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

Bigmac1euro · 19-08-2020 3:07pm

CR0009836 wrote: »

We successfully drew down yesterday with AIB without an issue.. my partner is also on the covid top up subsidy. Not sure what your situation is but i'm sure you'll be fine!

Congrats!
We’re taking our mortgage out with UB.

Just wondering did it take long to drawdown after funds where requested?

Smiley11 · 19-08-2020 3:44pm

Pivot Eoin wrote: »

We have made an opening bid on a house (about 2% Under asking), the house is almost certainly worth more. It has been up for a few weeks and we are only bidder, we bid on Monday.

We basically put the bid in just to signal our own intent, expecting other bids to have been in or to have come in but so far its just us.

We didnt time limit it or anything, its just sitting there, not accepted nor rejected. I would be very surprised if they were to let it go at the current bid price nonetheless But I would like to speed up the process, rather than just have my bid sitting there as the reference point for other viewers etc.

Anyone been in this scenario? Have you increased a bid to try move things along? We were already told about 10 days ago that they want to leave the house on the market and see how it plays out for a few weeks. Not sure what to do as a next step

We were in a similar position until yesterday. We were the only bidders for about a month. We got a call to say theres now another bidder 20k higher than our offer. We'll go back with small increases until the point we've decided we'll walk at. At our first viewing 2 months ago, the EA said he expected a deal to be done in 2 weeks. He said the same yesterday.

I wouldn't be inclined to raise your bid if you think the vendor is waiting for another bidder. Leave them wait. Its a pain for you but also may be for them. It sounds to me that at the moment, if you were to raise your bid, that they'll just leave it on the table anyway because they're hoping for a bidding war so why do yourself out of a few k unnecessarily? Its all a game & very frustrating. Good luck with it!

mimimcmc · 19-08-2020 4:06pm

Smiley11 wrote: »

I wouldn't be inclined to raise your bid if you think the vendor is waiting for another bidder. Leave them wait. Its a pain for you but also may be for them. It sounds to me that at the moment, if you were to raise your bid, that they'll just leave it on the table anyway because they're hoping for a bidding war so why do yourself out of a few k unnecessarily? Its all a game & very frustrating. Good luck with it!

I agree.. we did the same. Decided not to outbid ourselves and surely enough there was another bidder a few days later.. got into a bidding war but came out on top thank god

SteelyDanJalapeno · 19-08-2020 6:02pm

Just gone sale agreed at asking price for a 190sm/m detached dormer with sea views with a 30 minute commute to work

Delighted

cubatahavana · 19-08-2020 7:00pm

SteelyDanJalapeno wrote: »

Just gone sale agreed at asking price for a 190sm/m detached dormer with sea views with a 30 minute commute to work
Delighted

Congrats!
In Dublin?

GalwayyGirl · 19-08-2020 7:04pm

CR0009836 wrote: »

We successfully drew down yesterday with AIB without an issue.. my partner is also on the covid top up subsidy. Not sure what your situation is but i'm sure you'll be fine!

Was your partner’s income included in the application?

I am receiving the subsidy top up and I have been told by all the main lenders that my income would not be included in the application but we can borrow x3.5 times my partner’s income (not affected by covid). So we’re now not able to borrow enough to qualify for HTB.

Thanks and congrats!

setanta1984 · 19-08-2020 7:57pm

Our solicitor has written to KBC for permission to qualify the title for a couple of issues. Has anyone done this recently? Waiting over two weeks since the letter, broker has followed up but still not heard anything. Afraid this could take a long time

Will Yam · 20-08-2020 11:22pm

SteelyDanJalapeno wrote: »

Just gone sale agreed at asking price for a 190sm/m detached dormer with sea views with a 30 minute commute to work
Delighted

Well done.

I was involved in a bidding process and eventually won out at 5.4% over asking.

Offer accepted, paid a deposit. Then learnt that underbidder has come back in the race with a better offer. Awaiting the outcome.......

Smiley11 · 20-08-2020 11:48pm

Will Yam wrote: »

Well done.

I was involved in a bidding process and eventually won out at 5.4% over asking.

Offer accepted, paid a deposit. Then learnt that underbidder has come back in the race with a better offer. Awaiting the outcome.......

Good luck! We're bidding now & I dread something like that happening but hopefully luck will be on your side. I'm trying to tell myself not to be too emotionally invested but once you can afford it & its not outrageous, knock 'em out of the park

Markitron · 21-08-2020 8:17am

Will Yam wrote: »

Well done.

I was involved in a bidding process and eventually won out at 5.4% over asking.

Offer accepted, paid a deposit. Then learnt that underbidder has come back in the race with a better offer. Awaiting the outcome.......

If they accepted a deposit, shouldn't that be the end of it? What is the point of the deposit otherwise?

Genuine question btw.

cubatahavana · 21-08-2020 8:27am

Markitron wrote: »

If they accepted a deposit, shouldn't that be the end of it? What is the point of the deposit otherwise?

Genuine question btw.

It should, but as they’re not binding, if they offer let’s say a further 10k, the seller may go for it and return the deposit. The same way, the but could see another property and cancel his deposit. It’s not definite

Will Yam · 21-08-2020 9:33am

Markitron wrote: »

If they accepted a deposit, shouldn't that be the end of it? What is the point of the deposit otherwise?

Genuine question btw.

Its all “subject to contract”. Nothing is legal until contract is signed. The deposit is simply an indication of seriousness, and is refundable.

Markitron · 21-08-2020 10:20am

cubatahavana wrote: »

It should, but as they’re not binding, if they offer let’s say a further 10k, the seller may go for it and return the deposit. The same way, the but could see another property and cancel his deposit. It’s not definite

Will Yam wrote: »

Its all “subject to contract”. Nothing is legal until contract is signed. The deposit is simply an indication of seriousness, and is refundable.

It seems kind of pointless so? Then again there is a lot about the Irish property market that seems pointless and/or confusing.

Dolbhad · 21-08-2020 10:30am

Once you go sale agreed and paid the booking deposit, the owners should not entertain further offers and if they do, you are gazumped. It’s bad faith of the seller to do that. But equally the purchase can try renegotiate the price if engineers report raised issues. Pretty much a buyer beware situation so a lot of checks to be done before contracts signed and until they are signed, either party can walk away.

Draco · 21-08-2020 10:45am

Just gone sale agreed on my apartment at 2% under asking and sale agreed on a house at 6% under asking - both in D7.

The apartment was up for a week whereas the house has been up since January/February. The house is a little challenging in that it needs full refurbishment but there was still a bit of interest in it.

Now for the long slog through all the paperwork.

Vikings · 21-08-2020 11:10am

Have an offer around 3.3% over asking on our house at the moment and waiting to see if our offer of 2.2% over asking will be accepted by vendors of house we would like to buy. Playing the waiting game today

Jammyd · 21-08-2020 12:01pm

We recently went sale agreed on our home with the sale price within the valuation range of the EA who is selling it for us, we had the banks panel valuer out last week and were updated from our EA today the bank has sought clarification from the valuer, anyone any idea on what this might mean? This means the purchasers still don't have their loan offer so we are at a standstill until this gets resolved.

Slight background is we went sale agreed prior to putting the property on the open market, our EA had recently sold another identical house (albeit lower spec finish) in our estate and asked if we wanted to do a private viewing before we did photos, online add etc. We agreed and were delighted within a week to have 3 offers and agreed a price.

The agreed price is exactly the same amount as the other property in our estate (this one has had contracts exchanged and is about to close in the next 2 weeks however is not on the PPR etc as its so recent).

I am assuming the issue is there are no price comparables in the area as its pretty much all new houses with extremely low transaction turnover up here due to the newness of the area, however was wondering is this something anyone else has encountered and should we be worried or is there other clarifications i'm not considering?

On an aside the valuer was very strange, didn't hesitate to make themselves at home, pulled up a chair sat down and started grilling us on a serious amount of queries which were not relevant to the valuation (I flagged these with my EA who agreed this was very odd, I've worked in mortgages, and this is also not the first property I've sold so know the queries were well outside what they complete in a valuations form) we both got a very strange vibe off the guy and hearing this today makes us wonder.

Vikings · 21-08-2020 12:03pm

Jammyd wrote: »

We recently went sale agreed on our home with the sale price within the valuation range of the EA who is selling it for us, we had the banks panel valuer out last week and were updated from our EA today the bank has sought clarification from the valuer, anyone any idea on what this might mean? This means the purchasers still don't have their loan offer so we are at a standstill until this gets resolved.

Slight background is we went sale agreed prior to putting the property on the open market, our EA had recently sold another identical house (albeit lower spec finish) in our estate and asked if we wanted to do a private viewing before we did photos, online add etc. We agreed and were delighted within a week to have 3 offers and agreed a price.

The agreed price is exactly the same amount as the other property in our estate (this one has had contracts exchanged and is about to close in the next 2 weeks however is not on the PPR etc as its so recent).

I am assuming the issue is there are no price comparables in the area as its pretty much all new houses with extremely low transaction turnover up here due to the newness of the area, however was wondering is this something anyone else has encountered and should we be worried or is there other clarifications i'm not considering?

On an aside the valuer was very strange, didn't hesitate to make themselves at home, pulled up a chair sat down and started grilling us on a serious amount of queries which were not relevant to the valuation (I flagged these with my EA who agreed this was very odd, I've worked in mortgages, and this is also not the first property I've sold so know the queries were well outside what they complete in a valuations form) we both got a very strange vibe off the guy and hearing this today makes us wonder.

Do you know if the valuer was appointed by the bank or by the purchasers?

Possibility obviously there for the valuer to be an associate of the buyers and that's the reason for the extra questions - and could be trying to reduce the sale price

Jammyd · 21-08-2020 12:10pm

Vikings wrote: »

Do you know if the valuer was appointed by the bank or by the purchasers?

Possibility obviously there for the valuer to be an associate of the buyers and that's the reason for the extra questions - and could be trying to reduce the sale price

Yeah it’s a possibility, the valuer did mention they wanted extra pictures requested by the purchasers which we were more than happy for them to take.

It was the purchasers who brought the delay to the EA’s attention saying the last update they had from their broker was the bank sought clarification from the valuer so seemed genuine on their part they weren’t aware of an issue and they said they would follow up, the purchaser also asked for the valuers details to try and push on so I don’t think they necessarily selected them

Sweet.Science · 21-08-2020 2:50pm

Anybody here get a mortgage through BOI ? How long was their application with their underwriters ?

lenny4545 · 21-08-2020 3:19pm

Sweet.Science wrote: »

Anybody here get a mortgage through BOI ? How long was their application with their underwriters ?

We did. Was about 1-2 weeks if I remember correctly but we're buying new house that wasn't near completion at the time so was no major panic with it.

jesus_thats_gre · 21-08-2020 3:37pm

Sweet.Science wrote: »

Anybody here get a mortgage through BOI ? How long was their application with their underwriters ?

Went through the process last week.

Submitted on Tuesday midday, was in in a backlog until Wednesday the following week (when I chased them), someone escalated, and I was mortgage approved the next morning.

So Tuesday midday to Thursday the following week.

Bigmac1euro · 21-08-2020 4:02pm

Can anyone answer how long it took their solicitor to receive funds from bank?

I’m with UB but we’re onto the last hurdle now by the looks of it. Just wondering how long it takes. TIA

Sweet.Science · 21-08-2020 4:06pm

Thanks . Got a text Monday to say it was with underwriter so no need to panic yet

jesus_thats_gre · 21-08-2020 4:50pm

Sweet.Science wrote: »

Thanks . Got a text Monday to say it was with underwriter so no need to panic yet

To be honest, I found it all remarkably straight forward. Suspect that it is down to the fact that my entire financial history is with BOI but still, very straight forward.

That or they noticed I am putting a shed load of cash through Revolut :P

Ps. I had to give them a Revolut statement for the last 6 months for anyone that is going to ask.

AlmightyCushion · 21-08-2020 4:53pm

SteelyDanJalapeno wrote: »

Just gone sale agreed at asking price for a 190sm/m detached dormer with sea views with a 30 minute commute to work
Delighted

190sq/m is big but no way should it take you 30 minutes to get from your bed to the kitchen table. :pac:

wayne0308 · 21-08-2020 5:39pm

Hi all,

I am in the process of buying a house and I received the contract from the vendors solicitor this week and had a read of them. The contract does not mention a specific closing date, but one of the special conditions says that "the sale is conditional upon the purchase by the vendors of a new property proceeding to completion. In the event of the vendors failing to complete the purchase, they shall not be obliged to complete the sale of this property."

I would imagine that this is a standard condition when the vendors are in a chain, is that the case in others experience?

I was wondering if others who have gone through similar purchases put any condition in the contract to give themselves an out if the vendors purchase goes on for too long?

I understand this is usually a question for the solicitor, I have sent that question to them but no reply as yet and I am just wondering what other people have done.

boars · 21-08-2020 10:06pm

No word from KBC for the past 3 weeks regarding our mortgage application. Next week will be week 4, hope we hear something. This wait is painful.

I understand backlogs but Its been more than 15 working days now since our application and we've heard nothing. Their website claims less than 10 working days for a response

cubatahavana · 21-08-2020 11:37pm

boars wrote: »

No word from KBC for the past 3 weeks regarding our mortgage application. Next week will be week 4, hope we hear something. This wait is painful.

I understand backlogs but Its been more than 15 working days now since our application and we've heard nothing. Their website claims less than 10 working days for a response

Got our AIP just yesterday after waiting four at least 3 weeks

Janey100 · 22-08-2020 9:38am

CR0009836 wrote: »

We successfully drew down yesterday with AIB without an issue.. my partner is also on the covid top up subsidy. Not sure what your situation is but i'm sure you'll be fine!

I have not been able to find one positive article for weeks of anyone drawing down while on subsidy I was beginning to think this "case by case " was bull!

Do you know what might have pushed it over the line for you?

Shiok · 22-08-2020 5:50pm

Following on from last couple of comments, does anyone have recent experience with a niche application?

In particular, anybody getting movement on a non-resident application at the moment? Thanks

Shiok · 23-08-2020 3:06pm

jesus_thats_gre wrote: »

To be honest, I found it all remarkably straight forward. Suspect that it is down to the fact that my entire financial history is with BOI but still, very straight forward.

That or they noticed I am putting a shed load of cash through Revolut :P

Ps. I had to give them a Revolut statement for the last 6 months for anyone that is going to ask.

Am probably missing your point but what is issue using Revolut?

jesus_thats_gre · 23-08-2020 6:35pm

Shiok wrote: »

Am probably missing your point but what is issue using Revolut?

Suggesting they are worried about a mass exodus of customers to the likes of Revolut so are going out of their way to keep customers happy. I was joking of course.

brisan · 24-08-2020 7:12am

jesus_thats_gre wrote: »

Suggesting they are worried about a mass exodus of customers to the likes of Revolut so are going out of their way to keep customers happy. I was joking of course.

Having recently turned 60 but still tech savvy I was amazed at how many people are using Revolut
We had to set up a fund in work within our group of 10 euro a week
14 out of 16 had revolut
I had to join to make it 15
Are there any security issues ,I have only heard of one case of an account being skimmed and was only for 10 euro

GalwayyGirl · 24-08-2020 2:18pm

Sale agreed and waiting almost five weeks for approval from ICS Mortgages. Are they typically known for taking so long or is the delay related to covid? Thanks

Draco · 24-08-2020 2:24pm

boars wrote: »

No word from KBC for the past 3 weeks regarding our mortgage application. Next week will be week 4, hope we hear something. This wait is painful.

I understand backlogs but Its been more than 15 working days now since our application and we've heard nothing. Their website claims less than 10 working days for a response

Only got our official AIP letter today (had verbal confirmed 2 weeks ago). Apparently there's a backlog of 600 applications in their system and everything is gummed up (according to the guy we were dealing with).

random_banter · 24-08-2020 3:51pm

Sweet.Science wrote: »

Anybody here get a mortgage through BOI ? How long was their application with their underwriters ?

We received approval two weeks ago. It was four weeks from the day we got the text it being received and was being reviewed. But we weren't in a rush and didn't push to escalate. They came back with a couple of questions a week prior to getting approval, including asking to get more info about if my employment had been affected by Covid, etc.

Sweet.Science · 24-08-2020 7:32pm

random_banter wrote: »

We received approval two weeks ago. It was four weeks from the day we got the text it being received and was being reviewed. But we weren't in a rush and didn't push to escalate. They came back with a couple of questions a week prior to getting approval, including asking to get more info about if my employment had been affected by Covid, etc.

Ok good to know . Im in no huge rush myself the house I'm buying is in probate .

Ubbquittious · 24-08-2020 8:38pm

I pretty much had to bail out of the place I've been trying to buy since January. The right of residence for someone who hasn't the mental capacity to be able to sign it away has proven to be too much of a stumbling block. On the lookout for something else now

cubatahavana · 25-08-2020 2:46pm

Last week accepting offers in our property. So far, highest is over asking, so hopefully we will go sale agreed with an over asking offer

Pivot Eoin · 25-08-2020 2:50pm

cubatahavana wrote: »

Last week accepting offers in our property. So far, highest is over asking, so hopefully we will go sale agreed with an over asking offer

What kind of house are you selling? General Area? Hopefully you get it sale agreed. People looking to get in before Christmas (Especially if work is needed) will be keen to wrap up quick getting this stage of the year.

antimatterx · 25-08-2020 2:56pm

My parents are selling a house, it was up for one week and they received the asking after 1 viewing. It really is crazy out there.

strmin · 25-08-2020 3:26pm

I lost 2 bidding wars last week. One was 60k, another 80k over asking. None of them sale agreed yet. I guess waiting for higher offers. It's not even funny anymore.

Markitron · 25-08-2020 3:31pm

strmin wrote: »

I lost 2 bidding wars last week. One was 60k, another 80k over asking. None of them sale agreed yet. I guess waiting for higher offers. It's not even funny anymore.

This sounds like something straight out of 2007

antimatterx · 25-08-2020 3:46pm

Markitron wrote: »

This sounds like something straight out of 2007

It is mad alright.

beauf · 25-08-2020 3:48pm

It just reflection of limited supply. Demand can also be low, it just has to exceed the limited supply (and be desirable) to push it into a bidding war.

Markitron · 25-08-2020 3:48pm

antimatterx wrote: »

It is mad alright.

Wonder how long it continues for

awec · 25-08-2020 3:48pm

strmin wrote: »

I lost 2 bidding wars last week. One was 60k, another 80k over asking. None of them sale agreed yet. I guess waiting for higher offers. It's not even funny anymore.

What percentage over asking does that represent?

cubatahavana · 25-08-2020 4:17pm

awec wrote: »

What percentage over asking does that represent?

On my property around 10% over asking so far.

ittakestwo · 25-08-2020 4:23pm

strmin wrote: »

I lost 2 bidding wars last week. One was 60k, another 80k over asking. None of them sale agreed yet. I guess waiting for higher offers. It's not even funny anymore.

Could you say what part of country they were?

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

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