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

Red Silurian

Busi_Girl08 wrote: »

Is that for your initial approval in principle?

Our broker put through our application during the week (on Wednesday I think). KBC came back saying it would be within 10 working days, but our broker says it could be 5 or 6. We're hoping to have an answer by the end of next week at the latest.

Yes that's it exactly thanks

Dick Turnip

thegreatescape wrote: »

Hi everyone, have placed an offer on a house for asking price as I've been told the seller wants a quick sale and I'm in a position to do the same. I submitted the offer yesterday afternoon, when could I expect to hear back whether the offer has been accepted or rejected?

You submitted the offer by email to the EA?

Did they acknowledge the email? If not, no harm in calling the EA this afternoon to follow up.

Were you the first bidder?

Bitconfused

Hoping to get your feedback on the below

An apartment that has come onto the market which suits down to the ground , there is a 10 k difference in asking price between this and similar properties that sold before Christmas. Spoke with the ea today and he said that there has been a bid 1k over asking price already. I will probably need an exception from the bank on my mortgage offer, when speaking previously with the bank advisor she mentioned that I would be a good candidate for an exception but couldn't guarantee it. She mentioned an exception is considered up to 4.75 times salary. ( i wont need that much)

I've seen here that some ea are looking for proof of funds rather than a proof of aip. Has anyone overcome this because if I do bid I wont have the funds, exceptions are approved after sale agreed.

He mentioned that they are dealing with about 50% of the properties they normally would and is expecting more to come on stream as restrictions ease. This has me thinking maybe wait it out and see because its slim pickings. What is the process with aip? Can it be extended or is it a reapplication? Im with BOI

Dick Turnip

You can get AIP with a LTV exception before you have gone sale agreed. I had got AIP at the 3.5x last summer with PTSB. In November they started giving out exceptions again, my broker applied for one based on a property I was looking at at the time but I don't think it was the one I ended up bidding on.

fliball123

Bitconfused wrote: »

Hoping to get your feedback on the below

An apartment that has come onto the market which suits down to the ground , there is a 10 k difference in asking price between this and similar properties that sold before Christmas. Spoke with the ea today and he said that there has been a bid 1k over asking price already. I will probably need an exception from the bank on my mortgage offer, when speaking previously with the bank advisor she mentioned that I would be a good candidate for an exception but couldn't guarantee it. She mentioned an exception is considered up to 4.75 times salary. ( i wont need that much)

I've seen here that some ea are looking for proof of funds rather than a proof of aip. Has anyone overcome this because if I do bid I wont have the funds, exceptions are approved after sale agreed.

He mentioned that they are dealing with about 50% of the properties they normally would and is expecting more to come on stream as restrictions ease. This has me thinking maybe wait it out and see because its slim pickings. What is the process with aip? Can it be extended or is it a reapplication? Im with BOI

I can tell you now there will be as much if not more demand coming on stream at the same time. People dont generally buy the biggest purchase of their life without seeing it, you may have some more supply but you will also have a lot more demand coming in as well.

ec18

Bitconfused wrote: »

Hoping to get your feedback on the below

An apartment that has come onto the market which suits down to the ground , there is a 10 k difference in asking price between this and similar properties that sold before Christmas. Spoke with the ea today and he said that there has been a bid 1k over asking price already. I will probably need an exception from the bank on my mortgage offer, when speaking previously with the bank advisor she mentioned that I would be a good candidate for an exception but couldn't guarantee it. She mentioned an exception is considered up to 4.75 times salary. ( i wont need that much)

I've seen here that some ea are looking for proof of funds rather than a proof of aip. Has anyone overcome this because if I do bid I wont have the funds, exceptions are approved after sale agreed.

He mentioned that they are dealing with about 50% of the properties they normally would and is expecting more to come on stream as restrictions ease. This has me thinking maybe wait it out and see because its slim pickings. What is the process with aip? Can it be extended or is it a reapplication? Im with BOI

Unless it's changed since I bought in 2017. There's very little value in AIP. essentially until you've gotten full approval via the under writers at the bank. AIP used to be just a quick details check and the bank person would tell you they could approve you up to whatever.

Bitconfused

ec18 wrote: »

Unless it's changed since I bought in 2017. There's very little value in AIP. essentially until you've gotten full approval via the under writers at the bank. AIP used to be just a quick details check and the bank person would tell you they could approve you up to whatever.

Yes but AIP is all you can have until you go sale agreed. Or am i missung something?

Bitconfused

Dick Turnip wrote: »

You can get AIP with a LTV exception before you have gone sale agreed. I had got AIP at the 3.5x last summer with PTSB. In November they started giving out exceptions again, my broker applied for one based on a property I was looking at at the time but I don't think it was the one I ended up bidding on.

I was told by the bank that exceptions are only assessed after the offer is accepted, that was December , I must check again.

brianc27

Bitconfused wrote: »

What is the process with aip? Can it be extended or is it a reapplication? Im with BOI

I had the reapply from scratch with KBC when my AIP ran out this week, knew that was the case so had all documentation ready to go so wasn't too bad, but have to wait now for new AIP, small bit anxious aswell that it will be turned down, it shouldn't as my finances have only improved since the last application, but still, you never know.

Dick Turnip

Bitconfused wrote: »

I was told by the bank that exceptions are only assessed after the offer is accepted, that was December , I must check again.

Well, I got an updated AIP which was over 3.5x my salary. I did have to provide a house I was interested in but I definitely hadn't put a bid on it.

But, that all would have been assessed again after going sale agreed. You will need to send in updated payslips, bank statements when that happens before the loan offer is actually given.

CornettoQueen

Looking at buying an apartment that's over ten years old. Is a surveyor absolutely essential?

kippy

CornettoQueen wrote: »

Looking at buying an apartment that's over ten years old. Is a surveyor absolutely essential?

Would you spend a few hundred grand (most likely) without having a professional check it over for a few hundred quid?

alwald

kippy wrote: »

Would you spend a few hundred grand (most likely) without having a professional check it over for a few hundred quid?

Out of curiosity, what's the cost for a surveyor for an apartment? and what type of survey should someone get (in case there are several types)?

Kingkong

CornettoQueen wrote: »

Looking at buying an apartment that's over ten years old. Is a surveyor absolutely essential?

Cornetto, you need to do your homework with apartments.

Very owner is liable for the up keep of the apartment complex. Many apartment blocks have serious issues with massive debts and no one paying management charges. The owners in the situation may not be able to sell until all the blocks debts are paid.

Padre_Pio

CornettoQueen wrote: »

Looking at buying an apartment that's over ten years old. Is a surveyor absolutely essential?

Remember that apartments are generally harder to sell than houses. They also don't appreciate as much over time.

The people caught in neg equity the most were the ones who bought apartments.

thegreatescape

Dick Turnip wrote: »

You submitted the offer by email to the EA?

Did they acknowledge the email? If not, no harm in calling the EA this afternoon to follow up.

Were you the first bidder?

By email, EA then confirmed by phone and said they would bring the offer to the attention of the vendor and get back to me. A bid had been placed yesterday 27k under the asking price and then my bid of the asking price. Hoping it's accepted if the vendor is true to their word of wanting a quick sale.

tianna

alwald wrote: »

Out of curiosity, what's the cost for a surveyor for an apartment? and what type of survey should someone get (in case there are several types)?

I've just had an apartment surveyed, we weren't sure it was necessary but family convinced us to get it done.

Got two quotes for €499, one for €430 and one for €370

cubatahavana

CornettoQueen wrote: »

Looking at buying an apartment that's over ten years old. Is a surveyor absolutely essential?

We sold our apartment and the purchasers got a surveyor. Our apartment was in great condition and we knew there would be no issues whatsoever. The surveyor spent a total of 30 minutes in the property only and said all was good. Get proper references of surveyors, the purchasers of our apartment were lucky that everything was in order. Their surveyor didn’t even turn the heating on.

alwald

tianna wrote: »

I've just had an apartment surveyed, we weren't sure it was necessary but family convinced us to get it done.

Got two quotes for €499, one for €430 and one for €370

Thank you for sharing this information. Which quote did you go for and how did you find the surveyor?

tianna

alwald wrote: »

Thank you for sharing this information. Which quote did you go for and how did you find the surveyor?

Just searched for building surveyors who do apartment surveys in Dublin on Google to get the quotes, we ended up going with the €430 quote because a friend had used them before!

mcsean2163

fliball123 wrote: »

I can tell you now there will be as much if not more demand coming on stream at the same time. People dont generally buy the biggest purchase of their life without seeing it, you may have some more supply but you will also have a lot more demand coming in as well.

I'm expecting a LOT more supply this time next year. We're now holding off as the bidding has gone crazy. Our bid at 70k over asking was rejected. Too many fighting over limited supply.

0gac3yjefb5sv7

mcsean2163 wrote: »

I'm expecting a LOT more supply this time next year. We're now holding off as the bidding has gone crazy. Our bid at 70k over asking was rejected. Too many fighting over limited supply.

Where will this supply come from? They've lost out on 4 months already and this will create more pent up demand. Not to mention the shared equity scheme which may as well be giving people more money credit to purchase.

kippy

mcsean2163 wrote: »

I'm expecting a LOT more supply this time next year. We're now holding off as the bidding has gone crazy. Our bid at 70k over asking was rejected. Too many fighting over limited supply.

I am not sure if this is a good assumption to make. Supply wasn't exactly plentiful pre covid.
There are plenty people who probably are thinking the same as yourself though. It isn't good for your position either.
Best of luck to you either way.

Sweet.Science

House for sale on my mother in law's house (living there at the moment)

Viewings today with queues outside . Owner occupied .

Roberto_gas

mcsean2163 wrote:

I'm expecting a LOT more supply this time next year. We're now holding off as the bidding has gone crazy. Our bid at 70k over asking was rejected. Too many fighting over limited supply.

Agree...wait for the gov support to end and countries opening up for travel! This supply issue is a global phenomenon and it will hit all the property market hard !

kippy

Roberto_gas wrote: »

Agree...wait for the gov support to end and countries opening up for travel! This supply issue is a global phenomenon and it will hit all the property market hard !

Again, I don't see how a supply is a "global phenomenon" - its been an Irish issue for a long time prior to Covid - how does it "go away" after covid?

Milena009

I think the thing with waiting for supply to shoot up is that loads of people are also saving, waiting, going off support payments etc so for me, while the amount of houses might be bigger, the number of people potentially interested will as well.

Personally I just went sale agreed and seen the house twice so far.
However I do also understand people waiting 😊

mcsean2163

MattS1 wrote: »

Where will this supply come from? They've lost out on 4 months already and this will create more pent up demand. Not to mention the shared equity scheme which may as well be giving people more money credit to purchase.

I expect a lot of executor sales have been put on the long finger with covid19 and likely that Dublin population has dropped. Airbnb is likely a total mess and can't see foreign students coming to Ireland this year. Yes, the covid19 support has helped some to get by and others have put huge savings aside but we're a busted flush.

We've spent the most on covid19 in Europe and have the highest debt per capita in Europe. Covid19 stimulus will start to be reigned in. I can't imagine Finland who have had the 150th strictest lockdown in the world will want to continue throwing billions at Ireland who've had the second strictest lockdown in EU after Italy.

So. Supply will come from

1. Airbnb sales.
2. Funds reducing exposure to Irish market
3. Landlords who can't find tenants selling
4. Construction
5. General churn.
6. Churn as a result of emigration
7. Executor sales


I could be wrong but that's my guess.

0gac3yjefb5sv7

mcsean2163 wrote: »

I expect a lot of executor sales have been put on the long finger with covid19 and likely that Dublin population has dropped. Airbnb is likely a total mess and can't see foreign students coming to Ireland this year. Yes, the covid19 support has helped some to get by and others have put huge savings aside but we're a busted flush.

We've spent the most on covid19 in Europe and have the highest debt per capita in Europe. Covid19 stimulus will start to be reigned in. I can't imagine Finland who have had the 150th strictest lockdown in the world will want to continue throwing billions at Ireland who've had the second strictest lockdown in EU after Italy.

So. Supply will come from

1. Airbnb sales.
2. Funds reducing exposure to Irish market
3. Landlords who can't find tenants selling
4. Construction
5. General churn.
6. Churn as a result of emigration
7. Executor sales


I could be wrong but that's my guess.

I would guess that as our population grows and things get back to normal, the economy will grow, AirBnBs and travel will be back big time later in the year, with double the demand. Rents going back up as people rent to work. Supply coming at a snails pace. Unfortunately demand looks likely to outweight supply in the short to medium term.

Again just a guess, could well be wrong also.

kippy

I've seen a house in an estate near me in a Galway village close to the city to on the market in the past two weeks for close to 400k asking. Not sure will it get that but it might based on recent sales in the area and the house itself. House changed hands in mid 2016 for 260 odd.
While I have no doubt there is a lack of supply, there has been a supply issue in this village prior to Covid and I don't see that supply issue changing after covid as there's not a single new build in the pipeline that isn't for an owner occupier. In fact, if anything, I see more demand from people who want a bit more space, more green areas and a place within walking distance of schools and amenities than pre covid.
So maybe things will drop back in the next 12 to 24 months, I hope they do for the sake of those betting on it.