Buying a house 2013!

LowKeyReturn

quad_red wrote: »

Will the EA think we're trying to pull a stroke?

They pull everyone in the book so you shouldn't be afraid of a bit of negotiation!

Ioisha

D3PO wrote: »

ah you never mentioned a clause earlier lol I was like WTF is your solicitor crazy. I would ensure that the clause mentioned by Killers is added.

Ha sorry I should have mentioned that in my previous email D3PO.

Ioisha

Ste- wrote: »

If you sign the contracts and the vendors do too a letter of expidite can go to the probate office to speed it up.
We were told 10 weeks for probate but the letter went in and it only took 4 weeks.

Now perfectly happy in the house we got the keys for last week and yep it's a stressful thing to do but so worth it in the end.

Thanks Ste that's really good to know. What probate office was that?

Galego

quad_red wrote: »

So - our process continues.

We had the survey done on Tuesday afternoon and it highlighted a few issues.

1) A few of the vents are either stuffed with insulation or are partially blocked by the original render.

2) There was a seriously dodgy repair job done on the external sewer pipe junction at the side of the house. Lots of heavy taping/sealing has been used.

3) We were aware of a leak under the ensuite shower tray. This has been fixed by a plumber but the remedial work is pretty basic. The affected plasterboard on the ceiling downstairs has been changed out. But the badly damaged coving on the ceiling has been fixed up with pollyfilla and painted over.

And the floorboards in the ensuite and floorboards outside the bathroom are severely warped. Nothing has been done to resolve this.

4) Guttering is badly blocked

So - any advice here. Do we demand they resolve these or do we demand they take money off to account for sorting them out?

The vents and guttering are basic/easy to sort out.

But the sewer pipe and floorboards are serious.

We also got number 1,3 and 4 in our survey. These must be pretty common things in rentals where niminum money has been put in the property. I´d say these are normally easy to spot before the survey and should be factored in the price offered to the seller before going sale agree.

Number 2 is a different matter in my opinion. Get a builder to quote you for the job and see what it costs to fix it. Depending in the amount, I would (or not) bother to re-negociate the sale agree price. If it is something significant and seller is not willing to re-negociate then be prepare to walk away. Maybe a 50/50 approach could please both sides without making a fuss at it.

Let us know how you get on and best of luck.

makeorbrake

Galego wrote: »

We also got number 1,3 and 4 in our survey. These must be pretty common things in rentals where niminum money has been put in the property. I´d say these are normally easy to spot before the survey and should be factored in the price offered to the seller before going sale agree.

In the bigger scheme of things, these things are minor.
No.1 - If render, chisel and hammer, a screwdriver to remove the vent, a pair of gloves.
No.3 - a common occurence. A tube of sealant.
No.4- ladder and a pair of gloves.


These are not serious - you couldn't seriously make a big deal about them.

DMG1983

Hey guys,
has anyone had any difficulies with regards the multi unit development act (MUD)? It is about transferring the common areas to the management company in a development.
I am in the process of trying to buy an apartment in Dublin since January but my solicitor is saying that if this legislation isn't complied with she will have to qualify the deeds to the bank.
The developer went bust so the management company are in the process of trying to comply but the common areas haven't been transfered yet.
Has anyone else any experience with this and if so what was the banks reaction?
Cheers!!

HouseHunter13

Hi all, I've found a house I like, the asking is 15k - 25k more than I think the house is worth. Do you low ball an offer and try meet in the middle? I'm a total novice and could do with some advice on the bidding proccess

Ste-

Ioisha wrote: »

Thanks Ste that's really good to know. What probate office was that?

We're in Dublin.

quad_red

HouseHunter13 wrote: »

Hi all, I've found a house I like, the asking is 15k - 25k more than I think the house is worth. Do you low ball an offer and try meet in the middle? I'm a total novice and could do with some advice on the bidding proccess

A house is 'worth' what people will/are paying for it.

Have you checked the price register to see what comparable properties in the area are actually selling for in the last few months?

HouseHunter13

quad_red wrote: »

A house is 'worth' what people will/are paying for it.

Have you checked the price register to see what comparable properties in the area are actually selling for in the last few months?

average price in the estate is 152k (based on 4 sales in the estate similar houses) the asking 175k, cheapest last month was sold at 130k - dearest 165k, the house we're looking at needs some work, new kitchen carpets, missing a side entrance wall. so i'm thinking an average house I should pay the average price? but how do I even arrive at that, do I low ball or do I just state from the beginning what I think its worth and what i'm willing to pay?

jesus this is stressful and I haven't even started yet!

Quack23

Hi all - 1st time poster but I've been reading all the posts which have been really useful.

Looking to buy my 1st place in the next couple of months but am unsure of how much of a mortgage I could expect so my details as follows

30 yrs old
full time in job last 6 yrs
basic gross salary 44,610
i'm currently saving 1k a month and paying rent of 375 - hoping to apply for mortgage in Sept and by then I'll have approx 10k savings plus gift from my mother of 25k so I'll be ok for a deposit

I'd like to be able buy for approx 230k - is this realistic?? and also I'd like no more than 1k per month mortgage repayment assuming its over 35 yrs...would purchase price of 230 result in more than 1k repayments?

thanks in advance for any help

Duggys Housemate

Quack23 wrote: »

Hi all - 1st time poster but I've been reading all the posts which have been really useful.

Looking to buy my 1st place in the next couple of months but am unsure of how much of a mortgage I could expect so my details as follows

30 yrs old
full time in job last 6 yrs
basic gross salary 44,610
i'm currently saving 1k a month and paying rent of 375 - hoping to apply for mortgage in Sept and by then I'll have approx 10k savings plus gift from my mother of 25k so I'll be ok for a deposit

I'd like to be able buy for approx 230k - is this realistic?? and also I'd like no more than 1k per month mortgage repayment assuming its over 35 yrs...would purchase price of 230 result in more than 1k repayments?

thanks in advance for any help

There are calculators out there but ....

35 years is a long mortgage these days. They tend to max out at 30. And you are on the edge of the minimum age for any 35 which is available.

Quack23

Duggys Housemate wrote: »

There are calculators out there but ....

35 years is a long mortgage these days. They tend to max out at 30. And you are on the edge of the minimum age for any 35 which is available.

From initial enquiries I think I'll be ok for 35 yrs albeit I'm on the threshold..actually not turning 30 for a couple of months...but yep 35 yrs is a long time!!

Roselm

Quack23 wrote: »

Hi all - 1st time poster but I've been reading all the posts which have been really useful.

Looking to buy my 1st place in the next couple of months but am unsure of how much of a mortgage I could expect so my details as follows

30 yrs old
full time in job last 6 yrs
basic gross salary 44,610
i'm currently saving 1k a month and paying rent of 375 - hoping to apply for mortgage in Sept and by then I'll have approx 10k savings plus gift from my mother of 25k so I'll be ok for a deposit

I'd like to be able buy for approx 230k - is this realistic?? and also I'd like no more than 1k per month mortgage repayment assuming its over 35 yrs...would purchase price of 230 result in more than 1k repayments?

thanks in advance for any help

Your details are almost exactly the same as mine. I went in to Ulster Bank in March to ask about what size mortgage I would be able to get-meeting was arranged a couple of days in advance and took about 20-30 mins. The girl I spoke to was really helpful and approachable.
She told me I should be ok for a mortgage of 168000. So to get your 230000 property you'd have to come up with the balance yourself.
Repayments worked out at approx 800 per month.
Hope thats helpful
...Forgot to say that was based on a 35 yr mortgage also

Quack23

Roselm wrote: »

Your details are almost exactly the same as mine. I went in to Ulster Bank in March to ask about what size mortgage I would be able to get-meeting was arranged a couple of days in advance and took about 20-30 mins. The girl I spoke to was really helpful and approachable.
She told me I should be ok for a mortgage of 168000. So to get your 230000 property you'd have to come up with the balance yourself.
Repayments worked out at approx 800 per month.
Hope thats helpful
...Forgot to say that was based on a 35 yr mortgage also

I thought AIB and BOI were the only ones lending!! Maybe a stupid question but is the 168k 90% of the purchase price you can make? ie you could buy up to 186k approx? thanks by the way

Roselm

Quack23 wrote: »

I thought AIB and BOI were the only ones lending!! Maybe a stupid question but is the 168k 90% of the purchase price you can make? ie you could buy up to 186k approx? thanks by the way

The 168k is just the mortgage.She said you can supplement that yourself with whatever amount you have so if you had 40k saved the house you're buying could be one at 208k.
Also if the loan to value ratio is less than 75% (so if you need to borrow a smaller %age of the total property price) you get a better rate.

Sunny Dayz

Think we are getting closer to the finish line. Got phone call on Thurs from our solicitor's secretary to say that the contract has just come in from the vendor's solicitor and they will be in contact next week. Our loan pack is with the solicitor. The only snag is the life assurance have come back looking for a doctors report for the hubbie.

bucky08

just found house on Friday. i accepted asking price which is reasonable, had mortgage approval in October for 165000 on my own. looking for only 75000 this time as buying a house i can afford to repay.. will i get approval as i missed two Direct Debits since October would missing them be that bad???

DMG1983

Quack23 wrote: »

Hi all - 1st time poster but I've been reading all the posts which have been really useful.

Looking to buy my 1st place in the next couple of months but am unsure of how much of a mortgage I could expect so my details as follows

30 yrs old
full time in job last 6 yrs
basic gross salary 44,610
i'm currently saving 1k a month and paying rent of 375 - hoping to apply for mortgage in Sept and by then I'll have approx 10k savings plus gift from my mother of 25k so I'll be ok for a deposit

I'd like to be able buy for approx 230k - is this realistic?? and also I'd like no more than 1k per month mortgage repayment assuming its over 35 yrs...would purchase price of 230 result in more than 1k repayments?

thanks in advance for any help

Hey,
I'm pretty much the same as you but my salary is 6k higher. I pay €600 rent and save €500 so your saving a bit more.
I got a mortgage for €218,000 and I am in the process if buying an apartment for €235k.
It is with AIB for 35 years and the repayments are €1040 per month.
I had 30k savings in the credit union and they were pretty sticky about going back through the years to make sure I wasn't gifted the money so I don't know if that will go against you or not. The fact that you are paying out €1,350 per month between savings and rent means that you will be more than capable of repayments which is very favorable for you.
I am the same age as you aswell.
Best of luck with it!

LowKeyReturn

DMG1983 wrote: »

Hey,
I'm pretty much the same as you but my salary is 6k higher. I pay €600 rent and save €500 so your saving a bit more.
I got a mortgage for €218,000 and I am in the process if buying an apartment for €235k.
It is with AIB for 35 years and the repayments are €1040 per month.
I had 30k savings in the credit union and they were pretty sticky about going back through the years to make sure I wasn't gifted the money so I don't know if that will go against you or not. The fact that you are paying out €1,350 per month between savings and rent means that you will be more than capable of repayments which is very favorable for you.
I am the same age as you aswell.
Best of luck with it!

Go careful with apartments - others know more - but I think there is some way to go before they bottom out.

crazy_kenny

How long does it take to get keys after you sign the contract?

killers1

crazy_kenny wrote: »

How long does it take to get keys after you sign the contract?

It's a little bit of a how long is a piece of sting question. A good indication will be whether or not there was a closing date specified in the contracts? If there was, even though it is not set in stone, it will give you an indication of the timeframe that the vendors are looking to complete the sale.

Dublin25

crazy_kenny wrote: »

How long does it take to get keys after you sign the contract?

If you have any special conditions on your loan pack, they must be completed before the cheque can be drawn down, so this might hold it up or life assurance.

Other than that +1 with what Killers said. All in the hands of the vendor!

Dublin25

Keys tomorrow!!!!! Wahoooo!!! (fingers crossed nothing pops up before then)
Then we finally get to tell everyone!

Whilst I thought it was a mental idea not to tell ppl, I'm glad we did it. Having ppl ask me how it was going would have stressed me out further!

Here's to a Happy Friday!

Good everyone!

killers1

Dublin25 wrote: »

Keys tomorrow!!!!! Wahoooo!!! (fingers crossed nothing pops up before then)
Then we finally get to tell everyone!

Whilst I thought it was a mental idea not to tell ppl, I'm glad we did it. Having ppl ask me how it was going would have stressed me out further!

Here's to a Happy Friday!

Good everyone!

Congrats & best of luck with your move!!!

mel.b

Dublin25 wrote: »

Keys tomorrow!!!!! Wahoooo!!! (fingers crossed nothing pops up before then)
Then we finally get to tell everyone!

Whilst I thought it was a mental idea not to tell ppl, I'm glad we did it. Having ppl ask me how it was going would have stressed me out further!

Here's to a Happy Friday!

Good everyone!

I can't believe you still haven't told people, especially after signing the contracts! Couldn't keep that to myself....everyone at work knows exactally where things are at with my ourchase at the moment. To tell you the truth i'm sure they're all bored out of their brains by it all now

Hope the move goes well for you and fingers crossed i'll only be a few weeks behind you.

Shedite27

From what I understand, if I get a mortgage agreement in principle, it's valid for 6 months. If my circumstances change in those 6 months, does the AIP become invalid?

I'm thinking of moving job, more money but would be on probation (likely) for 6 months. Just wondering if i could get an AIP now, then if I find a house I like while on probation I could buy it?

khards

Put an offer in on a house (executor sale) a couple of weeks back (full asking).
Followed up with the agent couple of days ago. We will call you - no call returned.
Followed it up again, we will call you back.
Property goes sale agreed.
I go marching down to the Auctioneers office suspecting that my bid has not been passed on as they did not tell me that I was outbid.

I mean what are you supposed to think if an auctioneer wont return your calls.

Anyway I tell them that I am going to contact the seller and make them an offer directly.......

Suddenly they tell me the real story.

There was another bidder that made an offer conditional on it being removed from sale with immediate effect, the reason the agent did not phone the other bidders back is because the highest bidder did nto want to get into a bidding war! FFS!
the offer was accepted because it was around 10% higher than the other bids.

Anyway, we have now outbid them... and the story continues.

they might come back with a higher offer, we can afford to go another 20% or so.

The motto of this little story is:

If you think there is something fishy going on then there probably is, so do not give up and march right down to that auctioneers and look them in the face.
So we have submitted

Duggys Housemate

khards wrote: »

Put an offer in on a house (executor sale) a couple of weeks back (full asking).
Followed up with the agent couple of days ago. We will call you - no call returned.
Followed it up again, we will call you back.
Property goes sale agreed.
I go marching down to the Auctioneers office suspecting that my bid has not been passed on as they did not tell me that I was outbid.

I mean what are you supposed to think if an auctioneer wont return your calls.

Anyway I tell them that I am going to contact the seller and make them an offer directly.......

Suddenly they tell me the real story.

There was another bidder that made an offer conditional on it being removed from sale with immediate effect, the reason the agent did not phone the other bidders back is because the highest bidder did nto want to get into a bidding war! FFS!
the offer was accepted because it was around 10% higher than the other bids.

Anyway, we have now outbid them... and the story continues.

they might come back with a higher offer, we can afford to go another 20% or so.

The motto of this little story is:

If you think there is something fishy going on then there probably is, so do not give up and march right down to that auctioneers and look them in the face.
So we have submitted

Do you think bidding in the present market is sensible?

khards

Duggys Housemate wrote: »

Do you think bidding in the present market is sensible?

No, not at all and would certainly not recommend it on most properties.

In this case the property was marketed at a price which is under market value, this is based on similar sales in this area.

Again, I would not recommend bidding unless the property is advertised under market value.
For example, most similar houses on the road/estate selling for €160k, house comes on the market for €140k.
If you are after the house and it is an option for you then by all means bid up to the 160k.