Diary: I'm buying a house. Offer accepted.... now what!? :)

DeVore

Our Survey Says!

So I got the survey done... He arrived looking like he might need a house himself and my initial reaction was "I hired this guy?!" but he went to work and I began to admire his approach. He was extremely thorough and had a pre ordained check list and a decidedly set way of doing things. he wouldnt talk to me or the R.E.A. until he had done things his way and then he would come back to our questions and points. He took over 90 minutes and seemed to poke in every nook and cranny.

When he was done, he and I walked the house and he pointed out things and I asked questions (like, can I knock this wall through, can I have an extension? can I convert the attic etc...)

My admiration for his work approach soared as he spoke knowledgeably about construction techniques, issues I might face and advice on best ways to do certain things.

He was loath to say anything formally at that point as he said there is a report on its way to me and a letter to the bank but he took me aside and said it was a fine little house and apart from a outside shed which had a roof made from asbestos which would need careful disposal of when I wanted to knock it down, there was nothing wrong with the house. It has a BER cert which I requested from the REA.

So, thats that then, another hurdle over. I have to say I was a bit nervous about the results which I dont understand as if there was anything wrong, I would just have walked away. Perhaps I have settled "emotionally" on buying this house but I do actually think its a genuinely good house for the price and its in a decent enough area at the right point between Malahide (my folks!) and the city. All windows have new double glazing, all floors are new (wood or carpets), kitchen is new, back garden is huge...
maybe I'll be down 20k next year, but I aint buying to sell. Maybe I could get it cheaper but realistically, compared to other houses I've seen.... this is a good price. Perhaps I could push for another 5k off but I did offer that at first and didnt hear back from them for 2 weeks...

Anyway, I'm content and I'm moving forwards. Next stop, solicitors. I have to confess... I have no idea what the solicitor is going to cost me. Thats probably not a good thing... I really must ask him!


So, in summary, surveyors... not as scary as you might think. Very handy too. Apparently now it takes 2-3 weeks to get documents over to my solicitor and about 2-3 weeks to get them signed sealed and delivered. So, 4-6 weeks to go.

DeV.

knuth

I was in the same both with the surveyor, considering him an enemy if he reported anything bad

I started in February and finalized the purchase in August, 6 months in total. Landed a 4 bed in Dublin 7 for €270,000.

I needed a 2k "booking" deposit followed by a 10% deposit when the contracts arrived.

I was granted a 92% mortgage so I got my 2% back once the deal was done from the bank cheque.

Where did you buy by the way?

the_syco

lordlame wrote: »

Where did you buy by the way?

Don't think he'll say until he has written ownership fo the house, but I'm guessing Portmarnock.

Wotzit

OP, I've just bought my first house (on my own) and found it to be equally exciting and terrifying! Sale agreed 25th June and got keys 3rd Aug so a little over 5 weeks and that included getting a full structural survey.

My advice is to be as organised with your documentation as possible, write down your list of questions before you call anybody ie solicitors so as to ensure each of your queries are addressed and be as clear and consise about what you want as possible.

As I was a FTB I got a good deal with a solicitor who charged me €1k plus VAT plus registering and searching fees. They're in Killester so might suit you. All in it came to € 1,800 - I was very pleased with how quickly he handled things, there was no unnecessary delays and he explained everything to me so I knew exactly what and why I was signing a document. The offices also sent me flowers after the deal was done which I thought was a nice touch!

Feel free to PM me if you have any questions:)

Slydice

DeVore wrote: »

maybe I'll be down 20k next year, but I aint buying to sell.

DeVore wrote: »

Anyway, I'm content and I'm moving forwards.

Good. Once ye have a decent idea of what yer getting into (and could end up with) and yer still ok with it, then ... sure what more could you ask for

Best of luck with the house.

latenia

DeVore wrote: »

maybe I'll be down 20k next year, but I aint buying to sell. Maybe I could get it cheaper but realistically, compared to other houses I've seen.... this is a good price. Perhaps I could push for another 5k off but I did offer that at first and didnt hear back from them for 2 weeks...

Without knowing anything about this house other than its size, price and vague location I can guarantee you you're about to flush €100k down the toilet. If you're borrowing this money then we're talking about €200k. That's probably more than your stake in boards.ie and poker winnings put together wasted because you can't hold out for another 24-36 months.

The price might seem like a good deal compared to 3 years ago but those prices were not just high, they were the most overinflated property bubble in the history of the world. I wouldn't consider buying at anything less than a 70% discount off peak prices.

At the very least you should be coming back with a substantially reduced offer following the asbestos discovery.

Damie

latenia wrote: »

Without knowing anything about this house other than its size, price and vague location I can guarantee you you're about to flush €100k down the toilet. If you're borrowing this money then we're talking about €200k. That's probably more than your stake in boards.ie and poker winnings put together wasted because you can't hold out for another 24-36 months.

The price might seem like a good deal compared to 3 years ago but those prices were not just high, they were the most overinflated property bubble in the history of the world. I wouldn't consider buying at anything less than a 70% discount off peak prices.

At the very least you should be coming back with a substantially reduced offer following the asbestos discovery.

Need a bigger hammer lat? :pac:

DeVore

Hurry up and wait!

So we have done the survey, I've applied for life insurance (14 euro a month it will be) and kicked everyone into as high a gear as possible, which seems to equate to..... first gear. His solicitor is supposed to have sent over the papers this week (and hasnt afaik), my solicitor is waiting to do some sort of deeds and titles check which will take 3-4 weeks!

Bizarrely my bank (BOI) has asked me to supply them with a history of my bank account. I have pointed out that they have it already and they want proof of earnings...

So, mostly i'm just waiting now. Started looking in IKEA brouchures but stopped myself.

DeV.

RasTa

Need a lodger?

Theboinkmaster

latenia wrote: »

Without knowing anything about this house other than its size, price and vague location I can guarantee you you're about to flush €100k down the toilet. If you're borrowing this money then we're talking about €200k. That's probably more than your stake in boards.ie and poker winnings put together wasted because you can't hold out for another 24-36 months.

The price might seem like a good deal compared to 3 years ago but those prices were not just high, they were the most overinflated property bubble in the history of the world. I wouldn't consider buying at anything less than a 70% discount off peak prices.

At the very least you should be coming back with a substantially reduced offer following the asbestos discovery.

Fully agree DeVore - that is NOT a good price. You may as well burn €100k as you're basially throwing it away IMO.

You may not believe it but look at similar houses in 2 years time - i guarantee they'll be asking €200k or probably alot less...

snowey07

Im delighted for you and have enjoyed reading this thread. Im also looking and cant wait to be sitting in my own home contemplating what i can do to it

best of luck and keep posting

meglome

When did you get so broody Tom?

As always lots of great advice in here, gonna hold out a bit longer before I'd buy anything but good luck with yours.

And let me be the first to invite myself to the house warming party. I've been around nearly as long as the furniture after all.

stepbar

There's 6 houses in Dublin North which match the criteria you have set (obviously one is yours )

http://www.daft.ie/searchsale.daft?id=545472

http://www.daft.ie/searchsale.daft?id=535284

http://www.daft.ie/searchsale.daft?id=518743

http://www.daft.ie/searchsale.daft?id=513556

http://www.daft.ie/searchsale.daft?id=507998

http://www.daft.ie/searchsale.daft?id=452850

IMO all of them are overpriced. The first one is about the only one I would consider (given location). But not at 285k.... maybe closer to 185k The money you would have to spend to turn that house into a home could be upwards on 40k - 50k. A good kitchen and accessories could set you back 10 - 12k. New bathroom another 2 - 3k. Plumbing? God knows... Decent Furniture? What ever you want it to cost....

Anyhow.... my point is.... if it doesn't meet the rent yield rule walk away.

barrackali

OP, either you have shed loads of money to piss away..or you simply don't care how much money you are going to lose. It may well be 100k...I really can't understand your view that "maybe I'll be down 20k next year"...it will be shed loads more!

Slydice

barrackali wrote: »

OP, either you have shed loads of money to piss away..or you simply don't care how much money you are going to lose. It may well be 100k...I really can't understand your view that "maybe I'll be down 20k next year"...it will be shed loads more!

I will admit that I worry about saying how much prices could drop and that I thought 20k is conservative. So even though I did out the figures to show you'd save money by staying renting... I was thinking that only a 20k price drop was unlikely.

Shoulda said it earlier but again... I worry about saying how much prices could drop.

barrackali

Slydice wrote: »

I will admit that I worry about saying how much prices could drop and that I thought 20k is conservative. So even though I did out the figures to show you'd save money by staying renting... I was thinking that only a 20k price drop was unlikely.

Shoulda said it earlier but again... I worry about saying how much prices could drop.

TBH, any basic analysis of the economy suggests we are in very serious trouble. Rising debt levels, unemployment and net emigration will naturally lead to further serious drops in house prices. Anybody thinking of buying property now seriously needs to press the pause button.

mckildare

This is a very interesting thread (and not the only one!). As a potential first time buyer I've been watching the markets from a distance since the start of the year.

Just seeing how the economy/peoples financial issues have been divebombing since then has told me that no matter what daft (or whoever else) say about the market hitting the bottom, I think prices will have to drop a lot more and for a good while still. Especially the 2nd hand market I think.

It's nice to know that there are more potential buyers holding out as well and I hope that they keep holding out until prices reach reasonable values again

noclue1

Posted this on another thread but bears repeating

What would make you think buying a house now would be a good investment. Look at the situation the country/world economy is in.

Property prices are still falling!!!!
Double dip recession in the global economy looking more likely each day
Unemployment @ nearly 14% and rising
Not to mention all those kept off the live register doing Mickey mouse FAS courses bringing unemployment to c.500,000
Falling public/private sector wages
Mass emigration in the 20-35 age category (these are the FTBs folks)
C.300,000 empty property nationwide
Previous migrant workers returning home, these previously made up a significant proportion of tenants available to support rental prices
New capital requirements for banks meaning less credit availability
Rising interest rates on new and existing mortgages
Numbers in mortgage arrears growing alarmingly each month
Property taxes in the short to medium term
Water charges on the way also
Rent supplement has effectively put a floor in rents the exchequer cannot continue to pay at this level a reduction in the RS will lead to further rent falls and consequently house prices
Inevitable increases in other taxes to pay for our ballooning deficit(reducing net income)
1 In 4 or 25% chance of Ireland defaulting on it's debt(as priced by the markets) along with a possible exit from the eurozone into a new eurotrash zone made up of us and the other pigs

mckildare

noclue1 wrote: »

Posted this on another thread but bears repeating

What would make you think buying a house now would be a good investment. Look at the situation the country/world economy is in.

Property prices are still falling!!!!
Double dip recession in the global economy looking more likely each day
Unemployment @ nearly 14% and rising
Not to mention all those kept off the live register doing Mickey mouse FAS courses bringing unemployment to c.500,000
Falling public/private sector wages
Mass emigration in the 20-35 age category (these are the FTBs folks)
C.300,000 empty property nationwide
Previous migrant workers returning home, these previously made up a significant proportion of tenants available to support rental prices
New capital requirements for banks meaning less credit availability
Rising interest rates on new and existing mortgages
Numbers in mortgage arrears growing alarmingly each month
Property taxes in the short to medium term
Water charges on the way also
Rent supplement has effectively put a floor in rents the exchequer cannot continue to pay at this level a reduction in the RS will lead to further rent falls and consequently house prices
Inevitable increases in other taxes to pay for our ballooning deficit(reducing net income)
1 In 4 or 25% chance of Ireland defaulting on it's debt(as priced by the markets) along with a possible exit from the eurozone into a new eurotrash zone made up of us and the other pigs

Saw that just now in the other thread, bit doom and gloomy but it is the harsh reality. I wonder is there an figures on the emigration so far...?

quozl

Irish ten year bonds at new record highs (again)! Go us! And this is with the ECB buying un-disclosed quantities of PIIGS bonds to prevent massive spikes.

http://www.bloomberg.com/apps/quote?ticker=GIGB10YR:IND

Personally, I would not be buying a house currently. I'm renting and saving, so that if things go the way I think they will then I will be able to either leave the country if necessary, or if things aren't so bad, buy a house at a reasonable multiple of irish salaries.

I see no way we won't default as a country, even if it's in the greek style of default, where they're being held up by the EU, their debts are being restructured and they're suffering through major fiscal reforms. I can't see anything better than long-term high levels of structural unemployment for Ireland, and that's my optimistic view.

I wouldn't buy a house this side of all that. Even if I felt I was getting a reasonable deal.

Only saying this is as you have yet to sign, Dev. If you do, then best of luck with the place, I'm sure you'll be grand either way. I just think one way is safer and easier. This is a fantastic time to be renting!

DeVore

So, the vendors documents are being sent over to my solicitor... still. Were supposed to be with him by the end of last week which is annoying. Someone is getting my size 10 in their ass this morning.

Being self-employed makes it hard to finalise a mortage in this environment. I guess its another kick in the balls for anyone staying in the country trying to create employment. Sometimes I wonder why the fnck I do it.

So, apparently once the docs arrive THIS week and it will take 4-5 weeks after that.

Painfully slow but I suppose there aint much to do but wait.

DeV.

barrackali

Enjoy being in massive negative equity.....some people never learn!

Slydice

DeVore wrote: »

So, the vendors documents are being sent over to my solicitor... still. Were supposed to be with him by the end of last week which is annoying. Someone is getting my size 10 in their ass this morning.

DeVore wrote: »

Painfully slow but I suppose there aint much to do but wait.

Just remember we're in a recession and that people tend to change house rather than sell up.

There could be one or a combination of reasons for the delay.
-the vendor may be waiting on the person who he is trying to buy a house from
-the vendor might be having trouble with their bank
-you might be about to get gazumped
-contract reading is boring
-vendor could be concerned about something in the contract
-could just be part of the process to have this delay

Treehouse72

DeVore wrote: »

Being self-employed makes it hard to finalise a mortage in this environment.

Could you explain this comment DeV? I understand it's hard for the self employed to get a mortgage, but what do you mean by it's hard to "finalise" one?

event

id say he means he is working all day and cant take any time off as he works for himself.

if you work in an office or for someone else, you can sometimes sneak off for a call, quick meeting etc

Ortiz

But surely a mortgage is in place at this stage and one doesn't need to be finalised?

Anyways contracts always take a while to be issued so I wouldn't worry about that. All sounds normal to me in your last update

liger

Did you buy the house in the end?

DeVore

hello again... so... where are we?

Well... I went abroad for about 3 weeks and on the advice of my solicitor we paused the proceedings until i got back. By then the mortgage was through and approved.

What I meant by the comment about being self employed was that I had to get my accountant to write up my taxes (they were all paid but the accounts hadn't been completed... I like to keep my taxes bang up to date or I spend the tax money and then get left short )

In addition to that they wanted proof of earnings for several years, management accounts for year to date and then finally, Boards.ie's internal accounts, which I told them were none of their business, and they accepted that

I am dealing with BOI for the mortgage, home insurance and health assurance which has made the process easier in some ways but there has been a certain amount of "left hand not even knowing there IS a right hand"... at one point they requested my bank account details (!?) which was a bit of a face-palm moment. At the same time there hasn't been any back-and-forth with documentation as my account manager (Nora McMahon) has been a real joy to work with. Bank of Ireland needs to make her a director... right AFTER she is finished with my mortgage.

So then it was on to the legals. I'll tell you something... I freakin' hate lawyers. They make EVERYTHING more complicated and tend to be little, autonomous, FUD machines. My guy (David Walley in Amiens Street) has been actually pretty good. You do need to read the documents and make sure things are covered off (right at the end of the process I asked about keys to the locked lane which controls access to the shed at the back to while poor old David turned white and got stuck into another round of questions back and forth with their lawyer!) Things can get missed and this isnt a situation where you can just leave it to the professionals. You need to be involved.

Then there was a round of signing of documents. I had, rather naively, thought it would be a case of "here's the moolah, where are my keys" but there is a sort of pre-agreement to that phase whereby both parties commit to committing to commit to buying/selling the house!

Now I'm waiting for the actual keys. That happens, supposedly, next Wednesday 24th. Right as the IMF arrive I guess

Without wanting to reenter the debate about house prices and who has the more accurate crystal ball... I've locked the mortage interest for 3 years and the repayments are less than my rent (by a few hundred) so I'm still happy to hand over this chunk of cash for that chunk of house. I still think I'm getting a good deal 270 for a 3-bed house in a settled community with recent refurbishments.... but its always possible that next year they will be selling for 3-and-sixpence. Personally, I'm happy with this deal and I'm going to live here for 10 years at least so ... *shrug*.

So, I had to get a bankers draft made out for the balance of the cost after the mortgage and about a week later after a business trip to switzerland, I came back... accessed my account online.... and thought I had been hacked!! I nearly wet myself for a second!

So, all good and all progressing. Its amazing that without anything really going wrong or turning up as a problem, the process has stretched and elongated considerably. But there is light at the end of the tunnel and this time next week I hope to have the keys.

I promise you one thing, if houses drop to 50,000 in the area.... you WONT find me squealing for a bailout or writing pieces in the newspapers about how you should all feel sorry for me.

Dev.

quozl

Cool. Best of luck with it, Devore.

Victor

DeVore wrote: »

So, I had to get a bankers draft made out for the balance of the cost after the mortgage and about a week later after a business trip to switzerland, I came back... accessed my account online.... and thought I had been hacked!! I nearly wet myself for a second!

One of those cool "I've €16,500 in my current account" moments? Or the other way around?