Buying a house 2013!

killers1

tonyw28 wrote: »

I'm gone sale agreed and the estate agent wants my letter of approval in principle from the bank. Do I need to give this to them. Since my mortgage in principle is more than the agreed house price I would rather keep that information private from them in case this deal hits a snag or they think let's try get more money out of this guy and move the goalposts

This is something EA's are looking for more often. If you dealt with a broker they may accept a letter/email from your broker confirming 'sufficient mortgage approval is place to purchase property should your offer of €X be accepted'. Alternatively they will accept a copy of your bank approval with the figures blacked out as it just shows them that you have done something with a bank in relation to approval. They'll presume your loan amount is sufficient and you are not bidding on something you can't complete...

abrahamb1111

Hi All

Looking for an advice on how to get a best deal on mortgage protection for a value of mortgage 317000 ? If any one knows any good brockers or any tips on getting a good deal is much appreciated.

Ive just flicked through this thread.

I cant believe some sales take so long! My sympathies to you but hang in there!

My own experience.....Bid on house 2nd last week in June. Offer accepted last week in June. Got keys August 29th. Couldnt believe the ease of it!!

Thank God Ive not had to go through some ordeals as some people on here. But hang in there....its truly worth it in the end.

thewools

My closing date was 16th September...

Still no sign of anything happening!!! :mad:

My love for bankers have grown ten fold (insert sarcasm overload) over the duration of this purchase...

AlanG

Woodville56 - If there are no offers on a place then why would you be worried about how low you offer? Remember you will be paying it off over 25 or 30 years and it is your money. This house in now at half its original asking. Have they apologised for such a high asking price being disrespectful to buyers.
Just offer what you would be happy with and leave it with them. Too many people hold out waiting for someone else to make the first offer. Make any offer – it will get the bidding started and you won’t be wasting your time wondering what will happen.

If you are not embarrassed by your first offer it is too high.

Woodville56

From today's Irish Times -Property Section
" Signs of stirring in the country market......one industry expert says he's seeing positive signs after the recent sale of 20 houses on a housing estate in a small western county.
Following a little local publicity all 20 houses sold out in one Saturday morning. Admittedly, with a price tag of between€50,000 and €75,000 each, it doesn't signal the entire restoration of the rural property market, but it points to a market that exists in rural areas once the price is right.
Most buyers paid cash and there was clear ex-pat interest, especially from the UK......Apparently, as schemes are completed, this is being replicated in other regional areas with increasing frequency"

Rising tides or EA/media hype or perhaps a bit of both ??

JoeyJJ

Any idea where that was? North Leitrim maybe

Woodville56

Was thinking same " a small western county" fits the bill for Leitrim all right!
Speaking of Leitrim, Carrick on Shannon got really good exposure on Nationwide during the week - seems like a nice place to live, loads to do etc ...then I don't know the area so I could be wrong !

JoeyJJ

Carrick is grand spot, for a medium sized Irish town alright. Check flood plains before buying though, bad floods there a few years ago.

dines08

Wasn't sure where to post this so here is as good as any.
I have made a bid on an site which has the option to have the house built as part of the deal. After a bit of research I'm happy enough with this option as the builder has a good reputation. My question is around the part of the deal which needs more detail and negotiation if we manage to agree a price. That being allowances, the house is to be built to a full finish and the builder has agreed to give allowances for kitchen/bathrooms/tiling/flooring. The house is planned at 2900 sq ft dormer. Is there any other parts of the finishing of the house I should request allowances for and what sort of figures should I be looking for allowances on the above ie: kitchen bathrooms tiling and flooring. It's a very vague and infantile negotiation so far and it's different from any I've been involved in before. If there's anything I'm missing or any help anyone can offer I'd much appreciate it

Woodville56

Have you thought about engaging a surveyor/engineer to oversee the construction on your behalf and who would also advise on issues raised above ?
Will cost a bit but in overall scheme of things but worth it for your peace of mind IMHO

PixelTrawler

tonyw28 wrote: »

I'm gone sale agreed and the estate agent wants my letter of approval in principle from the bank. Do I need to give this to them. Since my mortgage in principle is more than the agreed house price I would rather keep that information private from them in case this deal hits a snag or they think let's try get more money out of this guy and move the goalposts

We just gave a copy with the figures blacked out with a marker. Seems to have done the trick. We went sale agreed on a house last week.

dines08

Definitely something I'd consider, would just like a bit of advice regarding negotiation for the time being. The allowances being the key thing, I'm ok with the price overall, I don't want them giving me lowball allowances they know can't be adhered to. Anyone got any ballpark figures for tiling/flooring/kitchens and bathrooms? I know that question is like how long is a piece of string. On average for a decent quality of finish, a guide is all I'm looking for

TheScriptFan

How long after putting a bid in should I expect to hear back? I know there are other bidders in the mix. I put a jump of €5k in hoping it would clear them out & indicated I am a cash buyer. What happens next? I thought they might call me back today - I put the bid in at lunchtime. I'm a FTB and it was all a bit random that you can just call up and say ok I'll take your number!
Also - the house is a leasehold, is that a disadvantage? I heard I can buy the freehold title. It's all very nerve wracking!!

L1011

TheScriptFan wrote: »

How long after putting a bid in should I expect to hear back? I know there are other bidders in the mix. I put a jump of €5k in hoping it would clear them out & indicated I am a cash buyer. What happens next? I thought they might call me back today - I put the bid in at lunchtime. I'm a FTB and it was all a bit random that you can just call up and say ok I'll take your number!
Also - the house is a leasehold, is that a disadvantage? I heard I can buy the freehold title. It's all very nerve wracking!!

Anywhere from ten minutes (my final bid took that long - EA called the other bidder who didn't have anything more, and had been told to accept the higher of the two of us) to a few days for the bid response.

Leasehold - how long is remaining? If buying cash its less of an issue, mortgages can in some cases be trickier.

TheScriptFan

MYOB wrote: »

Anywhere from ten minutes (my final bid took that long - EA called the other bidder who didn't have anything more, and had been told to accept the higher of the two of us) to a few days for the bid response.

Leasehold - how long is remaining? If buying cash its less of an issue, mortgages can in some cases be trickier.

Thanks - I wasn't too sure if I should ring the EA to see what the craic is. Will hold off so.

Leasehold is 999 years from 1903 so a while yet!

L1011

TheScriptFan wrote: »

Leasehold is 999 years from 1903 so a while yet!

That shouldn't be much of an issue then. Nor is it likely to have very odd lease conditions.

TheScriptFan

MYOB wrote: »

That shouldn't be much of an issue then. Nor is it likely to have very odd lease conditions.

Oh great! Good to hear. I was all enthusiastic until I started reading this thread about how long it takes to close could be a long journey!

L1011

TheScriptFan wrote: »

Oh great! Good to hear. I was all enthusiastic until I started reading this thread about how long it takes to close could be a long journey!

Cash speeds a lot of that up - there are no mortgage drawdown delays on your part. Wouldn't have mattered a damn for me, three months waiting for a grant of probate and I had the keys three hours after that came through.

adam88

MYOB wrote: »

That shouldn't be much of an issue then. Nor is it likely to have very odd lease conditions.

Freehold/leasehold????

Can't remember dealing with any of that when I was buying my house. In terms of how fast it goes mine should have been through in a month. Cash sale and no mortgage but then the seller got a bit emotional about the house and wanted to back out. In the end it took 5 monthd

L1011

adam88 wrote: »

Freehold/leasehold????

Can't remember dealing with any of that when I was buying my house. In terms of how fast it goes mine should have been through in a month. Cash sale and no mortgage but then the seller got a bit emotional about the house and wanted to back out. In the end it took 5 monthd

If it never came up in discussion with the solicitor, it was freehold (or one of you or them wasn't paying any attention!)

TheScriptFan

Up another €10k on the offer today....eek...hard to know if there really are other offers...but at limit know so in the lap of the gods!!

Villa05

TheScriptFan wrote: »

Up another €10k on the offer today....eek...hard to know if there really are other offers...but at limit know so in the lap of the gods!!

Is there any estate agents asking for proof of finance before accepting offers.

Sunny Dayz

Villa05 wrote: »

Is there any estate agents asking for proof of finance before accepting offers.

Yes we were asked. Our mortgage lender just did a letter or email to say that we had mortgage approval in principle in relation to our bid of €x on the property.

no mention of max we were approved for, keep them cards close to your chest!

killers1

Villa05 wrote: »

Is there any estate agents asking for proof of finance before accepting offers.

Most do, not for each and every offer, only when it's either accepted or close to a level that may be accepted by the vendor.

Dortilolma

Villa05 wrote: »

Is there any estate agents asking for proof of finance before accepting offers.

Ours did - the letter was still on its way so I told the EA to call the lender and they confirmed that we were approved.

Villa05

killers1 wrote: »

Most do, not for each and every offer, only when it's either accepted or close to a level that may be accepted by the vendor.

Thanks killers, Are you seeing any sales fail due to clients being approved in principle, but when applying for drawdown the mortgage offer is either reduced or withdrawn? I'm hearing story's of this issue arising again

Is the October budget likely to force banks to tighten lending criteria?

Roxy10

Hi Everyone,

I am just wondering what my chances are of getting a mortgage in these circumstances:
- Salary 31200 per year full time permanent 2.5 years in this job
- One child
- Single applicant
- No Loans
- 360 per month rent paid through bank transfer on time very month
- Savings are a minimum of €700 per month (sometimes I manage a bit more)

I am looking at a house that will probably end up costing 150k so after my deposit goes against it (at present I am nearly there on saving the full deposit of 8% ie 12k) I will be looking at 138k on my own. Oh I am 26 and have been working full time in the same sector for 6.5 years.

Any advice will be gratefully received

handlemaster

It looks as if going by this thread the receivers are in no hurry to get the cash in from the sales

flintash

handlemaster wrote: »

It looks as if going by this thread the receivers are in no hurry to get the cash in from the sales

Confirmed. I know couple of sales, from the first half of the year that are not finished yet. If I can add, my conspiracy theory is that there is reason for equalising sales though out the year. Nobody want to see sharp decline in sales anyways.