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What is the process of selling a house?

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  • 29-01-2013 3:00pm
    #1
    taka
    Site Banned Posts: 33 ✭


    Ive never sold a house myself but want to know the whole process og selling one as im thinking of putting mine on the market.

    Once someone puts a bid in, what happens next and are you still left with a bill for solicitors/enginerr if the buyers pull out. Do I wait untill buyers get their engineer out before I contact my solicitor etc...

    Sorry if this threAd sounds silly to some but im clueless at the moment because ive never went through a sale before.


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    taka wrote: »
    Ive never sold a house myself but want to know the whole process og selling one as im thinking of putting mine on the market.

    Once someone puts a bid in, what happens next and are you still left with a bill for solicitors/enginerr if the buyers pull out.

    why would you have an engineers bill ? The buyer pays for an engineers report if they want one not the seller.

    Yes if they pull out you will have been hit with solicitors fee of some sort assuming its got to the point you have engaged your solicitor.


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    #3
    taka
    Site Banned Posts: 33 ✭taka


    D3PO wrote: »

    why would you have an engineers bill ? The buyer pays for an engineers report if they want one not the seller.

    Yes if they pull out you will have been hit with solicitors fee of some sort assuming its got to the point you have engaged your solicitor.


    Am I best waiting to they get their engineers report untill I contact my solicitor just incase something arrises and they pull out.

    How long does everything take from bid to theyre engineer comes to inspect for his report and till the contracts are signed.

    How much do solicitors charge and is there any other hidden costs I dont know off.


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    #4
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    taka wrote: »
    Am I best waiting to they get their engineers report untill I contact my solicitor just incase something arrises and they pull out.

    How long does everything take from bid to theyre engineer comes to inspect for his report and till the contracts are signed.

    How much do solicitors charge and is there any other hidden costs I dont know off.

    Theres no exact answers to your questions.

    Im assuming your selling privately right now and somebody has made an offer ? Have they provided a deposit or just verbally given you an offer ?

    If its the former I wouldnt be engaging anybody, if they are serious they should be giving you some kind of booking deposit and providing you details of who their solicitor is. At that point you can engage your solicitor and start the ball rolling (id also suggest lodging the booking deposit with him)

    P.S. most buyers dont do an engineers report just get a basic survey done.

    As for charges depends on the work to be done. There is no flat fee conveyancing isnt that simple.

    Other costs potentially (Not hiddent) may be CGT due on the sale depending on the purchase price and sale price, if it was a PPR, how long you have lived there etc etc.


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    #5
    taka
    Site Banned Posts: 33 ✭taka


    Lived in the house for 9 years and may have a private sale as someone with cash is interested in it. What is involved in a survey, is it a visual inspection or does the surveyer go about with a level and tape measure checking every detail around the house and in the roof walls etc..

    I originaly got the planning on 2 acres of land but had to apply for retention because I changed a few things and when I done this, I changed the boundry so I can keep an acre when eventualy sell but ive been told that this isnt possible and that I have to give all the land away where I got the planning on, would this be true.


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    #6
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    taka wrote: »
    Lived in the house for 9 years and may have a private sale as someone with cash is interested in it. What is involved in a survey, is it a visual inspection or does the surveyer go about with a level and tape measure checking every detail around the house and in the roof walls etc..

    I originaly got the planning on 2 acres of land but had to apply for retention because I changed a few things and when I done this, I changed the boundry so I can keep an acre when eventualy sell but ive been told that this isnt possible and that I have to give all the land away where I got the planning on, would this be true.


    Visual inspection essentially is what a surveyer will do. You may have some CGT liability depending on your build cost and sale cost etc but your solicotor can tell you about that. As for the land issue again speak to your solicitor.

    weather its a cash sale or not the buyer should be putting down some kind of booking deposit and providing details on their solicitor. You can then contact your solicitor pass on the booking deposit, their solicitors details, details on the offer etc and get the ball rolling.

    Basically next step get a booking deposit, get the buyers solicitors details and contact your solicitor


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    #7
    taka
    Site Banned Posts: 33 ✭taka


    D3PO wrote: »


    Visual inspection essentially is what a surveyer will do. You may have some CGT liability depending on your build cost and sale cost etc but your solicotor can tell you about that. As for the land issue again speak to your solicitor.

    weather its a cash sale or not the buyer should be putting down some kind of booking deposit and providing details on their solicitor. You can then contact your solicitor pass on the booking deposit, their solicitors details, details on the offer etc and get the ball rolling.

    Basically next step get a booking deposit, get the buyers solicitors details and contact your solicitor


    I never knew there was a cgt on my own home. Is this a new tax.

    Why the need for a deposit?

    How long aftet i contact my solicstor will i expect to see the surveyer then what next.


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    #8
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    taka wrote: »
    I never knew there was a cgt on my own home. Is this a new tax.

    Why the need for a deposit?

    How long aftet i contact my solicstor will i expect to see the surveyer then what next.


    Like I said there may be. It may be expempt I dont know your living circumstances over the past 9 years so I cant tell you.

    http://www.revenue.ie/en/tax/cgt/cgt-faqs.html

    why the need for a deposit ? because its the standard process as part of a house sale to try and weed out timewasters.

    your asking the wrong questions a house sale is not defined by an exact period of time it could take weeks it could take months. I think ive been pretty clear with what you have to do.

    get deposit and sellers solicitors details then contact your solicitor to get the ball rolling. Simple as that


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    #9
    Em2011
    Registered Users Posts: 9 ✭Em2011


    taka wrote: »
    Am I best waiting to they get their engineers report untill I contact my solicitor just incase something arrises and they pull out.

    How long does everything take from bid to theyre engineer comes to inspect for his report and till the contracts are signed.

    How much do solicitors charge and is there any other hidden costs I dont know off.

    Taka, its the buyer that gets an engineers report normally...don't think it will be your responsibility.

    Are you using an auctioneer? The process of selling your house normally involves the buyer paying a refundable booking deposit to the seller's auctioneer (or if n auctioneer is involved usually the money is paid to the seller's solicitor). The reason its not paid directly to you is in case you run off with it..though I'm sure you won't!

    I'd get a solicitor involved. If the sale falls through the solicitor might or might not charge you- talk to the solicitor and see if you can negotiate the amount they will charge if the sale falls through. If it falls through at an early stage they might not charge anything.

    Solicitors fees vary massively! Shop around. I used O'Hanlon & O'Dowd in cork last year when buying a house and found them to be great- plus they do fixed price conveyancing so no nasty shocks when I got the bill!! Price was very competetive and they were upfront about everything. I don't know if you are in the cork area or not but I don't think it matters where you are based cos the solicitor never actually visits the house and you only have to meet them a handful of times to sign stuff- most contact is over the phone or email.

    As for how long the process takes- how long is a piece of string! Could depend on whether there are planning issues or problems with banks etc. I was advised the 6-8 weeks from receiving contracts from the seller is average but can totally vary!

    Hope this helps you!


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    #10
    Em2011
    Registered Users Posts: 9 ✭Em2011


    Forgot the add that the reason for a deposit is to show the purchaser is serious and isn't just messing when they say they will buy your house! But it is refundable if the sale falls through!


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    #11
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    If house is not old,buyer may not bother getting structural survey
    Unless he,s told to do so by building society, or bank.IT s IMPORTANT to make sure ,the auctioneer will put ad up on myhome.ie
    or daft.ie ,most buyers look on those websites first ,
    Find this out before you employ the estate agent.
    You,ll have to get the house tested for BER rating, energy effeciency
    rating.


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    #12
    TheDriver
    Registered Users Posts: 12,505 ✭✭✭✭TheDriver


    easy out
    1) take nice photos of house. It can be recommended to do this yourself unless auctioneer is actually good.
    2) decide if you want an EA or sell yourself. Either way, price around, check success rates and commit. Ask about opt out clauses. You could also try to sell yourself but ad on Daft, €195.
    3) viewings so make sure its warm, hot dough in oven, rubbish put out etc.
    4) offers might come in. Review each one, think about reject vs reject but willing to negotiate, EA will help.
    5) Once an offer has been accepted, they pay a deposit to EA. If its a private sale, there may be no deposit. Exhange solicitors details and rest goes between them. You will be asked to clarify what is included, did you extend, all planning permissions, is it a family home. Is the bank allowing you to sell, etc etc. You must have a BER done, you must ensure all bills are paid and your solicitor will have to poke them to get a move on sometimes. They may send an engineer around to look at house, takes about 2-3 hours. They may find issues and ask them to be fixed or price reduction. you can agree or tell them to f**k off.
    6) once all is settled regarding ownership, structure, planning etc etc, contracts are signed and this is the point of no return. Up to this, they can string you along or vice versa for months and either side can pull out.
    7) Date arrives about 1 month later and money exhanged and keys are handed over.

    Realistically, i think deposit is worth nothing because it can be requested back at any stage up to contracts so all it means people have money. in this day and age, asking for proof of mortgage approval is nearly worth more....


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    #13
    riclad
    Registered Users Posts: 8,184 ✭✭✭riclad


    The main point of an ea, is he deals with enquirys,does viewings,takes bids from potential buyers,advertises the house.Puts it on a website.GO
    on daft ie,look at similar houses in your area.What are they priced at.
    You can just call an estate agent ,and he,ll give you a free valuation
    .There s a house price register online, you can look, at houses sold in your area,see what they sold for.


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