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

Busi_Girl08

Quick question re new builds - is there normally any room for negotiation on price? Or is the asking price typically determined as the price until later down the line when the developer might play around with price on final available properties?

ec18

Busi_Girl08 wrote: »

Quick question re new builds - is there normally any room for negotiation on price? Or is the asking price typically determined as the price until later down the line when the developer might play around with price on final available properties?

Generally no, unless the properties aren't selling. It's why phases usually go up in price not down

You can make an offer lower and why not, but they may just move onto the next in line. Ultimately it's up to you whether you think the asking price is more than the house is actually worth? or if it's a case you think there should be wiggle/haggle room on the price?

Aisling(",)

The house I'm sale agreed on was listed at 350 and we were bidding against another couple till we got it at 365. Not too much on an increase and its in an estate that we were interested in and the style of house hasn't come up much in recent years.

Another we liked in Celbridge, was a real show stopper, was originally listed at 400k and bidding was at 550 last time I'd heard.Madness

Ladybird25

The thing is if you have to make an offer to view a house, by the time someone backs out of the offer, the price is already higher so every offer and every viewing at the moment it is only increasing the price of the houses. I'd say auctioneers are having the time of their lives.

Stark

Aisling(",) wrote: »

The house I'm sale agreed on was listed at 350 and we were bidding against another couple till we got it at 365. Not too much on an increase and its in an estate that we were interested in and the style of house hasn't come up much in recent years.

Another we liked in Celbridge, was a real show stopper, was originally listed at 400k and bidding was at 550 last time I'd heard.Madness

House round the corner from me, asking price 525 currently bids of 660k. That said, that house was a jaw-dropper and was way undervalued at 525k imo.

House down the road, probate house, location not great (sandwiched between a steel works and a site with proposed apartments). Asking price 335k, bids went up to 381k, went sale agreed at 375k.

Currently two houses next to each other where I'd to buy, one asking price 375k, other asking price 395k, both currently on 410k. I have a weird feeling the one other bidder on the 375k house might be a friend of the vendor as for a while he/she was pushing bids up and showing no interest on the nicer house with lower bids. Will see, I guess if it goes crazy, I can drop out and then go back in with a lower offer if it turned out to be a messer.

Ladybird25

Treppen wrote: »

Just be careful with bidding up to your max. In a limited market you'll end up driving the price expectation up to your absolute max... and then if someone else outbids your max then that becomes the new norm.

We've stopped putting in bids and just going to rent for more to come on market. Ya rent is expensive dead money but at this stage in our lives were not going to take the next house that comes along if it doesn't suit or needs extension/work.

Tldr wait if you can.

At this point I am really considering postponing it, definitely not getting to our max but it does not feel like the houses do actual can hold that value.

optogirl

Ladybird25 wrote: »

At this point I am really considering postponing it, definitely not getting to our max but it does not feel like the houses do actual can hold that value.

Feeling similarly. Our AIP runs out in June and we are really feeling pressure to bid the max on houses that we know aren't worth it. We've been told by DCC that once our AIP is up (Rebuilding Ireland Home Loan) we will have to reapply from scratch which gives us a few months of downtime when we can't put in any bids - at first I was upset about it but beginning to think it's a blessing in disguise.

TetrisLover

Treppen wrote: »

Just be careful with bidding up to your max. In a limited market you'll end up driving the price expectation up to your absolute max... and then if someone else outbids your max then that becomes the new norm.

We've stopped putting in bids and just going to rent for more to come on market. Ya rent is expensive dead money but at this stage in our lives were not going to take the next house that comes along if it doesn't suit or needs extension/work.

Tldr wait if you can.

I'm in the similar situation and has decided the same. Obviously, nobody knows for certain whether the price will come down or go up in the next year or so but one thing does seem certain - that the houses out there at the moment are getting ridiculous bids from people that are in panic mode. I think it's quite a possibility that one may end up saving money by waiting out the panic and extreme lack of shortage even while paying rent.

DancingDaisy

We've just signed our contracts and loan offer pack. I have the mortgage protection insurance and house insurance ready to go and the bank valuation is happening this week..... It feels like a bit of a whirlwind! We went sale agreed in late Feb on the first house we looked at

How do people concentrate on anything else when this is all going on!!

Milena009

DancingDaisy wrote: »

We've just signed our contracts and loan offer pack. I have the mortgage protection insurance and house insurance ready to go and the bank valuation is happening this week..... It feels like a bit of a whirlwind! We went sale agreed in late Feb on the first house we looked at

How do people concentrate on anything else when this is all going on!!

Congratulations ðŸ‘

We have valuation done, survey to be done this Thursday.
Quotation for home insurance and life protection done via broker.

How long was it between sale agreed and contract sent to your solicitor? I am assuming it will be within 4weeks. So far 2 gone.

DancingDaisy

Milena009 wrote: »

How long was it between sale agreed and contract sent to your solicitor? I am assuming it will be within 4weeks. So far 2 gone.

I think the initial contracts were sent within 5 working days or so, but there were some queries back and forth with updated contracts after about 2 weeks. We were trying to drag it out a small bit as AIB lost some of our documents and we ended up at the back of the underwriting queue twice, and didn't want to sign until the loan pack had been received.

Probably worth noting that we're not buying in Dublin, and we know the solicitors fairly well, so I think that makes it a bit faster in general. We also haven't gone via a broker.

I think, all in all, it's been 5 weeks since we went sale agreed, so we're not doing too badly.

Monsieur Folie

Stark wrote: »

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).

This carry on is extremely frustrating.

The current system is a shambles for buyers. I am ready to give up. There is no value in the second hand market and the demand is so high for the rare few new builds on the market that I am finding it impossible to get an appointment to purchase one.

0gac3yjefb5sv7

Do you need to get property insurance before you drawdown or how does that work for a house?

Aisling(",)

MattS1 wrote: »

Do you need to get property insurance before you drawdown or how does that work for a house?

I've been told by the bank mortgage protection and and house insurance have to be in place before we can drawdown.

Sweetaure

So construction is starting up again, any idea when viewings will start again?

Milena009

I think we need to wait for PRSA to update their website... not 12/04 i think.

Spooch

MattS1 wrote: »

Do you need to get property insurance before you drawdown or how does that work for a house?

Our broker told us that for the new build we purchased, a quote for house insurance will suffice as we don't actually have the house yet. I imagine the rules might be different if its a second hand home?

Bluefox21

Sweetaure wrote: »

So construction is starting up again, any idea when viewings will start again?

Are they not open now?

House next to me is for sale and has had a fair few people in

givyjoe

https://twitter.com/rtenews/status/1377139601370796033?s=19

Official stat backing up what we're all seeing on the ground. Frustrating stuff.

itsusuallyjazz

extrafluff wrote: »

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.

Not normal no, they should be there the following day. I would be chasing this one

Reins

https://www.instagram.com/crazyhouseprices/

Anyone follow this guy?

Some of the crazy stuff going on in the market

Starlord_01

Sale agreed since 6th November and finally closing in 4 weeks - we were beginning to give up hope!

Milena009

Starlord_01 wrote: »

Sale agreed since 6th November and finally closing in 4 weeks - we were beginning to give up hope!

Congratulations! hope it goes smoothly! Enjoy the new house :):)

zinfandel

has there been any mention yet when viewings may officially commence again, my local agents will still not allow viewings even in empty properties, pretty low risk by all accounts.

Red Silurian

zinfandel wrote: »

has there been any mention yet when viewings may officially commence again, my local agents will still not allow viewings even in empty properties, pretty low risk by all accounts.

When we are no longer in level 5 restrictions, currently we are in 'modified' level 5 and will be until May at the earliest

ec18

Red Silurian wrote: »

When we are no longer in level 5 restrictions, currently we are in 'modified' level 5 and will be until May at the earliest

wrong level 5 is in place until the 12th April

Busi_Girl08

Are estate agents granting physical viewings only on payment of a booking deposit, or are some excepting the winning bid and proof of funds for same?

We're going case by case and trying to get on as many EA contact lists as possible, have spoken to a couple and they sound equally fed up of the regulations.

We were looking at a house in Dublin that went up for 320 on Monday, as of 3 today it's at 340 with 6+ bidders.

Monsieur Folie

Busi_Girl08 wrote: »

Are estate agents granting physical viewings only on payment of a booking deposit, or are some excepting the winning bid and proof of funds for same?

We're going case by case and trying to get on as many EA contact lists as possible, have spoken to a couple and they sound equally fed up of the regulations.

We were looking at a house in Dublin that went up for 320 on Monday, as of 3 today it's at 340 with 6+ bidders.

It probably varies from EA to EA but the ones we have engaged with so far have suggested that the successful bidder will hand over the booking deposit in order to view, and it will be refunded if you decide to walk at that stage.

By the letter of the law that is what they are supposed to be doing, but it is a bit senseless and I'm sure some are more lenient than others...

Busi_Girl08

Monsieur Folie wrote: »

It probably varies from EA to EA but the ones we have engaged with so far have suggested that the successful bidder will hand over the booking deposit in order to view, and it will be refunded if you decide to walk at that stage.

By the letter of the law that is what they are supposed to be doing, but it is a bit senseless and I'm sure some are more lenient than others...

Thanks, and remind me again does the booking deposit go to the EA or should we have a solicitor at that stage?

Monsieur Folie

Busi_Girl08 wrote: »

Thanks, and remind me again does the booking deposit go to the EA or should we have a solicitor at that stage?

I unfortunately have yet to get that far... so I am not sure!