Buying a house 2013!

gmisk

Question.....I paid my booking deposit on a house almost a month ago....I also sent in my solicitors details to EA 3 weeks ago.
Is it normal that the house is still not marked as sale agreed?
The EA gave me the below reason.....
Our inhouse system is through the myhome system and in order to mark something sale agreed we need both buyer and vendor solicitors details.
We don’t have the vendors as of yet and therefore it physically won’t allow me to mark it sale agreed.


Does this sound reasonable?

killers1

gmisk wrote: »

Question.....I paid my booking deposit on a house almost a month ago....I also sent in my solicitors details to EA 3 weeks ago.
Is it normal that the house is still not marked as sale agreed?
The EA gave me the below reason.....
Our inhouse system is through the myhome system and in order to mark something sale agreed we need both buyer and vendor solicitors details.
We don’t have the vendors as of yet and therefore it physically won’t allow me to mark it sale agreed.


Does this sound reasonable?

No. It's a load of waffle. If they haven't got the Vendors solicitors details then they haven't sent a Sales Notice out the the vendors solicitor (obviously!) which means nothing has been done in relation to having contracts drawn up and sent to your solicitor. Is it a Bank sale by any chance? They tend to insist on properties being left as 'For Sale' until contracts are signed. If it's genuinely the reason he EA gave you I'd be shouting & screaming at the EA to say that if they haven't picked a solicitor yet the contracts will inevitably be delayed and that you want a timeframe of when your solicitor can expect to receive them.

gmisk

Thanks I thought it was taking the piss tbh. Will buzz EA now (no answer shock horror)

I had structural survey done at the beginning of last week and put in a slightly revised offer, so not at the contract stage yet.
I dont think its a bank sale the EA said it was a couple selling, who arent based in Ireland....

I could email the EA but not entirely sure what to say any advice would be much appreciated.

killers1

gmisk wrote: »

Thanks I thought it was taking the piss tbh. Will buzz EA now (no answer shock horror)

I had structural survey done at the beginning of last week and put in a slightly revised offer, so not at the contract stage yet.
I dont think its a bank sale the EA said it was a couple selling, who arent based in Ireland....

I could email the EA but not entirely sure what to say any advice would be much appreciated.

Well, if you've put in a revised offer you're no longer sale agreed as the price is under new negotiation. Leave it a few days and wait for the EA to come back to you on your new offer first before you start asking about solicitors & contracts etc..

gmisk

Thanks for your advice.
How long do you think a revised offer should take to be evaluated by an owner and for them to come back to me?
The revised offer has been with them since the 6th of March.

killers1

gmisk wrote: »

Thanks for your advice.
How long do you think a revised offer should take to be evaluated by an owner and for them to come back to me?
The revised offer has been with them since the 6th of March.

Seeing as it's been in over a week maybe give the EA a call tomorrow for an update.

jython98

Can anyone find this report? http://www.independent.ie/business/personal-finance/property-mortgages/dublin-house-prices-expected-to-rise-but-repossessions-hike-expected-in-buytolet-market-report-29130655.html

I am bit of confused when I compared with this few days ago. http://www.irishexaminer.com/ireland/glut-of-repossessed-houses-could-depress-prices-by-up-to-25-224964.html

jython98

Another 'expert' report http://www.independent.ie/business/personal-finance/property-mortgages/repossessions-will-drive-down-property-prices-say-experts-29131843.html

roro2

jython98 wrote: »

Can anyone find this report? http://www.independent.ie/business/personal-finance/property-mortgages/dublin-house-prices-expected-to-rise-but-repossessions-hike-expected-in-buytolet-market-report-29130655.html

I am bit of confused when I compared with this few days ago. http://www.irishexaminer.com/ireland/glut-of-repossessed-houses-could-depress-prices-by-up-to-25-224964.html

http://www.ncbresearch.com/PDF_Archive/2013-03/IrishHousingMarch2013.pdf

NCB release a report saying that we are at a "stabilisation" stage but with various uncertainties. The Independent do their usual and even spin out two articles over two days. The Examiner just exagerrate a quote from Eddie Hobbs.

quad_red

Viewing a few houses in North Dublin tomorrow (Clontarf, Raheny, Sutton and Malahide).

All joint viewings, 20/30 mins long. EA's all pumping up the 'incredible demand'.

This is such a load of bollox. How can you be expected to make a reason estimation of the most expensive asset you will ever buy if you're falling over people?

killers1

quad_red wrote: »

Viewing a few houses in North Dublin tomorrow (Clontarf, Raheny, Sutton and Malahide).

All joint viewings, 20/30 mins long. EA's all pumping up the 'incredible demand'.

This is such a load of bollox. How can you be expected to make a reason estimation of the most expensive asset you will ever buy if you're falling over people?

Use the first viewings to immediately rule out any properties you've no interest in buying and then arrange a second, private viewing, on any you might be tempted to put an offer on.

jython98

"If you are buying a new house from a builder/developer, you will be charged VAT at 13.5%"

So if we buy a 300k new house, then we will need to pay for 40k vat apart from that 300k? or 300k will include the VAT?

killers1

jython98 wrote: »

"If you are buying a new house from a builder/developer, you will be charged VAT at 13.5%"

So if we buy a 300k new house, then we will need to pay for 40k vat apart from that 300k? or 300k will include the VAT?

The VAT is included in the sale price. So if you buy a new house for €300k you only pay €300k. You also don't need to pay stamp duty on the VAT portion of the purchase price so your stamp duty is 1% of (€300k less 13.5% = €259,500) or €2,595

jython98

killers1 wrote: »

The VAT is included in the sale price. So if you buy a new house for €300k you only pay €300k. You also don't need to pay stamp duty on the VAT portion of the purchase price so your stamp duty is 1% of (€300k less 13.5% = €259,500) or €2,595

Thanks Killers1,

So the selling price on propertypriceregister is the price already include VAT?

killers1

jython98 wrote: »

Thanks Killers1,

So the selling price on propertypriceregister is the price already include VAT?

Yep.

kennyb3

Quick question - when you get your loan offer pack? Fill it out yourself or wait until you go into solicitor/forward it to them?

davet82

jython98 wrote: »

Thanks Killers1,

So the selling price on propertypriceregister is the price already include VAT?

not always on the PPR but they are easy to spot as the selling price is always a weird number like €103,756.75 meaning the price listed is exclusive of VAT

jython98

davet82 wrote: »

not always on the PPR but they are easy to spot as the selling price is always a weird number like €103,756.75 meaning the price listed is exclusive of VAT

Really? does €297,500.00 look like a weird number?

killers1

kennyb3 wrote: »

Quick question - when you get your loan offer pack? Fill it out yourself or wait until you go into solicitor/forward it to them?

Depends on the Bank. AIB loan offers need to be signed & witnessed by a Solicitor. BOI/ICS ones are just signed by the clients. As it's a legal doc your better off completing it with your solicitor when you go to sign contracts.

davet82

jython98 wrote: »

Really? does €297,500.00 look like a weird number?

click on the entry

it will give you a list of details, one of them being 'VAT Exclusive:'

if it says yes well then VAT hasn't been included in the price listed

jython98

davet82 wrote: »

click on the entry

it will give you a list of details, one of them being 'VAT Exclusive:'

if it says yes well then VAT hasn't been included in the price listed

Cool, I can see that now, thanks for your help.

killers1

jython98 wrote: »

Really? does €297,500.00 look like a weird number?

I doubt the purchase price was €337,662.50 so probably safe to assume it's VAT inclusive

jython98

killers1 wrote: »

I doubt the purchase price was €337,662.50 so probably safe to assume it's VAT inclusive

Yep, totally agree, thanks Killers1.

kennyb3

This might be an unusual question (then again may not). We are waiting on contact from our solicitor, who has wrote to the vendors solicitor requesting contracts, to come in and sign same.

At this stage or even later in the process is there anything in particular I need to ensure the solicitor has/hasn't done? Or anything I need to particularly ask?

What i'm getting at is do I just assume the solicitor will take care of the process and relax or should I keep on top of them in relation to certain matters (copies of searches). I'll definitely look for a copy of the receipt for the stamp duty anyway I know that much.

D3PO

kennyb3 wrote: »

This might be an unusual question (then again may not). We are waiting on contact from our solicitor, who has wrote to the vendors solicitor requesting contracts, to come in and sign same.

At this stage or even later in the process is there anything in particular I need to ensure the solicitor has/hasn't done? Or anything I need to particularly ask?

What i'm getting at is do I just assume the solicitor will take care of the process and relax or should I keep on top of them in relation to certain matters (copies of searches). I'll definitely look for a copy of the receipt for the stamp duty anyway I know that much.

Without getting into the nitty gritty. You can relax. If your solicitor screws up you could sue them so you really have nothing to worry about at this stage

kennyb3

D3PO wrote: »

Without getting into the nitty gritty. You can relax. If your solicitor screws up you could sue them so you really have nothing to worry about at this stage

Cheers, it's a pity i'm not very good at the relaxing bit.:)

quad_red

House we are interested in has an asking of 335k.

Called there and after a week on show it has 2 bidders and it stands at 320k currently.

We're going to see it again on Saturday but I put down an offer of 321k. The EA said he 'appreciated' the offer but 1k increments wouldn't win anything as no one would 'lose' a house for a grand.

The Mrs want's me to ask the EA 'what would take this house off the market today'. Is such a question ridiculous?

Our limit is 328k. Should we go all in now and try and put off the other bidders?

Do a slow 1k creep keep people in the game?

gmisk

We're going to see it again on Saturday but I put down an offer of 321k. The EA said he 'appreciated' the offer but 1k increments wouldn't win anything as no one would 'lose' a house for a grand.
It all depends if the other person is willing or not to pay a grand more...I dont see anything at all wrong with bidding in 1k increments

The Mrs want's me to ask the EA 'what would take this house off the market today'. Is such a question ridiculous?
I think so tbh

Skittlebrau

quad_red wrote: »

House we are interested in has an asking of 335k.

Called there and after a week on show it has 2 bidders and it stands at 320k currently.

We're going to see it again on S. urday but I put down an offer of 321k. The EA said he 'appreciated' the offer but 1k increments wouldn't win anything as no one would 'lose' a house for a grand.

The Mrs want's me to ask the EA 'what would take this house off the market today'. Is such a question ridiculous?

Our limit is 328k. Should we go all in now and try and put off the other bidders?

Do a slow 1k creep keep people in the game?

Everyone has a limit on what they're willing/able to pay. At some point a 1k increase will put them out of the game. It just mightn't be the first 1k increase.

With regards to the other question...IMO no price under the asking will "take a house off the market today", particularly when there's 3 interested parties and its already close to the asking price.

Going "all in" and bidding 328k has one advantage in that you will put yourself out of your misery quicker. Either you'll get it or you won't. But if someone else has 329k and wants it well then there's nothing you can do. You're not going to scare anyone off with those numbers.

Edit - went through something similar myself recently albeit at a lower level. Our limit is 250k. Asking price was 250k. Bid of 238k on it with 3 interested parties. Bids were going up in 1k increments so when it was at 242k we bid 250k. Last I heard it was at 256k and it's now sale agreed but at least we weren't hanging on for ages seeing as we were never going to get it.

qwertypop

Skittlebrau wrote: »

Everyone has a limit on what they're willing/able to pay. At some point a 1k increase will put them out of the game. It just mightn't be the first 1k increase.

With regards to the other question...IMO no price under the asking will "take a house off the market today", particularly when there's 3 interested parties and its already close to the asking price.

Going "all in" and bidding 328k has one advantage in that you will put yourself out of your misery quicker. Either you'll get it or you won't. But if someone else has 329k and wants it well then there's nothing you can do. You're not going to scare anyone off with those numbers.

I've been looking at a few places for buy to let (cash buyer) these places have been on the market for nearly 18 months roughly each. All of a sudden there's loads of interest. I'd stand my ground with maybe 324 and leave them hang tell them your not interested in bidding. Once they know you've copped there's no one else interested its yours. They should be damn lucky that there getting anything near the asking.
From looking at the price register and looking at asking prices for these house there roughly about 75% of the asking that there being sold at