house hunting and sale agreed

jsabina

Hi everybody,
I just had the mortgage approved after I submitted the full application, so now I am starting to look for the house.

using daft and myhome, I contact the advertiser and EVERY time they answer that the house is sale agreed.

I know there is a shortage of houses, but why don't they put on the website that is sales agreed so I avoid the illusion and to loose time?

Do they do that because they expect I do a better offer?
Any hints about house hunting without going crazy?

thanks

Woodville56

Perhaps approach a few Estate Agents in the areas you hope to buy a property, tell them what type of house( size, facilities, location, local services & facilities nearby etc) would interest you and ask if any properties coming on the market that would suit you ? That way, you might get a head start on the chasing hordes or at least a heads up on what's available or what's coming up - not all properties appear on Daft etc. Good luck with the house hunting !

AfterHrsProp

jsabina wrote: »

Hi everybody,
I just had the mortgage approved after I submitted the full application, so now I am starting to look for the house.

using daft and myhome, I contact the advertiser and EVERY time they answer that the house is sale agreed.

I know there is a shortage of houses, but why don't they put on the website that is sales agreed so I avoid the illusion and to loose time?

Do they do that because they expect I do a better offer?
Any hints about house hunting without going crazy?

thanks

Hello OP,

Depending on the auctioneer the intention really isn't to entice you to bid more once sale agreed has been reached on a property. If this is the strategy being employed by the auctioneer, its a strange one.

An auctioneer is likely to keep advertising a property though once the sale agreed stage has been reached in case the sale falls through as it often does at this stage. So until you see confirmation that the property has been sold, I wouldn't completely dismiss the property.

Sometimes as well, just through poor communication & efficiency of the auctioneer, they may be slow in updating the status of the properties of course.

BeatNikDub

jsabina wrote: »

Hi everybody,
I just had the mortgage approved after I submitted the full application, so now I am starting to look for the house.

using daft and myhome, I contact the advertiser and EVERY time they answer that the house is sale agreed.

I know there is a shortage of houses, but why don't they put on the website that is sales agreed so I avoid the illusion and to loose time?

Do they do that because they expect I do a better offer?
Any hints about house hunting without going crazy?

thanks

Basically the way it SHOULD work is that the house is marked sale agreed once the deposit is received by the EA.
It is marked sold when the contracts are signed and then taken down when closed.
Unfortunately a lot don't do this but the bigger brands should do.

There can be that gap in between a deal being agreed and money being transferred/cheque being received before the status is changed though however.

AfterHrsProp

BeatNikDub wrote: »

Basically the way it SHOULD work is that the house is marked sale agreed once the deposit is received by the EA.
It is marked sold when the contracts are signed and then taken down when closed.
Unfortunately a lot don't do this but the bigger brands should do.

There can be that gap in between a deal being agreed and money being transferred/cheque being received before the status is changed though however.

I know the way it works.

Also in my experience, the bigger brands can be just as guilty of this as the smaller ones.

That gap your talking about between being sale agreed & sold is a fairly significant one, a lot of issues can arise such as a poor structural report of the property, issues with the title, the bank pulling out of the mortgage, the vendor having a change of heart, etc.

Basically until a property has been sold & the contracts have signed I wouldn't completely dismiss the property if I was interested in it

BeatNikDub

Yes it can be quite a long time, however if you do go in at that stage you are gazumping someone. Although not illegal, really rather immoral imo!

But if an issue arises at this stage anyway it would be put back for sale and not remain sale agreed (well it should do anyway - many smaller offices may not have capacity to keep up with all the admin end of things).

As it was previously said too, register with offices. They will add you to their database and you will be informed of properties as they come to the market or even beforehand.
Majority of houses all go on the net too, very few do not.

jsabina

Thanks for all your answers.

Nobody really asked me for another offer, it was just myself assuming that maybe...
because I found strange that everybody was answering with "sorry, sale agreed for xxx" telling me the price, higher of course of the asking price.

I will contact few places and ask them to keep me in their database!

AfterHrsProp

BeatNikDub wrote: »

Yes it can be quite a long time, however if you do go in at that stage you are gazumping someone. Although not illegal, really rather immoral imo!

But if an issue arises at this stage anyway it would be put back for sale and not remain sale agreed (well it should do anyway - many smaller offices may not have capacity to keep up with all the admin end of things).

As it was previously said too, register with offices. They will add you to their database and you will be informed of properties as they come to the market or even beforehand.
Majority of houses all go on the net too, very few do not.

I honestly don't know where your getting your information from concerning smaller firms. Alot of them have a smaller amount of properties to deal with & sell so they're able to give greater attention to each property their selling if anything. Also your more likely to be dealing with the actual auctioneer/owner of the business rather than someone must likely un-qualified or not very experienced with a bigger firm who are trying to sell 100+ properties & are giving the most attention to the easy sell type of properties.

Registering with offices is a pointless exercise too in my opinion. If an auctioneer is not using daft.ie or at least myhome.ie this is a very worrying sign for any seller. One of the main aims of any auctioneer when representing a vendor is to get that property out there as much as possible so as to give that property the best chance of selling for the maximum price. If they are not using two of the most used sites in Ireland, how are they going to do this.

OP, keep a close eye on daft.ie & myhome.ie & be ready to move swiftly if you see a property you like with deposit & proof of mortgage approval ready

P. Breathnach

You don't say where you are looking (and you don't have to)

I have been looking in areas where the market is moderately strong. Very often the interval between a property first coming on the market and going sale agreed is 3-5 weeks (of course the are exceptions). EAs are not always quick about marking a property sale agreed, often because they are cautious about the message it gives if a sale falls through and they have to resume the selling effort.

You will be less frustrated if you search for new advertisements.

It's also useful to let EAs in the area know what sort of property you are seeking.

P. Breathnach

AfterHrsProp wrote: »

... Registering with offices is a pointless exercise too in my opinion....

That depends on the EA.

jsabina

yep
I registered on daft and myhome and I receive email when new properties come to the market.
maybe I've been unlucky until now, I will keep trying!

AfterHrsProp

P. Breathnach wrote: »

You don't say where you are looking (and you don't have to)

I have been looking in areas where the market is moderately strong. Very often the interval between a property first coming on the market and going sale agreed is 3-5 weeks (of course the are exceptions). EAs are not always quick about marking a property sale agreed, often because they are cautious about the message it gives if a sale falls through and they have to resume the selling effort.

You will be less frustrated if you search for new advertisements.

It's also useful to let EAs in the area know what sort of property you are seeking.

P. Breathnach wrote: »

That depends on the EA.

Average selling time for properties in the country currently is around 7 weeks.

Its well worth an agents while putting sale agreed up on a property, it shows their competent & have achieved what the vendor was looking for which is ultimately what they're judged on. Sale agreed's falling through can be minimized if the agent does his job properly, checks for confirmation of mortgage approval, requests & receives the booking deposit before the sign is put up, makes sure the purchaser is made aware of any major structural problems that exist, clarifies any planning issues or title issues, etc.

All of the above requires an agent to be upfront & diligent about his work, a good agent will have no problem with this.

Also it doesn't really depend what auctioneer you register with. The auctioneer is not your friend & is not going to help you find a property at a steal before anyone else gets to see it or bid on it. This would be sheer lunacy from the auctioneer. They build their reputation on achieving the highest price possible for their client(vendor) so unless they're stupid, they will be using all possible means available to them to make sure the property is advertised as much as possible within the budget of the vendor.

Sala

I have notice this too. One property I emailed about was sale agreed over a month ago and its still marked as fro sale on myhome.

BeatNikDub

AfterHrsProp wrote: »

I honestly don't know where your getting your information from concerning smaller firms. Alot of them have a smaller amount of properties to deal with & sell so they're able to give greater attention to each property their selling if anything. Also your more likely to be dealing with the actual auctioneer/owner of the business rather than someone must likely un-qualified or not very experienced with a bigger firm who are trying to sell 100+ properties & are giving the most attention to the easy sell type of properties.

Registering with offices is a pointless exercise too in my opinion. If an auctioneer is not using daft.ie or at least myhome.ie this is a very worrying sign for any seller. One of the main aims of any auctioneer when representing a vendor is to get that property out there as much as possible so as to give that property the best chance of selling for the maximum price. If they are not using two of the most used sites in Ireland, how are they going to do this.

OP, keep a close eye on daft.ie & myhome.ie & be ready to move swiftly if you see a property you like with deposit & proof of mortgage approval ready

Because I worked in one! I've worked in a few differing offices over the years (not as an EA) in the country and Dublin so have a pretty good inside knowledge
Bigger firms have secretaries and staff to do all of it for them you see

AfterHrsProp

BeatNikDub wrote: »

Because I worked in one! I've worked in a few differing offices over the years (not as an EA) in the country and Dublin so have a pretty good inside knowledge
Bigger firms have secretaries and staff to do all of it for them you see

Yes, well I've worked as an EA for years so I'd like to think I've a pretty good idea too.

And delegating work to secretaries & staff isn't an assurance of quality of work, quite the opposite in fact.

BeatNikDub

Yikes.

Am only trying to help here, not get involved in denigrating behaviour.

Hope your search is fruitful OP.

Beatnikdub out!