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

Shelga · 04-08-2020 8:32pm

Electric Nitwit wrote: »

We have, we (confidently) think it's worth 420k, EA advising to list 400k as it's a round number, will catch more searches, and says it will get up to 420k. I get that, but if someone offers 400k we'd be saying no so it feels kind of deceitful. We'd sell around 410k probably, especially for no chain. We'd like a quick sale if possible as we have our eye on a place, so generating interest does seem like a good idea in theory

Just not sure now what to actually list at now

Just to say, from a buyer's point of view, it is extremely frustrating when a property is listed at a price that the seller has no intention of selling at. You might find the opposite effect to what the EA is telling you will happen- people will go to view it who have 400k as the very top of their budget, then get pissed off when they find out you want at least 420k. It could drive away 50% of potential buyers- never mind the fact that you are completely wasting their time.

If you're going to engage in the EA's tactics, I'd say don't list for more than €5k under what you want to sell it for- ie don't list for less than €415k.

Shelga · 04-08-2020 8:33pm

Also, the estate agent also wants to be able to say "I've had 50 emails about this property!"- never mind whether that translates into actual concrete offers or not.

sweet_trip · 04-08-2020 8:37pm

Still struggling to find a place I can afford that's in the right area/condition for me.

Very little houses on the market around or under €175k.
Even less so under €175k that aren't practically condemned.

Very disheartening.

Electric Nitwit · 04-08-2020 8:37pm

Shelga wrote: »

Just to say, from a buyer's point of view, it is extremely frustrating when a property is listed at a price that the seller has no intention of selling at. You might find the opposite effect to what the EA is telling you will happen- people will go to view it who have 400k as the very top of their budget, then get pissed off when they find out you want at least 420k

I agree, and I don't want to mess people around. EA's point is that people will search for up to 400k but, if they love the house, may well be able to stretch to it. Those people might never even see the listing if it's at 420k

brisan · 04-08-2020 8:38pm

sweet_trip wrote: »

Still struggling to find a place I can afford that's in the right area/condition for me.

Very little houses on the market around or under €175k.
Even less so under €175k that aren't practically condemned.

Very disheartening.

If its Dublin you have little or no chance

sweet_trip · 04-08-2020 8:41pm

brisan wrote: »

If its Dublin you have little or no chance

It's not in Dublin. Far from it. I'm trying to buy out in the countryside.

Sad part is, I feel so bad for anybody who does live in Dublin. You're pretty much never going to own a property in Dublin unless you're earning big bucks, which most people arent.

Most public and civil servants, frontline workers, labourers, etc will never be able to afford a nice place in their home city.
I know a guard and a teacher that are married and are living in a dublin slum flat.

Pathetic country.

brisan · 04-08-2020 8:45pm

sweet_trip wrote: »

It's not in Dublin. Far from it. I'm trying to buy out in the countryside.

Sad part is, I feel so bad for anybody who does live in Dublin. You're pretty much never going to own a property in Dublin unless you're earning big bucks, which most people arent.

Most public and civil servants, frontline workers, labourers, etc will never be able to afford a nice place in their home city.
I know a guard and a teacher that are married and are living in a dublin slum flat.

Pathetic country.

Do not know where you are looking but we are thinking about a second home in Wexford and some good prices down there
However we will hold off till next year and the dust has settled

sweet_trip · 04-08-2020 8:46pm

brisan wrote: »

Do not know where you are looking but we are thinking about a second home in Wexford and some good prices down there
However we will hold off till next year and the dust has settled

I'm in the southeast but not wexford. Even still, the housing market is atrocious even in rural area's here.

sweet_trip · 04-08-2020 8:48pm

Random question: Has anybody ever underbid on a house? There's a house I've been eyeing on the market for over a year now, and it's vastly overpriced.
I hear the owners are elderly and stubborn as hell and think it's worth a lot more.

Thinking about sending the EA an email.

jokettle · 04-08-2020 8:50pm

Electric Nitwit wrote: »

We're looking at selling now and are on the other side of this coin. The EA agrees our desired price is realistic but says the best strategy is to price 5% below to generate bids. I can see the logic but it feels like a dodgy game to be playing, and obviously the EA's only interest is in a sale going through, the actual price is basically irrelevant to them

The place we've just gone Sale Agreed on was on the market for over a year with the seller turning down multiple offers of the asking from multiple bidders. Similar numbers to what you've mentioned too. So I'd say it's a strategy that can work *if* you have the patience to wait and aren't in dire need of the money, like our seller is.

The house is well outside Dublin, calling it a commuter town would be really pushing your luck (although it was done during boom times and is being described as such now on occasion) - I mention this just because it would have been snapped up long ago if it was in a more desirable location. So again, patience on your part might be key.

Shelga · 04-08-2020 8:51pm

Electric Nitwit wrote: »

I agree, and I don't want to mess people around. EA's point is that people will search for up to 400k but, if they love the house, may well be able to stretch to it. Those people might never even see the listing if it's at 420k

I set my filter about €10k over what I can afford, to give me a bit of a buffer and also keep an eye on something that might sell for under asking. If someone can remotely afford €420k, that will be reflected in the filter they set. But it is deceitful to list it at €400k, in my opinion, if you have no intention of accepting that amount.

brisan · 04-08-2020 8:52pm

sweet_trip wrote: »

Random question: Has anybody ever underbid on a house? There's a house I've been eyeing on the market for over a year now, and it's vastly overpriced.
I hear the owners are elderly and stubborn as hell and think it's worth a lot more.

Thinking about sending the EA an email.

Millions have and hundreds do it every day
Bid what you think its worth and what you can afford.
Have your finances arranged and tell the EA that you are not in a chain and ready to go
All they can say is no

Electric Nitwit · 04-08-2020 8:55pm

Shelga wrote: »

I set my filter about €10k over what I can afford, to give me a bit of a buffer and also keep an eye on something that might sell for under asking. If someone can remotely afford €420k, that will be reflected in the filter they set. But it is deceitful to list it at €400k, in my opinion, if you have no intention of accepting that amount.

Except myhome moves in 50k increments, and daft 25k. If you could afford 420k, say, would you be searching up to 450k? That's what you'd have to be doing to find it on myhome. You can't just say €x, you have to look at round numbers.

brisan · 04-08-2020 8:58pm

Electric Nitwit wrote: »

Except myhome moves in 50k increments, and daft 25k. If you could afford 420k, say, would you be searching up to 450k? That's what you'd have to be doing to find it on myhome. You can't just say €x, you have to look at round numbers.

Myhome moves in 25k increments as does DAFT

Electric Nitwit · 04-08-2020 9:06pm

brisan wrote: »

Myhome moves in 25k increments as does DAFT

Interesting, it's 50k (myhome) for me but maybe that's just the mobile site

brisan · 04-08-2020 9:09pm

Electric Nitwit wrote: »

Interesting, it's 50k (myhome) for me but maybe that's just the mobile site

The mobile site has a slider bar that moves in 25k increments up to 500k then its 50k increments

Pivot Eoin · 04-08-2020 9:10pm

Electric Nitwit wrote: »

Except myhome moves in 50k increments, and daft 25k. If you could afford 420k, say, would you be searching up to 450k? That's what you'd have to be doing to find it on myhome. You can't just say €x, you have to look at round numbers.

You can set the limit as whatever you want in the URL Bar, Ive set the limit on this one below to €312,475.

Then just bookmark that link and open it whenever you want an update.

https://www.myhome.ie/residential/cork/house-for-sale?maxprice=312475&minbeds=3&minsize=80&minbathrooms=1

Electric Nitwit · 04-08-2020 9:11pm

brisan wrote: »

The mobile site has a slider bar that moves in 25k increments up to 500k then its 50k increments

Just checked again, mine is definitely 50k (it is the slider bar you mention), even as low as 100k and 150k. Strange

Edit: just checked wife's phone and ipad, all 50k. Its kind of trivial, but at the same time I feel like there's a difference in searching up to 425k and 450k if you're in the ballpark of our house

Vikings · 04-08-2020 9:53pm

Electric Nitwit wrote: »

I agree, and I don't want to mess people around. EA's point is that people will search for up to 400k but, if they love the house, may well be able to stretch to it. Those people might never even see the listing if it's at 420k

Don't worry about other people or what they think, do whatever you think will put you in the best position to move forward. Somebody will buy your property.

House in my estate sold for about 3% over asking price a few weeks ago. Right as we were listing our house. EA knew this and recommended listing our house at about 1.5% below the other asking price with a view to trying to achieve the same sale price.

We went with it and have an offer in place of just over asking as of right now and it may go higher.

It's your house, you'll only sell one maybe 2 in a lifetime? It's fine to want to maximise your return to help set you up.

I'll happily sell for 1-2k less if it means getting a family in the door over an investor/LL, but I wouldn't consider 5-10k less for example.

From my own experience of currently looking, it is plain as day to see the houses prices below what they should be at to get people in the door. Once you go into the search with your eyes open to that it does help narrow things.

Whatdoyoumean · 05-08-2020 12:49am

I’m sure this has been asked before, what has been peoples experience with renting and then serving notice when buying a house?

My partner and I have gone sale agreed, however I’m apprehensive to approach the landlord until the contracts have at least been signed.

We have to serve quite a long notice period (due to living here so long). I’m not sure how open landlords are generally when trying to negotiate a shorter notice period? I’m thinking the sale could go through quickly and there may be overlap.

Queenio · 05-08-2020 6:43am

Whatdoyoumean wrote: »

My partner and I have gone sale agreed, however I’m apprehensive to approach the landlord until the contracts have at least been signed.

I’m not sure how open landlords are generally when trying to negotiate a shorter notice period? I’m thinking the sale could go through quickly and there may be overlap.

We are in a similar position. Our solicitor said not to say a word until we have a closing date from the vendors solicitors. We will have to give 56 days notice but I know it can buy rights be up to 6 months. Depending on your landlord they might be fine with 1-2 months termination notice. Sale agreed unfortunately can go on for months. And can fall through for any number of reasons on your side or the vendors side so I can see why he told us to keep our cards close to our chest. As soon as we can get a closing date we will inform. Im resigned myself to paying an extra months rent though.

Markitron · 05-08-2020 8:31am

Whatdoyoumean wrote: »

I’m sure this has been asked before, what has been peoples experience with renting and then serving notice when buying a house?

My partner and I have gone sale agreed, however I’m apprehensive to approach the landlord until the contracts have at least been signed.

We have to serve quite a long notice period (due to living here so long). I’m not sure how open landlords are generally when trying to negotiate a shorter notice period? I’m thinking the sale could go through quickly and there may be overlap.

What is the worst case scenario if you don't give enough notice? Would you just lose your deposit? If so maybe just bite the bullet?

Electric Nitwit · 05-08-2020 8:44am

Markitron wrote: »

What is the worst case scenario if you don't give enough notice? Would you just lose your deposit? If so maybe just bite the bullet?

On the flipside, I got overexcited buying my first place and handed in notice when the solicitor told me it would just be a couple of weeks. It wasn't, it got delayed, they'd found new tenants and I was homeless for a few weeks. So I'd definitely recommend waiting until you're set in stone

CR0009836 · 05-08-2020 12:11pm

Our solicitor has requested drawdown(AIB) today, does anybody know how long this takes? We also don't have a closing date, but i imagine it's when the builders get their money?

Also wondering does the home insurance need to be kicked in a few day's in advance of drawdown or how does it work?

GraceFace12 · 05-08-2020 2:28pm

I viewed a place I really liked but felt it was overpriced at 170k in Cork city. When I asked the EA if there were any offers yet (it is relatively new to the market), I was told there was an offer at 10k under the asking (160k). I thought about it and offered 165k. After a couple more viewings they said, i am still the highest bidder. Anyway, I decided to go for a second viewing yesterday and brought my father who is an engineer and now I am thinking that 165k is slightly too high and really I think 150-155k seems a much more fair offer for the property given the amount of renovations required. I know 10 or 15k may not seem like a lot in the longer term, but for me it is, and would cover a huge amount of the renovations etc

For reference, a house on the same street which is exactly the same sold for 135k in 2017. I do think it was in even worse condition .. but still.

Anyway - my question. Should I go back to the EA and lower my offer to 155k? I don't know if the offer at 160k was legit or not... but even if it was, I feel I have some power here as I am a chain-free FTB with approval post-covid. Of course if they get more offers in, or the offer at 160k is legit, this is meaningless and I risk losing it. Obviously as an FTB, I am super inexperienced here. But the (what I think is a) very high opening offer and lack of other bids has me thinking.

Markitron · 05-08-2020 2:34pm

GraceFace12 wrote: »

I viewed a place I really liked but felt it was overpriced at 170k in Cork city. When I asked the EA if there were any offers yet (it is relatively new to the market), I was told there was an offer at 10k under the asking (160k). I thought about it and offered 165k. After a couple more viewings they said, i am still the highest bidder. Anyway, I decided to go for a second viewing yesterday and brought my father who is an engineer and now I am thinking that 165k is slightly too high and really I think 150-155k seems a much more fair offer for the property given the amount of renovations required. I know 10 or 15k may not seem like a lot in the longer term, but for me it is, and would cover a huge amount of the renovations etc

For reference, a house on the same street which is exactly the same sold for 135k in 2017. I do think it was in even worse condition .. but still.

Anyway - my question. Should I go back to the EA and lower my offer to 155k? I don't know if the offer at 160k was legit or not... but even if it was, I feel I have some power here as I am a chain-free FTB with approval post-covid. Of course if they get more offers in, or the offer at 160k is legit, this is meaningless and I risk losing it. Obviously as an FTB, I am super inexperienced here. But the (what I think is a) very high opening offer and lack of other bids has me thinking.

I suppose it very much depends on whether or not you are willing to walk away.

GraceFace12 · 05-08-2020 3:08pm

antimatterx wrote: »

Realistically how much would you need to earn to buy a 1/2 bed apartment in Dublin as a single person?

I'm in Cork, not Dublin. But for reference I wondered exactly this as a single applicant two short months ago. Spoke to a mortgage broker who told me what was realistic for me. Now I have approval for the standard 3.5 times my salary. A friend got 4 times his salary but he has slightly different circumstances and that was just before Covid. Speak to a mortgage broker - they will be realistic about whats possible and what savings target to aim for etc etc.

As for the price of a one/two bedder... from a Cork perspective you could get something half-decent within a 20 min walk to the city for 165k. If you have a 40k salary, you'd get a mortgage of 140k-ish and somewhere around 10 or 20% savings/deposit just about has you up to that 165k mark. Just about. I'd imagine its tough to get a something on a lower salary than that but not impossible I'm sure with comprimises... especially as we enter a price drop off. And of course this is all much more exaggerated in Dublin.

Padre_Pio · 05-08-2020 3:09pm

Markitron wrote: »

I suppose it very much depends on whether or not you are willing to walk away.

I would go for it.

I viewed a house that has an offer of 195. I'm thinking I might offer 180 for it, 190 is what I'd be willing to pay. The other offer may not be legit, or it could be someone throwing out offers on everything.

Sarn · 05-08-2020 3:44pm

GraceFace12 wrote: »

When I asked the EA if there were any offers yet (it is relatively new to the market), I was told there was an offer at 10k under the asking (160k). I thought about it and offered 165k. After a couple more viewings they said, i am still the highest bidder. Anyway, I decided to go for a second viewing yesterday and brought my father who is an engineer and now I am thinking that 165k is slightly too high...

Anyway - my question. Should I go back to the EA and lower my offer to 155k? I don't know if the offer at 160k was legit or not... but even if it was, I feel I have some power here as I am a chain-free FTB with approval post-covid..

It is one thing to go in with a low offer initially but revising your offer down is another. Unless it is based on things that were not obvious like a leak in the roof or rising damp.

At the end of the day it is your money, and there’s no point having buyer’s remorse. However, the EA is likely to think that you’re a messer if you revise your bid downwards while bidding is still ongoing.

Just let the EA know that you’ve reconsidered and are withdrawing your offer, however, if the other offer falls through to let you know. You are likely to be bottom of the list for any callbacks, but if there are no other offers...

GraceFace12 · 05-08-2020 3:55pm

Padre_Pio wrote: »

I would go for it.

I viewed a house that has an offer of 195. I'm thinking I might offer 180 for it, 190 is what I'd be willing to pay. The other offer may not be legit, or it could be someone throwing out offers on everything.

Absolutely. There seems to be a lot of illigitimate offers being thrown in by people. Another place I was interested in recently - the top two bidders pulled out (or something didn't transpire) and the EA wanted to put it back on the market (hence called me for viewing) but then the seller insisted on selling to the third highest bidder. In that case, two bidders who clearly weren't really as interested, or didn't have the capacity, with the bids they placed..

GraceFace12 · 05-08-2020 4:14pm

Sarn wrote: »

It is one thing to go in with a low offer initially but revising your offer down is another. Unless it is based on things that were not obvious like a leak in the roof or rising damp.

At the end of the day it is your money, and there’s no point having buyer’s remorse. However, the EA is likely to think that you’re a messer if you revise your bid downwards while bidding is still ongoing.

Just let the EA know that you’ve reconsidered and are withdrawing your offer, however, if the other offer falls through to let you know. You are likely to be bottom of the list for any callbacks, but if there are no other offers...

Also agreed. And I am interested so don't want to lose the EA's trust. So if I do this, I will be justifying the lower offer alongside some specifics of structural costs following the second viewing. Which is the genuine truth. I could argue that these will show up in the actual engineers report anyway if I went sale agreed at my current offer and could impact close of sale and mortgage etc etc later on so would rather not waste their time down the road. I'm going to rethink and weigh up risk and reward for me on playing this card for sure. Thanks!

cubatahavana · 05-08-2020 4:23pm

So,

The seller's (new development) solicitor is the same company that I used in the purchasing of my actual home. I am using them to sell my place, but would need a new one for the purchase of the new house, to avoid conflict of interests. I would be grateful if I could get some recommendations here (Please PM them to me). Would it be better to change my solicitor for selling my property, so the same one organizes both things? Would I be charged by my actual appointed solicitor? the only thing they have done so far is getting the deeds from the bank (not sure if this has been done yet, but I authorized them last week to do so)

SteelyDanJalapeno · 05-08-2020 4:57pm

Can an estate agent tell another interested party what the current offer is?

Was no offers on a property, so we bid 460 today, the EA came back later today telling us there has been an increased offer of 465k on the property.
After 3 weeks of no offers

Graham · 05-08-2020 5:19pm

Why wouldn't they?

If I were an EA, I'd be calling any and all interested parties to tell them we'd received an offer. I'd consider it part of an EAs job to do it, to encourage counter offers.

If you were selling, wouldn't you want an EA to do it?

Will Yam · 05-08-2020 5:48pm

SteelyDanJalapeno wrote: »

Can an estate agent tell another interested party what the current offer is?

Was no offers on a property, so we bid 460 today, the EA came back later today telling us there has been an increased offer of 465k on the property.
After 3 weeks of no offers

What is the asking price?

SteelyDanJalapeno · 05-08-2020 5:51pm

Graham wrote: »

Why wouldn't they?

If I were an EA, I'd be calling any and all interested parties to tell them we'd received an offer. I'd consider it part of an EAs job to do it, to encourage counter offers.

If you were selling, wouldn't you want an EA to do it?

Whenever I view properties, the EA is always reluctant to give me any info on current offers, until I make an offer

Graham · 06-08-2020 8:01am

I'd try being very blunt SDJ. Ask the EA:

I'm intending to make an offer. What does the current offer stand at?

givyjoe · 06-08-2020 8:53am

SteelyDanJalapeno wrote: »

Whenever I view properties, the EA is always reluctant to give me any info on current offers, until I make an offer

Opposite experience for me, its the first question I ask at every single viewing and usually most EA's give me the info anyway without being asked for it. Def be blunt and ask out straight what offers there are.

woodchuck · 06-08-2020 11:54am

givyjoe wrote: »

Opposite experience for me, its the first question I ask at every single viewing and usually most EA's give me the info anyway without being asked for it. Def be blunt and ask out straight what offers there are.

Same here. At every viewing we've been to, we've either asked and they've had no problem telling us, or they go ahead and tell us before we even ask. Has never been an issue before or after Covid for us.

bulmersgal · 06-08-2020 12:00pm

woodchuck wrote: »

Same here. At every viewing we've been to, we've either asked and they've had no problem telling us, or they go ahead and tell us before we even ask. Has never been an issue before or after Covid for us.

I've had no problem either I ask and they all have told me what current bid some before I have even viewed.

I placed an offer on property last week 5k under asking but the same price as two other properties in estate have sold for and they were similar spec. The property is only up about two weeks but I'm the only bidder, dying to know what is happening has anybody else viewed it and made offer or how long they plan to keep it up for. Unsure if I should ring estate agent or would that make me appear to eager

Will Yam · 06-08-2020 11:18pm

bulmersgal wrote: »

I've had no problem either I ask and they all have told me what current bid some before I have even viewed.

I placed an offer on property last week 5k under asking but the same price as two other properties in estate have sold for and they were similar spec. The property is only up about two weeks but I'm the only bidder, dying to know what is happening has anybody else viewed it and made offer or how long they plan to keep it up for. Unsure if I should ring estate agent or would that make me appear to eager

I don’t think there is too much to be risked by appearing interested. But it might be worth asking what the situation is. I’m about to make an offer but I’ve told the ea I’m looking very closely at another property. When I make it, and it will be close to asking price, it will be with a very tight window of acceptance, maybe 48 hours. After that my offer is off the table.

CuriousKarl · 07-08-2020 10:18am

Guys, got approval in principle 6 weeks ago via broker while at the same time advised that if July payslip shows bonus of X amount, the loan offer could be improved. Yesterday we found out that the loan offer would not be improved and that if anything it could be reduced due to the bank changing their lending criteria since AIP in June (thankfully me nor my partner have had any Covid related financial impact on our earnings).
Has anybody else had experience of bank reducing their AIP since June or so? (appreciate it would be more understandable if approval in principle was given pre March)

On a separate note, it is a new build we're after, booking deposit was paid in May and have only had dealing with EA until yesterday when the builder called to ask for an update on contracts etc. Found this unusual as assumed builder's solicitor would contact our solicitor for that info, but this to me would suggest that potentially builder is starting to get anxious about sales? From what I know, only 50% of the houses have booking deposits on them, and nobody is yet to move into the houses which are all ready now.

lomb · 07-08-2020 10:33am

Prices are going to fall 10-15% which means builders profit margins are going to be screwed. The help to buy is going to be the only thing holding it up.

JamesMason · 07-08-2020 10:40am

lomb wrote: »

Prices are going to fall 10-15% which means builders profit margins are going to be screwed. The help to buy is going to be the only thing holding it up.

What next...HTB with no deposit needed...what could go wrong?

Sweet.Science · 07-08-2020 12:45pm

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

JohnK · 07-08-2020 12:51pm

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

Usually they'd ask for that before accepting a bid - typically people just block out the amount the bank are willing to give you and send on the edited version

cubatahavana · 07-08-2020 12:53pm

Plenty of bidding strategies for buyers. Any insights on strategies for sellers? What would be an average number of bids per number of viewings?

Vikings · 07-08-2020 1:01pm

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

They are right to do that and it is normal, some will look for it before accepting a bid, some will look for it before even giving a viewing.

It would be very unusual to go sale agreed without showing some proof you have the funds available to complete the sale.

Green Mile · 07-08-2020 1:15pm

Sweet.Science wrote: »

I've had the highest bid on a house the last 2 weeks. The EA asked for my approval letter before going sale agreed.

Seems a bit unusual . They will then know what money i have to play with . Has this happened anyone else ?

I thought sending the deposit would be enough to show the EA you’re serious about the purchase.

EA never asked me for the approval letter, I was happy to get the deposit paid and they took the property off the market when the funds cleared on their side.

Vikings · 07-08-2020 1:25pm

Green Mile wrote: »

I thought sending the deposit would be enough to show the EA you’re serious about the purchase.

EA never asked me for the approval letter, I was happy to get the deposit paid and they took the property off the market when the funds cleared on their side.

You might be serious about the purchase but if it's ultimately the bank providing the money for it they need to know you have the approval - you could have 10,000 in your bank account to cover a booking deposit with no means to buy a 500k house.

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

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