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

ec18 · 17-05-2021 12:44pm

Ladybird25 wrote: »

We didn't know anything about the cash until the end though, we had the feeling the EA was favoring the other couple and he just called it off. We did insist in a counter bid because we wanted the house and thought if the vendor was ready to accept their offer, surely it would accept a higher one.

Cash or not you were still the ones that insisted on bidding....

byron55 · 17-05-2021 3:02pm

Anyone use the MySherryFitz site for bidding? Seems a bit convoluted in that you have to register with the exact agent for every house you want to bid on (rather than just registering once and seeing bids on all properties - the Remax homebid site is excellent in comparison as it saves so much hassle in ringing the offices). Just wondering if it's worth the bother and if I should just revert back to ringing the offices again every time I see a property we're interested in.

Meathlass · 17-05-2021 4:26pm

byron55 wrote: »

Anyone use the MySherryFitz site for bidding? Seems a bit convoluted in that you have to register with the exact agent for every house you want to bid on (rather than just registering once and seeing bids on all properties - the Remax homebid site is excellent in comparison as it saves so much hassle in ringing the offices). Just wondering if it's worth the bother and if I should just revert back to ringing the offices again every time I see a property we're interested in.

I recently bid on a house on it. You just register for each property you're interested in and then you get approved to bid. It seemed that not every bidder was using it though as the estate agent was still fielding calls and then updating the site so in some cases I was bidding on an out of date price which was annoying. I thought it strange that there was no proof asked for funds or any evidence you weren't a tyre kicker. Very easy to sit in front of tv over the weekend and bid away. The house I was interested in went for €50k over the asking.

emzippy · 17-05-2021 5:44pm

Hi all,

After nearly 2 years of looking and being outbid, we have finally gone sale agreed on a house we love! It went 20% over asking and the bidding was fierce, I think mostly due to level 5 lockdown. We wouldn't have bid so much only it's definitely our dream home in our dream location.

We're so excited to finally get this process started! I've been following this thread all year and it's been so helpful. Fingers crossed now that it all goes smoothly from here.

tobsey · 17-05-2021 6:46pm

emzippy wrote: »

Hi all,

After nearly 2 years of looking and being outbid, we have finally gone sale agreed on a house we love! It went 20% over asking and the bidding was fierce, I think mostly due to level 5 lockdown. We wouldn't have bid so much only it's definitely our dream home in our dream location.

We're so excited to finally get this process started! I've been following this thread all year and it's been so helpful. Fingers crossed now that it all goes smoothly from here.

Congratulations and best of luck with it. We also went 20% over asking to secure ours a few weeks ago. We finally got our deeds of our current house sent to our solicitor today so contracts for that should issue soon. We got over 10% over asking on our own so that's the main reason we bid so high on the house we got. We're getting a much bigger house than our current one so even though we're spending more on it than we intended, it still looks good value considering the price we got for our own.

Hopefully it's all plain sailing from here for both of us!

emzippy · 17-05-2021 8:19pm

tobsey wrote: »

Congratulations and best of luck with it. We also went 20% over asking to secure ours a few weeks ago. We finally got our deeds of our current house sent to our solicitor today so contracts for that should issue soon. We got over 10% over asking on our own so that's the main reason we bid so high on the house we got. We're getting a much bigger house than our current one so even though we're spending more on it than we intended, it still looks good value considering the price we got for our own.

Hopefully it's all plain sailing from here for both of us!

Congratulations! Delighted for you as well. Fantastic that you're getting a good price for your own house so it gives you more wiggle room.

We're first time buyers but we had a very specific area in mind where we wanted to buy so knew it would be a bit pricier. We're just so sick of paying rent every month and can't wait to have a place to call our own. The overpayment to us is worth it. Even if the market dips, we've put our lives on hold for long enough.

Best of luck and yes fingers crossed that there are no surprises and it all goes well for both of us!

Seaniethomas · 17-05-2021 9:50pm

I am selling my house, it was due to close 2 weeks ago but buyer waited until the day it was to close to say there was an issue, after us moving out and putting everything on lock up, still no news on when it will go ahead and what issue is, we are out of our home and afraid we will lose our dream house we are sale agreed on.

Basically im wondering I am in my rights to claim expenses for moving everything out and paying rent elsewhere when he could of been told before hand that the closing day wasnt happening.

covidcustomer · 17-05-2021 11:10pm

Seaniethomas wrote: »

I am selling my house, it was due to close 2 weeks ago but buyer waited until the day it was to close to say there was an issue, after us moving out and putting everything on lock up, still no news on when it will go ahead and what issue is, we are out of our home and afraid we will lose our dream house we are sale agreed on.

Basically im wondering I am in my rights to claim expenses for moving everything out and paying rent elsewhere when he could of been told before hand that the closing day wasnt happening.

I am assuming contracts have been signed and exchanged? Do you have a solicitor?

Pink11 · 17-05-2021 11:35pm

Congrats to all new home owners. Don't fret that you have paid over the asking.

There is never a right time to buy was the best advice I was given. If you have the money you won't regret it. Enjoy every minute, you only live once.

To everyone else still looking, construction is booming, there will be loads of new places on the market in the next few months. You'll get your turn too.

cant26 · 18-05-2021 9:44am

Dublinandy3 wrote: »

How long would it take usually, on average, to finish the sale of a new build and get the keys once you're told it's finished. I, possibly naively, thought it'd be a few weeks but looking at the article posted a few replies ago it says on average 5 and a half months. Is that just for houses in a chain or does that include new builds? It seems an awfully long time.

I think you will see many different scenarios.
We viewed a new build the middle of last August. It was built but had no floors, kitchen, bathroom fittings, tiles and hadn't been painted.
From when we paid our booking deposit to moving in was 8 weeks. We didn't even have AIP at that stage! We paid the booking deposit on a Wednesday and submitted the documents for the mortgage the next day and applied for HTB. The most stressful 8 weeks ever but so unbelievably lucky. Our broker couldn't believe how fast things went.
My longwinded point is our house wasn't finished and it took 8 weeks.
I would imagine if you were told your house is ready, as in ready to close you should have the keys a few days later? 5 months seems excessive for a finished new build but I suppose anything could crop up. Every sale is different so don't be disheartened seeing 5 month times frames.

fliball123 · 18-05-2021 9:52am

John1648 wrote: »

Dear Board.ie contributors, here comes a kind request to you to critique such a small investment idea:

I am a cash buyer, looking at buying a property in Dublin for letting purposes. I am looking at the lower end of the budget properties, which seem to me to produce a better yield.

The calculation is like this: 1300 EUR monthly rent, purchase price - 180 000 EUR.

I am currently looking at an apartment in Citywest area (Carrigmore Crescent), 2 mins from LUAS, next to the shopping centre, 1-bedroom, 42 sqm, in pretty good shape, furnished.

Would such rents be realistic, for these apartments? Would it be easy to find tenants in the current market?

Would it too be risky, in the sense that these apartments risk to sit empty in the event of a recession?
I currently reside abroad, so would not pay the PRSI.

My calculations would go like this:

Apartment Rented for 1300 a month.

Rental Income per year 15600.

Expenses:

Mgmt Charges 1050
Letting and property management fees: 1550
Tax advisory costs: 250

Total allowed deductible expenses 2850.
Local property tax: 250
Income: 12750

Income Tax at 20pc (minus the allowance of 1650) is 900; PRSI 0 pc; , USC 0.5 pc is 80

Overall Profit: 15600-1050-250-1550-250-900-80 is 11770.

Does it make sense?

Many thanks!

John

John you would make a lot more than 1300 a month

If you are getting a mortgage you can now write 100% of the interest off on the mortgage.

Also if your working and the profit you make bring you over the 34k a year mark you will be paying out 51% on profit.

One thing to be weary about would be. The current market is going to change REITS and Vultures have over egged the pudding and have shown a big spotlight on anyone making money on rent and you will see people with 2nd properties getting taxed a lot more within the next 5 years or. Also you would want to have real cahonas to rent , people can stay in your property for years without paying the rent and its all legal. I would look at side of things and make sure you can do with out the rent for 3 years +.

p to the e · 18-05-2021 9:59am

Maybe I'm missing something here. We are ready to draw down our mortgage with PTSB but we obviously have to get some documents in place first. One thing they require is for house insurance to be in place and then have a letter of indemnity. I rang up Liberty insurance and went through the whole process over the phone but when he got to the end he realised that I'm buying the house and have not bought the house so he said they can't insure a house that we don't own. And we can't draw down the mortgage until we get house insurance. Surely someone is wrong somewhere?

brownbinman · 18-05-2021 10:07am

p to the e wrote: »

Maybe I'm missing something here. We are ready to draw down our mortgage with PTSB but we obviously have to get some documents in place first. One thing they require is for house insurance to be in place and then have a letter of indemnity. I rang up Liberty insurance and went through the whole process over the phone but when he got to the end he realised that I'm buying the house and have not bought the house so he said they can't insure a house that we don't own. And we can't draw down the mortgage until we get house insurance. Surely someone is wrong somewhere?

we got keys to our house on 2nd November. Rang for house insurance mid Oct stating I wanted start date for 2nd November at midnight, no problemo

go with a different, more competent insurer

Gru · 18-05-2021 10:11am

p to the e wrote: »

Maybe I'm missing something here. We are ready to draw down our mortgage with PTSB but we obviously have to get some documents in place first. One thing they require is for house insurance to be in place and then have a letter of indemnity. I rang up Liberty insurance and went through the whole process over the phone but when he got to the end he realised that I'm buying the house and have not bought the house so he said they can't insure a house that we don't own. And we can't draw down the mortgage until we get house insurance. Surely someone is wrong somewhere?

We went with FBD and the Mullingar office was exceptional with this, the mortgage bank were being very finicky wanting certain details changed (even down to removing a full stop after their name)

so if your insurer is being difficult at the first (and easiest) hurdle, go somewhere that will help you as it may be a bit more finicky than you'd expect and you may need them to help you again.

With us we had the house insurance in place with FBD, to start on a certain date and that was sufficient for both them and the bank (once we had the full stops removed :pac: )

Emma2019 · 18-05-2021 10:42am

p to the e wrote: »

Maybe I'm missing something here. We are ready to draw down our mortgage with PTSB but we obviously have to get some documents in place first. One thing they require is for house insurance to be in place and then have a letter of indemnity. I rang up Liberty insurance and went through the whole process over the phone but when he got to the end he realised that I'm buying the house and have not bought the house so he said they can't insure a house that we don't own. And we can't draw down the mortgage until we get house insurance. Surely someone is wrong somewhere?

I also thought this was weird but seems to be par for the course. I've asked everyone I knew who bought a house in the last few years and they all said they started their policies a week or two before the closing date as it can hold up the drawdown.

I dont understand how you can insure something you dont own but its apparently possible.

I'm going with AIB as they undercut their online price on the phone and seemed to have good extras.

p to the e · 18-05-2021 11:45am

I said to my wife a few weeks back that it's strange that I have to insure something I don't own yet but it must be something that is just done. I rang the broker and he said it's something that crops up from time to time and really just depends on the insurer. He's going to ring me back later. I'm surprised it doesn't crop up more.

Claw Hammer · 18-05-2021 12:11pm

Emma2019 wrote: »

I dont understand how you can insure something you dont own but its apparently possible.

.

Once you have paid any money you have equity in the property to that extent. Once unconditional contracts are signed, the house is yours in equity.

FrankN1 · 18-05-2021 12:27pm

Sale agreed 4 months ago and seller decided to pull out today. Absolutely ridiculous that they can get away without paying costs incurred and fk people over for months on end. Furious.

Klopp · 18-05-2021 1:19pm

We viewed a house and i liked it myself but we were undecided about making an offer, the estate agent rang me today advising it went sale agreed 25% over the advertised price.

rafatoni · 18-05-2021 1:40pm

p to the e wrote: »

I said to my wife a few weeks back that it's strange that I have to insure something I don't own yet but it must be something that is just done. I rang the broker and he said it's something that crops up from time to time and really just depends on the insurer. He's going to ring me back later. I'm surprised it doesn't crop up more.

We are sale agreed on a property since October, paying home insurance on this property since end of January when we signed contracts, deposit paid etc and are still maybe 6 weeks out from closing. madness.

Graham · 18-05-2021 3:14pm

Emma2019 wrote: »

I dont understand how you can insure something you dont own but its apparently possible.

I would assume because you have an insurable interest after you've signed the contracts.

Think about a scenario where there's a house fire after you've committed to buy and what might happens if the current owner has no insurance.

I've never heard of that happening in Ireland but there was an article in the UK Guardian quite recently where that exact situation played out. The poor buyer got keys to a significantly fire damaged house.

I won't pretend to know enough about the legal side to even begin to guess if it could happen here.

The Davestator · 18-05-2021 3:17pm

Horror story here from earlier this year;

https://wicklownews.net/2021/01/young-family-have-new-home-destroyed-by-fire/

Mad_maxx · 18-05-2021 3:41pm

FrankN1 wrote: »

Sale agreed 4 months ago and seller decided to pull out today. Absolutely ridiculous that they can get away without paying costs incurred and fk people over for months on end. Furious.

you think thats bad , im dealing with a vendor who signed contracts but still pulled out :eek:

Mad_maxx · 18-05-2021 3:42pm

my sister and her husband bidding on a house in Kilmainham D8 , asking price 495 k , current bid 625 k

FrankN1 · 18-05-2021 3:48pm

Mad_maxx wrote: »

you think thats bad , im dealing with a vendor who signed contracts but still pulled out :eek:

How is there no laws for this. Sale agreed should mean the seller or buyer covers the costs to either side should they pull out after this time. It's absolutely outrageous.

Starlord_01 · 18-05-2021 4:01pm

Klopp wrote: »

We viewed a house and i liked it myself but we were undecided about making an offer, the estate agent rang me today advising it went sale agreed 25% over the advertised price.

25% is a crazy figure. We were slightly below 5% over.

Claw Hammer · 18-05-2021 4:28pm

FrankN1 wrote: »

How is there no laws for this. Sale agreed should mean the seller or buyer covers the costs to either side should they pull out after this time. It's absolutely outrageous.

There are laws. Suit for specific performance or damages in lieu.

Emma2019 · 18-05-2021 4:29pm

Mad_maxx wrote: »

you think thats bad , im dealing with a vendor who signed contracts but still pulled out :eek:

Were the contracts not returned to you? If they were then you can get damages.

FrankN1 · 18-05-2021 4:38pm

Claw Hammer wrote: »

There are laws. Suit for specific performance or damages in lieu.

Can I do this even if they haven't signed contracts to get my survey, validation and legal costs back? I presume rented paid waiting for them wouldn't be possible?

Claw Hammer · 18-05-2021 4:41pm

FrankN1 wrote: »

Can I do this even if they haven't signed contracts to get my survey, validation and legal costs back? I presume rented paid waiting for them wouldn't be possible?

You paid your deposit "subject to contract".

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

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