Buying a house 2013!

quad_red

killers1 wrote: »

You are perfectly entitled to walk into an EA's office and ask to see the 'Bid Book' on any particular property you are putting an offer on which is a record of the offers received to date etc... Phantom bidders are not a thing of the past unfortunately, but are certainly not widespread and not common practice amongst larger estate agencies.

Have you ever heard of someone doing that, Killers?

I imagine it would seriously sour your relationship with the EA.

killers1

quad_red wrote: »

Have you ever heard of someone doing that, Killers?

I imagine it would seriously sour your relationship with the EA.

I have heard of a few people doing it. If the EA has signed up to the PSRA Code of Practice they are bound by it's rules. Have a look at the link below and the Code of Practice is in PDF format at the bottom. Any EA worth their salt would be a subscriber to this code of practice. Maybe even asking them at the very outset whether they subscribe or not might put them off any notion of 'phantom bidders'

http://www.psr.ie/website/npsra/npsraweb.nsf/page/publications-codes-en

Dublin25

Hi all,
This might seem like a "how long is a piece of string question" so apologies in advance. I would just like to get ppl's experiences.
How long does it take to close a sale once the loan pack is with the solicitor? Is it right to thing 6-8wks once the loan pack is in?

Our case is that we waiting on the loan pack to go to solicitor once the valuation is done, being done today. Contracts from Vendor with the solicitor currently.

I know the process takes time and their may be a few issues that will delay it but i'd like a rough idea in my head.

Thanks

Ritchi

killers1 wrote: »

You are perfectly entitled to walk into an EA's office and ask to see the 'Bid Book' on any particular property you are putting an offer on which is a record of the offers received to date etc... Phantom bidders are not a thing of the past unfortunately, but are certainly not widespread and not common practice amongst larger estate agencies.

When I was bidding, I thought there were a few bids that were a little odd, and I put them down as phantom bids, but they have all turned out to be true when matching against the PPR. So I would tend to agree, it's not as common as some seem to suggest.

quad_red

So - the process continues. Offer and counter offer.

Another question - we have been recommended a solicitor. Apparently the solicitor is highly experienced and deals with the process personally. We've been advised the cost will be between 2k to 3k depending on search and registration of title fees.

Is this reasonable?

Dublin25

quad_red wrote: »

So - the process continues. Offer and counter offer.

Another question - we have been recommended a solicitor. Apparently the solicitor is highly experienced and deals with the process personally. We've been advised the cost will be between 2k to 3k depending on search and registration of title fees.

Is this reasonable?

Did you ask for the breakdown of fees?
I found that the searches and registry all tended to be the same. It was only the professional fees that would defer. We got anything from 950 down to 700, plus vat. Again we went on a recommendation from Killers1. Fingers crossed it all goes ok.

Good luck with ur bidding.

Shedite27

Worth a read... http://www.irishtimes.com/life-and-style/homes-and-property/what-do-estate-agents-want-from-a-sale-1.555470

Makes you think estate agents really just want a sale regardless of the price. Which would suggest that phantom bidders are just something us buyers invent to make ourselves feel better

quad_red

Shedite27 wrote: »

Worth a read... http://www.irishtimes.com/life-and-style/homes-and-property/what-do-estate-agents-want-from-a-sale-1.555470

Makes you think estate agents really just want a sale regardless of the price. Which would suggest that phantom bidders are just something us buyers invent to make ourselves feel better

Whatever it is, I know from our experience that if you make a bid these days you will be asked to put it in writing; if you ring an agent you will be called back; and when youre told four other people are bidding on the property you . . . well, Im not too sure about that one.

Asked to make a bid in writing - wrong. As a matter of course, I always follow up verbal bids with an email but in the bidding processes we've been involved in the EA has *never* responded in writing to these bids.

We've had piles of messages not responded to by EAs.

As for other bidders... I discussed this with the daughter of an auctioneer at the weekend and she laughed at suggestion that making up other bidders was unethical.

Galego

quad_red wrote: »

Asked to make a bid in writing - wrong. As a matter of course, I always follow up verbal bids with an email but in the bidding processes we've been involved in the EA has *never* responded in writing to these bids.

We've had piles of messages not responded to by EAs.

As for other bidders... I discussed this with the daughter of an auctioneer at the weekend and she laughed at suggestion that making up other bidders was unethical.

So according to her, are they perfectly ethical? What's unethical in her eyes then?

highgiant1985

I see an ad for a property with the following

All contents can be purchased separately if buying as an investment property.

I can clarify with the estate agent if I decide to view the property but I'm wondering how would people normally interrupt this? i.e. does it suggest that fittings are not included in the sale as standard.

valleyoftheunos

highgiant1985 wrote: »

I see an ad for a property with the following

All contents can be purchased separately if buying as an investment property.

I can clarify with the estate agent if I decide to view the property but I'm wondering how would people normally interrupt this? i.e. does it suggest that fittings are not included in the sale as standard.

Contents are usually different to fittings and also fixtures.

quad_red

Galego wrote: »

So according to her, are they perfectly ethical? What's unethical in her eyes then?

Just that the whole process of 'bluffing' was all part of the 'poker game' of negotiating.

That if I was a seller this is exactly what I'd want to see. That buyers talk BS about how much money they have, pull of out deals, tell porkies all the time.

khards

quad_red wrote: »

Just that the whole process of 'bluffing' was all part of the 'poker game' of negotiating.

That if I was a seller this is exactly what I'd want to see. That buyers talk BS about how much money they have, pull of out deals, tell porkies all the time.

We were strung along by a seller and agent. We were sale agreed on a property, had just had it valued documents sent from his solicitor to ours then he wants to up the price by €10k.

Obviously told him to feck off and collected our holding deposit from the auctioneer that day.
The house is still empty and off the market to this day.

TheDriver

khards wrote: »

We were strung along by a seller and agent. We were sale agreed on a property, had just had it valued documents sent from his solicitor to ours then he wants to up the price by €10k.

Obsequiously told him to feck off and collected our holding deposit from the auctioneer that day.
The house is still empty and off the market to this day.

sounds like a boom time story, jazumping etc! Thought that day was well gone.
Some folks think the rich buyer will come along, problem is their rich because they are holding onto their cash!

khards

We were a little upset as we were looking forward to moving there, but at the end of the day €10,000 is over a years worth of savings for us.
I am not giving some W@nker a year of my hard work for feck all, add in mortgage interest (5% 25yrs) on top of that and I am looking at 2 years worth of post tax savings around €20,000.

Why do sellers not realise that €10k is a lot of money. The guy selling could not even afford to put the heating on ffs!

quad_red

Put the counter bid in yesterday morning over the phone. Followed up by email.

No acknowledgement and no response... any advice on how long I should wait before calling them and asking what the story is?

House is now 1k off the asking btw.

Galego

quad_red wrote: »

Put the counter bid in yesterday morning over the phone. Followed up by email.

No acknowledgement and no response... any advice on how long I should wait before calling them and asking what the story is?

House is now 1k off the asking btw.

I am normally quite impatient and follow up with a phone call after two days. I do not care if it may be seen a bit desperate from my side but hate being in the suspense, specially for such a important outcome.

All the best and really hope you get it.

khards

I would also call the auctioneer as they may have forgotten about you, contacting them isn't going to make the other person go above what they would have anyway.

quad_red

Thanks guys. We're still the highest bidder but the EA says they're gonna give the other bidder til Wednesday to come back with an offer.

jpd85

Hi

Been following this forum and thread for a while now and just to say thanks gor all the great info. Really helped us with understanding the process.

We had an offer accepted for a house 5 weeks ago but there's still no sign of contracts. Our solicitor was told they are waiting on the sellers bank to release deeds before they can draw up the contracts.
A couple of questions
My solicitor said he'd normally get a seller to get deeds in order before the house is put up for sale. Is this normal or is the solicitor quoting a best practice that is never normally followed? Do most sellers only do this once an offer has been accepted?

Anyone have recent experience of how long it takes to get deeds from bank? How long should it normally take? I'm thinking the banks are so busy meeting govt targets on unsustainable mortgages they have no time to handle the sellers request for the deeds.

My solicitor suggested sending a letter to sellers solicitor saying we're thinking of backing out because of the delay. Any thoughts on this? Will it annoy the seller? Don't want it going sour because as far as I know they're doing all they can to get it sorted.

Thanks

D3PO

jpd85 wrote: »

Hi

Been following this forum and thread for a while now and just to say thanks gor all the great info. Really helped us with understanding the process.

We had an offer accepted for a house 5 weeks ago but there's still no sign of contracts. Our solicitor was told they are waiting on the sellers bank to release deeds before they can draw up the contracts.
A couple of questions
My solicitor said he'd normally get a seller to get deeds in order before the house is put up for sale. Is this normal or is the solicitor quoting a best practice that is never normally followed? Do most sellers only do this once an offer has been accepted?

Anyone have recent experience of how long it takes to get deeds from bank? How long should it normally take? I'm thinking the banks are so busy meeting govt targets on unsustainable mortgages they have no time to handle the sellers request for the deeds.

My solicitor suggested sending a letter to sellers solicitor saying we're thinking of backing out because of the delay. Any thoughts on this? Will it annoy the seller? Don't want it going sour because as far as I know they're doing all they can to get it sorted.

Thanks

its only been 5 weeks since your offer has been accepted. Slow down 6 - 8 weeks is the norm for the sales process assuming no delays.

killers1

jpd85 wrote: »

Hi

Been following this forum and thread for a while now and just to say thanks gor all the great info. Really helped us with understanding the process.

We had an offer accepted for a house 5 weeks ago but there's still no sign of contracts. Our solicitor was told they are waiting on the sellers bank to release deeds before they can draw up the contracts.
A couple of questions
My solicitor said he'd normally get a seller to get deeds in order before the house is put up for sale. Is this normal or is the solicitor quoting a best practice that is never normally followed? Do most sellers only do this once an offer has been accepted?

Anyone have recent experience of how long it takes to get deeds from bank? How long should it normally take? I'm thinking the banks are so busy meeting govt targets on unsustainable mortgages they have no time to handle the sellers request for the deeds.

My solicitor suggested sending a letter to sellers solicitor saying we're thinking of backing out because of the delay. Any thoughts on this? Will it annoy the seller? Don't want it going sour because as far as I know they're doing all they can to get it sorted.

Thanks

Unfortunately most sellers only engage a solicitor after they have or when they are just about to accept an offer on their property. The seller then needs to sign an authority to allow their solicitor take up the title deeds from the owners bank which typically can take 4 weeks at least. All you can do is keep your solicitor on top of things. I wouldn't be threatening to pull out at this very early stage but I would be asking your solicitor to contact the vendors solicitor looking for a definitive timeframe on when contracts might arrive. Sometimes there will be things going on in the background that you will be unaware of e.g. seller may need lenders consent to sell property if it's in negative equity etc. which can add a bit of time to the process. You're not yet at the stage where the timeframe is unusual but I'd certainly suggest your solicitor should push them for an update.

jpd85

Thanks for the replies and reassurance its still normal timeframe. I'm not worried yet just looking for timelines really. Solicitor is following up weekly with the other side.
I thinks it's cos there's a lull in activity that's making us impatient. It all happened faster than we thought up to now weren't planning on buying till end of year as we thought banks wouldn't play ball till then but b of I came good with approval.

quad_red

Right - rival bidders have pulled out and we're above asking.

EA said he was confident that vendor would accept our offer. But we've just found out that owners are separated with one of them being in the UK.

Now, the EA is keen to reiterate that neither partner lives in the house and they both want to sell it. He expects a response by this afternoon or tomorrow morning.

Advice please - anyone been in a similar situation.

If the couple can't agree then obviously this is going to sink the process. But if they are in agreement and it is amicable (as the EA claims), then should this unduly lengthen the process?

D3PO

quad_red wrote: »

Right - rival bidders have pulled out and we're above asking.


Advice please - anyone been in a similar situation.

Lower your offer. Why pay more than asking when your essentially bidding against yourself.

quad_red

D3PO wrote: »

Lower your offer. Why pay more than asking when your essentially bidding against yourself.

Sorry, I shouldn't have said 'pulled out'. They are not willing to raise their bid. So we're the highest bid.

khards

D3PO wrote: »

Lower your offer. Why pay more than asking when your essentially bidding against yourself.

Too right, if the other bidder was not serious then they have just pushed up the price for you.

Remember when negotiating:

• For every €1 you borrow on a mortgage you will need to pay back double.
• €10,000 can buy you a new car
• €5,000 can buy you a great holiday
• €2,000 is the average monthly take home, would you work a month for free?

D3PO

quad_red wrote: »

Sorry, I shouldn't have said 'pulled out'. They are not willing to raise their bid. So we're the highest bid.

ah that's a different story altogether so. Guess you need to hold tight and see what the sellers say. Id put a time limit on them though, if they are separated and not in the country etc could get messy you don't want to get dragged into their situation.

adam88

quad_red wrote: »

Sorry, I shouldn't have said 'pulled out'. They are not willing to raise their bid. So we're the highest bid.

Don't really think they pulled out. I think they were imaginary. Had dealings of exactly the same thing last month

Galego

adam88 wrote: »

Don't really think they pulled out. I think they were imaginary. Had dealings of exactly the same thing last month

In Dublin there are not, at least in my case. I lost 10 houses bidding now in less than a year. All sold. I really thought the local EA was bulls**ing me every single time but according to PPR he wasn't.

It is just the way it goes. If someone wants the house more badly than you and out-bids you then there is no much to do. Move on and keep your head up.

Where I want to buy, supply is tight. Demand is currently higher than offer. Houses last less than two month in the market.