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

brianc27

every single property I've bid on in the last 2 months (about 6 or 7) has gone at least 15% over asking before i've pulled out, I'm taking a step back for another month or so, last 2 properties i bid on i feel i was only doing so out of panic more then anything.

JimmyVik

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.

As an obvious start point for doing your homework on a house you would like to buy, you might as well check what is your own realistic max price you will pay for it.
That way the start price makes no odds to you, just what the house is worth to you.
So for example say you look at that house and decide it is worth €500k to you. Let the bidding start at €330K and then watch for a while. Only start bidding yourself when there are no more bidders at a price lower than the value you put on the house.
So if the bidding goes up to €450k and there are no more bidders, then you make your bid at €455k. Work your way up and if it goes past your max then bow out.



I can understand taking a fee of people who want to bid though, to remove time wasters.

RichardAnd

Reins wrote: »

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.

I tapped out back in February with my opinion of estate agents lower than I thought it could ever sink. IT's no harm to see what's for sale, but it's better to not get into something that I know will drive me to drink.

I feel genuinely sorry for anyone who cannot afford to wait for a few months.

tobsey

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

I'm not posting a link but we put a 3 bed in north county Dublin up recently. Estate Agent had recommended 360 but we thought that might put some people off given recent prices in the area. We accepted an offer of 390 five days later after three bidders had driven the price to that. Before Christmas we thought we'd do very well even to get 350. We've enquired about other houses in NCD. One in Portmarnock had an offer 75k over asking, that was around 12% over asking price. Given what happened with ours I've no reason to doubt it.

There are a huge amount of first time buyers who lost no income in the pandemic and took advantage of the lockdowns to save even more than normal. They're driving the smaller houses up and then trader-uppers are driving up the more expensive houses. It could all crash again next year but given I won't get that price for my house then, I'm going to accept paying over the odds for what I buy if it's a home I can stay in forever.

Shelga

Reins wrote: »

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

Yes. It was listed on Friday the 9th of April at €225k. After about 4 days of frenzied bidding, it was re-listed at €280k, probably to try encourage more bids and make it seem like better value than it is?

Anyone who had bid also received a curt email from the EA saying that the seller wanted "to be sale agreed by Friday lunchtime", the subtext being "so chop chop with your bids"- Friday lunchtime being exactly 1 week after it was listed.

Now I still do actually think that that is a nice little project and has a huge back garden, so was always going to go for over asking, even pre-covid, but having to go sale agreed to get viewings is madness.

Anyway, in the end I heard it went to a cash buyer, despite a FTB being willing to offer more money. The vendor didn't want to wait for finance to be sorted out. What's the point in bidding! You just get outbid again and again, by faceless cash buyers/investment funds.

JimmyVik

Ive a friend who sold their house recently via a large EA without a sign even going up or it being advertised.
Told that the EA said there are lots and lots of houses that are for sale that they have been instructed not to put any signs or advertising up yet.
People must be waiting til viewings start, but if you could contact all the EAs and ask if they have many properties ready to sell but not advertised yet, they might let you view and if you make a reasonable offer then you could be all done without the house even seeing the open market.
You would probably want to be able to convince the EAs you are serious though. Might need a conversation that includes showing them your finance has already been arranged.

ElBastardo1

JimmyVik wrote: »

As an obvious start point for doing your homework on a house you would like to buy, you might as well check what is your own realistic max price you will pay for it.
That way the start price makes no odds to you, just what the house is worth to you.
So for example say you look at that house and decide it is worth €500k to you. Let the bidding start at €330K and then watch for a while. Only start bidding yourself when there are no more bidders at a price lower than the value you put on the house.
So if the bidding goes up to €450k and there are no more bidders, then you make your bid at €455k. Work your way up and if it goes past your max then bow out.



I can understand taking a fee of people who want to bid though, to remove time wasters.

Yeah that would be my thinking if I was considering the property. My point is more of the AMV being set so low. I'd have no issue if the fee of €100 was set to weed out the time wasters, but I feel the low ball AMV will suck in some buyers who haven't a hope once the bidding on the property goes 10% above the AMV. If the AMV was more realistic I'd have less of an issue.

Celmullet

We are thinking about giving up looking for a few months too. First time buyers with what we consider a good income and deposit but any of the houses in our price range either need a lot of work that we wouldn't be able to afford to do for a few years or jump by 10s of thousands in a few days.

Just yesterday there was one just up for 190 and when we rang they already had an offer for 220.
Although we want a forever home we're not going to spend over the odds and have to slave until we are seventy just to pay the mortage

JimmyVik

ElBastardo1 wrote: »

Yeah that would be my thinking if I was considering the property. My point is more of the AMV being set so low. I'd have no issue if the fee of €100 was set to weed out the time wasters, but I feel the low ball AMV will suck in some buyers who haven't a hope once the bidding on the property goes 10% above the AMV. If the AMV was more realistic I'd have less of an issue.

But that is their own fault for not putting their own realistic value on the house before paying the €100.

Reins

RichardAnd wrote: »

I tapped out back in February with my opinion of estate agents lower than I thought it could ever sink. IT's no harm to see what's for sale, but it's better to not get into something that I know will drive me to drink.

I feel genuinely sorry for anyone who cannot afford to wait for a few months.

That's kinda my situation..

I'm a cash buyer with a limited amount of cash I might add + currently renting.

Wasting money on rent and watching prices rise each month.

Asking prices have increased so much that my options are zero - I'm trapped!

JimmyVik

Celmullet wrote: »

We are thinking about giving up looking for a few months too. First time buyers with what we consider a good income and deposit but any of the houses in our price range either need a lot of work that we wouldn't be able to afford to do for a few years or jump by 10s of thousands in a few days.

Just yesterday there was one just up for 190 and when we rang they already had an offer for 220.
Although we want a forever home we're not going to spend over the odds and have to slave until we are seventy just to pay the mortage

I have thought this for many years which had stalled me buying too.
Lately i am of the opinion that if i compare what i would be paying in rent to what i would be paying for a mortgage is the best way.

So if rent was €1500 pm and a mortgage was going to cost me €1500pm.
The rent would go on forever, but the mortgage would stop after 30 years.
So I could up the what i would be willing to pay on a mortgage to take account of that its not forever.

So I might then consider €1750pm for 30 years would be much better for me than €1500pm (plus inflation) for life.


Of course you have to do your own sums, but you get my drift.

Reins

Shelga wrote: »

Yes. It was listed on Friday the 9th of April at €225k. After about 4 days of frenzied bidding, it was re-listed at €280k, probably to try encourage more bids and make it seem like better value than it is?

Anyone who had bid also received a curt email from the EA saying that the seller wanted "to be sale agreed by Friday lunchtime", the subtext being "so chop chop with your bids"- Friday lunchtime being exactly 1 week after it was listed.

Now I still do actually think that that is a nice little project and has a huge back garden, so was always going to go for over asking, even pre-covid, but having to go sale agreed to get viewings is madness.

Anyway, in the end I heard it went to a cash buyer, despite a FTB being willing to offer more money. The vendor didn't want to wait for finance to be sorted out. What's the point in bidding! You just get outbid again and again, by faceless cash buyers/investment funds.

I'm a cash buyer and I also have to get involved in bidding

Sweet.Science

Shelga wrote: »

Yes. It was listed on Friday the 9th of April at €225k. After about 4 days of frenzied bidding, it was re-listed at €280k, probably to try encourage more bids and make it seem like better value than it is?

Anyone who had bid also received a curt email from the EA saying that the seller wanted "to be sale agreed by Friday lunchtime", the subtext being "so chop chop with your bids"- Friday lunchtime being exactly 1 week after it was listed.

Now I still do actually think that that is a nice little project and has a huge back garden, so was always going to go for over asking, even pre-covid, but having to go sale agreed to get viewings is madness.

Anyway, in the end I heard it went to a cash buyer, despite a FTB being willing to offer more money. The vendor didn't want to wait for finance to be sorted out. What's the point in bidding! You just get outbid again and again, by faceless cash buyers/investment funds.

Was this a bungalow in Coolock village by any chance ?

Sorry just seen you provided the link . I noticed that myself while looking through daft

Crazy must be so a valuer signs off on it when it goes sale agreed

gaz15

itsusuallyjazz wrote: »

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

Thanks for the response I actually got talking to the sellers last night and they have both prepay power and Gas, seems like a bit of a pain to get rid of but definitely cheaper!

morrissey1307

AhhHere wrote: »

Not sarcasm. Genuine ignorance from my end. Thanks

My mistake, hard to determine tone over text! Surely a system like this would make the EA's job a little bit easier than having to contact every single potential bidder as new bids come in, and again if one of those puts the bid up. Have it set up like a live tracker. Like I said it falls back to the EA to keep this updated and they probably want people contacting them rather than looking at a live feed. And there's the cost / upkeep element to that aswell

morrissey1307

Shelga wrote: »

Yes. It was listed on Friday the 9th of April at €225k. After about 4 days of frenzied bidding, it was re-listed at €280k, probably to try encourage more bids and make it seem like better value than it is?

Anyone who had bid also received a curt email from the EA saying that the seller wanted "to be sale agreed by Friday lunchtime", the subtext being "so chop chop with your bids"- Friday lunchtime being exactly 1 week after it was listed.

Now I still do actually think that that is a nice little project and has a huge back garden, so was always going to go for over asking, even pre-covid, but having to go sale agreed to get viewings is madness.

Anyway, in the end I heard it went to a cash buyer, despite a FTB being willing to offer more money. The vendor didn't want to wait for finance to be sorted out. What's the point in bidding! You just get outbid again and again, by faceless cash buyers/investment funds.

I remember seeing this place. Had it on my list of one's to watch and then seen the original ad taken down and relisted for 280k. Didn't it need an entirely new plumbing, heating and electrical system?

Nika Bolokov

I wonder will a tonne of property come on the market in the next two weeks and a tonne of sales from the last month then fall through if people feel they have panicked into paying over the odds.

ElBastardo1

Nika Bolokov wrote: »

I wonder will a tonne of property come on the market in the next two weeks and a tonne of sales from the last month then fall through if people feel they have panicked into paying over the odds.

One property I was watching on Auctioneera for 425k finished bidding at 438K (It's not worth that IMO) any way, obviously the sale fell through for whatever reason and low and behold it's back up for sale on Auctioneera again but with the added bonus of starting off at 440k.

Houses in parts of South Dublin (Rathfarnham & churchtown) have gone up in price maybe 15-20% in the past few months. Houses were going for 360-380k are now up at 450k.

FrankN1

The prices are mad but can't see any slowdown to be honest.

Sweet.Science

ElBastardo1 wrote: »

One property I was watching on Auctioneera for 425k finished bidding at 438K (It's not worth that IMO) any way, obviously the sale fell through for whatever reason and low and behold it's back up for sale on Auctioneera again but with the added bonus of starting off at 440k.

Houses in parts of South Dublin (Rathfarnham & churchtown) have gone up in price maybe 15-20% in the past few months. Houses were going for 360-380k are now up at 450k.

https://www.auctioneera.ie/property/99-grange-abbey-drive-grange-abbey-donaghmede-dublin-d13-v3k4

Big jump there . A house on the rd went for 325 last September

givyjoe

JimmyVik wrote: »

But that is their own fault for not putting their own realistic value on the house before paying the €100.

It's almost impossible currently to put a realistic price on properties. Even trying to look at the property register for houses in the same estate isn't helpful as they take so long to get there, prices are inflating by the week here.

Thomasirl123

Nika Bolokov wrote: »

I wonder will a tonne of property come on the market in the next two weeks and a tonne of sales from the last month then fall through if people feel they have panicked into paying over the odds.

What's happening in the next 2 weeks to change the world?
I'd imagine there will be an increase in supply from now on but it will be a trickle, no a big jump.
A big drop in house prices shouldn't encourage potential sellers to sell.

brianc27

prices wont drop quickly or at all for a while but i'd imagine increased supply would stall the increases in price

morrissey1307

Thomasirl123 wrote: »

What's happening in the next 2 weeks to change the world?
I'd imagine there will be an increase in supply from now on but it will be a trickle, no a big jump.
A big drop in house prices shouldn't encourage potential sellers to sell.

General consensus is they're expecting viewings to start back again as normal. This may or may not address the issue of people blind bidding before a viewing / sale agreed for viewing.

Sweet.Science

morrissey1307 wrote: »

General consensus is they're expecting viewings to start back again as normal. This may or may not address the issue of people blind bidding before a viewing / sale agreed for viewing.

Estate agents cant confirm when viewings are starting again ?

morrissey1307

Sweet.Science wrote: »

Estate agents cant confirm when viewings are starting again ?

It's strange, some are saying they haven't heard anything yet, others are saying early May and others are going ahead as normal. I myself was at a viewing last Thursday and there was a stream of people before and after me and a house advertised at the end of the street were strictly not taking any viewings under Level 5.

Some seem to think it coincided with residential construction starting up as of last Monday 12th April, and others are expecting it to kick off with the rest of the construction industry (early May was the last I heard)

RichardAnd

morrissey1307 wrote: »

It's strange, some are saying they haven't heard anything yet, others are saying early May and others are going ahead as normal. I myself was at a viewing last Thursday and there was a stream of people before and after me and a house advertised at the end of the street were strictly not taking any viewings under Level 5.

Some seem to think it coincided with residential construction starting up as of last Monday 12th April, and others are expecting it to kick off with the rest of the construction industry (early May was the last I heard)

I called an estate agent last week to ask this question, and I was told that they were not yet doing viewings. The lady I spoke to said that they had heard nothing from "the regulator".

As I understand it, this virtual viewing nonsense began last March in the first restriction period. When did physical viewings return in 2020?

givyjoe

RichardAnd wrote: »

I called an estate agent last week to ask this question, and I was told that they were not yet doing viewings. The lady I spoke to said that they had heard nothing from "the regulator".

As I understand it, this virtual viewing nonsense began last March in the first restriction period. When did physical viewings return in 2020?

At some point last summer they re-commenced, June or July I think and only stopped again in January.

SheepShep

RichardAnd wrote: »

I called an estate agent last week to ask this question, and I was told that they were not yet doing viewings. The lady I spoke to said that they had heard nothing from "the regulator".

As I understand it, this virtual viewing nonsense began last March in the first restriction period. When did physical viewings return in 2020?

We viewed several houses in August 2020 normally. Well normally as in, masks and one viewing at a time with a socially distanced queue outside. But there were no issues with booking a viewing at that time. Not sure what was going on before or after that in 2020.

RichardAnd

givyjoe wrote: »

At some point last summer they re-commenced, June or July I think and only stopped again in January.

I'd say that it would be a safe bet that physical viewings will return some time in May, based on this.

However, even when they return, there may be agents who don't immediately allow them to happen. I'm sure that many estate agents are perfectly content to allow people to bid themselves white on a Youtube video, and they may not easily give that up.