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

Starlord_01

DancingDaisy wrote: »

So random question, we're hit the final hurdle now. Contracts have been exchanged, deposit is paid, we've a closing date of 3 weeks time, and the funds requistion letter has gone in. All our insurances are in place. At what point does the EA update the house to Sold? Is it after the keys have been exchanged?

And in that case, does the sign sit outside with Sold on it for a period of time, or can you just have the sign removed. These seem like stupid questions, but this whole process confounds me! The sign only went Sale Agreed when we went to do another viewing 2 weeks ago, though we'd gone sale agreed back in February! The EA was putting up the Sale Agreed when we arrived at the house :rolleyes::P

I don't really mind whichever way, but I'm interested to know how it should generally work?

We're closing on the 30th and the Sold sign has been up since the 6th.

DancingDaisy

Starlord_01 wrote: »

We're closing on the 30th and the Sold sign has been up since the 6th.

Well then, I'm assuming the EA might just be a lastminute.com or not at all kinda guy! I suppose he might put it up on the day we do the final inspection Luckily we aren't bothered by it, but I can imagine some people might be!

Congrats on the closing! It's all so exciting!

Starlord_01

DancingDaisy wrote: »

Well then, I'm assuming the EA might just be a lastminute.com or not at all kinda guy! I suppose he might put it up on the day we do the final inspection Luckily we aren't bothered by it, but I can imagine some people might be!

Congrats on the closing! It's all so exciting!

We were just driving by and seen it up on it, was a very surreal moment!!

DancingDaisy

Starlord_01 wrote: »

We were just driving by and seen it up on it, was a very surreal moment!!

Yeah, we were driving by the road down to ours on Monday evening and spotted that it was still Sale Agreed. Had a bit of a chuckle, the Sale Agreed sign is even upside down We were wondering if that's a tactic to get people to have a second look!

I keep having the pinch me moment, and wondering how long it will take to feel like the house is actually ours when we get the keys. I feel like I'll be uncomfortable opening up the presses and wardrobes, as if I'm snooping

cintec

JimmyVik wrote: »

Dont know why people think this works.
The EA will just say grand so.
And then on the 30th Apr they will ring you back and say are you still interested. Are you then going to say no and put down the phone

It's not the only house for sale, what would you suggest I do wait indefinitely?

I don't want to make an empty threat to walk away when I don't want to actually walk away but equally I don't want to wait forever on one house when my bid is already the highest and 30k above the asking.

JimmyVik

cintec wrote: »

It's not the only house for sale, what would you suggest I do wait indefinitely?

I don't want to make an empty threat to walk away when I don't want to actually walk away but equally I don't want to wait forever on one house when my bid is already the highest and 30k above the asking.

Bid on it if you want. Dont if you dont want to.
EAs are like the tv license inspector in that case. They've heard it all before :)Giving an ultimatum ties nobody but yourself.
In the meantime, if you keep looking at other properties while the vendor is making up their mind, you might find something you like. But dont cut off your nose.

Toulouse

DancingDaisy wrote: »

So random question, we're hit the final hurdle now. Contracts have been exchanged, deposit is paid, we've a closing date of 3 weeks time, and the funds requistion letter has gone in. All our insurances are in place. At what point does the EA update the house to Sold? Is it after the keys have been exchanged?

And in that case, does the sign sit outside with Sold on it for a period of time, or can you just have the sign removed. These seem like stupid questions, but this whole process confounds me! The sign only went Sale Agreed when we went to do another viewing 2 weeks ago, though we'd gone sale agreed back in February! The EA was putting up the Sale Agreed when we arrived at the house :rolleyes::P

I don't really mind whichever way, but I'm interested to know how it should generally work?

The house is sold when the remainder of your drawn down funds hit your vendors solicitors account. Then you’ll get the keys.

You can request for the sign to be removed immediately. It is now your property. You might be nice about it and give them some free advertising but when we bought the estate agent was a d1ck and so we requested that the sign be removed directly after the house was sold and it was.

DancingDaisy

cintec wrote: »

It's not the only house for sale, what would you suggest I do wait indefinitely?

I don't want to make an empty threat to walk away when I don't want to actually walk away but equally I don't want to wait forever on one house when my bid is already the highest and 30k above the asking.

Would you leave the bid sitting for the moment, and start looking elsewhere too? In that case, you'll have more than one option and if you find something you really like, you can bid on it also. You could then let the EA know that you have bid on something else. That way if you do lose out on the house you have something else there.

We waited about 10 days with the highest bid, and it was a case that the others that were bidding went away to see if they could get an exception to bid higher. That was the hold up. When they dropped out the EA had to go back to the sellers too, to get their confirmation that they were happy with it. These things can take a bit of time.

DancingDaisy

Toulouse wrote: »

The house is sold when the remainder of your drawn down funds hit your vendors solicitors account. Then you’ll get the keys.

You can request for the sign to be removed immediately. It is now your property. You might be nice about it and give them some free advertising but when we bought the estate agent was a d1ck and so we requested that the sign be removed directly after the house was sold and it was.

Thanks a mill for that! He has two signs up at the moment, one at the house and one out on the main road at the turnoff. I'd say he'd be happy enough to leave the one at the turn off and take down the one in the garden! There wouldn't be any traffic on the road down to the house, so it wouldn't be much good in terms of advertising for him! Which is actually probably why he hasn't been bothered in updating the signs!

gaz15

Hi looking for some insight if possible. We are sale agreed and we had the date of next Tuesday for completion. I have house insurance in place and I have gotten mortgage protection via a broker.

The broker has said they'll just need a start date from the bank and they can issue documents so I got onto the bank to see what date we should be giving them for a start date and he has come back to me and said he needs to get on to the completions team about it and he'll get back to me.

I'd still like to close next Tuesday but I feel this is looking unlikely now, what will the bank be looking from me? Is it anything I can pre empt and if I give the mortgage protection crownd the date of next Tuesday for starting before I hear from the bank just to get the ball rolling is it likely to cause me any hassle?

Thanks for reading and any help

Thomasirl123

JimmyVik wrote: »

Bid on it if you want. Dont if you dont want to.
EAs are like the tv license inspector in that case. They've heard it all before :)Giving an ultimatum ties nobody but yourself.
In the meantime, if you keep looking at other properties while the vendor is making up their mind, you might find something you like. But dont cut off your nose.

Exactly this. Leave your bid but act like that house doesn't exist. Go look at other houses, bid on the ones you like.

Starlord_01

gaz15 wrote: »

Hi looking for some insight if possible. We are sale agreed and we had the date of next Tuesday for completion. I have house insurance in place and I have gotten mortgage protection via a broker.

The broker has said they'll just need a start date from the bank and they can issue documents so I got onto the bank to see what date we should be giving them for a start date and he has come back to me and said he needs to get on to the completions team about it and he'll get back to me.

I'd still like to close next Tuesday but I feel this is looking unlikely now, what will the bank be looking from me? Is it anything I can pre empt and if I give the mortgage protection crownd the date of next Tuesday for starting before I hear from the bank just to get the ball rolling is it likely to cause me any hassle?

Thanks for reading and any help

We put the start date on both policies 3 days before we are due to get the keys.

Cosle

gaz15 wrote: »

Hi looking for some insight if possible. We are sale agreed and we had the date of next Tuesday for completion. I have house insurance in place and I have gotten mortgage protection via a broker.

The broker has said they'll just need a start date from the bank and they can issue documents so I got onto the bank to see what date we should be giving them for a start date and he has come back to me and said he needs to get on to the completions team about it and he'll get back to me.

I'd still like to close next Tuesday but I feel this is looking unlikely now, what will the bank be looking from me? Is it anything I can pre empt and if I give the mortgage protection crownd the date of next Tuesday for starting before I hear from the bank just to get the ball rolling is it likely to cause me any hassle?

Thanks for reading and any help

We are in a similar boat to yourself. We have been given a drawdown date of next Wednesday with us receiving the keys next Friday. We have certificates from the insurance days dated for next Wednesday. The only other thing the bank asked from us was our most recent payslips.

brio09

ec18 wrote: »

There was some law society guidance around conditionality in contracts to protect buyers/sellers. The vendors solicitor is probably being cautious in that if for any reason their sale falls through their clients aren't homeless? Frustrating if you're trying to buy their house but makes sense from the vendors point of view

Thank you for the insight Our solicitor said she will push for adding a time-based deadline to the clause. Lets see how everything pans out! We are staying positive for now

brio09

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.

We are in the same boat. We went sale agreed two weeks ago. Valuation and survey have been completed. Our solicitor received contracts from the vendor's solicitor last Friday and there is special condition in there where they say the vendor would close their on purchase the same day as we close ours. If they are unable to close that purchase, they will pull out. Our solicitor found that unsatisfactory and has suggested that they at least add a time-based deadline. The vendors are sale agreed somewhere but this clause makes the deal open-ended and outside our control. Hopefully, the vendor's solicitors are accommodating! We really love the house and would be disheartened to go away from it.

Would you be willing to share what is your status now? Were they willing to change the clause? Or are you taking a leap of faith? It would be very kind of you to share Thank you

Dick Turnip

Viewed twice in November
Went sale agreed mid-December
Today received the keys :pac:

Although I'm not actually moving in until the weekend, and technically it won't close until later as the € are in transit from my solicitor to theirs but still...it's done!

brio09

Dick Turnip wrote: »

Viewed twice in November
Went sale agreed mid-December
Today received the keys :pac:

Although I'm not actually moving in until the weekend, and technically it won't close until later as the € are in transit from my solicitor to theirs but still...it's done!

Congratulations!

dia squish

Is there any way to find out what houses have sold for? I know there's the property price register but I think there's a significant gap of time before that gets updated? Would the estate agent tell you if you rang and asked?

Calvin

A second hand house listed there at the weekend - €340,000. Right at the edge of our price range but figured why not. Booked the viewing for tomorrow evening 5.30PM. There were viewings yesterday evening too.

Got an email there this evening to tell me the bidding has gone up to €352,000 and whether or not I want to continue with the viewing... first time buyer so not too sure, is it normal for a price to increase so much? Bearing in mind, small town in Tipperary. I’ve cancelled the viewing anyway and pulled out at €352,000 is out of our range but just curious anyway.

brianc27

Calvin Leong wrote: »

A second hand house listed there at the weekend - €340,000. Right at the edge of our price range but figured why not. Booked the viewing for tomorrow evening 5.30PM. There were viewings yesterday evening too.

Got an email there this evening to tell me the bidding has gone up to €352,000 and whether or not I want to continue with the viewing... first time buyer so not too sure, is it normal for a price to increase so much? Bearing in mind, small town in Tipperary. I’ve cancelled the viewing anyway and pulled out at €352,000 is out of our range but just curious anyway.

Most houses I've looked at for similar prices have gone up 30 to 40 grand in a few days, seems to be the norm lately, thats in dublin

cintec

brianc27 wrote: »

Most houses I've looked at for similar prices have gone up 30 to 40 grand in a few days, seems to be the norm lately, thats in dublin

Yes I was bidding on a house that started at 325k and was the highest bidder at 355 for a few days but this evening they have a bid in at 378k without viewing the property.

extrafluff

brio09 wrote: »

We are in the same boat. We went sale agreed two weeks ago. Valuation and survey have been completed. Our solicitor received contracts from the vendor's solicitor last Friday and there is special condition in there where they say the vendor would close their on purchase the same day as we close ours. If they are unable to close that purchase, they will pull out. Our solicitor found that unsatisfactory and has suggested that they at least add a time-based deadline. The vendors are sale agreed somewhere but this clause makes the deal open-ended and outside our control. Hopefully, the vendor's solicitors are accommodating! We really love the house and would be disheartened to go away from it.

Would you be willing to share what is your status now? Were they willing to change the clause? Or are you taking a leap of faith? It would be very kind of you to share Thank you

That seems a bit strange as closing dates are there for a reason and sometimes they go over that. It shouldn't mean that a purchase on either end should fall through.

Yeah of course. Our solicitor found it strange and said he'd be pushing back on that particular clause. In the meantime, we contacted the EA who confirmed that they have somewhere to go, regardless of sale & that the sellers had actually contacted him to seek an update on a closing date. He said that they are sale agreed for an empty house! They are looking to get our sale/purchase completed as soon as possible. So we're feeling better about the situation now.

Both our solicitor and the EA reckon the sellers solicitor wanted to put that clause in rather than the sellers.

Best of luck with your purchase.

Calvin

brianc27 wrote: »

Most houses I've looked at for similar prices have gone up 30 to 40 grand in a few days, seems to be the norm lately, thats in dublin

Yeah I’d expect that alright in the cities, but didn’t think it’d be in Tipperary too. Suppose with WFH becoming the norm, people are moving elsewhere. Frustrating tho, didn’t even view it and it was up 12k (possibly more as it was that price before 4pm).

It’s the first house that popped up within our price range and one that we actually liked.. search goes on.

Markitron

The house I was buying fell through. Went sale agreed in January but BOI won't issue a loan offer so the seller walked away. Pretty ****e.

JimmyVik

Markitron wrote: »

The house I was buying fell through. Went sale agreed in January but BOI won't issue a loan offer so the seller walked away. Pretty ****e.

Sorry to hear that.

Markitron

JimmyVik wrote: »

Sorry to hear that.

Yea its pretty gutting. I think I'm just going to take a break from searching for a while, I have no enthusiasm for it at the minute.

Sweet.Science

Markitron wrote: »

Yea its pretty gutting. I think I'm just going to take a break from searching for a while, I have no enthusiasm for it at the minute.

Sorry to hear . I've had 3 fall through for one reason or another . Did BOI say why they wouldn't issue a loan ?

Markitron

Sweet.Science wrote: »

Sorry to hear . I've had 3 fall through for one reason or another . Did BOI say why they wouldn't issue a loan ?

Nope, they haven't said no, haven't said yes. My broker was telling me they would get to me eventually. Safe to say after 3 months it is a no, just wish they had said no earlier or never given me AIP in the first place.

zuhuraswa

Markitron wrote:

Nope, they haven't said no, haven't said yes. My broker was telling me they would get to me eventually. Safe to say after 3 months it is a no, just wish they had said no earlier or never given me AIP in the first place.

Sorry to hear that, especially at the last minute.
If you were using one, would your broker not have tried getting approval from another institution, or did BOI have something specific that you were looking for?
I am using a broker and he got me 3 different AIP

Sadeybaby

I've been sale agreed since November. I'm recieving half gift and half from CU. It's a chain sale from parents house. I'm relaint on the sale of my parents house. If the buyers for prenatal house have inserted a Loan Approval Clause. And I did the same, However will I still lose my deposit if buyers from parents house fall through. My solictor said she can insert same clause but wouldn't think the vendors solictors would be in agreement to the subject to sale/equity clause. If this is the case how are buyers protected if they are cash buyers, loan approved and dependent on the purchasers loan doesnt proceed? Ideally i would like certainty that subject to sale/equity clause is accepted but what if it isn't? Will I still get my deposit back as its out of my control if buyers for some reason couldn't drawdown. I've attached the clause for my parents contracts. Can you advise?

My solictor is inserting the loan approval clause and CU are aware that I'm dependent on gifted funds. My parents are divorced, so we are waiting for my dad to sign first and then mother. Can I still send my contracts off signed or should I wait for parents to be fully completed. Am i at risk by not waiting as I have a deadline from the vendors for 12 o clock today to return or the house is being repaired.