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

mcsean2163

extrafluff wrote: »

Hi all.
Thought we were close to completing our purchase but our solicitor has said that the vendors want us to sign the contracts but they want to put in a clause to state that they can pull out of the sale if they don't find anywhere.
Even though the estate agent was adamant they had somewhere to go even if they didn't find a house.
Is this normal? Solicitor was hoping to get us in next week to sign the contracts. And now we're feeling a bit lost and disheartened.

Any advise?
Thanks.

Know of someone that put in a fixed time period in the contract, you could give them four months in the contract after which they must vacate.

Thomasirl123

extrafluff wrote: »

Hi all.
Thought we were close to completing our purchase but our solicitor has said that the vendors want us to sign the contracts but they want to put in a clause to state that they can pull out of the sale if they don't find anywhere.
Even though the estate agent was adamant they had somewhere to go even if they didn't find a house.
Is this normal? Solicitor was hoping to get us in next week to sign the contracts. And now we're feeling a bit lost and disheartened.

Any advise?
Thanks.

I'd walk away. Surely your solicitor has offered the same advice?
You could put in a clause that they can have up to 6 months to move but if they stay they pay you €30k. Sounds ridiculous but no worse that what they are trying.

givyjoe

Sweet.Science wrote: »

I've never seen prices like they are at the moment

Scary

They were worse at the peak of the tiger. But they are escalating out of control at the moment. I've seen multiple houses come back up again, going 20/30/40k over their previously (and recently) agree sale price. These are all in the 300-400k range. Mental stuff.

blacklilly

We’ve recently gone sale agreed on a property. Prior to this, we have been bidding on a number of houses, each of which has gone for upwards on €50k more than asking each time.

I would be hesitant to say that the market will adjust itself anytime soon. The problem being that supply will not meet demand in the short term. Houses recently sold will set expectations for new sellers in terms of comparables.

I’ve seen bidding on houses start at €30k over asking price. Some buyers are desperate.

One of the first houses we bid on went for €90k over asking, we were outbid by a cash buyer. The agent ultimately said it was just as well as we are dependant on a mortgage and a bank valuer would likely not sign off on it.

Dodge

We’re in the opening stages of moving up so just monitoring houses in our preferred location.

4 of the 5 houses that have been listed as sold on the usual websites in the last 2 months have reappeared for sale within weeks. Now to be fair they’ve all been re-listed at the same price as first time but I think it shows that those bidding without viewing are backing out a lot

I think that’s the best hope for some calming in the market. Not that prices will drop per se, but that playing field will be levelled for buyers

accensi0n

Dodge wrote: »

We’re in the opening stages of moving up so just monitoring houses in our preferred location.

4 of the 5 houses that have been listed as sold on the usual websites in the last 2 months have reappeared for sale within weeks. Now to be fair they’ve all been re-listed at the same price as first time but I think it shows that those bidding without viewing are backing out a lot

I think that’s the best hope for some calming in the market. Not that prices will drop per se, but that playing field will be levelled for buyers

Doesn't sold mean contracts signed, money paid and sale completed?
Seems mad that 4 of 5 could back out even after they have moved from sale agreed to sold.

Sweet.Science

givyjoe wrote: »

They were worse at the peak of the tiger. But they are escalating out of control at the moment. I've seen multiple houses come back up again, going 20/30/40k over their previously (and recently) agree sale price. These are all in the 300-400k range. Mental stuff.

Happened me . Vendor pulled out after 3 months to put it back up for sale now . On one hand I despise her . On the other such is life

Dodge

accensi0n wrote: »

Doesn't sold mean contracts signed, money paid and sale completed?
Seems mad that 4 of 5 could back out even after they have moved from sale agreed to sold.

That’s why I said marked as sold. I’ve no idea how the websites deal with estate agents. It could well be that they mark it as sold when it’s only at the sale agreed stage

I just know that they’ve been marked as sold, and later reappear for sale

JimmyVik

Dodge wrote: »

We’re in the opening stages of moving up so just monitoring houses in our preferred location.

4 of the 5 houses that have been listed as sold on the usual websites in the last 2 months have reappeared for sale within weeks. Now to be fair they’ve all been re-listed at the same price as first time but I think it shows that those bidding without viewing are backing out a lot

I think that’s the best hope for some calming in the market. Not that prices will drop per se, but that playing field will be levelled for buyers

Probably two things happening at the moment.
One is that people got carried away bidding and changed their minds.
The other is that people who thought they were mortgage approved went back to the bank to draw down and find that they no longer qualify for the amount, for whatever reason.

JimmyVik

accensi0n wrote: »

Doesn't sold mean contracts signed, money paid and sale completed?
Seems mad that 4 of 5 could back out even after they have moved from sale agreed to sold.

Yeah usually sold means sold

JimmyVik

Was talking to a relative yesterday who had their house sale agreed last year.
The buyer dragged it out for a few months and then offered 10% less than they had agreed to buy for.
Relative said no and decided to cool off for a bit as their plans got ruined too by covid.
They put it back on the market in Feb and got 20% over last years sale agreed price.
They are happy they didnt take the other offer then.

cintec

I'm a little worried following this thread, placing my first ever offer on a house today.
I only have a limited budget but with an asking price of 335k my limit is 355k so not even sure if I stand a chance.

Dodge

Dodge wrote: »

That’s why I said marked as sold. I’ve no idea how the websites deal with estate agents. It could well be that they mark it as sold when it’s only at the sale agreed stage

I just know that they’ve been marked as sold, and later reappear for sale

Estate agents know what they’re doing. There’s an agent in my area (begins with Leonard); they have houses listed as available on daft/myhome that have sold 2 months ago. Don’t get me started on 80% of their available houses being sale agreed for months.

The excuse is always “oh that’s how daft works” etc. It does in its hole. Chancers.

McGrath5

Guys what is a reasonable time to allow a buyer's solicitor come back with questions or a signed contract? My solicitor sent contracts out on March 22nd and its radio silence since, he has chased for an update twice now.
I'm buying a new build and I know the builder is getting impatient with us since we haven't signed a contract on the new house yet.

brianc27

cintec wrote: »

I'm a little worried following this thread, placing my first ever offer on a house today.
I only have a limited budget but with an asking price of 335k my limit is 355k so not even sure if I stand a chance.

I'm in the same boat, exact same upper limit, placed a bid on a house for 330 yesterday, not getting hopes up as another house that was up for 295 is now at 340 and it's not even THAT nice

dkav9

brianc27 wrote: »

I'm in the same boat, exact same upper limit, placed a bid on a house for 330 yesterday, not getting hopes up as another house that was up for 295 is now at 340 and it's not even THAT nice

Wonder are we looking at the same place

thegreatescape

Feeling so deflated at the moment. Lost out on a house in January that was sold before my full approval came through, highest bidder currently on a property that I was told is being sold directly to a neighbour, another promising house is a bank sale and someone has been trying to buy it for 15 months already and an apartment beside me has come up for sale but I've had issues with damp in my current rented apartment and I'm wary that this could be the case with this apartment. It's very difficult to remain hopeful when it's just set back after set back.

JimmyVik

Im seriously thinking of going for a house i saw just up for sale that i always liked and hoping the pandemic plays into my hands.
It has been cleaned up a good bit on the outside now and i know i could make it really nice for €10k or so, but the picture of it on google street view are from a few years ago when it looked totally unkept from the side of the road.
Kind of hoping people look at it on street view because they cant see it and get turned off.
Though if they do check the photos on the web they are fresh photos of the outside.

GalwayBmw

DataDude wrote: »

Avoid at all costs. They can close at a time of their choice, lead you on as long as they want, pull out if they want.

They can watch the market over time - if it goes up, they'll pull out of the sale. If it goes down, you're forced to close. In stock market terms its a free put option for them on the house. Disaster.

Sorry for a slight off topic - but has anyone heard of a case when a counter party has actually been forced to pay that 10% after them pulling out? One of the solicitors I spoke to previously said it it's a very rare case and to do that you'd nearly have to go through court, which will take time and money. I've got a feeling that it's nearly non-enforceable. Can anyone share their experience on that?

JohnnyChimpo

If I were bidding on a house, I would not indicate what my maximum is on this very public forum that is read by EAs

Construction restarting on ours this week and should know completion date by end of April

Still well within our AIP and has given us a rather welcome break to gather ourselves for insurances, wills, banking, getting snagger ready so we are trying to take the good from the lockdown

All going well we'll be in by middle of summer

cintec

JohnnyChimpo wrote: »

If I were bidding on a house, I would not indicate what my maximum is on this very public forum that is read by EAs

Didn't make a difference to me the bidding was already above my maximum when I called

optogirl

cintec wrote: »

Didn't make a difference to me the bidding was already above my maximum when I called

Very disheartening. I was full sure we'd be sale agreed on SOMETHING by now but when 2 bedroom ex-council houses are going for near half a million, we are out of the game. Didn't think at 41 with what we thought was a really good deposit, we are resigned to renting for the forseeable. Just wish we could have our own place to put up a shelf if we felt like it or let the kids get a pet/trampoline!

cintec

optogirl wrote: »

Very disheartening. I was full sure we'd be sale agreed on SOMETHING by now but when 2 bedroom ex-council houses are going for near half a million, we are out of the game. Didn't think at 41 with what we thought was a really good deposit, we are resigned to renting for the forseeable. Just wish we could have our own place to put up a shelf if we felt like it or let the kids get a pet/trampoline!

Yes bit of an anti climax, I will just have to lower my expectations.

AhhHere

Any tools to track relisted houses on daft to see if price has changed from original listing?

Know I could manually note houses and cross check them when they reappear but wondering is the caching tool to simplify this?

JimmyVik

AhhHere wrote: »

Any tools to track relisted houses on daft to see if price has changed from original listing?

Know I could manually note houses and cross check them when they reappear but wondering is the caching tool to simplify this?

I think its 100% guaranteed that relisted houses will have increased asking prices these days.

AhhHere

JimmyVik wrote: »

I think its 100% guaranteed that relisted houses will have increased asking prices these days.

Yes but I'd like to know the amount. Know any tools?

ec18

Deleted User wrote: »

Construction restarting on ours this week and should know completion date by end of April

Still well within our AIP and has given us a rather welcome break to gather ourselves for insurances, wills, banking, getting snagger ready so we are trying to take the good from the lockdown

All going well we'll be in by middle of summer

if you worried about running out of AIP and have contracts signed etc you can drawdown early and start the repayments. Solicitor should be able to facilitate it

ec18

AhhHere wrote: »

Yes but I'd like to know the amount. Know any tools?

save any ads you like and keep an eye out for any similar addresses. You'll be able to see original vs relisted in the saved ads section

AhhHere

ec18 wrote: »

save any ads you like and keep an eye out for any similar addresses. You'll be able to see original vs relisted in the saved ads section

Excellent. Thank you