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

BrosnanL27

givyjoe wrote: »

We were bidding on this ourselves, 62k over asking. A higher asking may have been more accurate, but still.. :eek:
https://www.daft.ie/for-sale/semi-detached-house-42-carton-court-maynooth-co-kildare/2866952

Do you know Maynooth well? You could have dodged a bullet here. Nice house and all but the estate itself is full of students. I had friends renting there (late 20's professionals) and the trouble they've had with parties/noise/rubbish being dumped in their garden. I'm sure it's quiet at the moment with the college not open for lectures etc but they'll all flood back when they can.

DubLad69

We are buying a new build, picked out the house off the plans, spoke to the estate agent a number of times and I was consistently told that they will be releasing the house I want in late Jan/Early Feb. As soon as the previous houses sold.

Then I got a call today saying that they developer's have changed their mind and are going with a different phasing plan and the one I wanted won't be avaliable for another 6 months.

And that's just to put my deposit down, never mind be built. It's really annoying

It does give us a little more time to think it all over though. Its 20 minutes away from where we currently live and 10 minutes away from our ideal location. We have been saying all along that it was fine, but last 2 days we started to worry if that extra 5-10 minutes made it too far away. Even though the house and orientation is perfect and also in a really nice area.

seenn00J

Anyone think these bidding wars and houses going way over asking are simply down to supply outstripping demand as a result of covid19 lockdowns putting the brakes on construction/new build completions? When current lockdown is lifted (and hopefully there's no more) and construction catches up with the demand backlog surely that should calm the market down a little? Or is something deeper going on?

ongarite

There is more money in people's pot for buying houses.
1 year of chance to save money like never before.
Personal savings held by banks are at an all time high at the moment.

klose

Anybody have any experience with buying a home off a seller who themselves is acting as the "estate agent" cutting out the middle man?

DaraDali

seenn00J wrote: »

Anyone think these bidding wars and houses going way over asking are simply down to supply outstripping demand as a result of covid19 lockdowns putting the brakes on construction/new build completions? When current lockdown is lifted (and hopefully there's no more) and construction catches up with the demand backlog surely that should calm the market down a little? Or is something deeper going on?

I know houses going 30k over asking for 3bed semi's in remote area in Limerick, work alot with agents and one was 50k over asking, Agent was saying we were lucky to buy 6months ago and said we could get 60more than what we paid.

Spoke to him about renting and not one place in my local town to rent. its mad out there at the moment

givyjoe

BrosnanL27 wrote: »

Do you know Maynooth well? You could have dodged a bullet here. Nice house and all but the estate itself is full of students. I had friends renting there (late 20's professionals) and the trouble they've had with parties/noise/rubbish being dumped in their garden. I'm sure it's quiet at the moment with the college not open for lectures etc but they'll all flood back when they can.

Don't know it at all, obviously know there is a university there. The house itself is student accommodation, hence the en quite in each room. Most people I've spoken to say it's a nice area. Friend of a friend lives around the corner, says the estate is grand.

Quite like celbridge myself, but most houses in similar price range are quite a bit smaller, or at least most of the ones I've come across.

shreko

klose wrote: »

Anybody have any experience with buying a home off a seller who themselves is acting as the "estate agent" cutting out the middle man?

Yep, we just closed on a private sale like this last Friday. No estate agent, just ourselves and solicitors

klose

shreko wrote: »

Yep, we just closed on a private sale like this last Friday. No estate agent, just ourselves and solicitors

I see, must be common so, whom did you lodge the booking fee with if you mind me asking?

TobyHolmes

seenn00J wrote: »

Anyone think these bidding wars and houses going way over asking are simply down to supply outstripping demand as a result of covid19 lockdowns putting the brakes on construction/new build completions? When current lockdown is lifted (and hopefully there's no more) and construction catches up with the demand backlog surely that should calm the market down a little? Or is something deeper going on?

i think its contrived and there is manipulation going on.



doesnt matter how much money you have - you shouldnt spend more than something is worth. spending a fortune on a hole in the wall just because it is in dublin is insanity to me.

TobyHolmes

ongarite wrote: »

There is more money in people's pot for buying houses.
1 year of chance to save money like never before.
Personal savings held by banks are at an all time high at the moment.

yes totally.but why spend more than something is worth just to get a house.


hold on to your money until the market is selling houses for what they are actually worth.



if the market is demanding 600k for a house that is worth only 300k - wait.

DubLad69

TobyHolmes wrote: »

yes totally.but why spend more than something is worth just to get a house.


hold on to your money until the market is selling houses for what they are actually worth.



if the market is demanding 600k for a house that is worth only 300k - wait.

If someone is willing to pay €600k for a house, thats what it's worth. It might not be worth the same amount at a later time, but that is its value now.

Simple economics tells you that a person will only pay as much as something is worth to them. So generally speaking people will never choose to pay more than its worth.

TobyHolmes

DubLad69 wrote: »

If someone is willing to pay €600k for a house, thats what it's worth. It might not be worth the same amount at a later time, but that is its value now.

Simple economics tells you that a person will only pay as much as something is worth to them. So generally speaking people will never choose to pay more than its worth.

the housing market is a bit like the emperors new clothes - the population wont engage in it critically - they'll just go along happily feeding it their cash until the bubble bursts. what people should do is stop feeding it and it wont be such a monster. but hey. thats up to yourselves.

Congrats on your wisdom, you seem to have it sorted anyway

In the meantime, houses have been expensive and rising for 25 of the last 30 years.

Sure, there's good times to buy, but you get old enough waiting for them and you're never sure til five years later.

And paying rent in the meantime.

So look, again, congrats you're blowing minds here but guess what, house prices in capital cities are expensive and yet people will very likely continue to buy them

TobyHolmes

Deleted User wrote: »

Congrats on your wisdom, you seem to have it sorted anyway

In the meantime, houses have been expensive and rising for 25 of the last 30 years.

Sure, there's good times to buy, but you get old enough waiting for them and you're never sure til five years later.

And paying rent in the meantime.

So look, again, congrats you're blowing minds here but guess what, house prices in capital cities are expensive and yet people will very likely continue to buy them

ru speaking to me? its an analogy - i'm not professing wisdom. people are free to do what they like. i'm simply commenting on it. as you are commenting on my comment. exciting stuff.

Thats not in itself a response to the points

Youve been repeating yourself a while now, have you no comeback other than "we're all entitled an opinion m8"?

If not, oof that's kinda weak.

TobyHolmes

Deleted User wrote: »

Thats not in itself a response to the points

Youve been repeating yourself a while now, have you no comeback other than "we're all entitled an opinion m8"?

If not, oof that's kinda weak.

whats your point? that people will buy houses. i get it. chill.

Markitron

This is starting to sound like the property market thread, which I am never going anywhere near again.

shreko

klose wrote: »

I see, must be common so, whom did you lodge the booking fee with if you mind me asking?

We didn’t lodge any booking fee. I had suggested lodging it with our solicitor but they weren’t too bothered. It was a probate sale so they were very relaxed about the whole thing, no pressure on anyone to be out of the house or anything. We didn’t pay any money until we paid the full 10% at contract signing stage. Made me nervous to be honest cause it all felt very informal up until that point and I was afraid someone might hear about it and offer them more, as we got a very good price. Luckily it all worked out in the end.

accensi0n

TobyHolmes wrote: »

the housing market is a bit like the emperors new clothes - the population wont engage in it critically - they'll just go along happily feeding it their cash until the bubble bursts. what people should do is stop feeding it and it wont be such a monster. but hey. thats up to yourselves.

You should start a sub reddit to short the housing market.

Padre_Pio

Has anyone seen bonuses excluded from mortgage calculations?

Got an email from Ulster Bank saying my AIP is lower than expected. My bonus is about 20% of my earning, so it's a significant blow.

ongarite

Bonuses aren’t included as they usually aren’t guaranteed.
Unless you can get letter from employer to say that the 20% is guaranteed every year, you are unlikely to get higher AIP.

BOI will take the average of the bonuses over 3 years.

Jess2019

We are sale agreed on a second hand house. We got a letter from our solicitor saying that the roads and services in the estate have not yet been taken in charge by the local authority and is still in the care of the developer who went into receivership in 2013. And unfortunately, this is an issue under the terms of the mortgage. And they have to let bank of ireland know in order to get approval to proceed with the purchase.
Is this a major issue, will be still be able to go ahead with the sale?

jokettle

Jess2019 wrote: »

We are sale agreed on a second hand house. We got a letter from our solicitor saying that the roads and services in the estate have not yet been taken in charge by the local authority and is still in the care of the developer who went into receivership in 2013. And unfortunately, this is an issue under the terms of the mortgage. And they have to let bank of ireland know in order to get approval to proceed with the purchase.
Is this a major issue, will be still be able to go ahead with the sale?

We had this issue; the solicitor called it a qualification on the title I think? It was no big deal in the end. The local residents committee sent a letter to the council asking for the estate to be taken in charge, the council sent a letter to our solicitor to say they had gotten that letter from the residents and would consider it in due course, and that was enough for the bank.

We were warned that our bank may take a bit of extra time deciding on whether or not to give us the mortgage, possibly 6-7 weeks extra (this was with Christmas in the middle of that time frame), but it didn't delay things at all. I think it's a fairly standard thing with estates tbh.

givyjoe

cisk wrote: »

BOI will take the average of the bonuses over 3 years.

They are included, or were for us anyway, and had the same. Average of 3 years.

errlloyd

I'm currently the highest bidder on a property. We are 3.2% below asking price, and we weren't the first bidder. I put in my offer almost two weeks ago. I know the underbidder came back and said no.

So the Vendor is apparently waiting for an offer close to asking price. What is the best strategy here?

• Let them wait in the hopes they give up?
• Offer them a little more, to avoid getting into a bidding war if a new buyer does arrive?
• Indicate to the EA that I am getting impatient and might move on?

I have sympathy for the vendor. I actually already bid on another apartment in the same complex that ended up going for 5.2% above it's asking price. But it was a better apartment with a lower asking price, so I don't think my current offer is all that far off fair.

Reins

errlloyd wrote: »

I'm currently the highest bidder on a property. We are 3.2% below asking price, and we weren't the first bidder. I put in my offer almost two weeks ago. I know the underbidder came back and said no.

So the Vendor is apparently waiting for an offer close to asking price. What is the best strategy here?

• Let them wait in the hopes they give up?
• Offer them a little more, to avoid getting into a bidding war if a new buyer does arrive?
• Indicate to the EA that I am getting impatient and might move on?

I have sympathy for the vendor. I actually already bid on another apartment in the same complex that ended up going for 5.2% above it's asking price. But it was a better apartment with a lower asking price, so I don't think my current offer is all that far off fair.

Ask the Estate Agent how much they're looking for or how much is it gonna cost to take it off the market. That way your'e not revealing how much your'e prepared to go.

Claw Hammer

errlloyd wrote: »

I'm currently the highest bidder on a property. We are 3.2% below asking price, and we weren't the first bidder. I put in my offer almost two weeks ago. I know the underbidder came back and said no.

So the Vendor is apparently waiting for an offer close to asking price. What is the best strategy here?

• Let them wait in the hopes they give up?
• Offer them a little more, to avoid getting into a bidding war if a new buyer does arrive?
• Indicate to the EA that I am getting impatient and might move on?

I have sympathy for the vendor. I actually already bid on another apartment in the same complex that ended up going for 5.2% above it's asking price. But it was a better apartment with a lower asking price, so I don't think my current offer is all that far off fair.

If you are calculating deviations from the asking price to decimal places you are overthinking things.
An asking price is just starting point to get negotiations going. It may be higher or lower than the expected selling price. The expected selling price may vary depending on the level of interest. The difference between offers and asking prices is immaterial. You decide what the property is worth to you, make your offer below that price and the eventually increases to the level you think the property is worth, forget about what the original asking price was.

Jess2019

jokettle wrote: »

We had this issue; the solicitor called it a qualification on the title I think? It was no big deal in the end. The local residents committee sent a letter to the council asking for the estate to be taken in charge, the council sent a letter to our solicitor to say they had gotten that letter from the residents and would consider it in due course, and that was enough for the bank.

We were warned that our bank may take a bit of extra time deciding on whether or not to give us the mortgage, possibly 6-7 weeks extra (this was with Christmas in the middle of that time frame), but it didn't delay things at all. I think it's a fairly standard thing with estates tbh.

Thanks for getting back to me. Our solicitor said the banks may be less inclined to take a risk on it with the current covid situation which is the worrying part for us. But it does seem to be very common with estates around Ireland.