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

Cash_Q · 07-05-2021 2:58am

LabJesus wrote:

Hey guys, can anyone explain to me how houses are sold (recorded on property price register) without having gone through daft or myhome? Do estate agents make sales sometimes without posting on these sites?

Yes sometimes they do, and sometimes no estate agent is involved in a sale at all, e.g. private sale or sale to a family member

JimmyVik · 07-05-2021 8:13am

LabJesus wrote: »

Hey guys, can anyone explain to me how houses are sold (recorded on property price register) without having gone through daft or myhome? Do estate agents make sales sometimes without posting on these sites?

From what ive heard the last few months there have been lots of sales that havent been advertised.
Might be an idea to approach estate agents and ask to be informed of anything they have thats not advertised in the media.

Starlord_01 · 07-05-2021 8:27am

cintec wrote: »

Congratulations on the house.
Is 6 months not a long delay any advice on what can be done to reduce the timeframe?

Constant push back to closing date due to restrictions as the vendor was buying a new build and had no suitable accommodation until it was ready.

Our solicitor was fantastic and done everything within their power to get this done for us. The one thing I would recommend is to shop around for a decent solicitor at the beginning and make a decision based off the service and not the price.

LabJesus · 07-05-2021 12:52pm

Thanks guys. I will be reaching out to estate agents so.

Has anyone here done a self build? The aul lad is under the impression that you can take out a loan for the 3.5 limit amount and while you are building it go back to the banks (with a new valuation on it to act as deposit) and draw down more of a mortgage well past the 3.5 limit. Its been a while since he has built a house tho and I find it strange I am yet to see this listed anywhere. Is this still possible?

Nika Bolokov · 07-05-2021 1:54pm

LabJesus wrote: »

Thanks guys. I will be reaching out to estate agents so.

Has anyone here done a self build? The aul lad is under the impression that you can take out a loan for the 3.5 limit amount and while you are building it go back to the banks (with a new valuation on it to act as deposit) and draw down more of a mortgage well past the 3.5 limit. Its been a while since he has built a house tho and I find it strange I am yet to see this listed anywhere. Is this still possible?

No. The limit is based on your income, unless your income has gone up I dont think any lender will let you release equity so to speak from an unbuilt house.

ec18 · 07-05-2021 2:32pm

LabJesus wrote: »

Thanks guys. I will be reaching out to estate agents so.

Has anyone here done a self build? The aul lad is under the impression that you can take out a loan for the 3.5 limit amount and while you are building it go back to the banks (with a new valuation on it to act as deposit) and draw down more of a mortgage well past the 3.5 limit. Its been a while since he has built a house tho and I find it strange I am yet to see this listed anywhere. Is this still possible?

the aul lad is wrong. To get a mortgage for a self build you'll need a site with planning, costed build with a contractor quote or plan for self building.

Any valuation is based on a completed house not a semi completed house so an increased in value can't be realised until the house is completed.

cupcaketown · 07-05-2021 3:15pm

Wrex wrote: »

I was successful in a bidding war with someone on Moovingo.

We were told by agent what the current offer was, then made online offer. When the other bidder went higher, we got an email saying bid was unsuccessful and what new bid was, we then made a new bid etc etc

Thanks - did it take long? Submitted a bid the other day, status is just pending.

10-05-2021 3:30pm

Arranged to view a house this week that’s listed at 310. EA friendly etc, no bids will be taken til after viewings he said.

2 hours later - house changed to 320. According to EA price has been changed on daft to “reflect an offer of 320 from a cash investor”.

Busi_Girl08 · 10-05-2021 3:39pm

Deleted User wrote: »

Arranged to view a house this week that’s listed at 310. EA friendly etc, no bids will be taken til after viewings he said.

2 hours later - house changed to 320. According to EA price has been changed on daft to “reflect an offer of 320 from a cash investor”.

Spoke to an EA last week about a house that they were going to organise viewings for today, and that they weren't accepting any offers before viewings, oh except the first bid that came in for 5k over asking. :rolleyes:

We went sale agreed on another property in the meantime so it didn't affect us in the end, but I was never contacted about viewings for that house in the end either, so can only assume they got a few more interested parties who went in guns blazing and left everyone else willing to wait to bid in the dust?

Jmc25 · 10-05-2021 3:55pm

[Deleted User] wrote: »

Arranged to view a house this week that’s listed at 310. EA friendly etc, no bids will be taken til after viewings he said.

2 hours later - house changed to 320. According to EA price has been changed on daft to “reflect an offer of 320 from a cash investor”.

Had a similar experience and don't know what way to feel about it. On the one hand, suppose ultimately it's better that if people are intent on going way over asking that they signal their intent before I bother making time for a viewing. On the other hand, people making blind bids of over asking before even viewing (now that viewing is possible again) is quite depressing in terms of where the property market is at at the moment. Doesn't exactly seem like things will cool down anytime soon.

10-05-2021 4:46pm

Busi_Girl08 wrote: »

Spoke to an EA last week about a house that they were going to organise viewings for today, and that they weren't accepting any offers before viewings, oh except the first bid that came in for 5k over asking. :rolleyes:

We went sale agreed on another property in the meantime so it didn't affect us in the end, but I was never contacted about viewings for that house in the end either, so can only assume they got a few more interested parties who went in guns blazing and left everyone else willing to wait to bid in the dust?

I get the feeling that EA’s feel like dealing with people buying with mortgages are a hassle to them. Roll out the red carpet to investors.

I know by now not to trust a word out of their mouths but it seems to be a big massive game to them where they get their money no matter what. If you’re gonna say no bids til after viewings then even attempt to keep your word.

errlloyd · 10-05-2021 4:53pm

Went sale agreed about 8 weeks ago. Had a bit of a fight with the bank to get LTI exemption over the line, but made it. The solicitor has had a bit of a back and forth with the vendor solicitor over a few technical bits. But it looks like we're through that. Have the life assurance. Have loan offer. Have scoured all the documents related to the apartment to make sure there are no red flags or legacy issues.

Beginning to really feel like it's going to happen.

Wrex · 10-05-2021 5:11pm

cupcaketown wrote: »

Thanks - did it take long? Submitted a bid the other day, status is just pending.

It is in the hands of the seller really. As soon as they accept or decline the offer, you will get an email.
It was quick in our case, as we came in quite late and bidding went back and forth over 48 hours and then accepted. So all depends like I said how keen they are to wrap it up.

Good luck!

standardg60 · 10-05-2021 6:09pm

Jmc25 wrote: »

My experience as a seller is also that an agents main goal is making a sale happen rather than always achieving the absolute maximum. Obviously achieving high prices looks good for their sales pitch to prospective sellers, but that's really the only benefit for them. Hardly enough of an incentive to consistently stoop to the underhanded tactics often mentioned here. Of course I'm sure there are bad apples and it does happen occasionally.

Financially, selling 10 properties at lower prices makes them more money than selling 5 at the highest imaginable price.

Exactly.
If an EA has ten properties to sell in a particular area it makes perfect sense for them to match each to the prospective buyers on their books to ensure all ten sell, regardless of what each house could have sold for.

thegreatescape · 10-05-2021 7:46pm

Does anyone have any idea on a timeframe for valuation to be completed? Went sale agreed 17 days ago, survey was completed 11 days ago and request for valuation submitted 6 days ago. I'm going with a broker and have no direct communication with the bank, is this timeframe normal with a valuation? Just wanting to get the show on the road and feeling like this is stalling things. Thanks in advance!

dubal · 10-05-2021 7:48pm

My valuation was at most a couple of days

thegreatescape · 10-05-2021 7:54pm

dubal wrote: »

My valuation was at most a couple of days

Thanks a million, will start putting pressure on the broker tomorrow.

Zenify · 10-05-2021 8:10pm

standardg60 wrote: »

Exactly.
If an EA has ten properties to sell in a particular area it makes perfect sense for them to match each to the prospective buyers on their books to ensure all ten sell, regardless of what each house could have sold for.

Buyers on their books??? ehhh.... Things are very different nowadays. People view many properties with different estate agents. I think estate agents are more concerned with losing a buyer to another estate agent.

inatissy · 10-05-2021 8:19pm

We are meant to be moving in on the 21st of May. Vendor has requested to change it to 28th of May. I don't know what we are going to do for accommodation. We've 2 toddlers. The house we are buying was a probate sale so no chain on their end &#55357;&#56876;

Emma2019 · 10-05-2021 11:27pm

inatissy wrote: »

We are meant to be moving in on the 21st of May. Vendor has requested to change it to 28th of May. I don't know what we are going to do for accommodation. We've 2 toddlers. The house we are buying was a probate sale so no chain on their end ��

How can they change the date if the contracts are signed?

Cash_Q · 11-05-2021 3:09am

inatissy wrote:

We are meant to be moving in on the 21st of May. Vendor has requested to change it to 28th of May. I don't know what we are going to do for accommodation. We've 2 toddlers. The house we are buying was a probate sale so no chain on their end

Explain your predicament with having no accommodation. Why do they need an extra week if its a probate sale. I'd be inclined to refuse outright, if contracts are signed then they should be committed to the date.

brownbinman · 11-05-2021 9:16am

Cash_Q wrote: »

Why do they need an extra week if its a probate sale.

having gone through a probate sale, I'd imagine there's more crap in the house than they thought and will take longer to clear. Took us a looonnnggg time to clear our parents house

That said, 2 toddlers and a firm date...that's their problem and I'd hold them to the date. Let them take a few days off work to clear it if they need to

11-05-2021 9:21am

Applying for an exemption for the one I'm viewing atm. It'll be with BOI. I'm earning just under 80k so I'm assuming I have a decent chance. How long does it take to hear back?

FrankN1 · 11-05-2021 9:44am

If the buyer and sell contracts sign, what penalties usually apply if the seller can't move out on that date?

ec18 · 11-05-2021 9:45am

FrankN1 wrote: »

If the buyer and sell contracts sign, what penalties usually apply if the seller can't move out on that date?

depends on what's in the contract

ELM327 · 11-05-2021 9:47am

Deleted User wrote: »

Applying for an exemption for the one I'm viewing atm. It'll be with BOI. I'm earning just under 80k so I'm assuming I have a decent chance. How long does it take to hear back?

Are you a single or joint applicant?

The reason I ask is that you generally have to be above 80k to even be considered for an exemption.

FrankN1 · 11-05-2021 9:48am

ec18 wrote: »

depends on what's in the contract

Thanks just wondering what's the normal penalty or is there any?

JimmyVik · 11-05-2021 9:52am

FrankN1 wrote: »

Thanks just wondering what's the normal penalty or is there any?

Ive never heard of a penalty for a delay of a week or two.

11-05-2021 9:54am

ELM327 wrote: »

Are you a single or joint applicant?

The reason I ask is that you generally have to be above 80k to even be considered for an exemption.

I'm a single applicant. I'm just slightly short of 80k as annual salary. Had thought I was earning about enough.

JimmyVik · 11-05-2021 10:12am

Deleted User wrote: »

I'm a single applicant. I'm just slightly short of 80k as annual salary. Had thought I was earning about enough.

No harm in applying. Only way to find out for sure really.
I think the pool of exemptions is reduced now though too.

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

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