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

kippy · 10-03-2021 4:53pm

cnocbui wrote: »

Possibly. I hope to put my house on the market if something else goes through. It doesn't quite meet planning regs on a couple points so a cash buyer would get it for less than I'd be asking after forking out to meet compliance. By that I mean there would be a slight discount so a buyer would be ahead after the cost of compliance.

Interesting outlook.
If the cost of gaining compliance is that "slight" why don't you go after it yourself instead of limiting your potential buying market?

catrionanic · 10-03-2021 5:57pm

house25675e wrote: »

Hi all,
I am wondering if anyone has an answer for a query I have about purchasing a new build. We hope to buy in Dublin in the next few months, we are wondering when you pay your full deposit do you need to show proof you have all the money saved plus HTB and mortgage to afford the property. We know we will be short about 15k but will have it saved by the time the property is ready and before we pay the full amount. Hope that makes sense. Any advice would be appreicated!

Yes you need to show proof of funds before they'll accept your offer.

cnocbui · 10-03-2021 7:30pm

kippy wrote: »

Interesting outlook.
If the cost of gaining compliance is that "slight" why don't you go after it yourself instead of limiting your potential buying market?

To save time and bother. Same reason I haven't put my other property on the market and have only offered it to a couple of people privately.

The most likely scenario is that I will go ahead with the fixes, but if a cash buyer came along leading to a months quicker sale, That would be attractive.

niniboots · 10-03-2021 9:38pm

Wonder how you got AIP on a new build that's 15k outside price range, without having access to fund the 10% required + the additional 15k, if you were short. No judgement at all we just found it impossible to get mortgage approval without having the 10% and any additional costs of house which were outside the 3.5 salary range. If you just speculatively acquired AIP and then saw something 15k outside, the only thing or option left is to register a gift amount. It's still no guarantee the lender with AIP will allow you to draw down unless you have those funds in place. You can pay your booking fee 5000 to 10k on some properties and won't be liable to lose the full 10% unless you sign contracts which is usually required within 21 days of solicitor receiving. The Gov affordable scheme is really where you would look as option, that's if they had details with lenders in place before you need to pay to reserve.. Best of luck with it all

house25675e · 10-03-2021 9:45pm

niniboots wrote: »

Wonder how you got AIP on a new build that's 15k outside price range, without having access to fund the 10% required + the additional 15k, if you were short. No judgement at all we just found it impossible to get mortgage approval without having the 10% and any additional costs of house which were outside the 3.5 salary range. If you just speculatively acquired AIP and then saw something 15k outside, the only thing or option left is to register a gift amount. It's still no guarantee the lender with AIP will allow you to draw down unless you have those funds in place. You can pay your booking fee 5000 to 10k on some properties and won't be liable to lose the full 10% unless you sign contracts which is usually required within 21 days of solicitor receiving. The Gov affordable scheme is really where you would look as option, that's if they had details with lenders in place before you need to pay to reserve.. Best of luck with it all

We have a good bit saved ourselves. More than the 10 percent needed . We just got AIP for 4 times our salaries and with what we saved we are 15k short of new builds we are interested in. Hope that makes more sense .

Bitconfused · 10-03-2021 10:38pm

Hi All

Currently there are some suitable looking property advertised in my area so hoping to get the ball roiling with the ea. Two of the apartments are in the same building are the same as each other and look to be in similar condition. There is an asking price difference of 2500 between so no major difference there. The one significant differences is the BER is B3 & C3.

There were 3 other apartments (same spec) in this building that sold in Nov/Dec last year at €150k on average the asking price for theses apartments are approx 10 k more , given that there was 3 apartments I am taking that as a good guide as to what the property is worth.

These went up recently and there is no bids on them yet so hoping to get a viewing soon.

As Im a first time buyer Im cautious of bidding more than the property is worth so I would think of bidding maybe 5 k below the price the other apartments went for which would be 15kish below the asking price for these apartments. Part of me would like to see a bid made already to see what it is and i could go from there. Does bidding 15k below asking price seem laughable? Its for that 10% below what the seller wants

Also it will be my first time viewing so do you have any hints as to what might make me seem a good candidate in the ea eyes? Any things to say when viewing that might leave a good impression that I am ready to buy soon?

optogirl · 10-03-2021 10:39pm

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

cubatahavana · 10-03-2021 10:57pm

optogirl wrote: »

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

Not great feeling

Hayley363 · 10-03-2021 11:18pm

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

cnocbui · 10-03-2021 11:47pm

Hayley363 wrote: »

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

They should come back at the level of your highest bid.

JimmyVik · 11-03-2021 12:07pm

BER ratings are like shiny knobs on things.
More people are attracted to them and the price goes up, but there is not as much difference as you think.
You can always add the shiny knobs on yourself later.

Go for a D, E or F BER and bring it up a to a C for less than €5 - €10k. Go for a B if you like but the savings vs the cost of bringing it to B are all wrong.
Less people blinded by the shiny high BER, so less people bidding.

Ubbquittious · 11-03-2021 12:08pm

BER ratings are like shiny knobs on things.
More people are attracted to them and the price goes up, but there is not as much difference as you think.
You can always add the shiny knobs on yourself later.

Go for a D, E or F BER and bring it up a to a C for less than €5 - €10k. Go for a B if you like but the savings vs the cost of bringing it to B are all wrong.
Less people blinded by the shiny high BER, so less people bidding.

I concur

cousin_borat · 11-03-2021 1:14pm

Hayley363 wrote: »

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

We bid 10k under the sale agreed price which was 5k under our highest bid and went to sale agreed.

Treppen · 11-03-2021 2:20pm

Hayley363 wrote: »

Hi, I just lost a house after a bidding war between us & another couple. The EA said they’d come back to us if it falls through. If an EA comes back to you as the underbidder, do you pay your highest bid or can you negotiate to pay your original bid?

It's open season ...to a point.

If there were just 2 or 3 of ye in the bidding war the seller mightn't want the hassle of starting with viewings all over again so will take whatever their offered (within reason). No harm in making an offer under, then the EA can get back to you again if they get a higher offer from any other bidders.

Ladybird25 · 11-03-2021 4:25pm

Hello, looking to a buy a place ourselves and we had the situation that no house can be visited at the moment, however we have been told to go for an online tour of the house and that people is doing offers based on that. It seems to me like this a very serious purchase to be done based on a virtual tour.

However were interested in a couple of houses and we have just been notified one has an offer and the other has been sold. We have not got even the opportunity of visiting the house, so I was wondering if people it's actually purchasing based on these virtual tours? Do we have to wait until April to be able to visit houses? Meantime the times passes from the approval...

optogirl · 11-03-2021 4:30pm

Ladybird25 wrote: »

Hello, looking to a buy a place ourselves and we had the situation that no house can be visited at the moment, however we have been told to go for an online tour of the house and that people is doing offers based on that. It seems to me like this a very serious purchase to be done based on a virtual tour.

However were interested in a couple of houses and we have just been notified one has an offer and the other has been sold. We have not got even the opportunity of visiting the house, so I was wondering if people it's actually purchasing based on these virtual tours? Do we have to wait until April to be able to visit houses? Meantime the times passes from the approval...

Yeah in the exact same position. Have bid on a couple of houses based on virtual viewings only ....and been outbid. It's madness.

Ladybird25 · 11-03-2021 4:34pm

optogirl wrote: »

Yeah in the exact same position. Have bid on a couple of houses based on virtual viewings only ....and been outbid. It's madness.

Without visiting the house? Can you see it afterwards?

TobyHolmes · 11-03-2021 4:38pm

optogirl wrote: »

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

how does that work?

odyssey06 · 11-03-2021 4:39pm

TobyHolmes wrote: »

how does that work?

Survey issue perhaps led to a lower negotiated price.

optogirl · 11-03-2021 4:45pm

Ladybird25 wrote: »

Without visiting the house? Can you see it afterwards?

Yeah once the vendor has accepted your offer you can view. It's ridiculous. I go to Lidl every week - why can't I view an empty house using a mask & sanitiser?

Ladybird25 · 11-03-2021 4:51pm

optogirl wrote: »

Yeah once the vendor has accepted your offer you can view. It's ridiculous. I go to Lidl every week - why can't I view an empty house using a mask & sanitiser?

Yes, that without taking in account that the house visiting could be very well off the 5k radius. They are putting us in a position of making offers in every house we may be interested in, it's ridiculous!

TobyHolmes · 11-03-2021 4:52pm

odyssey06 wrote: »

Survey issue perhaps led to a lower negotiated price.

ok i see so they go with the highest bidder and then the highest bidder can negotiate a lower price
crazy

optogirl · 11-03-2021 5:05pm

Ladybird25 wrote: »

Yes, that without taking in account that the house visiting could be very well off the 5k radius. They are putting us in a position of making offers in every house we may be interested in, it's ridiculous!

Was talking to an EA today - enquired about 2 houses. Both have offers in over my budget from investors

He said it's mayhem at the moment with people going sale agreed, paying deposit, seeing the house, withdrawing offer. There's deposit money about.

zinfandel · 11-03-2021 5:05pm

Ladybird25 wrote: »

Hello, looking to a buy a place ourselves and we had the situation that no house can be visited at the moment, however we have been told to go for an online tour of the house and that people is doing offers based on that. It seems to me like this a very serious purchase to be done based on a virtual tour.

However were interested in a couple of houses and we have just been notified one has an offer and the other has been sold. We have not got even the opportunity of visiting the house, so I was wondering if people it's actually purchasing based on these virtual tours? Do we have to wait until April to be able to visit houses? Meantime the times passes from the approval...

I think its madness, I am interested in a property going to auction next week, no viewings being held, yes they have a virtual tour, but they cant even tell me when it was done or the size of each room, I know its been empty 2 years, so who knows what condition its in, I honestly could not bid without even a quick walk through.

Ladybird25 · 11-03-2021 5:25pm

optogirl wrote: »

Was talking to an EA today - enquired about 2 houses. Both have offers in over my budget from investors He said it's mayhem at the moment with people going sale agreed, paying deposit, seeing the house, withdrawing offer. There's deposit money about.

That is exactly what I was wondering, like the houses that are now reserved or marked as sold, very well may have an offer in place just to actually see the place and it gets so terribly messy. Instead of doing visits with certain safety measures, it does not make sense.

NickNickleby · 11-03-2021 5:32pm

Not in the market myself, but family member is.

I looked at a house and downloaded the photos and opened them on the laptop. Was able to zoom in much better that way, and see the cruddy grouting etc. However, in one photo there was significant damage to a ceiling, which could have spread down behind the walls. A rad upstairs had obviously leaked.

When the virtual viewing was done, by some miracle the affected area was not shown in the viewing, so family member asked about it, only to be given short shrift. The virtual viewing was being attended my numerous potential buyers, some of whom seemed oblivious to this. (there were other significant issues, which I detected by doing a non-virtual external viewing, wearing my cloak and dagger:eek:)

"Virtual" seems a bit of misnomer to me. Anyway, house reached 55k above asking, at which point said family member dropped out. It strikes me that this house will come back to market, or else highest bidder will have reduced offer accepted, as for the amount of commission involved, I think the EA will hardly go through it all again. But of course that's unfair to others who were in the bidding 'war'. Doubt that matters, though. Sorry about the negative sentiment, but my heart aches for youngsters trying to get a first house in these conditions.

11-03-2021 5:46pm

Kalico92 wrote: »

Has anyone had any pushback getting a subject to loan approval clause inserted into a contract on a new build? We put deposit down on a new build last week but haven't signed a contract.

I still have a few months left on probation in my job (returned from abroad end of last year) so can't move past AIP until probation is passed.

Had no issues with this recently

marvin80 · 11-03-2021 6:40pm

If requested, would the estate agent provide the BER number for a house? Or can they decline the request?

kippy · 11-03-2021 7:17pm

marvin80 wrote: »

If requested, would the estate agent provide the BER number for a house? Or can they decline the request?

BER details are usually on the add. You can ask them for it.

Padre_Pio · 11-03-2021 7:20pm

marvin80 wrote: »

If requested, would the estate agent provide the BER number for a house? Or can they decline the request?

House should have a BER number before it's put on the market AFAIK, it should be on the ad or available.

optogirl wrote: »

Aaaaaaagh. Just saw a house we bid 320 on and were subsequently outbid on, sold at 319???? WTF. I really am beginning to despair.

Anything could have happened. I'd imagine something wasn't up to spec, or advertised incorrectly.

When you're that far along it's easier to knock a few k off the price and get the deal done.

Dick Turnip · 11-03-2021 7:36pm

Making progress myself:

Went sale agreed week before Christmas (I'm the buyer)
Then had to play the waiting game on vendor's deeds from the bank
My solicitor finally received contract/deeds 2 weeks ago, working through queries since
I signed the legals & loan offer yesterday(!)

Closing date 9th April

Here's hoping it goes smoothly from here on!

Sweetaure · 11-03-2021 8:11pm

Just a thought: people say that they don’t want to disclose how much they can spend on a house, but in reality, EAs will have an idea based on the houses you enquirie about.

Dick Turnip · 11-03-2021 8:29pm

Sweetaure wrote: »

Just a thought: people say that they don’t want to disclose how much they can spend on a house, but in reality, EAs will have an idea based on the houses you enquirie about.

Not necessarily. Friends of mine had AIP for 550K or so, were looking at houses in the 400-450K range as they liked the area and this was the dominant type of house in that area.

KaiserSochez · 11-03-2021 9:19pm

Gone sale agreed since last Friday (Buyer). EA+Seller decided on closed final bids after property hit 15k over asking. 7 bids placed and I was successful with a 36k bid over asking. Cash buyer. Fun times.

Sweetaure · 11-03-2021 9:30pm

Dick Turnip wrote: »

Not necessarily. Friends of mine had AIP for 550K or so, were looking at houses in the 400-450K range as they liked the area and this was the dominant type of house in that area.

Ah ok yes I suppose if there’s a big difference between what one has been approved for, and what one is willing to spend...

TheSheriff · 11-03-2021 11:20pm

Sweetaure wrote: »

Just a thought: people say that they don’t want to disclose how much they can spend on a house, but in reality, EAs will have an idea based on the houses you enquirie about.

We had quite the disagreement with one EA over disclosing our AIP value, so much so we had to walk away from a property.

The AIP was requested after first viewing, I provided a redacted version, placed a bid and was told my bid wouldn't be accepted without the full AIP. Told the EA I'd get a solicitor to confirm we had sufficient funds to meet the bid etc. and the EA wouldn't accepted; told us it was the "norm" for all bidders to hand this over. They also tried to put quite a bid of pressure on, "we are only accepting bids for this property up until tomorrow evening etc.".

In our case, our AIP was for ~600k, the property we were bidding on was ~400k. Not a hope I was giving the EA this knowledge.

We walked away and decided to not deal with this particular EA again.

ted1 · 11-03-2021 11:26pm

zinfandel wrote: »

how much extra weight does a cash buyer with no chain have in the present market, would you think a seller would take a slightly lower offer, from somebody like this over another bidder who has a property to sell and may be riskier of things falling through down the road ?

Loads. So much so that sellers will take a lower offer.

Our offer was rejected last week for a lower cash buyer

Dick Turnip · 12-03-2021 12:32am

TheSheriff wrote: »

We had quite the disagreement with one EA over disclosing our AIP value, so much so we had to walk away from a property.

The AIP was requested after first viewing, I provided a redacted version, placed a bid and was told my bid wouldn't be accepted without the full AIP. Told the EA I'd get a solicitor to confirm we had sufficient funds to meet the bid etc. and the EA wouldn't accepted; told us it was the "norm" for all bidders to hand this over. They also tried to put quite a bid of pressure on, "we are only accepting bids for this property up until tomorrow evening etc.".

In our case, our AIP was for ~600k, the property we were bidding on was ~400k. Not a hope I was giving the EA this knowledge.

We walked away and decided to not deal with this particular EA again.

Fair play, that's so annoying though.

I bid on a house in December, and provided a redacted version of AIP letter and it was accepted by the EA, no questions asked.

JimmyVik · 12-03-2021 9:42am

TheSheriff wrote: »

We had quite the disagreement with one EA over disclosing our AIP value, so much so we had to walk away from a property.

The AIP was requested after first viewing, I provided a redacted version, placed a bid and was told my bid wouldn't be accepted without the full AIP. Told the EA I'd get a solicitor to confirm we had sufficient funds to meet the bid etc. and the EA wouldn't accepted; told us it was the "norm" for all bidders to hand this over. They also tried to put quite a bid of pressure on, "we are only accepting bids for this property up until tomorrow evening etc.".

In our case, our AIP was for ~600k, the property we were bidding on was ~400k. Not a hope I was giving the EA this knowledge.

We walked away and decided to not deal with this particular EA again.

That sounds like a dodgy estate agent and I bet the vendor would want to be hearing your offer. I dont believe the EA has the right to withhold an offer from the vendor. Estate agents behaving like this are definitely up to no good and NOT working in the best interest of the vendor.

See if you can find out who the vendor is and drop a letter about what the agent is doing in to them.
Ask them if they would like to hear your bid to let you know themselves, that you wont be going near that EA again.
I have a friend who bought a house last year. He told me that his brother in law was the estate agent and hid bids that were higher than his bid. Pretty sure the Vendor wouldnt be too happy with that.

Markitron · 12-03-2021 9:47am

JimmyVik wrote: »

That sounds like a dodgy estate agent and I bet the vendor would want to be hearing your offer.

Reading this thread for the last 8 or so months and this seems relatively common, at least in Dublin anyway. The EA's have all the power now and they are pushing their luck. They have absolutely no right whatsoever to know how much a bank are willing to lend to a person.

itsusuallyjazz · 12-03-2021 9:49am

Dick Turnip wrote: »

Making progress myself:

Went sale agreed week before Christmas (I'm the buyer)
Then had to play the waiting game on vendor's deeds from the bank
My solicitor finally received contract/deeds 2 weeks ago, working through queries since
I signed the legals & loan offer yesterday(!)

Closing date 9th April

Here's hoping it goes smoothly from here on!

Best of luck!

I finally got my closing date too ðŸ‘

kippy · 12-03-2021 9:50am

TheSheriff wrote: »

We had quite the disagreement with one EA over disclosing our AIP value, so much so we had to walk away from a property.

The AIP was requested after first viewing, I provided a redacted version, placed a bid and was told my bid wouldn't be accepted without the full AIP. Told the EA I'd get a solicitor to confirm we had sufficient funds to meet the bid etc. and the EA wouldn't accepted; told us it was the "norm" for all bidders to hand this over. They also tried to put quite a bid of pressure on, "we are only accepting bids for this property up until tomorrow evening etc.".

In our case, our AIP was for ~600k, the property we were bidding on was ~400k. Not a hope I was giving the EA this knowledge.

We walked away and decided to not deal with this particular EA again.

This is where people who back EA's and say that the market is heavily regulated/"there's no way there's any shysters involved" get proven wrong.
You've given one example there where on auctioneer has different practices to the majority, I came across a similiar example where the auctioneer would not mark the property as sale agreed until both parties had signed the contracts.
I am sure there are multiple practices out there that are implemented differently depending on the auctionneer. This is wrong in my opinion - when they have codes of practice that govern them, how about a set of standards and operating procedures they all adhere to as well?

Sorry to heard that OP - no easy walk away from dealing with an auctioneer - when they are key to your future purchase.

Red Silurian · 12-03-2021 10:10am

Hoping to buy this year

Our application was just passed to the 'assessment team' at KBC this morning

Does anybody with a KBC mortgage know how long it takes for the assessment team to make a judgement on approval?

Would 7 days be too hopeful?

Busi_Girl08 · 12-03-2021 10:21am

Red Silurian wrote: »

Hoping to buy this year

Our application was just passed to the 'assessment team' at KBC this morning

Does anybody with a KBC mortgage know how long it takes for the assessment team to make a judgement on approval?

Would 7 days be too hopeful?

Is that for your initial approval in principle?

Our broker put through our application during the week (on Wednesday I think). KBC came back saying it would be within 10 working days, but our broker says it could be 5 or 6. We're hoping to have an answer by the end of next week at the latest.

jimmytwotimes 2013 · 12-03-2021 10:37am

Busi_Girl08 wrote: »

Is that for your initial approval in principle?

Our broker put through our application during the week (on Wednesday I think). KBC came back saying it would be within 10 working days, but our broker says it could be 5 or 6. We're hoping to have an answer by the end of next week at the latest.

In same boat with BOI, got text last Friday saying they'd received our completed documents from our local branch mortgage specialist.

No word yet, the wait is excruciating

Busi_Girl08 · 12-03-2021 10:40am

jimmytwotimes 2013 wrote: »

In same boat with BOI, got text last Friday saying they'd received our completed documents from our local branch mortgage specialist.

No word yet, the wait is excruciating

We spent the first part of the year researching everything we needed to know about the market, housing stock available and things we need to look out for, which was time well spent, especially given the state of the market at the moment. We're just dying to get going properly now!!

thegreatescape · 12-03-2021 11:06am

Hi everyone, have placed an offer on a house for asking price as I've been told the seller wants a quick sale and I'm in a position to do the same. I submitted the offer yesterday afternoon, when could I expect to hear back whether the offer has been accepted or rejected?

brianc27 · 12-03-2021 12:08pm

jimmytwotimes 2013 wrote: »

In same boat with BOI, got text last Friday saying they'd received our completed documents from our local branch mortgage specialist.

No word yet, the wait is excruciating

I'm waiting over two weeks with BOI and haven't heard anything, have approval with KBC but that's up on Monday as submitted a new application yesteday, tool nearly a month for KBC to get back to me last time, hopefully won't be that long this time around

Markitron · 12-03-2021 12:36pm

I have been waiting 6 weeks since going sale agreed for BOI to issue my loan offer, I was under the impression it was usually a lot quicker than that. Really annoying as it is a massive hold up.

godtabh · 12-03-2021 12:37pm

Red Silurian wrote: »

Hoping to buy this year

Our application was just passed to the 'assessment team' at KBC this morning

Does anybody with a KBC mortgage know how long it takes for the assessment team to make a judgement on approval?

Would 7 days be too hopeful?

dealt with KBC in the summer. I would allow a lot more time than that.

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

Comments