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

Cash_Q

Teacher2020 wrote:

Any idea how long it takes between mortgage draw down and getting keys? Mortgage got go ahead to be drawn down today. All contracts signed and exchanged. Solicitor says she is still not in a position to give us a date - won't even give me a ballpark to aim for.

We closed our purchase just before Christmas. Bank carried out final checks on a Monday/Tuesday, funds issued Wednesday, sale closed and collected keys on Thursday.

The funds should not be drawn down unless the property is ready to close. That is really strange to not give you any indication. You're paying this solicitor thousands, it would be basic courtesy for her to give you an idea. I imagine the banks only issue funds on condition that the property will be occupied fairly quickly, I'd be hassling the solicitor if I was you.

cnocbui

cnocbui wrote: »

But I thought they were forcing private developments to include bits reserved for forced integration of socials, surely they wouldn't be hypocrites and have socials only developments?

Can they not have both, if needed?

cubatahavana

Teacher2020 wrote: »

Any idea how long it takes between mortgage draw down and getting keys?
Mortgage got go ahead to be drawn down today. All contracts signed and exchanged.
Solicitor says she is still not in a position to give us a date - won't even give me a ballpark to aim for.

We drew down 3 days before getting keys. We requested the draw down like this to avoid last minute delays

Teacher2020

Cash_Q wrote: »

We closed our purchase just before Christmas. Bank carried out final checks on a Monday/Tuesday, funds issued Wednesday, sale closed and collected keys on Thursday.

The funds should not be drawn down unless the property is ready to close. That is really strange to not give you any indication. You're paying this solicitor thousands, it would be basic courtesy for her to give you an idea. I imagine the banks only issue funds on condition that the property will be occupied fairly quickly, I'd be hassling the solicitor if I was you.

Thanks - she is the most frustrating individual I have ever encountered in all my days - she behaves as if she is doing us a favour. There have been countless issues along the way with lack of communication, missing deadlines etc. Hassling her doesn't work - I think it makes her slower. We have plenty of cause to take a complaint about her to the LSRA and will be doing it as soon as we have the keys.

Padre_Pio

DubLad69 wrote: »

I know that I can afford it now and will be able to continue to afford the mortgage going forward. I think people should buy when it's a good time for them, not waiting around for a lul in prices.

I've been casually looking for 5 years and seriously looking for 2.
My thoughts are that there are no bargain properties to be had. There are no good deals.
There are houses that will sell accordingly and houses that will sell exorbitantly.
Most fixer-uppers have the potential gains from renovating already priced in.
Multiple bidders will raise the price of anything that's remotely underpriced.

So there's no "good time" to buy. Just find a house that's in your budget and buy it.

CarMc

Padre_Pio wrote: »

I've been casually looking for 5 years and seriously looking for 2.
My thoughts are that there are no bargain properties to be had. There are no good deals.
There are houses that will sell accordingly and houses that will sell exorbitantly.
Most fixer-uppers have the potential gains from renovating already priced in.
Multiple bidders will raise the price of anything that's remotely underpriced.

So there's no "good time" to buy. Just find a house that's in your budget and buy it.

I agree, I bought in 2006, spent a long time in negative equity but could always afford my monthly repayments so I just got on with it. I preferred the security of that to renting.

I sold that house in 2020 for 40k less than I paid for it in 2006 but still left with 60k equity to put towards my next house. If I was renting I doubt I could have saved 60k in that time frame. So even though I made a 'loss' all my mortgage repayments were going towards equity.

If you can afford the monthly repayments then go for it. As they say, life is what happens while you are busy making plans.

decreds

It's amazing that people can rationalize making the biggest financial mistake of their life.

Don't listen to those who encourage you to "just buy it", "just get on with life", "there's no good time to buy", etc while the market is at near all time highs, these are suckers who want other people to be fooled like they were.

It's similar to that friend who gives relationship advice but are single after multiple failed relationships, don't listen to them.

cnocbui

decreds wrote: »

It's amazing that people can rationalize making the biggest financial mistake of their life.

Don't listen to those who encourage you to "just buy it", "just get on with life", "there's no good time to buy", etc while the market is at near all time highs, these are suckers who want other people to be fooled like they were.

It's similar to that friend who gives relationship advice but are single after multiple failed relationships, don't listen to them.

You said you bought in 2012 and sold last year. So where are you living now? Are you by any chance trying to talk the market down so you can buy back in again at a lower price than you sold for that your rationalisations told you to expect, but which didn't eventuate? Sellers remorse?

TheSheriff

decreds wrote: »

It's amazing that people can rationalize making the biggest financial mistake of their life.

Don't listen to those who encourage you to "just buy it", "just get on with life", "there's no good time to buy", etc while the market is at near all time highs, these are suckers who want other people to be fooled like they were.

It's similar to that friend who gives relationship advice but are single after multiple failed relationships, don't listen to them.

'The biggest financial mistake of their life', this is laughable. You have no idea of people's financial set ups and how a house may or may not impact that.

I really don't think anyone is on here trying to sucker someone else into buying a house, although the number of posters who are sure the market will crash 'in the next few months' is obvious.

What's more obvious is if you look back through the various threads over the past few years there's always someone who proclaims it's 2008 all over again, it's just always a few months away..... They seem to know better than everyone else, except it never happens.

cubatahavana

CarMc wrote: »

I agree, I bought in 2006, spent a long time in negative equity but could always afford my monthly repayments so I just got on with it. I preferred the security of that to renting.

I sold that house in 2020 for 40k less than I paid for it in 2006 but still left with 60k equity to put towards my next house. If I was renting I doubt I could have saved 60k in that time frame. So even though I made a 'loss' all my mortgage repayments were going towards equity.

If you can afford the monthly repayments then go for it. As they say, life is what happens while you are busy making plans.

Similar to me. Bought in 2007 for 390, sold this December gone for 323 (apartment). Even though I sold for less, I still had 80k in equity.

DubLad69

Padre_Pio wrote: »

Most fixer-uppers have the potential gains from renovating already priced in.

I've noticed this. A lot of the fixer uppers that I looked at are priced at their potential value, rather than what they should be worth in a properly behaving market.

ionapaul

DubLad69 wrote: »

I've noticed this. A lot of the fixer uppers that I looked at are priced at their potential value, rather than what they should be worth in a properly behaving market.

Also totally agree with this; we are looking seriously now, but also have been casually following the market for the past 18 months or so. Zero value in fixer-uppers, in fact I think you are probably losing value compared to turnkey homes. Then you have to deal with all the time and hassle renovations call for, the shortage of builders, etc...

Nika Bolokov

ionapaul wrote: »

Also totally agree with this; we are looking seriously now, but also have been casually following the market for the past 18 months or so. Zero value in fixer-uppers, in fact I think you are probably losing value compared to turnkey homes. Then you have to deal with all the time and hassle renovations call for, the shortage of builders, etc...

I think this is a great point on fixer uppers. Skilled labour is at a premium, you would not be long going through 100k or 150k on some of the houses that are selling for top dollar right now to fix them up.

Whilst its impossible to know when to buy and when to sell, spending a large amount on a wreck in a panic just doesn't fully realise all the potential bang for your buck so there can be bad buys.

But in any case taking on a huge mortgage for a place that even 15 years later is worth less than you paid doesn't matter if you can keep making the payments for 15 years.

However taking on a huge debt and paying more than something is worth becomes a big problem if you cant service that debt at some time over the lifetime of the mortgage and it drives you into bankruptcy due to loss of income or rising interest rates.

Paying 100k in dead interest payments and then selling a property for 70k less than you paid for it 15 years ago and calling what you walk away with 'equity' is not really the case either, you have made a massive loss.

Padre_Pio

decreds wrote: »

It's amazing that people can rationalize making the biggest financial mistake of their life.

Don't listen to those who encourage you to "just buy it", "just get on with life", "there's no good time to buy", etc while the market is at near all time highs, these are suckers who want other people to be fooled like they were.

It's similar to that friend who gives relationship advice but are single after multiple failed relationships, don't listen to them.

I get where you're coming from, but property price cycles are decades long and predictions are near impossible.
They rose from 1998 to 2008, fell from 2008 to 2012 (against a global recession) and have been rising steadily since then.

When's the next fall? This year? Next year? 5/10 years?
Will prices fall enough to make it worth waiting?

If you can answer this, then you can advise people to wait, but I've never met anyone who has a believable prediction for the property market.

WacoKid

Padre_Pio wrote: »

I get where you're coming from, but property price cycles are decades long and predictions are near impossible.
They rose from 1998 to 2008, fell from 2008 to 2012 (against a global recession) and have been rising steadily since then.

When's the next fall? This year? Next year? 5/10 years?
Will prices fall enough to make it worth waiting?

If you can answer this, then you can advise people to wait, but I've never met anyone who has a believable prediction for the property market.

At the start of COVID it was stated it would have a negative effect on house prices for the year. Whereas the opposite has happened and house prices are thru the roof!

decreds

Padre_Pio wrote: »

I get where you're coming from, but property price cycles are decades long and predictions are near impossible.
They rose from 1998 to 2008, fell from 2008 to 2012 (against a global recession) and have been rising steadily since then.

When's the next fall? This year? Next year? 5/10 years?
Will prices fall enough to make it worth waiting?

If you can answer this, then you can advise people to wait, but I've never met anyone who has a believable prediction for the property market.

I don't have a crystal ball but if i was to put money on it, i would say late 2023/ early 2024.


We'll still be in recession in 2022/2023 while supply is slowing coming to market. By 2023 the current government will realize if they don't fix the housing crisis they will lose the election in 2024, this will result in a huge ramp up in supply in a pathetic attempt to win votes.


It will be too little too late and SF will win the election prompting a sell off by landlords to add to the already surplus supply, this will lead to further price drops, imo.

fliball123

decreds wrote: »

I don't have a crystal ball but if i was to put money on it, i would say late 2023/ early 2024.


We'll still be in recession in 2022/2023 while supply is slowing coming to market. By 2023 the current government will realize if they don't fix the housing crisis they will lose the election in 2024, this will result in a huge ramp up in supply in a pathetic attempt to win votes.


It will be too little too late and SF will win the election prompting a sell off by landlords to add to the already surplus supply, this will lead to further price drops, imo.

I asked you in a different thread about this influx of property and your not taking the fact that current demand is outpacing supply

decreds

fliball123 wrote: »

I asked you in a different thread about this influx of property and your not taking the fact that current demand is outpacing supply

I've stated before some property is still being built, even during lockdown, albeit at reduced levels. We will also see an onslaught in supply of 2nd hand property once the vaccine is distributed/lockdowns are lifted, which will lead to confidence in sellers putting their property on the market, as many are fearful at the moment.



Supply will catch up with demand within a year and will be greater than demand in summer 2024.

cnocbui

decreds wrote: »

I've stated before some property is still being built, even during lockdown, albeit at reduced levels. We will also see an onslaught in supply of 2nd hand property once the vaccine is distributed/lockdowns are lifted, which will lead to confidence in sellers putting their property on the market, as many are fearful at the moment.


Supply will catch up with demand within a year and will be greater than demand in summer 2024.

LinK?

A shortage of tradespeople is hampering both the construction industry and the DIY retail sector, said the head of one of the country's largest DIY and builder provider chains.

Paul Candon, CEO of United Hardware Limited, which operates the Homevalue retail chain, said that Covid-19 lockdowns have had a big positive impact on the home improvement and DIY sector, with record sales of paint, home and garden furnishings and a big bounce in DIY products.

"But the downside of this pent-up demand and the new house and garden proud trend is significant feedback that it is getting harder and harder to hire tradespeople," he told the Sunday Independent. "Coupled with increased demand, a skills shortage of tradespeople has the potential to significantly impact construction activity."

https://www.independent.ie/business/irish/shortage-of-tradespeople-holding-back-construction-39902830.html

fliball123

decreds wrote: »

I've stated before some property is still being built, even during lockdown, albeit at reduced levels. We will also see an onslaught in supply of 2nd hand property once the vaccine is distributed/lockdowns are lifted, which will lead to confidence in sellers putting their property on the market, as many are fearful at the moment.



Supply will catch up with demand within a year and will be greater than demand in summer 2024.

Yeah but your not factoring in the increase in our population in the mean time while the properties are being built. You are also forgetting that once lockdowns are gone people who had been holding off for the last year or two over Brexit and then later Covid as well as not being able to view a property during lockdown so we will also see an onslaught of demand hitting what ever property is there

Woah

decreds wrote: »

I don't have a crystal ball but if i was to put money on it, i would say late 2023/ early 2024.


We'll still be in recession in 2022/2023 while supply is slowing coming to market. By 2023 the current government will realize if they don't fix the housing crisis they will lose the election in 2024, this will result in a huge ramp up in supply in a pathetic attempt to win votes.


It will be too little too late and SF will win the election prompting a sell off by landlords to add to the already surplus supply, this will lead to further price drops, imo.

Can't say I agree with this current government eventually attempting to fix supply. Their shared equity scheme shows they are happy for prices to keep increasing. FF in particular only appeal to old voters nowadays. They don't care about FTBs or renters their target market for votes is homeowners who want to see their assets (houses) increase in value.

cubatahavana

Nika Bolokov wrote: »

Paying 100k in dead interest payments and then selling a property for 70k less than you paid for it 15 years ago and calling what you walk away with 'equity' is not really the case either, you have made a massive loss.

Rounding up:

13 years of renting at about 1.8k/month for a 100 sqm 3 bed apartment is 280k. 1.8 k is a low figure actually

13 years of a 1.4K/month mortgage is 218k (first 5 years way less due to interest relief, but let’s not calculate that)

That is a 62k saving there. Then, when I sold I did it for 83k more than what the mortgage was

How is this a huge loss? I was 140k better off than if I would’ve rented the whole time

WoolyJumpers

My husband and I have been sale agreed on a home since back in mid-November, and things are finally progressing. Pre-contract enquiries were sent from our solicitor to the vendor's solicitor two weeks ago, but there's been no response yet.

The trouble, though, is that my husband found out recently that his company is being closed down and he's being made redundant in about four weeks. He has another job offer already from his old boss at another company, so there's no issue with him not being able to find a job. Plus I'm still employed, and my salary would be enough to cover mortgage/insurance and bills, even if it would be a little tight.

The issue is just where we go from here--do we tell our broker that we need the mortgage to close in four weeks and explain why so he can chase it up? Do we just bother our solicitor and the estate agency endlessly to move things along without telling them the reasons why? Or is it not worth the stress because the mortgage company is apt to give him an extension or not check in with his current employer before drawdown? Or is it something where we just have to give up and re-apply for approval in six months and go house hunting again?

It seemed like things were finally starting to move along, and I'm going to be absolutely devastated if this falls through.

mojesius

WoolyJumpers wrote: »

My husband and I have been sale agreed on a home since back in mid-November, and things are finally progressing. Pre-contract enquiries were sent from our solicitor to the vendor's solicitor two weeks ago, but there's been no response yet.

The trouble, though, is that my husband found out recently that his company is being closed down and he's being made redundant in about four weeks. He has another job offer already from his old boss at another company, so there's no issue with him not being able to find a job. Plus I'm still employed, and my salary would be enough to cover mortgage/insurance and bills, even if it would be a little tight.

The issue is just where we go from here--do we tell our broker that we need the mortgage to close in four weeks and explain why so he can chase it up? Do we just bother our solicitor and the estate agency endlessly to move things along without telling them the reasons why? Or is it not worth the stress because the mortgage company is apt to give him an extension or not check in with his current employer before drawdown? Or is it something where we just have to give up and re-apply for approval in six months and go house hunting again?

It seemed like things were finally starting to move along, and I'm going to be absolutely devastated if this falls through.

Definitely get onto both your broker and solicitor asap. We had a similar predicament with me going on maternity leave and managed to draw down beforehand but had to do some serious chasing with solicitors and estate agent to get things closed quickly (we went from sale agreed to keys in hand in 8 weeks). Husband was only part time/casual work so my salary was the main decider on the application.

Your broker will advise if you should plough ahead or if your husband's earnings can be disregarded from application. Best of luck

Mic 1972

fliball123 wrote: »

Yeah but your not factoring in the increase in our population in the mean time while the properties are being built. You are also forgetting that once lockdowns are gone people who had been holding off for the last year or two over Brexit and then later Covid as well as not being able to view a property during lockdown so we will also see an onslaught of demand hitting what ever property is there

Viewings are not an issue and aren't preventing people from buying a house. People can do viewings as long as they put in an offer.
I would imagine demand is decreasing because people are loosing their jobs and prices have become unaffordable to many

fliball123

Mic 1972 wrote: »

Viewings are not an issue and aren't preventing people from buying a house. People can do viewings as long as they put in an offer.
I would imagine demand is decreasing because people are loosing their jobs and prices have become unaffordable to many

I thought you couldnt view the house physically till your sale agreed and well maybe I am just old fashioned I would like to see something that is probably the biggest purchase in my life before buying and where are you getting that demand is decreasing ??? I

Nika Bolokov

Nika Bolokov wrote: »

Paying 100k in dead interest payments and then selling a property for 70k less than you paid for it 15 years ago and calling what you walk away with 'equity' is not really the case either, you have made a massive loss.

Paying how much in rent in the meantime? Youd call that profit, would ya?

kippy

Padre_Pio wrote: »

Both A and C are big $$$ if you move too far away.

For all the thousands you might save on buying a house in the sticks, you may lose on commuting costs over the years.

You will definetly lose on commuting and childcare costs.
Work it out. Commuting costs alone can be astronomical in direct costs and time costs.
If you can it's better to spend the additional money on the location. Granted there can and are other considerations.

Mic 1972

fliball123 wrote: »

I thought you couldnt view the house physically till your sale agreed and well maybe I am just old fashioned I would like to see something that is probably the biggest purchase in my life before buying and where are you getting that demand is decreasing ??? I

Viewings are happening as long as you provide proof of funds and make an offer. The best offerers are then selected for a one off viewing. After that you make your final offer and the next day you are either sales agreed or outbid.
It's a very fast process, your last offer is basically a blind offer as you dont know what others are offering.

Eeriebo

2 years later since we started our house search and 3 purchases fallen through for various reason, including last July we could not draw down because I was on TWSS, yesterday we finally got the keys for our house in Dublin 12!

Here is the timeline - sale agreed (of course there was a bidding war) just before Christmas, contracts signed beginning of Feb, we were also waiting on the probate which issued around mid Feb (owner applied in Nov), sale closed and keys collected 5th March.

Good luck to everyone still searching, you definitely need a lot of patience, persistence and a bit of luck.