Sale agreed

Lyn256

Out of curiosity this morning, I decided to take a look and see how many houses have gone officially 'sale agreed' on daft.ie in the past month (30 days).
Firstly I checked my own area of interest-West Dublin-and was shocked to discover that only 13 properties have gone sale agreed-that's an area going from Clondalkin to Lucan to Blanchardstown and all sized properties.
Then I decided to look at the whole of Ireland and found that 97 properties have gone 'sale agreed' in the past 30 days
Now I know that daft.ie don't have all properties and that they may not have updated the 'sale agreed' area but that's shockingly low.
I know that the housing market is very slow but I was very surprised to see that.
Have the banks clamped down even more on mortgages-I do know of 3 properties in my locality that have gone 'sale agreed' and the sale has fallen through due to issues with the banks.
I know that myhome.ie show significantly more homes 'sale agreed' however they seem to leave their 'sale agreed' properties online for ages (there are properties there from January)
Any feedback/comments??

up4it

I spoke to two EAs (outside Dublin) recently that they did not have a single offer on any of their properties! Have to say that I do admire them for honesty!

Mick990

I think if you looked at the conversion from sale agreed to sold it would be smaller again .

We got our AIP on 19th of Jan for 90% of 210,000. We then went and picked out our house within 2 weeks (just ticked all the right boxes) and went back to the bank . The property was for 195,000 meaning we only needed a mortgage for 171,000. The bank manager was delighted and sent out his engineer who also thought it was well worth the money and had valued the house at 205,000 so we were told (unofficially) that it was game on

The bank then dragged it on for 2 months and eventually came back saying they would only offer us 80% instead of the intitial 90% meaning we would need an extra 20k which rightly screwed us

See by doing this statistically they can say they have offered the mortgage so they are "still open for business" but i think the real story is a totally different one

Lyn256

Mick990 wrote: »

The bank then dragged it on for 2 months and eventually came back saying they would only offer us 80% instead of the intitial 90% meaning we would need an extra 20k which rightly screwed us

See by doing this statistically they can say they have offered the mortgage so they are "still open for business" but i think the real story is a totally different one

Thats similar to what I've heard-banks promising AIP but dragging things out for months and then not giving money agreed-one of the properties that fell through-was sale agreed twice-very frustrating for the seller

Lyn256

Talking to an EA that I know and he said that if it wasn't for the lettings side of the business-they'd be out of business. It's what's keeping their doors opened at the moment.

Dymo

How did you find that link on Daft.ie? where all the sale agreed are.

Balmed Out

I never noticed it until i created an account. It might not be an option until you do. Myhome have it for all.

Dymo

In the property Search--> Go advanced and at the bottom is sale agreed radio button.

RasTa

Is this some sort of joke?

http://www.daft.ie/searchsale.daft?id=591964

http://www.daft.ie/searchsale.daft?id=501580

f9710145

doesn't say that's the price they were sale agreed at...

mathie

Mick990 wrote: »

I think if you looked at the conversion from sale agreed to sold it would be smaller again .

We got our AIP on 19th of Jan for 90% of 210,000. We then went and picked out our house within 2 weeks (just ticked all the right boxes) and went back to the bank . The property was for 195,000 meaning we only needed a mortgage for 171,000. The bank manager was delighted and sent out his engineer who also thought it was well worth the money and had valued the house at 205,000 so we were told (unofficially) that it was game on

The bank then dragged it on for 2 months and eventually came back saying they would only offer us 80% instead of the intitial 90% meaning we would need an extra 20k which rightly screwed us

See by doing this statistically they can say they have offered the mortgage so they are "still open for business" but i think the real story is a totally different one

The reason they offered an 80% mortgage is because they thought it was worth 80% of their valuation.

They effectively saved you 20K yet you post a frowny face

I genuinely don't understand that.
The bank has told you it's not worth the money yet you're sad?
They saved you a fortune!

the_syco

mathie wrote: »

I genuinely don't understand that.
The bank has told you it's not worth the money yet you're sad?
They saved you a fortune!

Users checks mortgage, bank gives the mortgage, user offers money, seller says yes, user goes to get mortgage, bank says FUUUUUUUU and here's less money. User now has to come up with the extra cash another way other than the mortgage that they thought they had gotten to get the house.

I think this is why they are not happy.

Rabidlamb

Dymo wrote: »

In the property Search--> Go advanced and at the bottom is sale agreed radio button.

Ooooooo that's good, the only ones sale agreed in my area are the ones that had the lowest asking prices, the neighbours wont be happy.

the_syco

Rabidlamb wrote: »

Ooooooo that's good, the only ones sale agreed in my area are the ones that had the lowest asking prices, the neighbours wont be happy.

You have to take a long term view. Some places that get "sold" appear a few weeks/months later under a different ad. An ad that has been around a long time looks bad. It looks like the house isn't getting shifted, or that they can offer less. Also, sometimes the person just can't get the mortgage. So some houses get "sold" but then appear back on the market.

djmcr

the_syco wrote: »

Users checks mortgage, bank gives the mortgage, user offers money, seller says yes, user goes to get mortgage, bank says FUUUUUUUU and here's less money. User now has to come up with the extra cash another way other than the mortgage that they thought they had gotten to get the house.

I think this is why they are not happy.

Or you go back and renegotiate with the vendors and explain the situation

Mick990

mathie wrote: »

The reason they offered an 80% mortgage is because they thought it was worth 80% of their valuation.

They effectively saved you 20K yet you post a frowny face

I genuinely don't understand that.
The bank has told you it's not worth the money yet you're sad?
They saved you a fortune!

I'm not sure I understand you here ?? After the banks valuer went out he had valued the house at more then what we had agreed on it . Why would the bank then decide it was worth only 80% ??

barbie_j

Hi All! I m kinda confused where am I now. :mad:
The vendor and me via the agent had made an oral agreement re a house. But I haven't pay a cent since the oral agreement.( becasue I m currently abroad）.

The agent remind me to pay some deposite, meanwhile I supposed to looking for a valuer and surveyor and a solicitor.

The thing is I am not going to get a mortgage from the bank, my parents will pay for the house as their investment, but under my name.

so do I still need any valuer/surveyor for the legal purpose?
I may get a surveyor to check the house, but is it possible for the vendor to share some repairs ( if there is any)?

many thanks in advance

Diddler1977

barbie_j wrote: »

Hi All! I m kinda confused where am I now. :mad:
The vendor and me via the agent had made an oral agreement re a house. But I haven't pay a cent since the oral agreement.( becasue I m currently abroad）.

The agent remind me to pay some deposite, meanwhile I supposed to looking for a valuer and surveyor and a solicitor.

The thing is I am not going to get a mortgage from the bank, my parents will pay for the house as their investment, but under my name.

so do I still need any valuer/surveyor for the legal purpose?
I may get a surveyor to check the house, but is it possible for the vendor to share some repairs ( if there is any)?

many thanks in advance

A surveyor is essential. They will assess the building for problems that you may not have realized were apparent.

If they survey reveals anything you can a)withdraw from the sale b) renegotiate with the sellers

mathie

Mick990 wrote: »

I'm not sure I understand you here ?? After the banks valuer went out he had valued the house at more then what we had agreed on it . Why would the bank then decide it was worth only 80% ??

Because a valuer isn't on the hook for the money if you default.
The bank are covering themselves.

D3PO

barbie_j wrote: »

The thing is I am not going to get a mortgage from the bank, my parents will pay for the house as their investment, but under my name.

you realise this is illegal ?

Tea drinker

D3PO wrote: »

you realise this is illegal ?

Hi, can you tell me a few of they ways it is illegal?
Thanks

Ste.phen

Tea drinker wrote: »

Hi, can you tell me a few of they ways it is illegal?
Thanks

I think the assumption that it's 'illegal' is that it probably involves lying to the bank, revenue, or both regarding the nature of the purchase and the source of the funds, but really we haven't had enough info from the OP to draw any such conclusions

barbie_j

hi ya! they will pay for it but will give it to me as a gift.becasue the price is under the threshold, I don't have to pay any CAT.

So I don't think it's illegal.. what you think? and I will explain this to the solicitor as well.

many thanks !:)

Ste.phen

As long as they're paying the mortgage and don't expect you to pay them back any cash, that sounds grand to me, but i'm not a lawyer!

knuth

barbie_j wrote: »

hi ya! they will pay for it but will give it to me as a gift.becasue the price is under the threshold, I don't have to pay any CAT.

So I don't think it's illegal.. what you think? and I will explain this to the solicitor as well.

many thanks !:)

If your parents are ever adopting, drop me a pm please

The_Conductor

You will need to pay stamp duty however.
Mighty nice of your parents, I must say.......

Rulmeq

Just in case your parents are being really generous :P

http://www.revenue.ie/en/tax/cat/leaflets/cat1.html