People don't tend to think long term and how much of an impact borrowing huge amounts and paying well over the odds for a property can financially handicap you for the rest of your life.

This is a bizarre statement.

I would be sick to my stomach handing over endless rent to pay someone elses mortgage rather than chipping away at my own mortgage, despite the prophets saying things are going to collapse.

Smouse156 · 04-03-2021 12:23am

TheSheriff wrote: »

This is a bizarre statement.

I would be sick to my stomach handing over endless rent to pay someone elses mortgage rather than chipping away at my own mortgage, despite the prophets saying things are going to collapse.

The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises

Green Mile · 04-03-2021 12:34am

What date and time will property prices normalise?

0gac3yjefb5sv7 · 04-03-2021 12:44am

Smouse156 wrote: »

The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises

You could be renting 10 years for that to happen. If ever.

cnocbui · 04-03-2021 1:04am

Green Mile wrote: »

What date and time will property prices normalise?

The same date you hear people saying they think house prices are very reasonable and are out there actually buying them, rather than living in fear because of the prevailing economic hardships.

If you really want or need somewhere to live, go and do so and stop trying to guess the future.

Dodge · 04-03-2021 1:11am

Smouse156 wrote: »

The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalises

Negative equity means nothing if the homeowners don’t want to move.

If interest and property taxes rise in the future, rent will also increase to cover these landlord costs

Green Mile · 04-03-2021 1:15am

cnocbui wrote: »

The same date you hear people saying they think house prices are very reasonable and are out there actually buying them, rather than living in fear because of the prevailing economic hardships.

If you really want or need somewhere to live, go and do so and stop trying to guess the future.

I should have put a sarcasm emoji in my post.
I agree with you. It irritates me people leaving comments about how sure they are on the future of property/market prices.
If you’re ready to buy, then buy.

blowin3 · 04-03-2021 9:58am

I was on here a week or two regarding selling our home and moving abroad. We were dealing with an national EA who makes promise after promise all we want is to put the house on the market. So its sellers also being discommoded by EA who basically dont care or dont give a ....!

givyjoe · 04-03-2021 10:17am

Green Mile wrote: »

What date and time will property prices normalise?

Hopefully when restrictions ease and more people put their property up, however... I fear lots of folks will still hold off to see what happens and even then., the long stall to new builds is going to strangle supply even further with more folks forced towards a dwindling second hand home supply. We'll hopefully see a 'normal' market resume once restrictions end along with government supports... but as you imply, a crystal ball is needed for that at the moment and doesn't put a roof over anyone's head.

decreds · 04-03-2021 11:05am

givyjoe wrote: »

Hopefully when restrictions ease and more people put their property up, however... I fear lots of folks will still hold off to see what happens and even then., the long stall to new builds is going to strangle supply even further with more folks forced towards a dwindling second hand home supply. We'll hopefully see a 'normal' market resume once restrictions end along with government supports... but as you imply, a crystal ball is needed for that at the moment and doesn't put a roof over anyone's head.

Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

decreds · 04-03-2021 11:10am

Smouse156 wrote: »

The people bidding crazy way over asking prices and last years prices will be rightly screwed when supply normalises and they’re instantly in negative equity, coupled with a future of higher interest rates and likely higher property taxes to pay for all the covid stimulus. Something to bear in mind if looking to buy. Renting seems better at the moment at least until supply normalizes

Exactly this. Those that instantly spout "Muh rent bad, mortgage good" are short sighted and don't factor in that the price you purchase your property for is the most important component of most peoples financial lives in the long term.

Buying at all time highs while leveraged and borrowing at max capacity when interest rates will likely rise within 3-5 years is short sighted. Plus these people do not factor in the cost of home ownership on top of a mortgage, e.g insurance, maintenance, property tax etc. All they think of is the mortgage cost vs rent cost with the blinders on.

Human beings are masters at complicating their lives and rationalizing why they did, it's evident on this thread and in the market right now. Young couples borrowing to buy at all time highs "before it's too late". Shades of 07/08 all over.

Padre_Pio · 04-03-2021 11:10am

decreds wrote: »

Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

I just don't see this happening at all. It'll be another year (maybe) before we're out of COVID, I can see things being very slow to get back up to speed.

FastFullBack · 04-03-2021 11:13am

decreds wrote: »

Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

They're literally not. There's no construction right now

decreds · 04-03-2021 11:13am

cnocbui wrote: »

The same date you hear people saying they think house prices are very reasonable and are out there actually buying them, rather than living in fear because of the prevailing economic hardships.

If you really want or need somewhere to live, go and do so and stop trying to guess the future.

Feels before reals.

Do what feels best, regardless of hamstringing your financial life. Consequences be damned.

errlloyd · 04-03-2021 11:15am

FastFullBack wrote: »

They're literally not. There's no construction right now

Most housing projects are deemed essential by the government and are ongoing.

givyjoe · 04-03-2021 11:15am

decreds wrote: »

Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

Eh what? Social housing maybe, nothing else. There have been people on this thread who've even stated their new build (due for mid this year) now wont be ready until next year. Think you're way off there on the new builds. Hopefully thats the case with second hand properties.

decreds · 04-03-2021 11:16am

FastFullBack wrote: »

They're literally not. There's no construction right now

Construction of social housing is still underway and some private builds are included as they are part of the same project. Building of all housing projects was conducted for most of last year and private house builds will likely continue for the rest of this year with no interupptions once it restarts next month.

ongarite · 04-03-2021 11:19am

errlloyd wrote: »

Most housing projects are deemed essential by the government and are ongoing.

No they are not. Construction is running at 40% of normal capacity.
Social housing is continuing on small scale together with infrastructure projects.
All large scale private housing developments have been stopped since January.
Take a walk or drive around D15, Kildare, Meath and you will abandoned sites.

Smouse156 · 04-03-2021 11:32am

MattS1 wrote: »

You could be renting 10 years for that to happen. If ever.

Not likely! Either FFFG sort out the housing supply or SF will. Most likely SF. I would personally expect supply to pick up once majority of population are vaccinated...so late summer time.

Not to say that we’ll have a massive oversupply or anything, just something that resembles 2019.

Smouse156 · 04-03-2021 11:34am

Dodge wrote: »

Negative equity means nothing if the homeowners don’t want to move.

If interest and property taxes rise in the future, rent will also increase to cover these landlord costs

No they won’t! Rent is based on affordability/supply and wages are on a downward trajectory not upward! This will be compounded when all the PUP/TWSS payments stop. Landlords will just need to accept lower yields or sell.

Smouse156 · 04-03-2021 11:39am

decreds wrote: »

Exactly this. Those that instantly spout "Muh rent bad, mortgage good" are short sighted and don't factor in that the price you purchase your property for is the most important component of most peoples financial lives in the long term.

Buying at all time highs while leveraged and borrowing at max capacity when interest rates will likely rise within 3-5 years is short sighted. Plus these people do not factor in the cost of home ownership on top of a mortgage, e.g insurance, maintenance, property tax etc. All they think of is the mortgage cost vs rent cost with the blinders on.

Human beings are masters at complicating their lives and rationalizing why they did, it's evident on this thread and in the market right now. Young couples borrowing to buy at all time highs "before it's too late". Shades of 07/08 all over.

Not factoring in extra/non-mortgage costs was the biggest regret of first time buyers in the US over the last decade.

Supply is low right now (March 2021) therefore I must shackle myself to an unaffordable 30/35 year mortgage/liability rather than wait a few months.

As a first timer buyer myself I’m happy to wait a short while (1-2 years) rather than make a terrible mistake that will last 30-35 years. At least after covid, I will have a clearer picture.

cnocbui · 04-03-2021 12:23pm

decreds wrote: »

Feels before reals.

Do what feels best, regardless of hamstringing your financial life. Consequences be damned.

How many houses have you bought? I'm on my third. I never obsessed about what the market might or might not do, just bought when I had the means and life ambitions dictated.

B Rabbit · 04-03-2021 12:33pm

Sale agreed 9th Dec 2020 on a new build.
Closed 3rd March 2021.
Glad it's done now. No major delays along the way.

awec · 04-03-2021 12:33pm

decreds wrote: »

Houses are being built as we speak, the longer this lockdown goes on the more supply there will be at the end of it as there will be a combination of new builds and people who were scared to advertise their property due to the virus will flood the market with 2nd hand property.

This is completely false.

errlloyd wrote: »

Most housing projects are deemed essential by the government and are ongoing.

This is also false.

The only housing projects that are allowed are social housing and there was a provision that private housing due for completion by the end of Jan 2021 could be finished out. Everything else has stopped since Christmas. Ongoing construction has stopped, commencements have stopped.

givyjoe · 04-03-2021 12:35pm

Smouse156 wrote: »

Not factoring in extra/non-mortgage costs was the biggest regret of first time buyers in the US over the last decade.

Supply is low right now (March 2021) therefore I must shackle myself to an unaffordable 30/35 year mortgage/liability rather than wait a few months.

As a first timer buyer myself I’m happy to wait a short while (1-2 years) rather than make a terrible mistake that will last 30-35 years. At least after covid, I will have a clearer picture.

Where are you getting unaffordable from? The limit is still 3.5 times salary. The rules haven't changed, just the prices. Prices weren't falling before Covid, zero guarantee they will after. Hopefully they'll at least stop going up at ludicrous rates in insane bidding wars. You might not get as good as property as a year ago, but your financial obligations will be no different.

cnocbui · 04-03-2021 12:37pm

blowin3 wrote: »

I was on here a week or two regarding selling our home and moving abroad. We were dealing with an national EA who makes promise after promise all we want is to put the house on the market. So its sellers also being discommoded by EA who basically dont care or dont give a ....!

You could list it yourself in parallel and if you scored a sale you wouldn't have to pay a commission.

awec · 04-03-2021 12:47pm

Smouse156 wrote: »

Not factoring in extra/non-mortgage costs was the biggest regret of first time buyers in the US over the last decade.

Supply is low right now (March 2021) therefore I must shackle myself to an unaffordable 30/35 year mortgage/liability rather than wait a few months.

As a first timer buyer myself I’m happy to wait a short while (1-2 years) rather than make a terrible mistake that will last 30-35 years. At least after covid, I will have a clearer picture.

You know, we had people making these exact same posts this time last year.

"I can't believe people are buying now, you are stupid, just wait a year and you'll get a bargain, it is impossible for anything other than a collapse in prices to occur".

And guess what, here we are.

Funnily enough you can go back to this forum around 2011/2012 time and find the exact same sentiment. You'll find posters proclaiming that the next huge crash is just around the corner constantly from then until now.

Buying comes with risk. Waiting comes with risk. If you're in a position where you can wait and you want to wait, good for you. Others aren't. For the rest, find something you like, where you want to live for a long time, that you can afford, buy it and move on with your life.

decreds · 04-03-2021 12:51pm

awec wrote: »

This is completely false.

This is also false.

The only housing projects that are allowed are social housing and there was a provision that private housing due for completion by the end of Jan 2021 could be finished out. Everything else has stopped since Christmas. Ongoing construction has stopped, commencements have stopped.

Complete and utter hogwash. Plenty of childhood friends who work in construction are still working and i can actually see builders working on apartments across the road from me right now.

decreds · 04-03-2021 12:53pm

cnocbui wrote: »

How many houses have you bought? I'm on my third. I never obsessed about what the market might or might not do, just bought when I had the means and life ambitions dictated.

Just the one, in the last recession and sold last year. The same patterns are emerging akin to the behavior seen in 2007/2008. People panic buying, it will end in tears for many who are highly leveraged and impatient.

awec · 04-03-2021 12:56pm

decreds wrote: »

Complete and utter hogwash. Plenty of childhood friends who work in construction are still working and i can actually see builders working on apartments across the road from me right now.

Ah, the old anecdotes. I know a friend who is a builder who is working, my wife's cousin's neighbour saw a builder in lidl wearing his hardhat etc etc etc.

The facts are as I wrote them. It is why the CIF is in lobbying overdrive trying to get the ban lifted ASAP. They are sending letters about how closing sites is damaging Ireland's reputation, and talking about how closing sites is forcing construction workers into other employment that's more covid risky etc etc.

SheepShep · 04-03-2021 1:07pm

Sale agreed since late July. After much excitement, disappointment, excitement, anger and now excitement again we are finally expected to close next week. However, the valuation is now out of date and the bank have requested another take place. My understanding from reading this thread is that valuations aren't happening at the moment? Has anybody had their property valued or re-valued recently since Christmas?

Markitron · 04-03-2021 1:09pm

This is turning into the property market thread again

Teacher2020 · 04-03-2021 1:12pm

SheepShep wrote: »

Sale agreed since late July. After much excitement, disappointment, excitement, anger and now excitement again we are finally expected to close next week. However, the valuation is now out of date and the bank have requested another take place. My understanding from reading this thread is that valuations aren't happening at the moment? Has anybody had their property valued or re-valued recently since Christmas?

Same has happened to us. We are with AIB - apparently all they do is a drive by to ensure house is still standing so no issues with COVID etc. They said once it is valued once properly there is no need to go inside. Auctioneer completed ours last week without even entering the property.

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

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