Property Market in Waterford

ziedth

barneystinson wrote: »

Why do you draw that conclusion? All it means is the house comes with sitting tenants under a lease - eg. a 12-month lease with x-months still to run, or simply a Part 4 tenancy.

To be fair,

Where I live is that way. Out landlord is payed by the council and we pay them rent. One of the benefits is we can't be kicked out (IE sold) for at least 5 years so Odats might be referring to that Kind of a set up.

barneystinson

ziedth wrote: »

To be fair,

Where I live is that way. Out landlord is payed by the council and we pay them rent. One of the benefits is we can't be kicked out (IE sold) for at least 5 years so Odats might be referring to that Kind of a set up.

It's more the "it is strange" comment I was referring to - the vast majority of rental properties are let directly from the owner to a tenant - there is nothing strange about it!

In the absence of any other info except the reference that the house is sold subject to a lease, the likelihood is it's not let to the council.

ziedth

Can a house not be sold out from under a tennant even with a lease? I thought it was something to the effect when renting the longer you are in a property the longer the notice they must give you...

barneystinson

ziedth wrote: »

Can a house not be sold out from under a tennant even with a lease? I thought it was something to the effect when renting the longer you are in a property the longer the notice they must give you...

Of course it can, that's why the info says its sold subject to a lease, the new owner steps into the shoes of the previous owner and the lease still applies - it has no effect on the tenant (except they'll probably have to make the house available for viewings prior to auction).

ziedth

barneystinson wrote: »

Of course it can, that's why the info says its sold subject to a lease, the new owner steps into the shoes of the previous owner and the lease still applies - it has no effect on the tenant (except they'll probably have to make the house available for viewings prior to auction).

I didn't actually realise that. I only find it odd cause it happened to a family member that they were renting for a couple of years (kid settled and all) and the landlord knocked on the door one day, said the house was sold and because they had been there for so long they had to be out by a certain date. I can't be sure but they weren't long into their renewed lease, they went to a few people to know their rights and were told that the landlord was in the right.

Granted, this was a good few years ago so things might have changed.

barneystinson

ziedth wrote: »

I didn't actually realise that. I only find it odd cause it happened to a family member that they were renting for a couple of years (kid settled and all) and the landlord knocked on the door one day, said the house was sold and because they had been there for so long they had to be out by a certain date. I can't be sure but they weren't long into their renewed lease, they went to a few people to know their rights and were told that the landlord was in the right.

Granted, this was a good few years ago so things might have changed.

Sure it depends entirely what it says in the lease.

nkay1985

ziedth wrote: »

I didn't actually realise that. I only find it odd cause it happened to a family member that they were renting for a couple of years (kid settled and all) and the landlord knocked on the door one day, said the house was sold and because they had been there for so long they had to be out by a certain date. I can't be sure but they weren't long into their renewed lease, they went to a few people to know their rights and were told that the landlord was in the right.

Granted, this was a good few years ago so things might have changed.

Yeah a landlord can get rid of a tenant with the appropriate amount of notice. Listed under the Notice Periods section here.

I think a property can be sold with a tenant intact and the purchaser must take over the role of landlord and comply with all regulations. So I suppose someone buying one of these places to live in themselves would have to buy the house and then serve the tenant(s) with a notice of termination and wait the appropriate period of time for them to leave, if they don't do so earlier of their own accord.

It'll be interesting to see what prices the Waterford properties go for if they sell, especially the one in Quarrymount.

mooseknunkle

reni10 wrote: »

I see Allsop have another distressed auction coming up and there are a few interesting family home type properties on there in Waterford.

Looks like the banks are actually starting to repossess houses especially from investors:

I think the most interesting one is this 4 bed semi in Bishopsfield that was about €400k when new and now has a minimum reserve set at €125k:
http://www.auction.co.uk/irish/LotDetails.asp?A=852&MP=24&ID=852000087&S=C&O=A

does RESERVE NOT TO EXCEED mean that the house wont sell for anymore than €125,000?

shockwave

Probably means the bidding starts at €125k as its the least they will accept.

nkay1985

I think it just means what it says - that figure is the highest the reserve can be set at. If a bid is placed above this price, the house will definitely be sold. However, if a bid is not placed higher than this value, it doesn't necessarily mean that the house won't sell; the reserve might actually be lower.

I'd say in effect though that those prices will be the reserve - the lowest price for which the property can be sold.

spankmemunkey

Anybody know what the houses in Fan Glas in Kilmeaden are like?

crazy_kenny

spankmemunkey wrote: »

Anybody know what the houses in Fan Glas in Kilmeaden are like?

Timber frame build, B1 energy rating I think. I know a few people living there. One of the guys wants to sell. He lives near the council houses and doesn't fancy it. I think they are still over priced. However 4 bed sold there recently for 200k after only 6 wks on the market. Second phase has only 2 finished houses, 3 shells and the rest are just foundations.

Hoffmans

6 bed in lismore park starting at 60k sounds interesting...

spankmemunkey

crazy_kenny wrote: »

Timber frame build, B1 energy rating I think. I know a few people living there. One of the guys wants to sell. He lives near the council houses and doesn't fancy it. I think they are still over priced. However 4 bed sold there recently for 200k after only 6 wks on the market. Second phase has only 2 finished houses, 3 shells and the rest are just foundations.

Where are the council houses?

spankmemunkey

Friend of mine made an offer on a house 2k short of what the agent wanted and said take it or leave it and the agent said no sorry, I just hope the seller was made aware of the offer and im sure the owner would have accepted the offer, agent said seller said no, i dont believe that, They had come down in their price but my friend said this is all i can afford. My gut feeling is the agent was looking our for their cut in the sale and didnt want to lose out.

caroline456

spankmemunkey wrote: »

Friend of mine made an offer on a house 2k short of what the agent wanted and said take it or leave it and the agent said no sorry, I just hope the seller was made aware of the offer and im sure the owner would have accepted the offer, agent said seller said no, i dont believe that, They had come down in their price but my friend said this is all i can afford. My gut feeling is the agent was looking our for their cut in the sale and didnt want to lose out.

would you mind telling us which agent this was? you can PM me if you don't want to go public. I'll be looking to buy a house (if we get the approval) and I know few of them - just wondering is the agent one of those I'd suggest not to deal with...

caroline456

spankmemunkey wrote: »

Friend of mine made an offer on a house 2k short of what the agent wanted and said take it or leave it and the agent said no sorry, I just hope the seller was made aware of the offer and im sure the owner would have accepted the offer, agent said seller said no, i dont believe that, They had come down in their price but my friend said this is all i can afford. My gut feeling is the agent was looking our for their cut in the sale and didnt want to lose out.

also there's a very easy way to find out about your offer - have a search for the owners in the Land Registry and ask them...then you'll know for sure...

spankmemunkey

caroline456 wrote: »

would you mind telling us which agent this was? you can PM me if you don't want to go public. I'll be looking to buy a house (if we get the approval) and I know few of them - just wondering is the agent one of those I'd suggest not to deal with...

There were 2 guys i wouldnt go near, thats just my opinion but one of them was charging 30 thousand more than the other agent on the same house and in this day and age is a sin, I dont know how they get away with that and i dont know how the seller allows them to do it. maybe it was 30 could have been 15 but he was deffo charging much more than another agent.

Of all the agents Barry Murphy seemed the nicest and the most honest and he didnt try bull**** or play the sales man spin, he was straight up.

caroline456

well, I don't know how they can get away with all the sh*t they throw at you, but I 100% agree with everything you wrote about Barry Murphy - I wish him all the best and lots of happy customers (I truly hope I'll be one of them)

wellboytoo

spankmemunkey wrote: »

Friend of mine made an offer on a house 2k short of what the agent wanted and said take it or leave it and the agent said no sorry, I just hope the seller was made aware of the offer and im sure the owner would have accepted the offer, agent said seller said no, i dont believe that, They had come down in their price but my friend said this is all i can afford. My gut feeling is the agent was looking our for their cut in the sale and didnt want to lose out.

Estate agents by and large get between 1.4% and 2% of the sale price so he would not be losing a shed load of money to let the property go at your friends offer, the obvious answer is he had a better offer , or knew the market would pay it.
Or your friend peed him off with his take it or leave it attitude!

ziedth

wellboytoo wrote: »

Estate agents by and large get between 1.4% and 2% of the sale price so he would not be losing a shed load of money to let the property go at your friends offer, the obvious answer is he had a better offer , or knew the market would pay it.
Or your friend peed him off with his take it or leave it attitude!

Exactly, no estate agents is going time to worry about €30/40. I would tend to agree with him, maybe the owner has an absolute minimum figure or it hasn't been up for very long.

I can understand the "take it or leave it attitude" though, they can really fill you full of ****

caroline456

wellboytoo wrote: »

Estate agents by and large get between 1.4% and 2% of the sale price so he would not be losing a shed load of money to let the property go at your friends offer, the obvious answer is he had a better offer , or knew the market would pay it.
Or your friend peed him off with his take it or leave it attitude!

I still can't stop wondering why people pay unbelievable amounts of money for houses worth 10-30% less than the agreed price. And the prices are still dropping.

I personally would stay away from the ones who tell you that the offer just under the asking price wasn't accepted. In most cases the sellers are expecting to accept 10% less of the asking price - of course, it depends on how long the property is on the market. And it seemes to me that only overpriced houses are on the market too long...

Any way... it's so easy to check wheter the EA was telling the truth or not these days...

spankmemunkey

wellboytoo wrote: »

Estate agents by and large get between 1.4% and 2% of the sale price so he would not be losing a shed load of money to let the property go at your friends offer, the obvious answer is he had a better offer , or knew the market would pay it.
Or your friend peed him off with his take it or leave it attitude!

I dont really want to go into specifics here cos its not me that was making the offer and i dont want to expose anybody, but my friend made an off on a house 2k below what they were willing to accept, they came down in their price according to the estate agent but my friend made it clear that x amount was all they could pay so the price came down and down it even came down before my friend made an offer, and as we were looking at the market very closely in Waterford alot of houses were coming down very rapidly in prices lately, anyway in the end the difference was 2k that couldnt be agreed on, this house was on the market for awhile and is still on the market. and lets not fool ourselves a thread titled property market in waterford is bound to have estate agents looking at it or friends of estate agents so i dont want to go into too many details.

stefan idiot jones

spankmemunkey wrote: »

Friend of mine made an offer on a house 2k short of what the agent wanted and said take it or leave it and the agent said no sorry, I just hope the seller was made aware of the offer and im sure the owner would have accepted the offer, agent said seller said no, i dont believe that, They had come down in their price but my friend said this is all i can afford. My gut feeling is the agent was looking our for their cut in the sale and didnt want to lose out.

Have you thought for a second that maybe, just maybe the Seller and the Estate Agent together have spoke about and made it clear to each other what the minimum price they 'have' to reach for the property ?
As far as I am aware, and speaking as someone who has bought and sold a mortgaged property in the last couple of years, the bank or lending institution gets their money first or they will not release the deeds.
You're splitting hairs over whether or not they should of accepted the two thousand less or was the Estate Agent was playing hardball is probably bollocks as I guess no one would miss an opportunity to sell a property in this climate for a couple of grand.
Tha Agents are only working under instructions from the seller, and if their is a minimum price to go then so be it. The sellers cannot legally sell that property at a loss to the bank.
As usual you are ill informed and generalising when you have no idea of the instructions, legal requirements or the necessity for the sellers to meet a certain price.

caroline456

stefan idiot jones wrote: »

Have you thought for a second that maybe, just maybe the Seller and the Estate Agent together have spoke about and made it clear to each other what the minimum price they 'have' to reach for the property ?
As far as I am aware, and speaking as someone who has bought and sold a mortgaged property in the last couple of years, the bank or lending institution gets their money first or they will not release the deeds.
You're splitting hairs over whether or not they should of accepted the two thousand less or was the Estate Agent was playing hardball is probably bollocks as I guess no one would miss an opportunity to sell a property in this climate for a couple of grand.
Tha Agents are only working under instructions from the seller, and if their is a minimum price to go then so be it. The sellers cannot legally sell that property at a loss to the bank.
As usual you are ill informed and generalising when you have no idea of the instructions, legal requirements or the necessity for the sellers to meet a certain price.

yes, that's true in some cases. the Estate Agent is the one to do the valuation on the house though - so therefore he should be honest with the seller and not to keep their hopes way too high. the price is just the reaction on demand, if there is no demand, the price is not right.
Also selling at loss to the bank - the bank has got their own valuators who can give them fair value of the house - that's the value at which the house is sellable in the CURRENT market. And the most important point to note is that the asking prices ARE in general 10-30% more than what the sellers are hoping to achieve. That's the general rule - the price then could be open to negotiations. So not accepting the offer 2k less than the asking price, especially when the house is still on the market, does seem to be very strange...

spankmemunkey

caroline456 wrote: »

yes, that's true in some cases. the Estate Agent is the one to do the valuation on the house though - so therefore he should be honest with the seller and not to keep their hopes way too high. the price is just the reaction on demand, if there is no demand, the price is not right.
Also selling at loss to the bank - the bank has got their own valuators who can give them fair value of the house - that's the value at which the house is sellable in the CURRENT market. And the most important point to note is that the asking prices ARE in general 10-30% more than what the sellers are hoping to achieve. That's the general rule - the price then could be open to negotiations. So not accepting the offer 2k less than the asking price, especially when the house is still on the market, does seem to be very strange...

Dont mind him, he just loves following me around and going over every thread i write, I think he has a thing for me. He sold a house recently so hes a property expert. Its amazing how i seem to annoy him yet he replies to every thread i post in.

barneystinson

spankmemunkey wrote: »

Dont mind him, he just loves following me around and going over every thread i write, I think he has a thing for me. He sold a house recently so hes a property expert. Its amazing how i seem to annoy him yet he replies to every thread i post in.

You are very annoying though - and I only see your posts occasionally.

mooseknunkle

reni10 wrote: »

I see Allsop have another distressed auction coming up and there are a few interesting family home type properties on there in Waterford.

Looks like the banks are actually starting to repossess houses especially from investors:

I think the most interesting one is this 4 bed semi in Bishopsfield that was about €400k when new and now has a minimum reserve set at €125k:
http://www.auction.co.uk/irish/LotDetails.asp?A=852&MP=24&ID=852000087&S=C&O=A

I heard that house in bishopsfield went for 166,000 not bad for a 4 bed in that area.

spankmemunkey

stefan idiot jones wrote: »

Have you thought for a second that maybe, just maybe the Seller and the Estate Agent together have spoke about and made it clear to each other what the minimum price they 'have' to reach for the property ?
As far as I am aware, and speaking as someone who has bought and sold a mortgaged property in the last couple of years, the bank or lending institution gets their money first or they will not release the deeds.
You're splitting hairs over whether or not they should of accepted the two thousand less or was the Estate Agent was playing hardball is probably bollocks as I guess no one would miss an opportunity to sell a property in this climate for a couple of grand.
Tha Agents are only working under instructions from the seller, and if their is a minimum price to go then so be it. The sellers cannot legally sell that property at a loss to the bank.
As usual you are ill informed and generalising when you have no idea of the instructions, legal requirements or the necessity for the sellers to meet a certain price.

Delighted to say for my friend the offer was accepted.

stefan idiot jones

spankmemunkey wrote: »

Friend of mine made an offer on a house 2k short of what the agent wanted and said take it or leave it and the agent said no sorry, I just hope the seller was made aware of the offer and im sure the owner would have accepted the offer, agent said seller said no, i dont believe that, They had come down in their price but my friend said this is all i can afford. My gut feeling is the agent was looking our for their cut in the sale and didnt want to lose out.

Thats great news about your friend.

So, in regards to the seller and the estate agent having dialogue and working together and your 'gut' feeling that the agent was looking out in his/her self interest didn't exactly materialise did it ?

Sometimes it's nice to be proved wrong when something good and positive happens and restores faith in humanity thay not everyone is looking for the negative in people.