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

Baby01032012

thegreatescape wrote: »

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.

Why would you suddenly bid 27k over last bid. No guarantee it will be accepted, currently properties are going 20% on average above asking due to the temporary covid/supply shortage.

thegreatescape

Baby01032012 wrote: »

Why would you suddenly bid 27k over last bid. No guarantee it will be accepted, currently properties are going 20% on average above asking due to the temporary covid/supply shortage.

Before submitting my offer I talked to the EA and another bid was not mentioned. I submitted it through the online bidding platform and could see then that a previous bid was submitted 27k under asking. I don't want to play any games so have given the asking price in the hope the vendor is genuine about wanting a quick sale.

My question isn't whether my bid is guaranteed to be accepted, I'm asking when is normal to hear back regarding an offer.

Baby01032012

thegreatescape wrote: »

Before submitting my offer I talked to the EA and another bid was not mentioned. I submitted it through the online bidding platform and could see then that a previous bid was submitted 27k under asking. I don't want to play any games so have given the asking price in the hope the vendor is genuine about wanting a quick sale.

My question isn't whether my bid is guaranteed to be accepted, I'm asking when is normal to hear back regarding an offer.

My point is offering the asking is not guaranteeing a quick sale. Agent will advise the other bidders of the highest bid and they will all have a chance to increase their bid. When it’s down to the last two bidders it might go to last/highest bids. Vendor is not going to go sale agreed just because someone has offered the asking. Asking isn’t necessarily the AMV, agent may have pitched the asking at a lower level than the market value to increase interest in the property.
It might work, it will certainly frighten off any bidder that wasn’t committed to buying. I’ve always found bidding in increases of €5k to work.

thegreatescape

Baby01032012 wrote: »

My point is offering the asking is not guaranteeing a quick sale. Agent will advise the other bidders of the highest bid and they will all have a chance to increase their bid. When it’s down to the last two bidders it might go to last/highest bids. Vendor is not going to go sale agreed just because someone has offered the asking. Asking isn’t necessarily the AMV, agent may have pitched the asking at a lower level than the market value to increase interest in the property.
It might work, it will certainly frighten off any bidder that wasn’t committed to buying. I’ve always found bidding in increases of €5k to work.

Thanks for the information, I'm relatively new to this. Any perspective on the average time to hear back about an offer being accepted or rejected? Information online doesn't seem to give a timeline

kippy

thegreatescape wrote: »

Thanks for the information, I'm relatively new to this. Any perspective on the average time to hear back about an offer being accepted or rejected? Information online doesn't seem to give a timeline

Anything from 5 minutes to 5 weeks or more
All depends on the vendors situation......
I know in previous experience where a bank and debt resolution were involved with the vendor it would take weeks to get some feedback.

thegreatescape

kippy wrote: »

Anything from 5 minutes to 5 weeks or more
All depends on the vendors situation......
I know in previous experience where a bank and debt resolution were involved with the vendor it would take weeks to get some feedback.

Thanks a million!

hometruths

Are there any recent vendors here familiar with Sherry Fitz's % fee and how they compare to others?

JimmyVik

There is a site with about 15 houses in various states of completeness up to about 60% near where I live in Dublin.
They havent moved at all since the first lockdown.

I just found out why. The builder has gone into receivership.
There are people who have paid substantial deposits on these houses. I hope they get their money back.

cubatahavana

JimmyVik wrote: »

There is a site with about 15 houses in various states of completeness up to about 60% near where I live in Dublin.
They havent moved at all since the first lockdown.

I just found out why. The builder has gone into receivership.
There are people who have paid substantial deposits on these houses. I hope they get their money back.

Whereabouts is this? I suppose your deposit is guaranteed?

JimmyVik

cubatahavana wrote: »

Whereabouts is this? I suppose your deposit is guaranteed?

Not going to say where as its only about 200m from where I live. Its in Co. Dublin. Who will give the deposit back if the company is gone bust though? I wonder where they sit in the list of creditors.

There is also another similar site about 500m away that hasnt moved since the start of the pandemic. I hope thats not the same story.

I just know a lot of people who got stung by homebond when they had issues, so im not overly confident anything to do with houses is safe when this type of thing happens.

ongarite

JimmyVik wrote: »

There is a site with about 15 houses in various states of completeness up to about 60% near where I live in Dublin.
They havent moved at all since the first lockdown.

I just found out why. The builder has gone into receivership.
There are people who have paid substantial deposits on these houses. I hope they get their money back.

This won't be to uncommon if the government don't allow construction back on 5th April.
Sites have been closed for 6 of the last 12 months.
For all the talk of developers making huge profits, its a low margin business relying on continuous turnover of properties to fund the next phase or new site.

JimmyVik

ongarite wrote: »

This won't be to uncommon if the government don't allow construction back on 5th April.
Sites have been closed for 6 of the last 12 months.
For all the talk of developers making huge profits, its a low margin business relying on continuous turnover of properties to fund the next phase or new site.

I think its probably actually very common at the moment, but people wont be told until its time for the sites to go back to work.
Then they'll be told to go talk to the examiner or whoever it is.

Aisling(",)

Currently bidding on a house.We're onto our last bid and we really want this property.I can see my life in it.Fingers crossed we've managed to pip the competition.

It's extra stressful because we got an exemption which gives us an additional 55k to play around with but it only lasts 2 months and we're already a week into it.This property went up before we were approved for the exemption and I'd looked at it knowing we wouldn't be able to afford it but now its so close to be within our grasp.

thegreatescape

Aisling(",) wrote: »

Currently bidding on a house.We're onto our last bid and we really want this property.I can see my life in it.Fingers crossed we've managed to pip the competition.

It's extra stressful because we got an exemption which gives us an additional 55k to play around with but it only lasts 2 months and we're already a week into it.This property went up before we were approved for the exemption and I'd looked at it knowing we wouldn't be able to afford it but now its so close to be within our grasp.

Congratulations! Have you used any tactics to get the EA on your side? I've just started bidding on a house which I really want also but I'm new to this and not sure how to navigate waiting to hear back etc

Aisling(",)

thegreatescape wrote: »

Congratulations! Have you used any tactics to get the EA on your side? I've just started bidding on a house which I really want also but I'm new to this and not sure how to navigate waiting to hear back etc

Haven't used any tactics etc. I've not met the estate agent due to level 5.

We viewed the house but were let in by the homeowner so while its against guidelines its not the estate agent breaking them if that makes sense.

thegreatescape

Aisling(",) wrote: »

Haven't used any tactics etc. I've not met the estate agent due to level 5.

We viewed the house but were let in by the homeowner so while its against guidelines its not the estate agent breaking them if that makes sense.

Ah brilliant, I'm doing the same with a property this evening (different from the one I'm currently bidding on). Not sure whether to mention this to the EA to see if knowing I'm actively considering other properties will speed up the vendor's decision on my offer.

Aisling(",)

thegreatescape wrote: »

Ah brilliant, I'm doing the same with a property this evening (different from the one I'm currently bidding on). Not sure whether to mention this to the EA to see if knowing I'm actively considering other properties will speed up the vendor's decision on my offer.

Unfortunately we're on the wrong side of the sale these days.
I viewed a different house last Friday and asked if I could get back them on Monday and the estate agent said no because they had a few bidders and were going final bid the next day.It did go sale agreed the next day too.

Places are being snapped up.

thegreatescape

Aisling(",) wrote: »

Unfortunately we're on the wrong side of the sale these days.
I viewed a different house last Friday and asked if I could get back them on Monday and the estate agent said no because they had a few bidders and were going final bid the next day.It did go sale agreed the next day too.

Places are being snapped up.

The housing market is absolutely crazy at the moment. The house I'm waiting to hear back on I bid the day after it went online. It feels ridiculous to be bidding based on pictures and videos but as you said, places are being snapped up and I want to be ahead of the pack and hopefully avoid a prolonged bidding war.

DTownD

Has anyone any experience with Auctioneera? Interested in a property on it.

Don't think you can find out how many bidders are bidding on a property? How does it differ from regular estate agents?

brisan

Can anyone recommend a flat fee conveyancing solicitor in the Dublin 3,5,9 or 13
PM if you prefer
Thanks in advance

K.Hawksworth

It gives me comfort reading others are in the exact same boat as ourselves.
We have been looking to buy (3/4 bed semi detached near schools in Dublin West region) on and off for the last year. Foolishly stopped looking last May) June as there was rumblings in the media of prices dropping due to covid economic fallout, when in actuality the opposite has happened. 20/20 hindsight and all that.
I don't know why estate agents are setting asking prices so much lower than the selling prices, is it to draw people into bidding wars? I've learned when browsing daft now to just automatically add 10% to the asking price and assess if it's still within our budget.
Our must recent experience was last month, asking 395, (no physical viewings just a virtual system which in fairness was very good) listed on the Thursday bid (not us) went in for asking on same day, 410 by the Friday. Naively discussed (all weekend) if we could afford to stretch to 415 ( which would involve selling 1 of our cars). Phoned EA on the Monday only to be told current bid is 430 with still active bidders. There had been bidding over the weekend which I didn't even realize went on. Cue a collective "sigh" from myself and the wife. Herself has family in the building trade so we're even prepared to buy somewhere needing reno or a site , but there's just nothing affordable coming to market at all.
Feel like a lamb to the slaughter every time we call an EA.
Back to the drawing board.
Might need to consider broadening our search to outside Dublin if the situation doesn't improve, we have a lot of family, friends, work, etc in Dublin so that would be a last resort.

Give it a couple of months there are loads of properties waiting to come on the market when restrictions ease.

K.Hawksworth

bubblypop wrote: »

Give it a couple of months there are loads of properties waiting to come on the market when restrictions ease.

I wish that were true but sadly don't believe it to be the case. Who are all these people waiting to sell, where are they going to live? In my opinion what's required to cool the market is a significant ramp-up of supply, and given how slow the planning/construction process is that will take a while to catch up with demand.

K.Hawksworth

K.Hawksworth wrote: »

I wish that were true but sadly don't believe it to be the case. Who are all these people waiting to sell, where are they going to live? In my opinion what's required to cool the market is a significant ramp-up of supply, and given how slow the planning/construction process is that will take a while to catch up with demand.

Well, some won't be living anywhere, some will buy other houses that come on the market, some may even leave the country.
An estate agent told me that himself, here in Dublin.

brianc27

K.Hawksworth wrote: »

It gives me comfort reading others are in the exact same boat as ourselves.
We have been looking to buy (3/4 bed semi detached near schools in Dublin West region) on and off for the last year. Foolishly stopped looking last May) June as there was rumblings in the media of prices dropping due to covid economic fallout, when in actuality the opposite has happened. 20/20 hindsight and all that.
I don't know why estate agents are setting asking prices so much lower than the selling prices, is it to draw people into bidding wars? I've learned when browsing daft now to just automatically add 10% to the asking price and assess if it's still within our budget.
Our must recent experience was last month, asking 395, (no physical viewings just a virtual system which in fairness was very good) listed on the Thursday bid (not us) went in for asking on same day, 410 by the Friday. Naively discussed (all weekend) if we could afford to stretch to 415 ( which would involve selling 1 of our cars). Phoned EA on the Monday only to be told current bid is 430 with still active bidders. There had been bidding over the weekend which I didn't even realize went on. Cue a collective "sigh" from myself and the wife. Herself has family in the building trade so we're even prepared to buy somewhere needing reno or a site , but there's just nothing affordable coming to market at all.
Feel like a lamb to the slaughter every time we call an EA.
Back to the drawing board.
Might need to consider broadening our search to outside Dublin if the situation doesn't improve, we have a lot of family, friends, work, etc in Dublin so that would be a last resort.

Similar boat myself, looking a year now but like you I didn't rush at first as was convinced house prices would fall somewhat, kind of realised around October that this wasn't going to happen and prices were actually rising, then the in person house viewings stopped and I said no way in hell am I entertaining the idea of bidding on a house I havent seen, now a few weeks later I find myself doing just that and yea I've found you need to ad at the very least 10% onto asking price aswell.

Baby01032012

brisan wrote: »

Can anyone recommend a flat fee conveyancing solicitor in the Dublin 3,5,9 or 13
PM if you prefer
Thanks in advance

They’re all flat fee unless your spending €1m

Bitconfused

Aisling(",) wrote: »

Currently bidding on a house.We're onto our last bid and we really want this property.I can see my life in it.Fingers crossed we've managed to pip the competition.

It's extra stressful because we got an exemption which gives us an additional 55k to play around with but it only lasts 2 months and we're already a week into it.This property went up before we were approved for the exemption and I'd looked at it knowing we wouldn't be able to afford it but now its so close to be within our grasp.

Hi, do you mind me asking what bank you were able to get the exception with? Did they say what the max exception was?

I may need one on my aip with boi but last time I was speaking with them they mentioned it would only be considered after offer had been accepted

Aisling(",)

Bitconfused wrote: »

Hi, do you mind me asking what bank you were able to get the exception with? Did they say what the max exception was?

I may need one on my aip with boi but last time I was speaking with them they mentioned it would only be considered after offer had been accepted

It's with KBC. We went through a broker. It's 4.2 times our basic wages. We could show that we would have over 2k left in our account after the mortgage repayments each month and I think that's what swung it.

I don't know for sure because I haven't contacted the bank directly. We also have no loans or dependants and our jobs aren't impacted by covid.

Falling

thegreatescape wrote: »

Congratulations! Have you used any tactics to get the EA on your side? I've just started bidding on a house which I really want also but I'm new to this and not sure how to navigate waiting to hear back etc

Hiya,

Just thought I'd stick my to cents in when I saw this comment We saw a house last July, made an offer the same day, got the keys in September and moved in the start of October.

I know everyone has their issues with EAs with good reason but the one we dealt with was brilliant. We'd been looking properly since lockdown lifted so we'd dealt with all EAs in the area but we definitely wouldn't own a house if it wasn't for her.

She loved a chat so no matter where or when there was a phone call, I was ready to happily talk to her for however long it suited. We kind of built up a bit of a rapport over a few weeks (months maybe??) and she alerted us to (now) our house before it came to market.
At that stage she knew exactly what we wanted (2nd hand with a decent back garden). We weren't really fussy about the the house as long as it had the basics and some potential/space for down the line. She essentially matched us to the house (and she was spot on) and went to the seller with the idea.
Vendor wanted a quick sale, we were ready to go, she waived advertising/ marketing fees for the vendor and away we went.
It essentially suited everyone- quick sale for him, house for us and she saved herself loads of time too. At that stage she knew the kind of money we had as we'd bid on another of her properties and had lost out by 5 grand.

I'd say if you can read the EA, be friendly, build a bit of a rapport all the way along and be clear about what you want, it might be helpful.

Just my perspective, I've only done this once!

Best of luck in your search. Fingers crossed.

thegreatescape

Falling wrote: »

Hiya,

Just thought I'd stick my to cents in when I saw this comment We saw a house last July, made an offer the same day, got the keys in September and moved in the start of October.

I know everyone has their issues with EAs with good reason but the one we dealt with was brilliant. We'd been looking properly since lockdown lifted so we'd dealt with all EAs in the area but we definitely wouldn't own a house if it wasn't for her.

She loved a chat so no matter where or when there was a phone call, I was ready to happily talk to her for however long it suited. We kind of built up a bit of a rapport over a few weeks (months maybe??) and she alerted us to (now) our house before it came to market.
At that stage she knew exactly what we wanted (2nd hand with a decent back garden). We weren't really fussy about the the house as long as it had the basics and some potential/space for down the line. She essentially matched us to the house (and she was spot on) and went to the seller with the idea.
Vendor wanted a quick sale, we were ready to go, she waived advertising/ marketing fees for the vendor and away we went.
It essentially suited everyone- quick sale for him, house for us and she saved herself loads of time too. At that stage she knew the kind of money we had as we'd bid on another of her properties and had lost out by 5 grand.

I'd say if you can read the EA, be friendly, build a bit of a rapport all the way along and be clear about what you want, it might be helpful.

Just my perspective, I've only done this once!

Best of luck in your search. Fingers crossed.

Thank you so much for this insight, I really do appreciate it. I've had 2 phone calls with the EA, one expressing my interest and another to place a bid. This was nearly a week ago and haven't heard from her since. She seems absolutely lovely, I'm just cautious about not wanting to come across too eager or to annoy her.

Definitely a great tip to build rapport as even if I don't get this particular house, there may be others she knows are coming down the line as you've said. Congratulations on the house!