Buying a house 2013!

quad_red

mel.b wrote: »

Good luck and fingers crossed for successful closings Friday next week. I'm due to close on Thurs...my vendor was too superstitious to close on Friday (the 13th!)

I've also been sale agreed since the start of May.

Fair play! If that's the least of your vendors foibles, you're onto a good one.

We're pretty exhausted at the screwing around now. We take a step forward then a few back.

mel.b

I forgot to say, is there another solicitor at the firm who will look after things for you while yours is away? I rang mine last Fri for an update and to make sure things are on track and she is away until Monday. However a few hours later another solicitor called and said everything is still on track and she is keeping an eye on things while mine is away. I've been very happy with them.

My vendors have been ok to deal with - slow initially to get deeds and then respond to queries and then we had an issue with appliances included in the sale. They initially wanted to close at the end of July and sent me a rude letter saying they would pull out if i didn't sign within a few days, which i couldn't as they had delayed things and i didn't have an answer from the bank about an outstanding query on the title, however my solicitor put them in their place as they had been the ones delaying it and not me. Once contracts were signed they picked a date about 6weeks out and it looks like we are stitcking to it. I'm fortunante i work in the same building as the vendor (didn't know them before hand though) so i can check in with them and make sure it is all still on track. So a few hiccups along the way but it hasn't been overly stressfully and Killers1 and my solictor have been a great help with the whole process.

Sunny Dayz

So we signed the contracts this evening. One step closer since going sale agreed at the start of may. Our solicitor hopes all will be done by the end of the month but I'm scared to get too optimistic.

Dortilolma

Sunny Dayz wrote: »

So we signed the contracts this evening. One step closer since going sale agreed at the start of may. Our solicitor hopes all will be done by the end of the month but I'm scared to get too optimistic.

Congrats!

I know being optimistic or excited gets a bit exhausting as there is always something around the bend to bring you down but enjoy each part if you can.

We've been told by the bank (who said the same thing to our solicitor) that the cheque should be issued either today or tomorrow. It also seems the vendors have signed and our solicitor's copies are on the way back. Experience tells me something is going to throw a wrench in the works and closing next week is not going to happen but I'm still feeling little bubbles of excitement ...

Sunny Dayz

Dortilolma wrote: »

Congrats!

I know being optimistic or excited gets a bit exhausting as there is always something around the bend to bring you down but enjoy each part if you can.

We've been told by the bank (who said the same thing to our solicitor) that the cheque should be issued either today or tomorrow. It also seems the vendors have signed and our solicitor's copies are on the way back. Experience tells me something is going to throw a wrench in the works and closing next week is not going to happen but I'm still feeling little bubbles of excitement ...

Fingers crossed for you

thewools

Dortilolma wrote: »

Congrats!

I know being optimistic or excited gets a bit exhausting as there is always something around the bend to bring you down but enjoy each part if you can.

We've been told by the bank (who said the same thing to our solicitor) that the cheque should be issued either today or tomorrow. It also seems the vendors have signed and our solicitor's copies are on the way back. Experience tells me something is going to throw a wrench in the works and closing next week is not going to happen but I'm still feeling little bubbles of excitement ...

Got all that done last week, received contract back from vendors side and they have bumped the closing date to 23rd September!!! Grrrrr

Hopefully everything goes smoothly for you...

Dortilolma

thewools wrote: »

Got all that done last week, received contract back from vendors side and they have bumped the closing date to 23rd September!!! Grrrrr

Hopefully everything goes smoothly for you...

Curse them! I wonder if that's because of a property they are buying/moving in to?

The only consolation we have is that these vendors are dying to close to clear debt - hopefully they'll keep to our closing date.

thewools

Dortilolma wrote: »

Curse them! I wonder if that's because of a property they are buying/moving in to?

The only consolation we have is that these vendors are dying to close to clear debt - hopefully they'll keep to our closing date.

Nope - no one living it at all... :rolleyes: So cant understand the delay...

quad_red

The process is so opaque it's hard to know what goes on.

The house we're trying to buy is empty since the tenants moved out almost two months ago (it was being rented).

There is no negative equity issue and only a tiny mortgage left on it (so the owners stand to get a nice big wedge). Also, the mortgage is with the same lender we are getting our mortgage from (dunno if that helps though).

All the deeds, documents etc. are in order. We are fully loaded with everything cued up since late July.

And every single thing has been dragged out by them.

hammad4u

Hi Guys

i am buying a house from some receivers of Bank A and signed a contract few weeks back. On the date of closing the sale my solicitor found that there is judgement mortgage on the property by a bank B. now situation is i want to get this judgement clear from the property before closing the sale and we have asked the seller's solicitor for this.

It looks sellers is not going to this probably the judgement mortgage is because of a huge amount. and also there is a clause on the contract that states that "The vendor will not be required to explain or discharge any judgement or lis pendens, charges, mortgages or others acts appearing on the title that have been registered since the date of the Mortgage"

Honestly speaking when i signed the contract i thought my solicitor has read it and ensuring there is nothing about which i need to worry, every thing is as usual. i think even i read it it was not possible for me to understand the contract in few minutes or even hours due to its pure legal language

now my questions are
what could happen if back out form the contract? will my deposit be lost? note there is no spacial clause about contract termination or breakage in the contract.

if i lose my deposit can i go to court against solicitors because no one in world will sign such contract and agree to to buy a property with full of debts or judgement mortgage? for me it looks like a fraud

thanks in advance
Al

Victor

hammad4u wrote: »

Hi Guys

i am buying a house from some receivers of Bank A and signed a contract few weeks back. On the date of closing the sale my solicitor found that there is judgement mortgage on the property by a bank B. now situation is i want to get this judgement clear from the property before closing the sale and we have asked the seller's solicitor for this.

It looks sellers is not going to this probably the judgement mortgage is because of a huge amount. and also there is a clause on the contract that states that "The vendor will not be required to explain or discharge any judgement or lis pendens, charges, mortgages or others acts appearing on the title that have been registered since the date of the Mortgage"

Honestly speaking when i signed the contract i thought my solicitor has read it and ensuring there is nothing about which i need to worry, every thing is as usual. i think even i read it it was not possible for me to understand the contract in few minutes or even hours due to its pure legal language

now my questions are
what could happen if back out form the contract? will my deposit be lost? note there is no spacial clause about contract termination or breakage in the contract.

if i lose my deposit can i go to court against solicitors because no one in world will sign such contract and agree to to buy a property with full of debts or judgement mortgage? for me it looks like a fraud

thanks in advance
Al

You need an actual solicitor, not people on the internet. get a second opinion if you need to.

Moderator

mel.b

Saw the vendor today and he has the moving truck booked...I'll have the keys Thurs next week - woohoo

Forest Demon

A bit of advice for anyone who is genuinely trying to selling their house (with negative equity) it would be worth your while to ask your solicitor to request the deeds of the house from the bank now when putting the house on the market. Also get a consent to sell from the bank when you are putting it on the market. Ask the bank for the least they will accept so that you are covered and know how much you can sell it for.

It can take literally months to get this sorted with the bank after sale agreed and as a lot of buyers are cash buyers or people who need to move quickly it could cost you the sale.

Its the biggest cause of delays at the moment and it is a pain in the hole :mad:

Roselm

Hi guys,

I am hoping to buy a property this year. I have been renting the current house for 2 years but the rent is cash in hand to the landlord who calls around every month to collect it. (Landlord isn't PRTB registered so is going under the radar). I have no rental agreement either. Because of this I have no proof for the bank of what I have been paying in rent.
Does anyone know if a bank would accept a letter signed by the landlord stating that we have been renting the house since X date and that we have paid X in rent every month?!!

Thanks!

Dortilolma

mel.b wrote: »

Saw the vendor today and he has the moving truck booked...I'll have the keys Thurs next week - woohoo

Congrats! That's great news!

I am hoping to buy a property this year. I have been renting the current house for 2 years but the rent is cash in hand to the landlord who calls around every month to collect it. (Landlord isn't PRTB registered so is going under the radar). I have no rental agreement either. Because of this I have no proof for the bank of what I have been paying in rent.
Does anyone know if a bank would accept a letter signed by the landlord stating that we have been renting the house since X date and that we have paid X in rent every month?!!

Others will probably give better advice on this but I think you need something a bit more than the landlords letter. When taking out the cash for the rent are you withdrawing a fixed sum from an ATM every month? That may help your case but I'd wait from someone like Killers - who really knows their stuff - to get back to you.

quad_red

mel.b wrote: »

Saw the vendor today and he has the moving truck booked...I'll have the keys Thurs next week - woohoo

Great news, Mel! Congrats.

Dortilolma

Just heard from solicitor ... we might be closing a day earlier than expected.

It's a shame that this revelation is followed by the thought, 'yeah right - I'll believe that when it happens'

But fingers crossed for a closing date of the 12th!

quad_red

We're supposed to close this Friday. Friday the 13th.

Rather fitting really!

miezekatze

Closing this Thursday as well! Apparently estate agents don't like to close on a Friday 13th.

on_my_oe

Roselm wrote: »

Hi guys,

I am hoping to buy a property this year. I have been renting the current house for 2 years but the rent is cash in hand to the landlord who calls around every month to collect it. (Landlord isn't PRTB registered so is going under the radar). I have no rental agreement either. Because of this I have no proof for the bank of what I have been paying in rent.
Does anyone know if a bank would accept a letter signed by the landlord stating that we have been renting the house since X date and that we have paid X in rent every month?!!

Thanks!

We pay rent cash in hand, have a tenancy agreement, a rent book and PTRB registration but got declined for this (and saving too much)

Rois14

Hi Guys,

I am thinking of putting an offer in on a house I have seen, but it is a good €70K+ more than houses sold in the past year in the same estate.

It is on the market for €249,950. The last 2 houses in the estate sold for €172K (August 2013) and €190K (August 2013).

Granted this house has been re-wired and re-plumbed, and other than some cosmetic work it needs very little work done to it, whereas the others sold likely had a little more work to be done. However I still feel it is over-priced (eg - it is an ex-council house; needs a new bathroom and carpets need to be replaced in a couple of rooms).

My question is, how low would be reasonably acceptable to go in as a first offer? Any advice would be gratefully accepted! The house is only on the market less than a month and price has not changed since it was first advertised. The agent says there are no offers on it but a few people have had second viewings.

Thanks in advance for your input!

Roselm

on_my_oe wrote: »

We pay rent cash in hand, have a tenancy agreement, a rent book and PTRB registration but got declined for this (and saving too much)

O God! Now I'm worried! Maybe I'll ring a mortgage broker and see what they say.
Also, how can you save too much?!!

quad_red

Rois14 wrote: »

Hi Guys,

I am thinking of putting an offer in on a house I have seen, but it is a good €70K+ more than houses sold in the past year in the same estate.

It is on the market for €249,950. The last 2 houses in the estate sold for €172K (August 2013) and €190K (August 2013).

Granted this house has been re-wired and re-plumbed, and other than some cosmetic work it needs very little work done to it, whereas the others sold likely had a little more work to be done. However I still feel it is over-priced (eg - it is an ex-council house; needs a new bathroom and carpets need to be replaced in a couple of rooms).

My question is, how low would be reasonably acceptable to go in as a first offer? Any advice would be gratefully accepted! The house is only on the market less than a month and price has not changed since it was first advertised. The agent says there are no offers on it but a few people have had second viewings.

Thanks in advance for your input!

There's no right answer here.

Do you have any idea what the seller's situation is? Have you asked? Are they in no hurry? Are they desperate to sell quickly?

Are houses in that estate selling quickly?

Are you organized? Are you in a chain, are you mortgage approved? Can you offer a quick sale?

All that will affect what is a realistic offer and how likely the seller is to accept it.

quad_red

Roselm wrote: »

O God! Now I'm worried! Maybe I'll ring a mortgage broker and see what they say.
Also, how can you save too much?!!

Having (hopefully) come to the end of a process ourselves, I dread to think how stressful it would have been without a broker to steer us.

Killers on here is a broker and is not only hugely helpful for boardsies but has also helped allot of them (to great acclaim). Touch base with him or I could recommend another good broker via PM if you wanted a few options.

But it's worth using one (IMHO).

Rois14

quad_red wrote: »

There's no right answer here.

Do you have any idea what the seller's situation is? Have you asked? Are they in no hurry? Are they desperate to sell quickly?

Are houses in that estate selling quickly?

Are you organized? Are you in a chain, are you mortgage approved? Can you offer a quick sale?

All that will affect what is a realistic offer and how likely the seller is to accept it.

Thanks quad red.

Houses are selling quite quickly in the area - and this house is definitely the nicest one that has been on sale in this estate in a while.

With regards to the seller, I don't know their situation, other than they are still living in the house - and have put a lot of work into it over the 6 years they have lived there. I would be speculating but imagine it may be an enforced sale, hence the higher asking price.

I have no chain (first time buyer). I applied for a mortgage through a broker 2 weeks ago and am just waiting for approval now - but don't foresee issues with getting a mortgage - and won't put in an offer until I have approval. When (hopefully) approved I can offer a quick sale so will certainly use that to my favour.

The agent has said that he expects the house to sell for €225K.-€250K. I was thinking of going in with a first offer in-and-around €160K (10K under the sale price of one of the last houses sold in the same estate). Do you think this would be a good place to start - or too low? Realistically I would say the house is worth €200K to me, but do not want to get into a bidding war.

Thanks again for your feedback!

tonic wine

Galmay wrote: »

Hi,

My second question refers to VAT. Does the advertised price include VAT at 13.5%? And if I made an offer would it be presumed to be inclusive of VAT?

Thanks guys, and if ye have any other bits of info that might be useful when considering buying a new build it would be much appreciated!

I got two answers to this today. Rang an EA office today and asked did the prices on the window for new builds include VAT, she said no.

When viewing a new build later on in the day, asked the EA the same question and was told the price included VAT and the builder was responsible for paying this.

Anyone else confirm this please?

tonic wine

I was told a figure by the Auctioneer that would buy a property I viewed today. The figure is 100k less then it was on the market this time last year. He told me he already has an offer 10k less then what he said would buy it.

Now, I'm thinking of course he is going to tell me that. I wounder if there's on offer on the table at all. I'm thinking if offering 20k below what he told me would buy it, and 10k below what he told me is already on the table. I'm also thinking of leaving it two weeks, maybe longer before putting in an offer.

Any advice on the above situation? No way of knowing if the aledged offer is real or fake. What would be a good way to approach this? There is no other properties in the area listed on property price register to form a price guideline.

killers1

tonic wine wrote: »

I got two answers to this today. Rang an EA office today and asked did the prices on the window for new builds include VAT, she said no.

When viewing a new build later on in the day, asked the EA the same question and was told the price included VAT and the builder was responsible for paying this.

Anyone else confirm this please?

Prices advertised or offers made are always VAT inclusive.

mel.b

Got my keys just after 5pm...hope others did too

killers1

mel.b wrote: »

Got my keys just after 5pm...hope others did too

Congrats Mel!!!