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

JamesMason · 16-03-2020 12:57am

Summer2020 wrote: »

Agreed. I think it’s all up in the air and there’s no definite answer either way whether buying or selling. It all depends on your own circumstance.i think it’s fair to say though that a lot of sales will fall through for one reason or another now.
Wouldn’t like to be an estate agent at the minute.

Clicking back to page 14/15 on this thread is like stepping back in time. It's hard to believe how quickly things have turned. For those on the cusp of selling/buying, I sincerely hope it all works out for you in search of a home. For the estate agents that only just last month, scoffed at and bull****tted prospective clients...good luck- you're going to need it.

Sheeps · 16-03-2020 1:01am

Anamdearcadh wrote: »

My heart is racing after watching the news. I bought and got my keys on the 6th of February. My house needs renovations. Trying to stay calm as I realise it is not a health issue, my family are fine etc. But now I fear the value of my house plummeting while I am paying back a mortgage by myself and a pay reduction is surely coming.

Scary, scary times.

If you can afford a home in this day and age then the odds are that if your job is in a relatively secure industry, that during a recession you will likely be able to avail of potentially cheaper labour to rennovate your home.

Try not to think of the value of your home in monetary terms.

Ubbquittious · 16-03-2020 1:02am

I wonder will the Corona put a halt to my attempt at buying. Twas hard enough to try and move the thing along before the virus. Hopefully the seller will put some pressure on now with the impending recession

FutureGuy · 16-03-2020 9:25am

Hi all, in these exceptional circumstances, if your solicitor was gone awol, would you attempt to contact the vendor solicitor or even the vendor themselves?

ebayissues · 16-03-2020 9:49am

TheSheriff wrote: »

We're likely to hand over a booking deposit in the next few days to a small EA in D15 - part of me worrying what if the EA goes bust in the coming weeks. They have very few properties, and will likely have even less now ! So much uncertainty.

How will the estate agent go bust? I hve 10k sitting in their account - this has me spooked

scarepanda · 16-03-2020 10:19am

ebayissues wrote: »

How will the estate agent go bust? I hve 10k sitting in their account - this has me spooked

Surely the booking deposit is in a bond or something similar?

Mitch Connor · 16-03-2020 10:29am

We're due to get keys either today or wednesday.

My worry at this point is whether the people booked to put the floors in, or deliver various items, will be in a position to do so over the next couple of weeks. Floors are due to be put down from Monday next week and nothing has been said otherwise, but who knows what the case will be 7 days from now.

ittakestwo · 16-03-2020 10:43am

Pheonix10 wrote: »

Was bidding on an apartment that was sale agreed at 300k. Buyer couldn't get funding weeks ago so back on the market. The second bidder is now at 285k and I'm 286k.

Not sure what to do?

Run for the hills

0gac3yjefb5sv7 · 16-03-2020 10:44am

ittakestwo wrote: »

Run for the hills

Why? How are you so sure.

ittakestwo · 16-03-2020 11:11am

Pheonix10 wrote: »

Why? How are you so sure.

Huge uncertainty out there regarding how bad corona will leave world economy. Just this morning the ISEQ index is down over 10%.

Some are saying well buy now as you might not get mortgage approval in a few months if the banks get in trouble. But if you do win a bidding war with someone also afraid of not getting a mortgage too in a few months. Put down a 20% deposit and buy for 286k with a mortgage. As soon as banks stop lending the value of the apartment will fall as buyers cant get a mortgages. On book you will probably lose all your 20% equity and even risk going into negative equity. But you will have a home.

Bargain_Hound · 16-03-2020 11:43am

Just got confirmation from our EA for the property went went sale agreed on is closing now for 2 weeks. Valuation cannot be done now either as valuer needs to be present at property. A sign of what is ahead. Haven't got much hope this sale is going to through ahead now.

TheSheriff · 16-03-2020 11:47am

"Sale agreed" on one property and booking deposit due to be paid today/tomorrow (Estate Agent #1).

Two active highest bids on two other properties (Estate Agent #2).

Both EAs called this morning to say they are shutting down, expect there to be little/no movement for the next number of weeks.

To be honest, we were likely going to pull from the sale anyway if it went ahead, the price we agreed two weeks ago, with bidding wars etc. seems meaningless now.

rob w · 16-03-2020 11:50am

We are selling & buying and signed all contracts last week to close this Friday. We are due to drawdown our mortgage on Wednesday and move in Friday. We had planned to stay with parents if that got delayed a few days - but we cant do that now with social distancing etc (our parents are getting on a bit too, so not a good idea to land in on top of them with all this going on!)

We have been through a very long and stressful process already without this sh1t happening, our house went on the market in January 2019 and took a long time to sell due to us being notified of a compulsory purchase order on our front garden the week after we went on the market! Sold well below original asking price in the end. One issue after another during conveyancing process on the place we bought dragged the purchase process on too, but we got there in the end......just in time for COVID-19 to roll in to town.

If the house prices fall after we move in so be it, but we were trading up anyway, so the value of the property we sold would have dropped too and its all relative. The house we bought is for our long term home. Lucky enough we are in stable jobs that should be still there after this blows over, I'm aware not everyone can have that certainty though!

I actually cant sleep or do anything due to the worry over this atm (I'm supposed to be working from home, but cant focus on anything right now

) Don't know where we will end up if we cant get in to new house on Friday. There are so many ways this could go south! Keeping our fingers crossed and hoping the best for everyone else on this thread!

Sorry for the rant, but my other half has the ear burned off already and I need to vent some more! :eek:

FutureGuy · 16-03-2020 11:54am

Our solicitor has phone off now for 5 days. Or EA is not answering.

I just don't know what to do anymore.

Chickpea111 · 16-03-2020 11:56am

Idbatterim wrote: »

what is the rent like v the mortgage?

Rent is very manageable, no problem there, mortgage repayments would be a bit more a month but not much, but there is work to be done to the house it’s an old enough property

reg114 · 16-03-2020 12:20pm

FutureGuy wrote: »

Our solicitor has phone off now for 5 days. Or EA is not answering.

I just don't know what to do anymore.

Genuinely I would park all notion of buying or selling at the moment. Dealing with property is a complex, stressful and lengthy process at the best of times, given the current climate of uncertainty you would be crazy to attempt to guess one or two steps ahead especially when important players like solicitors and estate agents are no longer contactable. Park any property plans until there is a clearer picture as to what is happening in this country as a whole never mind the property market. If this virus takes hold like it has in Italy you are looking at a total collapse in economic output, mass job losses and as a result the rental and residential sales market will undergo enormous upheaval.

RiseToMe · 16-03-2020 12:29pm

We are closing on a new build Friday, we motioned to draw down last Friday and on foot of everything we have decided to push everything forward so will close on Wednesday.

Money and value isn't a concern for us however I would imagine that we will be waiting quite some time for floors and appliances

lfen · 16-03-2020 1:00pm

Anyone get approved in the last few days?

ELM327 · 16-03-2020 1:03pm

scarepanda wrote: »

Surely the booking deposit is in a bond or something similar?

One would imagine that, similar to other regulated industries, there would have to be a division between their funds and customer funds.

paul-2008 · 16-03-2020 1:04pm

Sale due to close last friday but delay with the bank... funds released to solicitor today so I'm hoping this virus doesnt stop us getting keys this week since we have actually drawn down our mortgage and will be paying a mortgage for a property we dont have :eek: scary times ahead

Bargain_Hound · 16-03-2020 1:14pm

lfen wrote: »

Anyone get approved in the last few days?

One week ago. Sale agreed the day following.
It's all on hold now as EA cant move nor can the banks move forward anymore on mortgage process.

dowhatyoulove · 16-03-2020 1:18pm

We signed our mortgage and deed papers this morning - we’d already signed our contracts for the house. Sending the access code for H2B tonight hopefully. We snagged our house as well this week - few wee bits to do but hoping for a positive outcome. Panicking will do no good to anyone

scarepanda · 16-03-2020 1:26pm

ELM327 wrote: »

One would imagine that, similar to other regulated industries, there would have to be a division between their funds and customer funds.

I dropped our solicitor an email asking and she pretty much confirmed exactly what you have said above and it's the same for them. We have the booking deposit and 10% deposit paid already, so we've quite a chunk of money sitting in other accounts.

randoplh134 · 16-03-2020 2:10pm

<SNIP>

DelBoy Trotter · 16-03-2020 2:59pm

We have been looking for approximately 6 months, but we will definitely be putting it on hold for the next couple of months

0gac3yjefb5sv7 · 16-03-2020 3:10pm

Got an email this morning to say there was a higher offer which came in this morning.

Can't help but think this is the EA trying to get me to close off and bid higher.

Citroen2cv · 16-03-2020 3:15pm

Pheonix10 wrote: »

Got an email this morning to say there was a higher offer which came in this morning.

Can't help but think this is the EA trying to get me to close off and bid higher.

The EA is probably reading your post.

0gac3yjefb5sv7 · 16-03-2020 3:19pm

Citroen2cv wrote: »

The EA is probably reading your post.

The whole of Cork is a big place haha.

FutureGuy · 16-03-2020 3:25pm

reg114 wrote: »

Genuinely I would park all notion of buying or selling at the moment. Dealing with property is a complex, stressful and lengthy process at the best of times, given the current climate of uncertainty you would be crazy to attempt to guess one or two steps ahead especially when important players like solicitors and estate agents are no longer contactable. Park any property plans until there is a clearer picture as to what is happening in this country as a whole never mind the property market. If this virus takes hold like it has in Italy you are looking at a total collapse in economic output, mass job losses and as a result the rental and residential sales market will undergo enormous upheaval.

We have about 20k sitting in EA and solicitors accounts. Contracts signed.

TheSheriff · 16-03-2020 3:52pm

Pheonix10 wrote: »

Got an email this morning to say there was a higher offer which came in this morning.

Can't help but think this is the EA trying to get me to close off and bid higher.

I would ABSOLUTELY "roll the dice" on this so to speak and not bid higher.

There is a good chance the other bidder may not have funds in place or their circumstances could chance drastically in the coming weeks (so could yours mind you).

See where things are in a few weeks time.

Skylinehead · 16-03-2020 3:59pm

I'm sale agreed, contracts in with the solicitor, just getting a few things sorted out. Think I'm going to proceed with it.

Sheeps · 16-03-2020 4:16pm

Just got an email from my solicitor that they will be working full steam ahead albeit remotely.

Girrrrseach · 16-03-2020 4:31pm

Hello, all!

Sharing my experience here. Went Sale Agreed back in December, and due to be closing this Wednesday. Broker is confident that the bank will move in time... Getting a bit nervy here!

fergus1001 · 16-03-2020 4:38pm

would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

fliball123 · 16-03-2020 4:40pm

fergus1001 wrote: »

would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

They would also have to contend with not being able to get a loan either even if prices went down.

Immy · 16-03-2020 4:41pm

We put our house up for sale 2 weeks ago, have taken it down. We’ll hold another while and see how things play out

paul-2008 · 16-03-2020 4:41pm

fergus1001 wrote: »

would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

For this to actually matter you would have to be looking at selling the house during this time? For anyone purchasing a property as a family home right now that is not at risk of losing their jobs and can afford the mortgage payments - this doesnt really make a difference

fergus1001 · 16-03-2020 4:54pm

paul-2008 wrote:

For this to actually matter you would have to be looking at selling the house during this time? For anyone purchasing a property as a family home right now that is not at risk of losing their jobs and can afford the mortgage payments - this doesnt really make a difference

it does if you dont want to be in negative equity because you bought at the top of the market and it really looks like it is even if you take covid-19 out of the equation

scarepanda · 16-03-2020 4:57pm

fergus1001 wrote: »

would you not be concerned buying now and the price of houses takes a dive in a month or two time due to recession/negative outlook on the economy

Yes.

But I think it is only really relative to your plans for the house. If you were buying as a starter, 'short-term' and/or your job was at obvious risk then you should run for the hills. Similarly if you've only reached a stage of sale agreed and not yet spent money on engineers, solicitors, valuations etc.

However for some of us, while the financial part is massive, there's more to buying a house than that.

For us personally, we've laboured over whether to proceed and have taken the decision to take a gamble. Sure it will be a kick in the teeth to buy at the very edge of the cliff, but we've looked long and hard over the years and very very few similar houses have come on the market in the area irrespective of price bracket. We're buying a family home for the long term. This house ticks our boxes for size, garden, location, internet, schools, access to motorway and more including some stuff we would like but not necessary, like having a South facing back garden. We're also at the age and have a young family where it's time to get out of the rental market and properly settle down. And while my husband's job is as secure as any at the moment there's no guarantee that the banks will be lending again anytime soon no matter how low risk we are on paper.

paul-2008 · 16-03-2020 4:57pm

fergus1001 wrote: »

it does if you dont want to be in negative equity because you bought at the top of the market and it really looks like it is even if you take covid-19 out of the equation

But again, negative equity only matters if you're selling the property no? Obviously this is only my opinion on the matter.
In my situation, I am buying a family home in a decent location, I don't think its overpriced for what we are buying and can afford the repayments. Chances are I will be in this house for 30+ years. At the end of the day the repayments will still be less than renting

Sheeps · 16-03-2020 4:59pm

fergus1001 wrote: »

it does if you dont want to be in negative equity because you bought at the top of the market and it really looks like it is even if you take covid-19 out of the equation

I'm in this situation, but ultimately the rewards outweigh the risks. I'll be buying my first home with an 80% LTV mortgage, interest rates will probably sink to their lowest ever, but house prices will have to drop by about 20% for me to be in negative equity. If that happens I know I'm going to be living there for the next 15 years which was the plan anyway.

The real risk in buying a house right now is knowing if your job will be secure and the payments affordable. I can't see demand for my skills going away any time soon so I estimate the risk is quite low for me. I'd imagine a lot of people who can afford to buy in this market will be in quite a simlar situation given how unaffordable property is at the moment.

scarepanda · 16-03-2020 5:00pm

paul-2008 wrote: »

But again, negative equity only matters if you're selling the property no? Obviously this is only my opinion on the matter.
In my situation, I am buying a family home in a decent location, I don't think its overpriced for what we are buying and can afford the repayments. Chances are I will be in this house for 30+ years. At the end of the day the repayments will still be less than renting

We're similar. The most obvious way we think it will affect us by going into negative equity is chopping and changing providers when our fixed term is over to get the best rate and not being under 80% LTV ratio. But that's a few years away yet and who knows what the lie of the land will be by then

road_high · 16-03-2020 5:02pm

Pheonix10 wrote: »

Got an email this morning to say there was a higher offer which came in this morning.

Can't help but think this is the EA trying to get me to close off and bid higher.

If it were me I'd let them at it. Chances are you may get a better house for less money going forward. They'll probably come back biting your hand off in a few days.

jrosen · 16-03-2020 5:16pm

We have bought new, snagged and the 10% handed over already. Were due to close last week, one document short (BER cert from the local authority)
If that comes we can close. Our bank (KBC) have confirmed we are ready to draw down. We cant without the cert though. But even with the cert the floor store we were using has closed, the delivery of kitchen appliances wont happen either.

EA are utterly useless. Once they get the deposit they are virtually unreachable. We have been trying to rush this through for over a week because we were concerned this would happen. All up in the air.

Idbatterim · 16-03-2020 5:25pm

paul-2008 wrote: »

But again, negative equity only matters if you're selling the property no? Obviously this is only my opinion on the matter.
In my situation, I am buying a family home in a decent location, I don't think its overpriced for what we are buying and can afford the repayments. Chances are I will be in this house for 30+ years. At the end of the day the repayments will still be less than renting

its also a quality of life thing in a way, say you save a hundred k, thats another hundred k in interest over a 30-35 year loan. Its money you can spend on other things, holiday , car , kids education etc... if you are currently paying market rent in dublin etc, the buying option is a bit different...

Mitch Connor · 16-03-2020 5:29pm

jrosen wrote: »

the floor store we were using has closed, the delivery of kitchen appliances wont happen either.

that is my worry now.
Floors due to go down next week.
Some deliveries due the end of this week.

Good chance neither happen. We spoke to the floors people today confirming next week, and its still going ahead but things can change very quickly over the next week.

SwordofLight · 16-03-2020 5:36pm

So are the banks even giving mortgage offers at the moment or are they going to freeze everything

Captain Flaps · 16-03-2020 5:40pm

fliball123 wrote: »

They would also have to contend with not being able to get a loan either even if prices went down.

Exactly.

We bought just under 2 years ago knowing that there was a chance of a recession a few years down the line, but there's never a right time. If the economy tanks then it'll be very hard to get a mortgage even if the prices are 50% of what they are now, and the rates won't be great on them. Negative equity only counts if you're hoping to sell and move on in the next decade, otherwise its just a number.

guyfawkes5 · 16-03-2020 5:40pm

You never know even next week, but I just had a mortgage application with EBS approved Friday and am waiting on the paperwork.

0gac3yjefb5sv7 · 16-03-2020 6:29pm

road_high wrote: »

If it were me I'd let them at it. Chances are you may get a better house for less money going forward. They'll probably come back biting your hand off in a few days.

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

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

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