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Buying off plans

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  • 13-08-2016 2:30pm
    #1
    Gemma1982
    Registered Users Posts: 76 ✭✭


    Would really appreciate if anyone who has been through this process could give me an idea as to what to expect. The houses we're very interested in are launching next month. The problem is we're on holidays on the date when the houses launch. It's really disappointing as we've been watching out for these houses for a year. They're in a popular area of Dublin so I think they'll sell quickly. Do auctioneers ever accept deposits in advance of the official launch date?
    Also more generally how much of a deposit is usually required and do auctioneers look for evidence of mortgage approval? Thanks so much


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    #2
    PedroDublin
    Registered Users Posts: 53 ✭✭PedroDublin


    I think the standard initial deposit is 5k. Some of them ask for a copy of the AIP and some don't. I'd say just get one and contact the agency, with the AIB online app you can get one in 48h


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    #3
    Roger Mellie Man on the Telly
    Registered Users Posts: 1,097 ✭✭✭Roger Mellie Man on the Telly


    Pay an architect to read the plans and select the best house. People have no idea how to read plans, even if they think they can.


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    #4
    68 lost souls
    Registered Users Posts: 3,990 ✭✭✭68 lost souls


    Gemma1982 wrote: »
    Would really appreciate if anyone who has been through this process could give me an idea as to what to expect. The houses we're very interested in are launching next month. The problem is we're on holidays on the date when the houses launch. It's really disappointing as we've been watching out for these houses for a year. They're in a popular area of Dublin so I think they'll sell quickly. Do auctioneers ever accept deposits in advance of the official launch date?
    Also more generally how much of a deposit is usually required and do auctioneers look for evidence of mortgage approval? Thanks so much

    I've offered a deposit in advance to an estate agent and they had none of it unfortunately


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    #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 39,406 Mod ✭✭✭✭Gumbo


    Where is the estate?


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    #6
    Marcusm
    Registered Users Posts: 10,336 ✭✭✭✭Marcusm


    If there's significant interest in the development and it's in a high demand area then I would expect them to take time ensuring that they move forward with people who have their financing in order rather than agreeing to sell to the first 50 people with €10k. It's not 2005 anymore.


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    #7
    PhoenixParker
    Registered Users Posts: 2,677 ✭✭✭PhoenixParker


    Marcusm wrote: »
    If there's significant interest in the development and it's in a high demand area then I would expect them to take time ensuring that they move forward with people who have their financing in order rather than agreeing to sell to the first 50 people with €10k. It's not 2005 anymore.

    When it comes to new builds in Dublin, many of the sales feel a lot like 2005. Overnight queues and lots of competition.

    In terms of the OPs question:

    We paid 5K to secure the property and no proof of mortgage or funds was required. Lucky for us as we didn't have it at that point. They did ask us if we had it and we said yes as we were confident of getting it (ticking all the relevant boxes). The 5K had to be paid on the day/within 3 working days. We also gave them the name of our solicitor.

    They then sent contracts to the solicitor which were meant to be signed and returned with proof of mortgage and a further E15K within 21 days. In practice that took about 10 weeks because Christmas, mortgage documents and correspondence between solicitors got in the way. That's the point at which the deal becomes legally binding.

    Other new builds I've seen for sale have had similar processes. At the very least start gathering the documents you'll need for a mortgage now - pay slips, bank statements, history of savings etc.

    As others have said look at the plans (or if you're not sure what you're at get someone who knows what they're doing to look at the plans) and pick the house you want with a few back ups.

    I doubt the estate agent will take a booking pre-sale date but it's worth asking as you never know your luck. After that, you're best option would be to have someone else go down and queue for you. Obviously someone you trust implicity.

    Failing that you can wait until you come back from holiday and either take one of the houses that's left or cross your fingers that one of the houses becomes available again. In general most developments aren't completely selling out on Day 1, but what's left may not be one of the houses that would be your first choice. Also, even when developments do sell out, generally a not insignificant number come back when people fail to secure mortgage funding or pull out for other reasons.


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