Buying a house 2012

dublin8681

In my experience do not offer while you are viewing the property - you may seem to keen and might imply it is definitely a low offer that you have more to give, defo give them impression you are viewing other properties....

You do not have to give a deposit as soon as you offer so do not worry about this and even when you do initially give a booking deposit, it is fully refundable
it is usually 3-4k.

Check out the propertypriceregister and show the estate agent you are very informed and set on your price - http://yellowschedule.com/house_price_database_ireland/

Lenny wrote: »

HI folks, going to be visiting 2 houses tomorrow.
first time viewing, how long should it be? should we be checking a lot of stuff like on the aib mortgage site says(check the windows etc.)
Should we make an offer there, a reduced offer at first of course, how much would be a reasonable ammount to offer off?
or do we call them in the morning with an offer, i feel it'd be easier for them reject an offer.
I assume all deposits are refundable, how much should we give? if we give a deposit does that secure it for us, or will the estate agent still show people & let them make an offer for it? if they accept our reduced offer(say for example 10k) and give a deposit, would some people try get it a bit lower(I know if we got it accessed and if their was structure damage there would be a reduction)

Lenny

dublin8681 wrote: »

In my experience do not offer while you are viewing the property - you may seem to keen and might imply it is definitely a low offer that you have more to give, defo give them impression you are viewing other properties....

You do not have to give a deposit as soon as you offer so do not worry about this and even when you do initially give a booking deposit, it is fully refundable
it is usually 3-4k.

Check out the propertypriceregister and show the estate agent you are very informed and set on your price - http://yellowschedule.com/house_price_database_ireland/

OK thanks for the info. we are viewing two properties tomorrow, both one at 5.30 & one at 6(believe it or not when I rang the 2nd viewing and told him i was viewing at 5.30, he suggested I view his at 5.40(the houses are very close together) he said its the norm for a 5-10min view?!
I wonderer if the agent will ask how much we got approved for, which I guess we won't tell him?

Advice taken on not offering right away, shows to be too keen.
So we ring day or two later. make an offer & wait to see what they come abck with then give deposit? I read that bank draft is best.. does the agent cash this? what if they by chance their company folds up?
that site you link is a bit better than the gov one taht I was looking at, a lot more homes on it, are they the sold price yea?

dublin8681

Yea usually a viewing prob be 10 mins and 2 mins if ends up been a dump(estate agents tend to leave some rooms out of online photos a lot of the time)
No he will defo not ask how much and if he does Don't tell him it is none of his business at all. You will prob be dying to put in an offer so yea the next day is fine as you prob dont want to leave it to much longer incase someone gets there before you. But do not believe them 100% as they lie (not all time but a good bit) anyone on this thread will tell you.

Yea bank draft usually the way you pay it, you get a receipt for the payment & in terms of folding up (only my opinion) but any estate agent still open and got through the recession is not going to be folding suddenly.... anyways be in their interests to see the sale through to get their cut.

Also, i've ended up with basically two house offers accepted as I had withdrew my offer from one and carried on and put a booking deposit on another and the first house I put an offer on obviously had nothin i nthe past 3 wks so now they have infact said they'd take my offer (i'm happier with second option but just shows if I really did want first it would just took a bit of waiting for them to drop to my offer - but obviously every situation can differ)

Lenny wrote: »

OK thanks for the info. we are viewing two properties tomorrow, both one at 5.30 & one at 6(believe it or not when I rang the 2nd viewing and told him i was viewing at 5.30, he suggested I view his at 5.40(the houses are very close together) he said its the norm for a 5-10min view?!
I wonderer if the agent will ask how much we got approved for, which I guess we won't tell him?
Advice taken on not offering right away, shows to be too keen.
So we ring day or two later. make an offer & wait to see what they come abck with then give deposit? I read that bank draft is best.. does the agent cash this? what if they by chance their company folds up?
that site you link is a bit better than the gov one taht I was looking at, a lot more homes on it, are they the sold price yea?

dublin8681

Re: http://yellowschedule.com/house_price_database_ireland/

Forgot to say yes they are the sold prices and show VAT inclusive as the new houses on the gov's one do not show VAT inclusive so price is off by 13.5% - which can be highly misleading... and it is bit ridiculous not to show inclusive or at least show both!

Lenny

ok, thanks for clearing that up on the vat issue. I have been looking at houses in two areas, one were I grew up & one beside me. and I was getting an adverage of some house had sold less than 10-15k advertised.
but looking at it now if I add the 13.5% on, it would seem they all went above the asking price on the sites?? so it would look like they went about 10-15k over the asking? *** re-checked a few houses, RPPR seems to be the same as PPDI
there was a viewing in the house in one of the houses i we are going to look at on saturday,, I rang on friday & was told there was a viewing(by appointment)in the morning, i asked could i view after and he laughed an said no way. which would seem strange as I have visited the house and it seems vancat(I thought would be good for him as both parties would see a potential bidder)

folan

every house i looked at, i spent minimum 20 mins looking around unless it was a dump.

Be sure to check orientation of house against sun etc.

Also check ceilings and high walls for signs of damp.

Any extensions or moved walls etc, check nearby walls for cracks or signs of stress etc. Make sure any relevant planning permission was gotten.

Pay attention to fixtures and fittings etc. make sure they are all sturdy, or i fyou would need to replace them. Check for electrictiy points etc, looking if they are fitted correctly.

Ask about BER certs etc.

Maybe bring a small notepad (i used a pocket diary) to take any notes which hit you while you are walking around.

someone, killers1 i think, posted a guide in response which i found pretty useful when i started looking. itll be a while back, sometime around April or May i would assume, if you want to have a look for it.

Last bit of advise i would give you is go in with an open mind. you will change the house for yourself, so try not to get too bogged down in how its decorated now.

jamesmct007

Hi Folks,
Myself and my girlfriend are thinking of buying in the next couple of months. We were hoping to get in before the MIR disappears next year. We have looked at a house that has come down considerably since the good/bad old days. I believe that the house is now value for money and I have been waiting for it to drop to its current value over the last couple of years. It is an small development but is not a ghost estate. There are only a couple of houses left which are vacant.
We have been to a mortgage broker who has suggested that based on our financial status we should have no problem getting the mortgage. The only problem she foresees is that the house is only at builders finish and the banks do not look favorably on this. The price will include a PC allowance however for kitchen, tiles, sanitary ware and fireplace. However she suggests that this work would need to be completed before we get a mortgage.
Has anyone experience of this with the banks before? Do you think we should put a bid on the house with the provision that the work is completed before mortgage approval is sought?
Having not being in this position before I am a bit naive and I dont want to end up pissing off the developer as we know him or showing our cards too soon either. Any advise or suggestions would be great. Thanks for your help.
J

folan

just got the report from structural engineer on the house.

Some things were made to sound like they could be the end of the world, and could cost upwards of X to fix (which i know isnt true) etc etc.

Its true what they say, structural engineers will more try to talk you out of buying a house.

we were the highest bidder by a measly 2K, do really have that much wiggle room on this? would i be mad to try to get more money off this, knowing that houses in this area have been going within a week of being advertised and nearly at asking price?

killers1

folan wrote: »

just got the report from structural engineer on the house.

Some things were made to sound like they could be the end of the world, and could cost upwards of X to fix (which i know isnt true) etc etc.

Its true what they say, structural engineers will more try to talk you out of buying a house.

we were the highest bidder by a measly 2K, do really have that much wiggle room on this? would i be mad to try to get more money off this, knowing that houses in this area have been going within a week of being advertised and nearly at asking price?

Structural surveys always read badly and if you are not familiar with what is mentioned it's not unusual to think the house is falling down! The best thing to do is talk to the surveyor in relation to each point raised and ask how much is needed to repair every item. The first question I always tell people to ask the surveyor is this 'Is there any reason why I shouldn't proceed with the purchase or is there anything in the report which would warrant looking for a reduced purchase price'. If the answer is 'no' then just address the points raised. The structural surveyor is neither trying to talk you out of buying or convincing you to buy. They are giving you an independent report which you should only refer to after having a detailed conversation with the surveyor when you can take each point in context.

wandatowell

folan wrote: »

just got the report from structural engineer on the house.

Some things were made to sound like they could be the end of the world, and could cost upwards of X to fix (which i know isnt true) etc etc.

Its true what they say, structural engineers will more try to talk you out of buying a house.

If you do not trust the Engineer then get a second opinion.

folan

i have no problem with the engineer, except for his estimation of costs to fix things.

however, if he suggests dropping the offer, im wary of giving the seller the wrong impression that were are looking for a reduction for the sake of a reduction, so they decide to go for the next best offer instead with the promise of less hassle.

kimberlite

Hi,
Just had a quick question re:property surveyer and if anyone had any input/advice?
We have just gone sale agreed on a property last week. The property about 12years old. We knew the bank would be sending in someone to do a valuation but we decided to get a structural survey done for piece of mind.
It turns out few bits and pieces turning up - nothing too major but items that down the line might cost a bit to fix/repair.
Was wondering has anybody had similar issues? Do you go back and renegotiate price? or expect things to be fixed before you go through with the sale? Obviously the surveyer is covering their own back too and want to make sure theyve done a thorough check. Bear in mind a bit of a bidding war to get the house in the first place?

Any advice would be appreciated.

Lenny

how much did all you structural engineers cost? Looked at a few houses yesterday may make an offer for one in a couple of days when we decied which one to go for. Two agents told us the owners are open to offers, so does this mean we a lower than what we were thinking offer? I have worked out from the sales that the houses seem to be going 11% less of the asking. should I try push 15& I noticed it has an old fuse board .. should i mention that at the start, or wait for the engineer?

GER82

Hello. Is it fair to say that property prices will fall further due to the pending property taxes? What is likely to happen?

flintash

Its strange to me lads, that you asking for only for 15 ish% discount. Unless "the house is charming cottage in most sought after area". (this particular ad went from original 150k, to 60k in one year long sale, last advertised price was 99k.) Mind it, that was derelict cottage in Cork county, though not far from the city.
Another house for 120k "quick sale" went with 25% discount. So I dont know. I would bargain for more. Probably it's buyers fault houses not falling that fast , if people think they getting bargain with 10% discount.
Just my opinion

GER82

flintash wrote: »

Its strange to me lads, that you asking for only for 15 ish% discount. Unless "the house is charming cottage in most sought after area". (this particular ad went from original 150k, to 60k in one year long sale, last advertised price was 99k.) Mind it, that was derelict cottage in Cork county, though not far from the city.
Another house for 120k "quick sale" went with 25% discount. So I dont know. I would bargain for more. Probably it's buyers fault houses not falling that fast , if people think they getting bargain with 10% discount.
Just my opinion

Thanks for the reply. The property was valued at 425 in November 2011. It is decorated to a great level. I would find it har to believe that an offer of 300-310 will be accepted. However, it is still on the market so people must not be willing to bid the asking price currently at 350 never mind 425!

starshyne

Not sure where to put this but I'll fire away anyhow. I have a small inheritance and can afford to buy a house in the WORST area of Dublin, nonetheless I'm grateful and realistic about what I am getting into. It's pretty necessary for me as I am on SW and caught in the poverty trap. What I lose by living in a crap area I gain by being off welfare and being able to work. Only thing is the inheritance is really small and I am wondering how much below asking price I can go for the cheaper houses. Trying to make sense of the house price register and what it all means for me. EA's I rang today told me houses were on the up although personally I think that is spin.Parents house went for 50grand below asking so was hoping some cheaper places would too go for way less than the asking price. Anyone any opinions, personal experience, amazing insights for me?

folan

starshyne wrote: »

Not sure where to put this but I'll fire away anyhow. I have a small inheritance and can afford to buy a house in the WORST area of Dublin, nonetheless I'm grateful and realistic about what I am getting into. It's pretty necessary for me as I am on SW and caught in the poverty trap. What I lose by living in a crap area I gain by being off welfare and being able to work. Only thing is the inheritance is really small and I am wondering how much below asking price I can go for the cheaper houses. Trying to make sense of the house price register and what it all means for me. EA's I rang today told me houses were on the up although personally I think that is spin.Parents house went for 50grand below asking so was hoping some cheaper places would too go for way less than the asking price. Anyone any opinions, personal experience, amazing insights for me?

im not really sure whats to be gained in your case by buying instead of renting for a few years while you get yourself back to work and back to normality. buying a house wont be the end of its costs by a long shot, you will still have insurance costs, incoming tax etc, as well as maintenance. renting even just a room for a couple of years might be better suited to you.

as for the prices, its definitely spin in some areas, but not in others. do some research on the areas sales using the recently released price index. you can often find records of houses sales from daft etc on google cache or a number of indexing sites, see how they matched up.

folan

folan wrote: »

i have no problem with the engineer, except for his estimation of costs to fix things.

however, if he suggests dropping the offer, im wary of giving the seller the wrong impression that were are looking for a reduction for the sake of a reduction, so they decide to go for the next best offer instead with the promise of less hassle.

Mrs. Folan and myself had a sit down with the engineer yesterday afternoon and had a good look at the engineers report. The issues were more a "rough finish" than real issues, and make no difference to us.

All our forms etc are in now, we can see the end line now. just a bit of chatting to do with the other side and were there.

folan

Lenny wrote: »

how much did all you structural engineers cost? Looked at a few houses yesterday may make an offer for one in a couple of days when we decied which one to go for. Two agents told us the owners are open to offers, so does this mean we a lower than what we were thinking offer? I have worked out from the sales that the houses seem to be going 11% less of the asking. should I try push 15& I noticed it has an old fuse board .. should i mention that at the start, or wait for the engineer?

Structural engineer can cost between 200-400 euro, depending. Get one that someone you know has used, or someone recommended.

Start your bidding low. Worst case scenario, they refuse your bid. maybe enquire about the electricity set up first though, just in case

tipptipptipp away

Made an offer on a house and it has been agreed, it is 95% complete so will need some work, have mortgage approval, also have a good bit of savings and will be able to finish the house easily and still have money leftover. Just wondering will the bank stop the mortgage as it is not 100% complete

killers1

tipptipptipp away wrote: »

Made an offer on a house and it has been agreed, it is 95% complete so will need some work, have mortgage approval, also have a good bit of savings and will be able to finish the house easily and still have money leftover. Just wondering will the bank stop the mortgage as it is not 100% complete

You shouldn't have any problems considering you have the funds to complete. A lot will depend on how the Valuers report reads and whether he indicates essential repairs are necessary or not.

Lenny

can anyone post up their solictors fee please?
the girlfriend wants to use the solictor her parents used. I am unsure if these rates are in line?
his rates are 1,400-1,5000+vat
600e land range/managing fee?(what is this?)
120e law search
about 2,300 stamp duty

are these right?I wasn't talking to him to couldn't question him

his total was 1845+vat
and stamp duty 2300

so nearly 5k for a solictor?

sparrowcar

Lenny wrote: »

can anyone post up their solictors fee please?
the girlfriend wants to use the solictor her parents used. I am unsure if these rates are in line?
his rates are 1,400-1,5000+vat
600e land range/managing fee?(what is this?)
120e law search
about 2,300 stamp duty

are these right?I wasn't talking to him to couldn't question him

his total was 1845+vat
and stamp duty 2300

so nearly 5k for a solictor?

Sounds about right tbh

killers1

Lenny wrote: »

can anyone post up their solictors fee please?
the girlfriend wants to use the solictor her parents used. I am unsure if these rates are in line?
his rates are 1,400-1,5000+vat
600e land range/managing fee?(what is this?)
120e law search
about 2,300 stamp duty

are these right?I wasn't talking to him to couldn't question him

his total was 1845+vat
and stamp duty 2300

so nearly 5k for a solictor?

That's expensive. There's plenty of excellent solicitors that will charge circa €1,600 all in for Professional fee, VAT & Outlays with your stamp duty on top of that. There are cheaper ones too but my experience of them is you get what you pay for and they're not particularly efficient.

Lenny

Ok thankes killers. What is this stamp duty that the solicitors charges? If the house accepts our bidder we want to get going asap to get in before the end of 2012. Can you recommend anyone killers?

L1011

Stamp duty is tax to Revenue, its 1% of the sale value.

All (I called them all) my local solicitors charge 800 + the land registry/search fees.

killers1

Lenny wrote: »

Ok thankes killers. What is this stamp duty that the solicitors charges? If the house accepts our bidder we want to get going asap to get in before the end of 2012. Can you recommend anyone killers?

As MYOB says the stamp duty is 1% of the contract price payable to Revenue which your solicitor has the responsibility to ensure it's paid and that's why you pay it via the solicitor. I'll send you a PM with a solicitor recommendation..

killers1

MYOB wrote: »

Stamp duty is tax to Revenue, its 1% of the sale value.

All (I called them all) my local solicitors charge 800 + the land registry/search fees.

If your local solicitor is charging €800 as their professional fee the final bill inclusive of VAT, registration fee etc will work out around €1,500/€1,600

Mr. Loverman

Someone needs to create some sort of online system which will bypass the need for the solicitors. Those guys charge way too much for the small amount of work they do during a house purchase.