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

paulie13

setanta1984 wrote: »

I'm confused by this.
Is it that you think you may not be able to afford the mortgage in the future/feel your jobs aren't secure enough? Is it that you felt you were over paying for the property in the first place? Or is it just that you wanted to see could you get a few quid off and are in no rush/happy to wait for potentially cheaper properties in an unknown few months?

Just putting myself in this position (which I hopefully will be soon, going to put in an offer for a place a saw yesterday) - I don't think I'd be happy missing out on a place I really liked and can afford just because a seller wasn't spooked and didn't offer a discount?

It's that I think it should be quite clear to both buyers and sellers across the country at this point that risk now exists in progressing, and that it should be at least seen to be shared somewhat. Us paying full-price is us taking all the risk. The seller not willing to budge at all is them accepting none of it.

KilOit

Pheonix10 wrote: »

Bidding on a 2 bed apartment around 290k. Looks to have closed on my bid of 291k. Asking was 275k.

Other bidder is at 290k.

Similar apartments have sold for 260k a few years ago in same complex, 1 bed recently for 245k. Another 2 for 305k recently.

Not sure to proceed.

Personally i wouldn't for an apartment, in another thread the downturn in tourism has led to a huge amount of Airbnb properties coming back into the market for rent. With tourism down and massive job loses forcing people to go back home if they are not from here i can see apartments drop in price.
For a turn key family home i'd still proceed but no way for an apartment.
Just my opinion though

KilOit

Pheonix10 wrote: »

It's near the DART and a very good size.

Personally I prefer apartment living than houses but not many share that view. I plan to be there for 5/10 years and have a large deposit.

The fact is no property is going to increase now with 400k out of work potentially and stocks at 2008 levels.
The only question is will you get a mortgage if the economy is in the toilet?
cash buyer and you're laughing if buying an apartment

setanta1984

paulie13 wrote: »

It's that I think it should be quite clear to both buyers and sellers across the country at this point that risk now exists in progressing, and that it should be at least seen to be shared somewhat. Us paying full-price is us taking all the risk. The seller not willing to budge at all is them accepting none of it.

How much would they have had to drop for you to have not pulled out, out of interest?

I'm not not nit-picking or criticising your decision btw, just trying to understand it.

I'd like to be moved in to my own house this year, I don't personally see prices being significantly down in the timescale that I want to buy, so I guess it all depends on personal circumstances and how much you need/want to buy at this point in time. Unless I am missing something, which is possible as I've never bought or sold property before.
Also trying to decide how much below asking price I should go on the property I am interested in (advertised at 400k)

paulie13

setanta1984 wrote: »

How much would they have had to drop for you to have not pulled out, out of interest?

I'm not not nit-picking or criticising your decision btw, just trying to understand it.

I'd like to be moved in to my own house this year, I don't personally see prices being significantly down in the timescale that I want to buy, so I guess it all depends on personal circumstances and how much you need/want to buy at this point in time. Unless I am missing something, which is possible as I've never bought or sold property before.
Also trying to decide how much below asking price I should go on the property I am interested in (advertised at 400k)

Currently Sale Agreed at €410K. Would have been happy with a reduction taking it under €400K in order to bring it into a lower LPT band. Separate to the financial reduction, the goodwill shown by such a gesture would have also gone a long way. Alas, not to be.

KilOit

Pheonix10 wrote: »

That may be true but I'll probably rent a room out and even if not I can still pay the mortgage easily. It's less than my rent.

If you are set on this apartment i'd renegotiate the price considering current events, go back with 10% off your current bid, worth trying imo

Donald Trump

setanta1984 wrote: »

I'm confused by this.
Is it that you think you may not be able to afford the mortgage in the future/feel your jobs aren't secure enough? Is it that you felt you were over paying for the property in the first place? Or is it just that you wanted to see could you get a few quid off and are in no rush/happy to wait for potentially cheaper properties in an unknown few months?

Just putting myself in this position (which I hopefully will be soon, going to put in an offer for a place a saw yesterday) - I don't think I'd be happy missing out on a place I really liked and can afford just because a seller wasn't spooked and didn't offer a discount?

Why would anyone pay more than market value (or fair value) for anything?

If the sellers want to put it back on the market and a person is ok with not buying that exact property, let them work away. They might be able to sell it and they might not. Surely we all remember how quickly a market can tank? All it takes is a bit of a nudge and a loss of confidence. Then everyone takes a step back and starts to wait. Then you get a snowball.

setanta1984

Donald Trump wrote: »

Why would anyone pay more than market value (or fair value) for anything?

If the sellers want to put it back on the market and a person is ok with not buying that exact property, let them work away. They might be able to sell it and they might not. Surely we all remember how quickly a market can tank? All it takes is a bit of a nudge and a loss of confidence. Then everyone takes a step back and starts to wait. Then you get a snowball.

I wasn't criticising, just trying to understand the reasoning - and see if there is any reason I shouldn't be proceeding with my own potential purchase.

IvoryTower

I'm buying a family home at an already heavily discounted price so I think I'll keep going. I'm only at the stage where all our documents are uploaded so plenty of time for the banks to change their mind I would think.

Donald Trump

setanta1984 wrote: »

I wasn't criticising, just trying to understand the reasoning - and see if there is any reason I shouldn't be proceeding with my own potential purchase.

Ultimately it will be down to yourself. I'm currently neither in the market for buying or selling houses but just came onto this forum for a look. All I know is that I wouldn't be in a rush to buy anything.

There is probably still the cultural memory of those who bought right at the last minute before the bust last time, and then had to sit there with their 300k mortgage while their neighbours gradually bought and filled up the otherwise ghost estate with 150k mortgages. (That's ignoring the fact that the person with the 300k mortgage might have been on a much better deal which meant they weren't paying back anything like double per month)

0gac3yjefb5sv7

Donald Trump wrote: »

Ultimately it will be down to yourself. I'm currently neither in the market for buying or selling houses but just came onto this forum for a look. All I know is that I wouldn't be in a rush to buy anything.

There is probably still the cultural memory of those who bought right at the last minute before the bust last time, and then had to sit there with their 300k mortgage while their neighbours gradually bought and filled up the otherwise ghost estate with 150k mortgages. (That's ignoring the fact that the person with the 300k mortgage might have been on a much better deal which meant they weren't paying back anything like double per month)

It really depends where you are buying I suppose. If it's 450k in a commuter town, it may fall to 350k.

If it's close to the city centre the value retention should hold and pick up.

road_high

paulie13 wrote: »

Sale agreed on a property (had offered asking price, and was accepted). Still working through getting life assurance sorted, so not quite at the signing stage. EA rings out of the blue saying that the seller is checking that we are still on for the purchase.

Thankfully, we had started having discussions between ourselves the last few days as to what we would do, but assumed we'd be contacting the estate agent with our answer, rather than the other way around!

Anywho, told him that we were on the fence, that it was obvious that a crash was coming, and that in the interests of progressing things, it was prudent that we both assumed some of the risk coming down the tracks - us in the sense of continuing the sale knowing that prices are only going one way, and them from the point of view of it becoming more difficult to sell and for them to come back to us with the best price they'd be willing to sell for.

EA just came back there. They aren't budging, and are happy to put it back on the market! Pretty amazing. I think they've just made our decision for us.

Bullet dodged I’d say and their funeral. If they think they’re going to get what you offered in the next few weeks they’re deluded

setanta1984

Donald Trump wrote: »

There is probably still the cultural memory of those who bought right at the last minute before the bust last time, and then had to sit there with their 300k mortgage while their neighbours gradually bought and filled up the otherwise ghost estate with 150k mortgages. (That's ignoring the fact that the person with the 300k mortgage might have been on a much better deal which meant they weren't paying back anything like double per month)

Yeah. The more I think of it I see less and less reason not to go ahead for my own situation - mortgage is approved, deposit is ready, jobs are as secure as possible, house is a 'forever' home in an area where few properties of the kind that interest us become available every year - the only reason I see not to go ahead is the possibility of house prices dropping an undefined amount in an undefined time frame - not much good to me when I want to buy now.

I've offered 5% below asking tonight anyway.

For other situations I totally understand why it would make sense to hold your horses

Mixmistro

setanta1984 wrote: »

Yeah. The more I think of it I see less and less reason not to go ahead for my own situation - mortgage is approved, deposit is ready, jobs are as secure as possible, house is a 'forever' home in an area where few properties of the kind that interest us become available every year - the only reason I see not to go ahead is the possibility of house prices dropping an undefined amount in an undefined time frame - not much good to me when I want to buy now.

I've offered 5% below asking tonight anyway.

For other situations I totally understand why it would make sense to hold your horses

Also happy to go ahead with purchase of a semi-D. Contracts signed four weeks ago and hopefully will draw down early next week. LTV 70%. It will be a home for the longterm. Job should be secure and repayments should be manageable. Been a long journey to get to this stage and want to get fully settled. It is immaterial to me whether prices drop 10 or 20% in the short to medium term. I have no sense of potentially overpaying as I also placed value on other things like just getting on with my life.

inatissy

We went sale agreed in January on our house. Our buyer has reduced his offer by 12%. The vendors for the house we went sale agreed won't entertain this reduction. We had a lot of under bidders that we could ask but think best to bow out. Our EA says he is seeing this happen a lot now.

I wouldn't mind the negative equity as it was out forever home.

Roberto_gas

inatissy wrote: »

We went sale agreed in January on our house. Our buyer has reduced his offer by 12%. The vendors for the house we went sale agreed won't entertain this reduction. We had a lot of under bidders that we could ask but think best to bow out. Our EA says he is seeing this happen a lot now.

I wouldn't mind the negative equity as it was out forever home.

Why were u selling in the first place ? If it was for investment returns i would say u should sell it now ! Prices will crash its a given at some stage with people losing jobs

lawred2

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.

Is the mortgage dependent on your current income?

lomb

Mitch Connor wrote: »

There is no check on draw down. it would only be an issue if you had to apply for an extention to your mortgage offer, should you not be able to close within your time limit (6 months for BoI)

If you are drawing down within your offer period, you will be fine to do so.

Unless your draw-down is related to finishing your probation period.

I know of others who changed jobs and applied for a mortgage - they were given approval but had to prove full (no probationary) employment before they could draw-down.

Also remember valuation only lasts for 4 months. You don't want to be approved and then if closing is delayed get another valuation at say 5percent? less and the bank isn't willing to lend the amount agreed. Get solicitor to time limit closing date on purchasers side or if not closed before x date the purchaser can withdraw without cost or commitment with a refund of deposit.

inatissy

Roberto_gas wrote: »

Why were u selling in the first place ? If it was for investment returns i would say u should sell it now ! Prices will crash its a given at some stage with people losing jobs

We were trading up. Developer was buying our property. Wl

tusk

Buyers have put a deposit on our house. Just have to wait and see how things go now

Mic 1972

randoplh134 wrote: »

Not true, they will still approve mortgages but at a reduced volume.

Unlikely. Have you seen what's going on in Italy? Buying a house is going to be very low priority when you have to support families with no income and businesses at risk of shutting down with banks waiting for payments to come through. People who want to buy a house will have to wait unless they have cash. Sadly a lot of second hand homes will become available when the elderly start getting infected

jrosen

Mic 1972 wrote: »

Unlikely. Have you seen what's going on in Italy? Buying a house is going to be very low priority when you have to support families with no income and businesses at risk of shutting down with banks waiting for payments to come through. People who want to buy a house will have to wait unless they have cash. Sadly a lot of second hand homes will become available when the elderly start getting infected

Lending is one of the ways the banks make their money. They cant afford to stop lending.
Having recently gone through the process the banks were a million times more diligent in 2019 than they were pre recession.
I think they will continue to lend but will be even more diligent. I think we will see a push to get any mortgages over the line that are close to draw down stage. It might slow but that will be down to customers being unsure as oppose to banks not lending.

Mic 1972

jrosen wrote: »

Lending is one of the ways the banks make their money. They cant afford to stop lending.
Having recently gone through the process the banks were a million times more diligent in 2019 than they were pre recession.
I think they will continue to lend but will be even more diligent. I think we will see a push to get any mortgages over the line that are close to draw down stage. It might slow but that will be down to customers being unsure as oppose to banks not lending.

Lending is profitable for banks if people are able to repay the loans, otherwise it's a loss. Most businesses borrow money short term in order to operate. The current situation has paralyzed every aspect of the economy. We haven't even seen it here yet, but it will hit us too. Banks are expected to make an effort to support the system. Buying a new house is not a priority at the moment

73trix

Currently trying to buy. Have been watching the local market for 1.5+ years but we're only in a position to buy since December. To date, only 2 houses of interest have come up. We're going to a second viewing next week. Vendors are understandably cagey about public viewings and have decided that they will accommodate 2 X 2nd viewings on Monday and that's it. EA says viewings are winding down and houses will likely be taken off the market. We will probably put an offer in. What happens if we do go sale agreed e.g. deposit etc? I do feel a bit anxious about buying now but at the same time, the already non existent decent stock could shrink further and / or the mortgage approval could be pulled? Hence we're stuck renting indefinitely and it could take ages to buy again. Anyone agree that we should still go for it? We both believe our jobs are secure. Thanks.

73trix

Currently trying to buy. Have been watching the local market for 1.5+ years but we're only in a position to buy since December. To date, only 2 houses of interest have come up. We're going to a second viewing next week. Vendors are understandably cagey about public viewings and have decided that they will accommodate 2 X 2nd viewings on Monday and that's it. EA says viewings are winding down and houses will likely be taken off the market. We will probably put an offer in. What happens if we do go sale agreed e.g. deposit etc? I do feel a bit anxious about buying now but at the same time, the already non existent decent stock could shrink further and / or the mortgage approval could be pulled? Hence we're stuck renting indefinitely and it could take ages to buy again. Anyone agree that we should still go for it? We both believe our jobs are secure. Thanks.

jrosen

73trix wrote: »

Currently trying to buy. Have been watching the local market for 1.5+ years but we're only in a position to buy since December. To date, only 2 houses of interest have come up. We're going to a second viewing next week. Vendors are understandably cagey about public viewings and have decided that they will accommodate 2 X 2nd viewings on Monday and that's it. EA says viewings are winding down and houses will likely be taken off the market. We will probably put an offer in. What happens if we do go sale agreed e.g. deposit etc? I do feel a bit anxious about buying now but at the same time, the already non existent decent stock could shrink further and / or the mortgage approval could be pulled? Hence we're stuck renting indefinitely and it could take ages to buy again. Anyone agree that we should still go for it? We both believe our jobs are secure. Thanks.

Ill probably be alone in my opinion here but housing prices rise and fall all the time. If you have a wide search zone then I would probably hold off and see how the market corrects itself over the coming weeks/months. See what homes are still available.

However if you are particular in location and homes dont come up that often and you think this will be your home for at least the next 10 years personally id proceed.

We had one area we were close to buying pre recession. Once the recession hit and for the years that followed not one house went to market in the area we had been looking and wanting to buy in. Its only in the last 2 years homes in that area have come to market again.
If people need to sell they will, but if they dont most sellers will sit tight to ensure they can sell at peak.

Mic 1972

73trix wrote: »

Currently trying to buy. Have been watching the local market for 1.5+ years but we're only in a position to buy since December. To date, only 2 houses of interest have come up. We're going to a second viewing next week. Vendors are understandably cagey about public viewings and have decided that they will accommodate 2 X 2nd viewings on Monday and that's it. EA says viewings are winding down and houses will likely be taken off the market. We will probably put an offer in. What happens if we do go sale agreed e.g. deposit etc? I do feel a bit anxious about buying now but at the same time, the already non existent decent stock could shrink further and / or the mortgage approval could be pulled? Hence we're stuck renting indefinitely and it could take ages to buy again. Anyone agree that we should still go for it? We both believe our jobs are secure. Thanks.

Honestly i wouldn't go ahead.
The agency is correct about houses being pull off the market, but a lot of houses will also appear in a while

73trix

[quote="jrosen;112906440

However if you are particular in location and homes dont come up that often and you think this will be your home for at least the next 10 years personally id proceed.

We had one area we were close to buying pre recession. Once the recession hit and for the years that followed not one house went to market in the area we had been looking and wanting to buy in. Its only in the last 2 years homes in that area have come to market again.
If people need to sell they will, but if they dont most sellers will sit tight to ensure they can sell at peak.[/quote]

This is where we're at. We've been watching for ages and nothing of interest. Only now has a house come up in a lovely location. God knows when something similar will come up again.

That's the gamble I guess.

coolshannagh28

tusk wrote: »

Buyers have put a deposit on our house. Just have to wait and see how things go now

Get contracts signed ASAP !

Donald Trump

jrosen wrote: »

Lending is one of the ways the banks make their money. They cant afford to stop lending.
Having recently gone through the process the banks were a million times more diligent in 2019 than they were pre recession.
I think they will continue to lend but will be even more diligent. I think we will see a push to get any mortgages over the line that are close to draw down stage. It might slow but that will be down to customers being unsure as oppose to banks not lending.

Lending is also one of the ways banks lose their money