Currently buying/selling a house? How is it going? READ MOD NOTE POST #1

Graham

Greentree_uk wrote: »

I haver already heard people dropping offers by 10% on new builds and flatly rejected.

Unlike the GFC developers aren't sitting on a huge amount of property built on spec as most developments are sold off plan these days.

I expect pre-sold new builds will continue as much as possible, further developments are likely to be put on hold.

There aren't thousands of speculative new builds waiting to hit the market this time round.

Mav11

beauf wrote: »

I think supply of property will get worse as the market stalls.

I have been looking at DAFT stats over the passed few days and it seems to me that vendors are removing their properties from sales listings! The number of properties for sale is decreasing, when they should be doing the reverse at this time of the year. Only makes sense really.

SpencerJC

beauf wrote: »

I like the way you picked 5% from nowhere as reasonable. Why not 20%

The seller could just go back to the list of offers and see if anyone will offer asking. If they don't then accept the 5% if they do then accept the full asking from someone else.

Or just pull it off the market and wait for the house that the seller is looking to buy drops.

They were hoping for a quick sale so we were actually the only offer. Sure, they could go back to the market but that would pose a significant risk to them as they may then be looking at 20+% drop and will be timely... I guess who knows really. I just plucked 5% out of thin air as a discount for me for continuing with the process and for the seller to avoid the risk of waiting. It's a compromise, we are both most likely going to suffer reductions, them with the 5% and me in a few months time when the property is worth less again..

beggars_bush

Rang both the EA and solicitor this morning about the house we had gone sale agreed on

The EA tried to convince me that there'd be huge demand for houses after this and that house prices would go up!
I laughed down the phone to him and confirmed that we are pulling out of the sale.

Does he not realise how many people have just lost their jobs and businesses closed?

road_high

beggars_bush wrote: »

Rang both the EA and solicitor this morning about the house we had gone sale agreed on

The EA tried to convince me that there'd be huge demand for houses after this and that house prices would go up!
I laughed down the phone to him and confirmed that we are pulling out of the sale.

Does he not realise how many people have just lost their jobs and businesses closed?

That’s typical EA babble. The opposite is usually true of what they say. Leave him to his delusions and keep your money for a while and see

skooterblue2

<SNIP>

beauf

Mav11 wrote: »

....
I have been looking at DAFT stats over the passed few days and it seems to me that vendors are removing their properties from sales listings! The number of properties for sale is decreasing, when they should be doing the reverse at this time of the year. Only makes sense really.

I only really keep an eye on my area. But there's been properties up there for over 2yrs that haven't sold. New developments haven't sold even after a 6 months to a year. Only thing thats seems to be any movement is under 400k. Cheaper stuff seems to move.

I would say this will only continue.

Die Hard 2019

I'm the opposite. I think I'll be buying asap as I fear mass inflation will erode my cash in the next few months

road_high

skooterblue2 wrote: »

This housing market is a long way from the bottom. Give it 6 months and it will be a different perspective. We are going to have to suffer this virus for two years

It’s a complete domino effect. No one will be able to get mortgage approval due to banking worries and doubts surrounding job security. Even a week ago jobs you’d think pretty secure in hospitality all on the rocks now. And that will feed right down to suppliers.
House prices are in for a big shock, especially the upper end of the market. If UT were me I’d definitely be holding off now

beauf

SpencerJC wrote: »

They were hoping for a quick sale so we were actually the only offer. Sure, they could go back to the market but that would pose a significant risk to them as they may then be looking at 20+% drop and will be timely... I guess who knows really. I just plucked 5% out of thin air as a discount for me for continuing with the process and for the seller to avoid the risk of waiting. It's a compromise, we are both most likely going to suffer reductions, them with the 5% and me in a few months time when the property is worth less again..

If you end up selling a property to buy another, then their value will go up and down together.

The issue really is affordability. If you have the income to maintain the mortgage, even if your income gets reduced, and its cheaper than doing something else like renting.

Mav11

beauf wrote: »

I only really keep an eye on my area. But there's been properties up there for over 2yrs that haven't sold. New developments haven't sold even after a 6 months to a year. Only thing thats seems to be any movement is under 400k. Cheaper stuff seems to move.

I would say this will only continue.

Have to agree. I have been looking in one town in particular and it is down from 61 properties on Monday to 50 today and these have not gone sale agreed.
I think that vendors that do not have to sell are going to wait. The question now is how long!!

Graham

Die Hard 2019 wrote: »

I'm the opposite. I think I'll be buying asap as I fear mass inflation will erode my cash in the next few months

I think it's been so long since inflation was significant, the majority of the population haven't even considered the potential impact.

Certainly looking at recent comments, there's an expectation that savings/deposits/wages will continue to hold their value.

ittakestwo

Die Hard 2019 wrote: »

I'm the opposite. I think I'll be buying asap as I fear mass inflation will erode my cash in the next few months

The opposite happens in a recession as demand falls which keeps inflation low. Usually central banks lower interest rates to try and increase demand but as most central banks have had near zero rates the last few years this isn't an option. The situation can lead to a liquidity trap where prices never grow. Japan has been stuck in one for 30 years. Some might argue Europe entered into one 10 years ago and this recession will just make it worse.

Oil which is also a significant input to global industry prices fell to its lowest level yesterday since 2002.

awec

Mav11 wrote: »

Have to agree. I have been looking in one town in particular and it is down from 61 properties on Monday to 50 today and these have not gone sale agreed.
I think that vendors that do not have to sell are going to wait. The question now is how long!!

IMO (and it's only my opinion) many potential sellers will hold off until there's light at the end of this tunnel. I don't mean the financial tunnel, I mean the societal problems that we have from this virus.

It's a stressful time, how many people are really going to want to move house in the middle of it?

Graham

ittakestwo wrote: »

The opposite happens in a recession as demand falls which keeps inflation low.

Look what happens during a war when governments print money to prop everything up.

It's entirely plausible that the effects of Coronavirus will be war like rather than recession like.

beauf

Mav11 wrote: »

Have to agree. I have been looking in one town in particular and it is down from 61 properties on Monday to 50 today and these have not gone sale agreed.
I think that vendors that do not have to sell are going to wait. The question now is how long!!

I think if you sat on a property for 12~24 months, you don't really need the money, (or rental income). They could sit another few years. There's a lot of cash buyers of property and lots with no mortgages. I know quite a few people who kept properties essentially empty for 10yrs or more. Didn't want the hassle of renting. I can remember taking years to sell properties in previous recessions. Everything was done at snails space.

skooterblue2

beauf wrote: »

I think if you sat on a property for 12~24 months, you don't really need the money, (or rental income). They could sit another few years. There's a lot of cash buyers of property and lots with no mortgages. I know quite a few people who kept properties essentially empty for 10yrs or more. Didn't want the hassle of renting. I can remember taking years to sell properties in previous recessions. Everything was done at snails space.

What about the building, damp and mildew, squatters, arsonists, junkies and other nefarious persons? I would rather have renters in for low rent than it vacant

ittakestwo

Graham wrote: »

Look what happens during a war when governments print money to prop everything up.

It's entirely plausible that the effects of Coronavirus will be war like rather than recession like.

Yeah and that has ingrained a national fear of inflation in Germans who run the ECB....

Europe could do with inflation now but it's not going to happen.

Graham

ittakestwo wrote: »

Germans who run the ECB.

No, they don't.

skooterblue2

Graham wrote: »

No, they don't.

Of course they dont officially but they do. A bit like all countries are equal and respected in Europe, but they ain't.

Its the Germans and French that run the EU.

SpencerJC

beauf wrote: »

If you end up selling a property to buy another, then their value will go up and down together.

The issue really is affordability. If you have the income to maintain the mortgage, even if your income gets reduced, and its cheaper than doing something else like renting.

I agree with that and it is affordable. But as I am mortgage approved and not selling to buy, there is likely to be an opportunity cost of not waiting 2-3 extra months, so I think it's worth a shot. Either way, I'd be happy if I have to go back to the market, that would be ok by me.

Graham

It's the Germans.

It's the Germans and the French.

Reality; take a look at the Rotation of voting rights in the Governing Council

skooterblue2

awec wrote: »

It's a stressful time, how many people are really going to want to move house in the middle of it?

No problem, I would be gone out of this shack in the morning. Luckily I have a cunning plan for when the market does collapse.

beauf

skooterblue2 wrote: »

What about the building, damp and mildew, squatters, arsonists, junkies and other nefarious persons? I would rather have renters in for low rent than it vacant

Renting might end up costing you money in the long run.

A lot of damp and mildew issues are cause by people living habits.
With different habits or no people you get no damp or mildew.

Renting seems to cause 4 times the wear and tear of normal use.
That's a lot of work and cost to maintain.

There is difference between looking after (maintaining) an empty building and abandoning it.

cudsy1

beanyb wrote: »

I went sale agreed 10 days ago, so this is definitely not ideal... I do still want to proceed as it has taken me a while to get to the point where I can buy, and if I don't I'm worried I'll end up renting in houseshares forever! But as you say there are a lot of moving parts, so who knows.

I am mortgage approved under the government Rebuilding Ireland Home Loan scheme - which I am assuming will continue as is for at least the next while. But I am due to go into the council for a meeting to submit details of the property, survey etc during the week - which I assume wouldn't/shouldn't go ahead now! Going to ring them tomorrow and see whether moving to submitting things by post instead of in person visits is the way forward.

Good to see this thread - the property market ones were stressing me to bits but I somehow couldn't stay away.

any update on this? I'm also trying to buy using the RIHL scheme atm

beanyb

cudsy1 wrote: »

any update on this? I'm also trying to buy using the RIHL scheme atm

I posted the below in the RIHL thread after my meeting this morning. When I rang on Monday they told me to come in as planned and they would just take my forms from me, look at them back at their own desk and then tell me if they were ok or not, rather than have the usual face to face meeting.

beanyb wrote: »

I was in DCC today for my appointment to hand in my Form 1,2,3 etc, and just thought I'd let people know what they told me in case it's useful to anyone.

They are working on an appointment only basis, and are putting a pause on new applications. They said would still progress mine based on where it is, but it'll likely be slowed down by delays with solicitors, etc which makes sense. She said some of the solicitors they are dealing with seem to have basically downed tools. She also asked me if my employment was still secure.

They are all at work, as they are responding to lots of queries from people suddenly struggling to pay their loans. She also said that they are getting grief from people who are trying to apply, so if you are calling, I'd suggest being sound to the people who are doing their best and still working through this stressful situation!

Mic 1972

skooterblue2 wrote: »

What about the building, damp and mildew, squatters, arsonists, junkies and other nefarious persons? I would rather have renters in for low rent than it vacant

You wouldn't. Renting is risky, if the profit is not worth the risk then there is no reason to lease your house. A lot of LLs keep their houses vacant until the right tenant comes along

TheSheriff

Posted this on the other proeprty thread, but relevant to readers here..... We are holding tight. We can afford our rent. Part of me is delighted some EAs are caving, I have nothing but absolute distrust of their profession.



Just as a general update for people on my micro-view of the market in D15.

Got an email today from another property we offered 10k under asking on a month back - told at the time the vendor wanted asking.

Vendor now willing to accept our offer should we choose to proceed.

We've spend months making offers on properties and got nowhere. Three previously rejected offers now potentially accepted in the space of two weeks

IndieRoar111

We are so grateful for the advice we received on this forum after posting our situation yesterday.

We have decided to pull out of the deal, despite us being able to afford the mortgage, my husband ran the numbers and given the fact that the property sold for 168k in 2012, others on the road sold for between 170-195k in 2013 and then increased since then. We feel like we are catching a falling knife if we buy it now for 346k.

It was a hard decision to make as we really liked it and it was ideal, however we can easily save whilst renting and have decided we will move in with the folks in July for 6 months to accelerate the savings by hopefully another 25k and have 200k deposit to buy within the new year.

Thank you all so much for the advice and i hope you all get what you are looking for. In our situation we feel it is best not to buy right now.

Thank you all

Chickpea111

Sheeps wrote: »

Just got my mortgage approval from KBC for full exemption. Full steam ahead.

Be careful with KBC , when we enter a recession and we will, remember how they treated their customers during the last one. They hounded a family so bad the husband took his own life. I remember his poor wife on the late late show.

Mic 1972

IndieRoar111 wrote: »

We are so grateful for the advice we received on this forum after posting our situation yesterday.

We have decided to pull out of the deal, despite us being able to afford the mortgage, my husband ran the numbers and given the fact that the property sold for 168k in 2012, others on the road sold for between 170-195k in 2013 and then increased since then. We feel like we are catching a falling knife if we buy it now for 346k.

It was a hard decision to make as we really liked it and it was ideal, however we can easily save whilst renting and have decided we will move in with the folks in July for 6 months to accelerate the savings by hopefully another 25k and have 200k deposit to buy within the new year.

Thank you all so much for the advice and i hope you all get what you are looking for. In our situation we feel it is best not to buy right now.

Thank you all

Good decision! Between rent relief and dropping house prices you have nothing to lose

Mic 1972

awec wrote: »

IMO (and it's only my opinion) many potential sellers will hold off until there's light at the end of this tunnel. I don't mean the financial tunnel, I mean the societal problems that we have from this virus.

It's a stressful time, how many people are really going to want to move house in the middle of it?

Agreed, I was thinking how are people even going to arrange for property viewings with all this social-distancing and the fear to touch anything?

TheSheriff

IndieRoar111 wrote: »

We are so grateful for the advice we received on this forum after posting our situation yesterday.

We have decided to pull out of the deal, despite us being able to afford the mortgage, my husband ran the numbers and given the fact that the property sold for 168k in 2012, others on the road sold for between 170-195k in 2013 and then increased since then. We feel like we are catching a falling knife if we buy it now for 346k.

It was a hard decision to make as we really liked it and it was ideal, however we can easily save whilst renting and have decided we will move in with the folks in July for 6 months to accelerate the savings by hopefully another 25k and have 200k deposit to buy within the new year.

Thank you all so much for the advice and i hope you all get what you are looking for. In our situation we feel it is best not to buy right now.

Thank you all

Well done on what must have been a hard decision! I think you are both making the right call.

We've gone from being told we weren't serious bidders to having three houses offered to us in the last two weeks.

There is blood in the water.

Sheeps

Chickpea111 wrote: »

Be careful with KBC , when we enter a recession and we will, remember how they treated their customers during the last one. They hounded a family so bad the husband took his own life. I remember his poor wife on the late late show.

I've no doubt that getting on the wrong side of any bank will result in the bankks being horrible.

Greentree_uk

TheSheriff wrote: »

Posted this on the other proeprty thread, but relevant to readers here..... We are holding tight. We can afford our rent. Part of me is delighted some EAs are caving, I have nothing but absolute distrust of their profession.



Just as a general update for people on my micro-view of the market in D15.

Got an email today from another property we offered 10k under asking on a month back - told at the time the vendor wanted asking.

Vendor now willing to accept our offer should we choose to proceed.

We've spend months making offers on properties and got nowhere. Three previously rejected offers now potentially accepted in the space of two weeks

10k below this time of the year seems low even without COVID...

trucker

We're due to move in to our new home on the 30 March. As you can imagine, myself and my wife are concerned that it won't go ahead, as we're in a chain...if one falls apart they all do.

Has anyone moved home this week? I presume banks, solicitors, etc are working business as usual?

paul-2008

trucker wrote: »

We're due to move in to our new home on the 30 March. As you can imagine, myself and my wife are concerned that it won't go ahead, as we're in a chain...if one falls apart they all do.

Has anyone moved home this week? I presume banks, solicitors, etc are working business as usual?

all working as normal in my situation anyway, drew down mortgage Monday and due to get keys today!

tomister

trucker wrote: »

We're due to move in to our new home on the 30 March. As you can imagine, myself and my wife are concerned that it won't go ahead, as we're in a chain...if one falls apart they all do.

Has anyone moved home this week? I presume banks, solicitors, etc are working business as usual?

All full steam ahead on mine. Waiting for the nod on Monday to draw down but from speaking to the solicitor and the bank yesterday there's been no impact

JohnnyChimpo

might as well use this thread for an opportunity to vent concerns and canvass opinion.

Signed contracts were exchanged about a month ago, but we're still being slow-played by Vendor in terms of getting a Closing date (there were some compliance certificates and other paperwork that Vendor needed to apply and get).

Since we have no Closing date, we've held off giving our current Landlord notice to vacate. According to statute we are required to give 112 days notice (we've been renting longer than 8 years), and up until recently we had the operating assumption that Landlord would be happy to let us leave early (since we're paying probably 1k pm under the "market rate"). Landlord owns entire apartment block plus other properties. Now that we can no longer rely on that assumption, I'll take any recommendations on how to proceed:

- Delay Closing so that we can run out the 112 days notice, and risk Vendor possibly pursuing some legal action, or the Bank pulling their mortgage offer?

- Close, give month notice to Landlord, and tell them to go through PRTB for anything else?

- Close, pay both mortgage and rent simultaneously, maybe apply for either rent or mortgage relief due to emergency? (I'm basically not considering this option)

- Just talk to Solicitor, see what they say

- Hidden Option E - may involve full societal collapse and me becoming Immortan Joe of the Neo-Dublin apocalyptic wasteland.

I'm not stressing yet, but i'd rather not leave myself on the hook for a few grand if it can be avoided

Greentree_uk

JohnnyChimpo wrote: »

might as well use this thread for an opportunity to vent concerns and canvass opinion.

Signed contracts were exchanged about a month ago, but we're still being slow-played by Vendor in terms of getting a Closing date (there were some compliance certificates and other paperwork that Vendor needed to apply and get).

Since we have no Closing date, we've held off giving our current Landlord notice to vacate. According to statute we are required to give 112 days notice (we've been renting longer than 8 years), and up until recently we had the operating assumption that Landlord would be happy to let us leave early (since we're paying probably 1k pm under the "market rate"). Landlord owns entire apartment block plus other properties. Now that we can no longer rely on that assumption, I'll take any recommendations on how to proceed:

- Delay Closing so that we can run out the 112 days notice, and risk Vendor possibly pursuing some legal action, or the Bank pulling their mortgage offer?

- Close, give month notice to Landlord, and tell them to go through PRTB for anything else?

- Close, pay both mortgage and rent simultaneously, maybe apply for either rent or mortgage relief due to emergency? (I'm basically not considering this option)

- Just talk to Solicitor, see what they say

- Hidden Option E - may involve full societal collapse and me becoming Immortan Joe of the Neo-Dublin apocalyptic wasteland.

I'm not stressing yet, but i'd rather not leave myself on the hook for a few grand if it can be avoided

Why not just ask the landlord what notice he needs? he might be happy for an agreed short notice period.

JohnnyChimpo

Greentree_uk wrote: »

Why not just ask the landlord what notice he needs? he might be happy for an agreed short notice period.

You're right of course - I've been avoiding letting them know out of a sense of "starting the clock", but obviously there's no harm in just asking, purely hypothetically of course.

BrokenArrows

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

mcbert

BrokenArrows wrote: »

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

But would there not be a final check of some sort by the bank to make sure you are still employed?

BrokenArrows

mcbert wrote: »

But would there not be a final check of some sort by the bank to make sure you are still employed?

Don't think so.

But I'm more concerned with the fact that the property we purchase might crash in value if this virus keeps up.

I've no issues with just renting after we sell. I'm just trying to decide.

BrokenArrows

awec wrote: »

Think you'll have to cancel your sale, cause bank will probably pull mortgage for your purchase.

I'm 100% following through with the sale. I'll rent if needed. Don't want to live in this area anymore and we have got a good price for it.

Idbatterim

JohnnyChimpo wrote: »

You're right of course - I've been avoiding letting them know out of a sense of "starting the clock", but obviously there's no harm in just asking, purely hypothetically of course.

Given he get increased rent. I’d say nothing yet

jrosen

Totally still in limbo ourselves, we cant back out we have paid our full deposit. Sold our other house and are renting. Our LL thankfully is fantastic and happy to have us leave whenever as he knows the timing is somewhat out of our control.

Our delay is the local authority. We needed some compliance certs as the purchase house is a new build. The BER and another one, the name escapes me. The BER has come through but the other has not. Weeks the council knew to issue it and for some reason we are still waiting. We are not the only ones.
Currently our solicitors office is in full swing. Our EA is contactable the last couple of days and even the builder is frustrated with the wait.
But we have been assured by all sides that once this compliance letter comes we can close and draw down. Unsure if this is lip service.

road_high

BrokenArrows wrote: »

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

What industry do you work in? I can imagine even non directly effected industry cutting like this, people on probation and temp contracts are easy cuts to make fast. Had you moved from a perm job elsewhere? Very harsh to get caught in the middle like that

randoplh134

paul-2008 wrote: »

all working as normal in my situation anyway, drew down mortgage Monday and due to get keys today!

Brave man

Bargain_Hound

We are going full steam ahead too, although the EA for our vendor is strictly WFH and cannot get a valuation done, we are a bit in limbo.

We fear if we risk pulling the sale, waiting for the fantasy "2011/2012 bargain", this will be met with no chance of securing finance to purchase from banks. We are aware we are purchasing at another property price peak (~300k range) but considering its a property in Dublin with all our family close by, we don't feel we are over paying and stretching beyond our means.