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

JimmyVik

Daz_ wrote: »

hi. It didnt cost any extra for the online auction. just the same fee agreed with the estate agent.
We set our reserve quote close to opening minimum bid so we go there pretty quickly so that issue didn't arise.
It worked out great for us and we know we got more that we would have with private treaty.
You have to remember that its not just a case of people showing up on the day and bidding. They will have viewed the property and the auctioneer will have explained the whole process. They also have to provide deposit , ID and solicitor details so it really gets you down to serious buyers.
If anyone wants to PM for other details or some advise based on our experience just let me know.

If it didnt sell on the day what are the consequences?
How much do you lose?


I think having gone through buying recently I would be much happier to have it all done and sorted in one day at an auction. The same with selling.
Definitley sounds like the way to go to me.

Daz_

JimmyVik wrote: »

If it didnt sell on the day what are the consequences?
How much do you lose?


I think having gone through buying recently I would be much happier to have it all done and sorted in one day at an auction. The same with selling.
Definitley sounds like the way to go to me.

I think that's generally avoidable because the auctioneer is managing the expectation. Also, its known what the minimum opening bid is so u really just need to set a realistic reserve and its bonus from there if it exceeds(which id did by quite a bit for us).
There were no major consequences that I know of. If it didn't sell, you already have people who were interested so you could fall back on that.
You also don't have engineers/surveyors coming in post "Sale agreed" looking for problems almost so the buyer can get the price down.

JimmyVik

Daz_ wrote: »

I think that's generally avoidable because the auctioneer is managing the expectation. Also, its known what the minimum opening bid is so u really just need to set a realistic reserve and its bonus from there if it exceeds(which id did by quite a bit for us).
There were no major consequences that I know of. If it didn't sell, you already have people who were interested so you could fall back on that.
You also don't have engineers/surveyors coming in post "Sale agreed" looking for problems almost so the buyer can get the price down.

Definitely sounds like the way to go.
I guess the only thing is you have to be out of the house the day its at auction.
Its not like you can sell and then get a few weeks to get your ducks in a row to move out.
I even hate selling or buying a car. I just hate all the haggling and other crap that goes along with it.

Claw Hammer

JimmyVik wrote: »

Definitely sounds like the way to go.
I guess the only thing is you have to be out of the house the day its at auction.
Its not like you can sell and then get a few weeks to get your ducks in a row to move out.
I even hate selling or buying a car. I just hate all the haggling and other crap that goes along with it.

You don't have to move out on the day. The contract is formed on the day and the closing takes place later. You can slow the closing down.
Auctions won't work for every house. You need buyers who are able to throw away the costs wasted in bidding for a house they don't succeed in acquiring.

Daz_

Claw Hammer wrote: »

You don't have to move out on the day. The contract is formed on the day and the closing takes place later. You can slow the closing down.
Auctions won't work for every house. You need buyers who are able to throw away the costs wasted in bidding for a house they don't succeed in acquiring.

Of course it’s not for everyone . Not many costs wasted that I could see. We commissioned the house survey and shared it with Serious buyers so no cost there

Nika Bolokov

Daz_ wrote: »

Of course it’s not for everyone . Not many costs wasted that I could see. We commissioned the house survey and shared it with Serious buyers so no cost there

Which company did you go with if you can share?

Daz_

Nika Bolokov wrote: »

Which company did you go with if you can share?

I probably can’t mention company names here but it with an auctioneer and a platform that they use. If you want exact details just PM me .

Smiley11

Just out of interest, those here that are buyers, have you managed to save significantly more towards your deposit in the last year?

We're STB's trading up & our deposit/savings have been bolstered by all of this...but the downside is the state of the market & quality of whats coming on. Never imagined we'd be in this position 15 months after selling our last house with no end in sight.

Lia_lia

Smiley11 wrote: »

Just out of interest, those here that are buyers, have you managed to save significantly more towards your deposit in the last year?

We're STB's trading up & our deposit/savings have been bolstered by all of this...but the downside is the state of the market & quality of whats coming on. Never imagined we'd be in this position 15 months after selling our last house with no end in sight.

Yes, we definitely have. Apart from the usual rent, childcare, bills and food shopping we aren’t really spending any money. The odd takeaway here and there but that’s all. Saving loads on petrol, going out for food/drinks, holidays etc...

spicebagnoveg

First time buyer here - recently just signed contracts and the final steps is snagging. Unfortunately the building site is closed so no snagging can be done, we’re now hoping that restrictions are eased on April 5th to start the process.

Is anyone else stuck in a similar situation just waiting and hoping for some good news soon?

Sue de Nimes

Are there any auction sites for homes other than Bidx1?

aquinn

Sue de Nimes wrote: »

Are there any auction sites for homes other than Bidx1?

DNG have the following from their website.


https://cdn.eigpropertyauctions.co.uk/ams/images/306/documents/7499d58b-83e7-4893-b0f2-74fb4d4720e2

Danger781

FTB here.. Found a house we like but asking is quite high considering the amount of work that it looks like the house needs. We are interested in putting in a bid but can we specify that this is pending both a viewing and a full structural survey?

Let's say theoretically that Survey reported that there was €50k of work needed. Would you then reduce your bid by €50k due to the amount of work needed? Or how is that situation handled generally?

Stark

Yes it's perfectly fine to reduce bid after surveyor's report.

Sue de Nimes

Danger781 wrote: »

FTB here.. Found a house we like but asking is quite high considering the amount of work that it looks like the house needs. We are interested in putting in a bid but can we specify that this is pending both a viewing and a full structural survey?

Let's say theoretically that Survey reported that there was €50k of work needed. Would you then reduce your bid by €50k due to the amount of work needed? Or how is that situation handled generally?

The house is worth whatever someone is willing to pay for it. If you reduce your offer by €50,000 that doesn't mean someone else won't be willing to pay more. In general, houses that need work have that priced into any asking price.

ec18

Danger781 wrote: »

FTB here.. Found a house we like but asking is quite high considering the amount of work that it looks like the house needs. We are interested in putting in a bid but can we specify that this is pending both a viewing and a full structural survey?

Let's say theoretically that Survey reported that there was €50k of work needed. Would you then reduce your bid by €50k due to the amount of work needed? Or how is that situation handled generally?

you can of course reduce your bid by 50K but the seller is also under no obligation to accept that and could take the approach that the survey only informs you of potential issues (or indeed actual issues) in the house, but they are already factored into the asking.....at least that's what I'd do :D

pleh

I was at the house we're buying over the weekend and I could see most furniture has been removed. I don't know about upstairs so I just hope vacant possession means vacant and they didn't leave beds behind that I will have to get a skip for.
As it is, we said yes to keep white goods, curtains, carpets and light fittings. Even in the short term it would be nice not to have to replace these. Around 800- 1g just to buy light fittings!
Whether white goods work, or a trip to the dump is necessary yet or not we'll see.

s14o63tlibd8vz

Hi all,

Me and my partner are about to starting viewing a home to buy. Realistically how long can it take to buy a home? So from the time of viewing, putting in an offer to signing a contract?

Thanks

drunkmonkey

Have you finances ready to go, you can ask the same to the estate agent, are they in a position to sell.
It can take from 2 weeks to 6mts.

December2012

It depends on what type of home you are buying - are the sellers going to buy - how soon can they move out? Is it a new build and how long will it take? There are loads of variables.

Milena009

Carter Cold Reporter wrote: »

Hi all,

Me and my partner are about to starting viewing a home to buy. Realistically how long can it take to buy a home? So from the time of viewing, putting in an offer to signing a contract?

Thanks

We are sale agreed for two weeks, waiting for contracts still.

We have had valuation done (report sent to KBC today) surveyor is scheduled for Thursday.

Our sellers have a house ready to go from what I know.
So the wait is solicitors and loan of offer.

Our broker is arranging now life insurance and house protection.

We are renting till June so hopefully we are done by then too 😅

kippy

Milena009 wrote: »

We are sale agreed for two weeks, waiting for contracts still.

We have had valuation done (report sent to KBC today) surveyor is scheduled for Thursday.

Our sellers have a house ready to go from what I know.
So the wait is solicitors and loan of offer.

Our broker is arranging now life insurance and house protection.

We are renting till June so hopefully we are done by then too 😅

Waiting for contracts for two weeks isn't a long time in this process unfortunately. Be prepared for frustrations and be delighted if I am wrong.
Best of luck with the process.

Draco

Danger781 wrote: »

FTB here.. Found a house we like but asking is quite high considering the amount of work that it looks like the house needs. We are interested in putting in a bid but can we specify that this is pending both a viewing and a full structural survey?

Let's say theoretically that Survey reported that there was €50k of work needed. Would you then reduce your bid by €50k due to the amount of work needed? Or how is that situation handled generally?

If the house is in need of renovation it'll already be baked into the price. Unless your survey turns up something that the owners don't already know about there'll be little room for a price drop.

ec18

Carter Cold Reporter wrote: »

Hi all,

Me and my partner are about to starting viewing a home to buy. Realistically how long can it take to buy a home? So from the time of viewing, putting in an offer to signing a contract?

Thanks

bought a new build in 2017, from viewing to keys was 6 weeks

extrafluff

Hi all. Sorry if it's been asked before. Our solicitor said that the vendors solicitor sent the contracts on the 18th of March. He still hasn't received them. I'm not aware of any issues with An Post at the moment. Seems a bit long to me for them to be received.
Is this normal?

Thanks.

Ladybird25

We have made offers in three houses by now, in one of them we were outbid 3 times before giving up. Yesterday we did a big offer in one of the houses we have been looking at, kind of had the feeling the seller was in a rush and if we put a quick big offer we may be able to finally be out there. Over night it went up 10k more and during the morning it outbid us by 21k.

This is utterly frustrating, I was wondering if someone here have actually being able to buy a house and how much higher of the asking price did they have to go?

Nika Bolokov

Ladybird25 wrote: »

We have made offers in three houses by now, in one of them we were outbid 3 times before giving up. Yesterday we did a big offer in one of the houses we have been looking at, kind of had the feeling the seller was in a rush and if we put a quick big offer we may be able to finally be out there. Over night it went up 10k more and during the morning it outbid us by 21k.

This is utterly frustrating, I was wondering if someone here have actually being able to buy a house and how much higher of the asking price did they have to go?

I get the impression agents want at least 40k over asking at the moment. So much demand so little supply.

Stark

Ladybird25 wrote: »

We have made offers in three houses by now, in one of them we were outbid 3 times before giving up. Yesterday we did a big offer in one of the houses we have been looking at, kind of had the feeling the seller was in a rush and if we put a quick big offer we may be able to finally be out there. Over night it went up 10k more and during the morning it outbid us by 21k.

This is utterly frustrating, I was wondering if someone here have actually being able to buy a house and how much higher of the asking price did they have to go?

There was one I was bidding on but I dropped out because it was obvious another bidder was going to go tit for tat forever. In the end, the house went to the 3rd highest bidder (tit for tat guy didn't follow through).

Ladybird25

Ladybird25 wrote: »

We have made offers in three houses by now, in one of them we were outbid 3 times before giving up. Yesterday we did a big offer in one of the houses we have been looking at, kind of had the feeling the seller was in a rush and if we put a quick big offer we may be able to finally be out there. Over night it went up 10k more and during the morning it outbid us by 21k.

This is utterly frustrating, I was wondering if someone here have actually being able to buy a house and how much higher of the asking price did they have to go?

We have bid on two properties but got no where.

One was immaculate and priced at 500k, last I heard it was 590 and still had multiple bidders

Another property was a complete doer upper, we went to asking but the vendor was not even considering it, wants to wait until the market fully reopens for a higher price. A house in a similar condition sold for 45k less last August, it is insane out there!!

ec18

Am I right that all these made prices are sale agreed prices? It'll be interesting to see what the actual volume of closed sales will be. I think there's a bit of bidding just to get something sale agreed and it won't necessarily be the final sale price