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

gaz15

Tomorrow is D-day for us buying our house. Just had word from the bank that funds have been sent to our solicitors so hopefully no last minute hitches!

Some questions though because nobody has really explained what is going to happen, when should we expect keys? Do we have to collect them from solicitor?

Regarding electricity and Gas I presume they'll need to do last readings and we'll have to set up accounts with somebody but how long of a grace period to we usually have to get this all done during transition?

Thanks for any help and if anybody has any hints or tips for the day please feel free to pass them on

It's a second hand home FYI

ec18

gaz15 wrote: »

Tomorrow is D-day for us buying our house. Just had word from the bank that funds have been sent to our solicitors so hopefully no last minute hitches!

Some questions though because nobody has really explained what is going to happen, when should we expect keys? Do we have to collect them from solicitor?

Regarding electricity and Gas I presume they'll need to do last readings and we'll have to set up accounts with somebody but how long of a grace period to we usually have to get this all done during transition?

Thanks for any help and if anybody has any hints or tips for the day please feel free to pass them on

New build or second hand?

When we got the keys for ours (new build ) the solicitor called us when the house officially closed to say we could collect the keys from the site foreman.

Electricity and Gas we had an issue with as the builder had cancelled his account when we signed contracts but continued using the house for charging tools and stuff and the gas had been disconnected between getting closing and getting keys.

In fairness to utilities they do give a few weeks before they turn off the supply. You can technically open an account any time once you've closed or even know it's no harm getting anything scheduled.

gaz15

ec18 wrote: »

New build or second hand?

When we got the keys for ours (new build ) the solicitor called us when the house officially closed to say we could collect the keys from the site foreman.

Electricity and Gas we had an issue with as the builder had cancelled his account when we signed contracts but continued using the house for charging tools and stuff and the gas had been disconnected between getting closing and getting keys.

In fairness to utilities they do give a few weeks before they turn off the supply. You can technically open an account any time once you've closed or even know it's no harm getting anything scheduled.

Cheers, it's second hand home we bought

whiskeyman

Hi all.
Quick (dumb?) question.
We bought our first first home a few years ago and haven't been in touch with our solicitor since.
We are looking to trade up and sell ours and buy a bigger house.
So we need to use the same solicitor, as in do they have files or knowledge that would be in our favour to use them again?
Or would it be like a new solicitor and start from scratch?

Reins

Inquired about a house that was listed 2 days ago - current offer is 13% above asking ffs :mad:

Milena009

Hi all,
Quick question:
We receive our Loan Offer from KBC(pdf) today with date of 23/04.

Our solicitor is notified to expect loan pack. Would anyone be able to hazard a guess how long does it take to be shipped out?

We are sale agreed since 15th March. Wondering also how long is it usual to wait for contracts?

Ladybird25

We went to see a couple of houses over the weekend and one of them was quite what we were looking for just a bit higher asking price, we were discussing it and surprise surprise it has gone up 10k. We are not looking for a massive house, but we do not want a massive mortgage either. Seems to me like at the moment you either get yourself in a big mortgage for over 30 years or you better off just renting.

Sweet.Science

Every notification i get from DAFT seems to be for a house in Clonee up for sale .

outland1985

Seems like to need atleast 10/15% over the asking price to even bother bidding on most houses in Dublin particularly in the 300 -450k range

tscul32

whiskeyman wrote: »

Hi all.
Quick (dumb?) question.
We bought our first first home a few years ago and haven't been in touch with our solicitor since.
We are looking to trade up and sell ours and buy a bigger house.
So we need to use the same solicitor, as in do they have files or knowledge that would be in our favour to use them again?
Or would it be like a new solicitor and start from scratch?

Go with the old one if you want, but no requirement to do so. We used a different one for trading up as first had retired. Wouldn't use the second one again so if we need one in the future we'll be looking again.

RichardAnd

Reins wrote: »

Inquired about a house that was listed 2 days ago - current offer is 13% above asking ffs :mad:

The current top of my "tulip bulb" market is a house that achieved a bid 30% above the asking price after only 3 days on the market. One had to bid to view it, so I suspect that had more than a small part to play in the jump in price.

For my part, I'm not even looking until physical viewings are back, which should be at some time in May, I would wager.

Podge10

RichardAnd wrote: »

The current top of my "tulip bulb" market is a house that achieved a bid 30% above the asking price after only 3 days on the market. One had to bid to view it, so I suspect that had more than a small part to play in the jump in price.

For my part, I'm not even looking until physical viewings are back, which should be at some time in May, I would wager.

I am actually surprised the physical viewings are not back at this stage. Given they were deemed essential and allowed in level 5 last year and all the recent media coverage including prime time about the associated issues.

It would appear a very controlled environment with two people only entering the property and the EA outside. Certainly versus the free for all in the likes of woodies every weekend. Anyway, hopefully they open back up soon and sure we’ve all had to develop plenty of patience this last year!

morrissey1307

Probably discussed to death in this thread but wonder if there could be some system implemented where Daft / MyHome etc. etc. are updated with latest offers / status of the property. I find you can call an EA the same day an ad goes live and either it's 10 - 20k+ over the asking or its an ad from a month previous that's sale agreed / sold. Presume it's some play by the estate agents to get people interested and talking to them - "This one is sale agreed but I have another property available in XXX if interested".

Very annoying looking at properties only to find they're either long gone or far out of reach price-wise.

itsusuallyjazz

gaz15 wrote: »

Cheers, it's second hand home we bought

I bought second hand - my experience was that once funds had been sent to the vendors solicitor the vendors gave keys and the meter readings to the Estate agent who then handed them to me

I rang the utility company then and moved everything to my name. I did get a letter from their supplier to advise I had 2 weeks to sign up somewhere and then they would start disconnection

RichardAnd

Podge10 wrote: »

I am actually surprised the physical viewings are not back at this stage. Given they were deemed essential and allowed in level 5 last year and all the recent media coverage including prime time about the associated issues.

It would appear a very controlled environment with two people only entering the property and the EA outside. Certainly versus the free for all in the likes of woodies every weekend. Anyway, hopefully they open back up soon and sure we’ve all had to develop plenty of patience this last year!

I don't know about the first lockdown this time last year, but they were taking place in the pre-christmas "circuit-breaker". I think they stopped in January when construction was shut down.

If I had to wager, I'd say that physical viewings will return on May 4th. However, I have a feeling that there will be a hang-over period where estate agents will need to be weaned off the "sale-agreed-to-view" model. You will still have people panic-bidding on property that they haven't seen, but that probably always happens when supply is low.

AhhHere

morrissey1307 wrote: »

Probably discussed to death in this thread but wonder if there could be some system implemented where Daft / MyHome etc. etc. are updated with latest offers / status of the property. I find you can call an EA the same day an ad goes live and either it's 10 - 20k+ over the asking or its an ad from a month previous that's sale agreed / sold. Presume it's some play by the estate agents to get people interested and talking to them - "This one is sale agreed but I have another property available in XXX if interested".

Very annoying looking at properties only to find they're either long gone or far out of reach price-wise.

I wasn't aware of this. Should we be registering with EAs to be kept in the loop before places go on daft?

morrissey1307

AhhHere wrote: »

I wasn't aware of this. Should we be registering with EAs to be kept in the loop before places go on daft?

Can't tell if this is sarcasm or not. Wouldn't be hard for Daft / MyHome to add a "Sale Agreed / Sold" status or banner on those ads. Or even something like Auctioneera for showing the latest offer / bid.

Mind you, it falls back to the estate agent to update it regularly I suppose.

Kerry25x

ionapaul wrote: »

Yes - if you are trading up currently you probably should put your own house on the market first, go sale agreed, then start to seriously bid. That's what we've done, and the few EAs we wanted to place bids with in the last two weeks were unwilling to accept them without us being sale agreed already. And rightfully so IMHO.

Struggling with this myself because its so rare that we see a house we really like around here (Cork City), maybe 1 every 3 months and they always sell quickly. It seems impossible to time selling and buying in this situation. Hopefully as more comes on the market it'll get easier.

AhhHere

morrissey1307 wrote: »

Can't tell if this is sarcasm or not. Wouldn't be hard for Daft / MyHome to add a "Sale Agreed / Sold" status or banner on those ads. Or even something like Auctioneera for showing the latest offer / bid.

Mind you, it falls back to the estate agent to update it regularly I suppose.

Not sarcasm. Genuine ignorance from my end. Thanks

ElBastardo1

I was wondering what people think of the new tactic used by estate agents were properties are being put up for Auction at a very low AMV and there is a €100 charge for all potential bidders. One property I've came across is in very bad repair in a very nice south Dublin suburb were the average price would be 500k+. This property has an AMV of 330k. There could be 100's of people signup as it has an attractive price tag, while the EA knows they will be looking at 400-450k min. They could make 10k on the bidders besides taking a percentage of the sale price. I can't understand how they are allowed operate like this, the price tag has attracted people who would normally not be in a position to buy in this area, and at the end of the auction that will become clear, while being €100 out of pocket.

RichardAnd

ElBastardo1 wrote: »

I was wondering what people think of the new tactic used by estate agents were properties are being put up for Auction at a very low AMV and there is a €100 charge for all potential bidders. One property I've came across is in very bad repair in a very nice south Dublin suburb were the average price would be 500k+. This property has an AMV of 330k. There could be 100's of people signup as it has an attractive price tag, while the EA knows they will be looking at 400-450k min. They could make 10k on the bidders besides taking a percentage of the sale price. I can't understand how they are allowed operate like this, the price tag has attracted people who would normally not be in a position to buy in this area, and at the end of the auction that will become clear, while being €100 out of pocket.

Are bids at an auction not binding?

ElBastardo1

RichardAnd wrote: »

Are bids at an auction not binding?

Not sure what you're point is to the question I've asked?

shesty

Kerry25x wrote: »

Struggling with this myself because its so rare that we see a house we really like around here (Cork City), maybe 1 every 3 months and they always sell quickly. It seems impossible to time selling and buying in this situation. Hopefully as more comes on the market it'll get easier.

This, we are in this position.Only had this conversation again yesterday with another estate agent.

As regards the market, we are trading up, so in a better position, but yes we are ok to see the value of our property fall slightly.In addition, we are not banking on that extra 20/30/40k that the sale might get to push us up a bit on what we can afford....we have drawn an upper limit on what our mortgage can be based on a minimum price for sale of ours.Anything above that minimum sale price will be paid off our new mortgage.

There is a sweet spot for us where we can afford something but still make the needed amount from our house sale - and i think we were in it before Christmas, but unfortunately nothing came through that we wanted to buy. I have heard some hair-raising tales in the last week from 2 estate agents about bidding on house prices in the area here (and they weren't trying to sell me the houses in question), and things are gone ridiculous. Yesterday's estate agent told me he felt the market was quite unstable and very unpredictable (and again he wasn't making a sales pitch at me, we were having a general conversation) and he was probably right.He felt that things would settle a bit once viewings were allowed again and people could see what they are buying in person.

Kerry25x

hold my beer wrote: »

I never said anything about it affecting one group more than the other, just that it also affects people trading up.

Agreed. Our house has gone up maybe 50k from 150k to 200k in the past few years (older city center terraced house) whereas the type of house we're looking for has jumped from 400k to 500k+. Obviously its much better than being a FTB now but still feeling the affects.

Reins

RichardAnd wrote: »

The current top of my "tulip bulb" market is a house that achieved a bid 30% above the asking price after only 3 days on the market. One had to bid to view it, so I suspect that had more than a small part to play in the jump in price.

For my part, I'm not even looking until physical viewings are back, which should be at some time in May, I would wager.

I'm going to stop looking for now.

That was the only one I inquired about since viewings were stopped.
Heard all the anecdotal ones but now that I've experienced the insanity first hand it's too deflating to get caught up in this.

Like you I'll wait for physical viewings to resume and hope it takes some heat out of the current situation.

zootroid

Would you mind sharing the links of the houses from daft or myhome that are going for 10% / 20% / 30% over asking?

The estate agent could just be setting the price low to get interest in it

Shelga

zootroid wrote: »

Would you mind sharing the links of the houses from daft or myhome that are going for 10% / 20% / 30% over asking?

The estate agent could just be setting the price low to get interest in it

Here's an example of a house that went sale agreed at 31% over the initial asking price of €225k, 5-6 days after being listed:

https://www.myhome.ie/residential/brochure/20-st-brendans-terrace-coolock-dublin-5-d05-a312/4494068

Maybe this is even the same one that RichardAnd is talking about, but it's certainly the one that has made me completely deflated and also back out of the market for at least another 2-3 months. We are all just adding to the current madness every time we bid.

Not sure I agree with David McWilliams about a buyers' strike of 1-2 years, but 3 months seems much more realistic.

Busi_Girl08

House went on the market for 295 late last week, highest bid at the moment - 352 :O:O:O

Reins

zootroid wrote: »

Would you mind sharing the links of the houses from daft or myhome that are going for 10% / 20% / 30% over asking?

The estate agent could just be setting the price low to get interest in it

Rather not share the link..

Estate agents are Sherry Fitzpatrick - don't know their marketing strategies ie price low to get more or whether they set an asking that they think the house is worth.

House on for €285 2 days latest current offer is €321

PPR for houses on that road. One sold in March '21 for €266 and 2 sold last year for an average of €254.

Reins

Shelga wrote: »

Here's an example of a house that went sale agreed at 31% over the initial asking price of €225k, 5-6 days after being listed:

https://www.myhome.ie/residential/brochure/20-st-brendans-terrace-coolock-dublin-5-d05-a312/4494068

Maybe this is even the same one that RichardAnd is talking about, but it's certainly the one that has made me completely deflated and also back out of the market for at least another 2-3 months. We are all just adding to the current madness every time we bid.

Not sure I agree with David McWilliams about a buyers' strike of 1-2 years, but 3 months seems much more realistic.

That Ad has an asking of €280 not €225. Did the estate agents increase it by €55?