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

Pheonix10 wrote: »

Tbh I'd say they'd just go with the other offer and go sale agreed.

That’s making two assumptions- the offer is actually bona fide and that the buyers will actually come up with the cash. Which in the current climate there is a distinct possibility that they won’t. This has very quickly become a buyers markets so don’t panic at all and hang tight.

beggars_bush wrote: »

I'd ring him back and offer 350

Yes I think I’d withdraw the bid and either offer lower or walk away. These people aren’t there to be your friends and it’s business

Went sale agreed in a 4 bed south Dublin.
Were looking for 2 months. Booking deposit paid, survey and valuation done contracts being sent out in next few days/weeks.

skooterblue2 wrote:

Forget the Corona Virus, can you not see the Dow Jones peaking earlier this year? The only way is down mate. Leave it alone and the price will have dropped a third before christmas!!

agree, if your in a good stable job wait a couple of months and see what happens dont get caught out like the people in 2006 and 2007

Sale agreed since September on a second hand property but had to go through retention planning process. The notification to grand was issued last week but final grant takes another month after that, problem is our mortgage offer will be expired by that time.

Fears over banks shutting, rejecting new applications we asked our solicitor to draw down on our behalf yesterday so in theory all we need to is wait for grant. A bit of a risk but well warranted I think.

I am not worried about prices falling in our particular case as we purchased modestly as we are in a rural location. If we were at the top end of budget I would be reconsidering. However if you need some place to live and your caught with extreme rent I would still proceed, as I dont see too many other options for people.

Badger242 wrote: »

We are in the process of buying a new build house but with the current coronavirus outbreak we are considering whether it's wise to continue. When we met our solicitor we signed the contracts. I was under impression that he would hold them and only send to vendor once everything was ready to go. We are still waiting for a BER cert, home bond cert and have yet to snag the property.

The problem is that our solicitor has already sent the contract to the vendor. They have yet to return signed copies.

Is it too late for us to pull out of sale? If we do will there be financial consequences?

What did your solicitor say?

Would you not have paid 10 percent on signing the contract?
If you have not paid and want to back out, dont pay and see where it goes.

Badger242 wrote: »

I understand it is bad form to be thinking about pulling out at this stage but my job suddenly seems a lot less secure than it did a couple a weeks back.
We are buying a new build in an estate from a very large property development company. Its not ideal for them but im sure they will be able to sell to another buyer.

I suppose we are weighing up all our options at this stage. Pulling out may not be an option if we would lose deposit. Difficult to know what the correct decision is. Next step is to have a chat with our solicitor for clarifaction on contract.

To be honest I haven’t heard of a case of specific performance being successful to force you buy the house. Contact your solicitor and check if a subject to loan clause is in. Usually that states if you can’t get a mortgage you get out of the contract and deposit back. Least if you lose your job or on reduced hours, you can get out of it.

Otherwise if you change your mind your at risk of losing the deposit. Under the contract they can take that so depends on the builder. However they may finder it harder to sell right at this moment.