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

shesty

Yep I get that.

But where does that leave us if we have someone wanting to move into our house, and literally nowhere for us to go?There are no rentals in the area, even if we wanted to go down that route.

Graham

shesty wrote: »

Yep I get that.

But where does that leave us if we have someone wanting to move into our house, and literally nowhere for us to go?There are no rentals in the area, even if we wanted to go down that route.

Hate to say it but that's not your future vendors problem.

If you really have no options in terms of temporary accommodation all you can do is look for your next house and hope the vendors are patient and your place moves quickly.

You could obviously do that at the same time as marketing your own house but you run the risk of p***ing off a purchaser and an EA if you can't complete the sale.

You'll have a better idea of how quickly things move in your local market and the level of competition you'll be facing from other potential buyers.

shesty

I have a pretty good idea tbh, the house across from us sold in the space of 14 days recently.
Have checked rentals in the surrounding areas, and there really is nothing - a 1 bed apartment, or a 2 bed house for rent. The house is also more than twice what we are currently paying as our mortgage. (It is well over 2k, and we couldn't afford it).

We could put ours up, but we essentially would be saying to any potential buyer, yeah we can go sale agreed but you'll have to hang on til we find something we like which could take months.And let's face it, that's not practical either.

For what it's worth the house we are currently bidding on is empty, with elderly owners who have moved on several months ago.

I suppose there is no solution to it then really, other than hoping we find something we like and manage to go sale agreed on it first.

Cash_Q

You wont know until you put it on the market and see what circumstances your bidders are in. Your estate agent will be able to tell you the status of the bidders and you are under no pressure to accept a bid. Once you're honest throughout the process and your estate agent is too, then it can end up working out. Maybe your buyer could be living with family and not under pressure to move, they might be in a chain themselves and need to sell their own house first. Even if their own house is sale agreed, issues with their buyer could delay things. It's basically a case of, it'll work out, or it wont, but you wont know unless you try. I can understand your reluctance to put it on the market only to maybe have to take it down and put it back up again, that can arouse suspicion second time around, but just get a good agent and maintain honesty throughout and things might work out.

Editing just to add, you're not the first family to buy and sell in a chain, it works out for people all the time, your solicitors will agree closing dates to suit all parties. If it's what you really want then go for it!

Reins

Did you ask if you could short term rent the vacant property you're bidding on?

shesty

No, it has actually just reared its head again as we looked at it a few weeks ago, and put a bid in but it was rejected and there were no other bids until this week on it (long story), but that is an interesting idea.We will be viewing it again in a few days.Thanks.

Padre_Pio

Reins wrote: »

Did you ask if you could short term rent the vacant property you're bidding on?

Or rent another property and put your stuff into storage?

Reins

Padre_Pio wrote: »

Or rent another property and put your stuff into storage?

The reason i suggested the vacant one was if they were the successful bidder on it they would'nt have to move twice

jrosen

cubatahavana wrote: »

Feeling a bit deflated. Contracts signed and I contacted today my broker for drawdown timeline. We are buying a new build. He said that if the valuation is done this week, he expects drawdown around the 11/12. I never thought that it would take so long. Thought that 2 weeks max. We are with KBC. Anyone in the same boat?

We were easily 15 weeks post valuation. Also with KBC.
There were only an odd few delays with the bank. The hold up was mostly the builder

CarMc

shesty wrote: »

I suppose there is no solution to it then really, other than hoping we find something we like and manage to go sale agreed on it first.

You can put your house up on the market and ask the EA to tell any prospective buyers that you are house hunting too and can't move until you have secured a new house. Now most EAs will say anything to get a sale so might downplay this to get your house sale agreed and you could find yourself under pressure anyway but you can refer them back to the EA and say you did put your cards on the table from the beginning. If your house is really top quality and walk in condition then some buyers might be willing to wait, particularly first time buyers who have no chain.

We have just gone through similar scenario, our house was sale agreed within 2 weeks but we kept getting outbid on houses we were looking at. We got an email every week from the EA asking for an update for the buyers. The pressure was immense! We did get it all wrapped up and closed within 14 weeks which wasn't too bad but the EA had told our buyers they would be in the house within 10 weeks even though we had said from the start we can't move until we have a property to go to.

Also even though we were sale agreed on our own property we had some sellers reject our bid anyway in favour of a first time buyer with no chain. So you just can't predict how these things will go. Each exchange is so different and depends on your circumstances, your buyers circumstances and the sellers circumstances of the property you are interested in!

Best of luck.

Cash_Q

jrosen wrote:

We were easily 15 weeks post valuation. Also with KBC. There were only an odd few delays with the bank. The hold up was mostly the builder

We are also with KBC.. so is there a delay on your drawdown or not?
Other poster has been given a very long timeline.. has your solicitor requested drawdown?
We are not at that stage yet, awaiting grant of probate and had hoped to move quickly once that comes through but concerned to see these posts..

jrosen

Cash_Q wrote: »

We are also with KBC.. so is there a delay on your drawdown or not?
Other poster has been given a very long timeline.. has your solicitor requested drawdown?
We are not at that stage yet, awaiting grant of probate and had hoped to move quickly once that comes through but concerned to see these posts..

On the actual drawdown, maybe 2 weeks.

shesty

Padre_Pio wrote: »

Or rent another property and put your stuff into storage?

Really not exaggerating that there is literally nowhere to go to to rent in the surrounding area.
I can see 3 houses for rent between our town and the 2 towns nearest us, and of those, 1 is a 1 bed apartment and the other 2 are looking for 2400eur per month (and the rest) for houses smaller than the one we are now in, which we just cannot afford.And it could be months before we found somewhere to move to.

Cash_Q

jrosen wrote:

On the actual drawdown, maybe 2 weeks.

Ah ok thanks for that reassurance, sounds ok. I gathered from the other poster that their broker is predicting between now and 11th December to drawdown but they must be factoring in other aspects of the purchase.

cubatahavana

jrosen wrote: »

We were easily 15 weeks post valuation. Also with KBC.
There were only an odd few delays with the bank. The hold up was mostly the builder

So, basically those 15 weeks were because the house was not ready yet? Ours is supposedly finished (snagging next week)

cubatahavana

Cash_Q wrote: »

Ah ok thanks for that reassurance, sounds ok. I gathered from the other poster that their broker is predicting between now and 11th December to drawdown but they must be factoring in other aspects of the purchase.

I'm the original poster, we are getting the final valuation this evening. Only left is getting insurance sorted and mortgage protection too (all sorted, we only need to sign the documents and send them to broker). Broker knows this and told us 11 december. He said as well that probably he can make KBC go faster

cubatahavana

shesty wrote: »

I don't usually post here but looking for some outside opinions...

We are currently house hunting.We have a home, just looking to trade up.We are mortgage approved.

Our house is not on the market.It has been photographed and is ready to be put up for sale but I am very reluctant to put it up until we have something.We are in a position to put a large cash deposit on any house we might get to sale agreed with.

A few estate agents have asked us is our home for sale, then suggested that we might be more desirable to potential sellers if ours was already up on the market or even better, sale agreed.The problem is we have only seen one house we want to put an offer in on (and that is going on in the background), nothing else has been suitable so far. Our house had extensive work done on it in the last 2 years, so is in a very good condition, with extension and attic conversion. I suppose my fear is that we would put it up and it would go sale agreed in a short period of time, leaving us under a lot of pressure to find something to move to.We have 3 small kids so I am extremely reluctant to be put in that position.

Any thoughts?Would we better to take the risk of putting it up for sale with nowhere to go?Is it that off-putting to a potential seller to be offered a cash deposit, but to have to wait a bit for our house to go?

Look, we put our property on sale end of july and specifically told EA that we didn't want to move until we found something. We started looking the same week and went sale agreed on a property mid-august. Granted it was a new build, so there was no bidding there. We went sale agreed in the sale of our property in the beginnin of september. Are nearly closing now (expected 4 December) for our sale, and our new property should be ready around the same time. We may need to wait a little bit, but hopeflly not more than a week.

Bottom line, it is doable

jrosen

cubatahavana wrote: »

So, basically those 15 weeks were because the house was not ready yet? Ours is supposedly finished (snagging next week)

No house was finished.

It was like every exchange took one week. It was close to 3 weeks before the builder had finished the snag list. We went back to check, not all was done. Another week to finish those and then re check. So all told it was close to 5 weeks before the snag had been completed and ours wasnt even that long.

Then there was an issue with some compliance cert, we waited just over 4 weeks for that. We got the run around.

Then there was a concern over some clause in the paperwork. That took another 2 weeks to resolve and then the bank misplaced some docs which we had to get again.
Generally its just slow
I do think they give you worst case scenario and coming close to xmas you are loosing probably another 2-3 weeks where nothing is moving.

michellie

shesty wrote: »

I don't usually post here but looking for some outside opinions...

We are currently house hunting.We have a home, just looking to trade up.We are mortgage approved.

Our house is not on the market.It has been photographed and is ready to be put up for sale but I am very reluctant to put it up until we have something.We are in a position to put a large cash deposit on any house we might get to sale agreed with.

A few estate agents have asked us is our home for sale, then suggested that we might be more desirable to potential sellers if ours was already up on the market or even better, sale agreed.The problem is we have only seen one house we want to put an offer in on (and that is going on in the background), nothing else has been suitable so far. Our house had extensive work done on it in the last 2 years, so is in a very good condition, with extension and attic conversion. I suppose my fear is that we would put it up and it would go sale agreed in a short period of time, leaving us under a lot of pressure to find something to move to.We have 3 small kids so I am extremely reluctant to be put in that position.

Any thoughts?Would we better to take the risk of putting it up for sale with nowhere to go?Is it that off-putting to a potential seller to be offered a cash deposit, but to have to wait a bit for our house to go?

We were in your position selling up to buy bigger. We put ours on the market Sept 9th. Sale agreed Oct 8th to a cash buyer investor. We had an offer accepted on the one we are buying Oct 19th. We are lucky in a way that the people we are buying from are moving home to china so we can move straight in. But if we had to move out we would have stayed in my dad's house

ElitesTeam

hi guys,

Closing date is in two weeks on the Monday.

So on that Monday do I get told on that day its ok to collect guys or in advance that everything is done. How does it work?

Cash_Q

ElitesTeam wrote:

Closing date is in two weeks on the Monday.

ElitesTeam wrote:

So on that Monday do I get told on that day its ok to collect guys or in advance that everything is done. How does it work?

Keep the pressure on solicitors involved anyway, we sold our house with closing date of 2nd Oct, moved into my parents house on the 1st and put all of our belongings into storage. The buyers solicitor had left it late to drawdown funds and in the end the house sat vacant until the 13th when funds were finally sent through. We handed over the keys that day but it was so frustrating to wait until 13th to close having been told 2nd prior to that.

Cash_Q

cubatahavana wrote:

I'm the original poster, we are getting the final valuation this evening. Only left is getting insurance sorted and mortgage protection too (all sorted, we only need to sign the documents and send them to broker). Broker knows this and told us 11 december. He said as well that probably he can make KBC go faster

Thanks that is a long wait...I'm anxious as we are still awaiting probate to be granted on the house we are buying..another 4 weeks could bring us very close to Christmas and surely banks and solicitors will close til early January..
Anyway I hope you get to close sooner than the 11th!

GrumPy

About 2 weeks before I check myself into an insane asylum. Here is the updated timeline of the attempted purchase of our first house. Contacted the EA yesterday and explained if the process rolls into Jan or beyond, we have to re-consider the purchase altogether.

Sellers side solicitor has been incredibly slow, almost seems disinterested at this point. My solicitor sent them a fairly direct email yesterday basically saying 'WTF' are you guys doing?

My fianceé & I moved out of our apartment at the end of Oct, hoping to save a few quid on rent by crashing with a close friend. We were expecting to get keys in November, no later than early Dec - worst case scenario; but now we've got 2 weeks welcome left with my friend, before we have to move in with my parents.

An absolute pain in the hole, and the stress has been incredible. We are desperate at this stage to sign contracts and agree the drawn-down date from the bank to finalise the keys. However, I've lost all confidence in the process and I'm exhausted mentally chasing solicitors & the agent. We are literally in a position we cannot get out of, and I have almost lost hope.

Today is the first time since we went sale agreed (August 5th) that I started looking again on Daft.

Padre_Pio

GrumPy wrote: »

About 2 weeks before I check myself into an insane asylum. Here is the updated timeline of the attempted purchase of our first house. Contacted the EA yesterday and explained if the process rolls into Jan or beyond, we have to re-consider the purchase altogether.

The whole system is absolute nonsense. Conveyances are the bread and butter to many solicitors, everything should almost be automatic at this stage.

mimimcmc

GrumPy wrote: »

Today is the first time since we went sale agreed (August 5th) that I started looking again on Daft.

Also sale agreed since that week, but I have been keeping an eye on daft every day! We also went to view another house in the mean time, gotta keep those options open incase the sale falls through which I really hope it doesn't.

We're in a position to wait anyway (already living with parents) so we don't mind, but I feel your frustrations..
Chin up, you will get there
And remember, it could always be worse!

Starlord_01

GrumPy wrote: »

About 2 weeks before I check myself into an insane asylum. Here is the updated timeline of the attempted purchase of our first house. Contacted the EA yesterday and explained if the process rolls into Jan or beyond, we have to re-consider the purchase altogether.

Sellers side solicitor has been incredibly slow, almost seems disinterested at this point. My solicitor sent them a fairly direct email yesterday basically saying 'WTF' are you guys doing?

My fianceé & I moved out of our apartment at the end of Oct, hoping to save a few quid on rent by crashing with a close friend. We were expecting to get keys in November, no later than early Dec - worst case scenario; but now we've got 2 weeks welcome left with my friend, before we have to move in with my parents.

An absolute pain in the hole, and the stress has been incredible. We are desperate at this stage to sign contracts and agree the drawn-down date from the bank to finalise the keys. However, I've lost all confidence in the process and I'm exhausted mentally chasing solicitors & the agent. We are literally in a position we cannot get out of, and I have almost lost hope.

Today is the first time since we went sale agreed (August 5th) that I started looking again on Daft.

Hopefully you can get things sorted soon GrumPy.

We are at the beginning of our purchase, praying it goes smoothly but have heard of some horror stories lately.

GrumPy

Starlord_01 wrote: »

Hopefully you can get things sorted soon GrumPy.

Thanks, the estate agent got in touch directly with the seller yesterday. Emailed me today to say they spoke with their solicitor and they are expecting an 'update' today, whatever that means...

One of the pre-contractual questions requires a document from the land-registry office. Apparently, they are very slow and COVID means they are even worse. Has anyone got experience with the land registry turn around times? How critical is this type of documentation? I'd sign a scrap of loo-roll at this point if it meant we got sight of a closing date.

Vikings

GrumPy wrote: »

Thanks, the estate agent got in touch directly with the seller yesterday. Emailed me today to say they spoke with their solicitor and they are expecting an 'update' today, whatever that means...

One of the pre-contractual questions requires a document from the land-registry office. Apparently, they are very slow and COVID means they are even worse. Has anyone got experience with the land registry turn around times? How critical is this type of documentation? I'd sign a scrap of loo-roll at this point if it meant we got sight of a closing date.

As frustrating as that is for you, going back to square one viewing and bidding again will undoubtedly take longer than closing the current house. Keep the pressure on all sides.

antiskeptic

GrumPy wrote: »

Thanks, the estate agent got in touch directly with the seller yesterday. Emailed me today to say they spoke with their solicitor and they are expecting an 'update' today, whatever that means...

One of the pre-contractual questions requires a document from the land-registry office. Apparently, they are very slow and COVID means they are even worse. Has anyone got experience with the land registry turn around times? How critical is this type of documentation? I'd sign a scrap of loo-roll at this point if it meant we got sight of a closing date.

It depends on what the piece of documentation is. I've bought and sold a few houses and the whole conveyancing gig is still a black hole. Solicitors sometimes makes a fuss about something only for it to evaporate as an issue.

Your solictor ought to be able to say what the documentation is and whether it's uncircumventable if LR delay. LR can be very slow but sometimes a push can be put on if it means a sale falling through.

Vikings

fliball123 wrote: »

How much did you pay for it just out of curiosity?

Without wanting to post all the figures we paid approx 11.5% over the asking.

Bidding was already about 5.5% over asking when we viewed it.

The house was definitely purposefully undervalued to attract people.

From my experience any homes that were in good condition and attractive to families trading up for example, were fetching in the region of 10% over asking - and very quickly too.

Viewed a house in Kildare asking price 400k went sale agreed for 435k, estate agent then listed a less attractive property in the same estate two weeks later with an asking price of 435k. Keeping an eye on that one to see how that shakes out!