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

ElBastardo1

Sweet.Science wrote: »

I am in the same boat . Even if the one I was interested in fell through the seller will prob sit on it

well even though the asking is 440k someone has made a bid of 425k. The house isn't worth that. I think it's over priced by 50k. 6 months ago houses were 340-360 in the area there is no justification to be at 440k other than shortage of supply. In fact a valuer for the bank may struggle to justify the sale agreed price.

briancarr82

hi, currently in middle of mortgage application process. Moved to a joint current account around 6 months ago but only closed my old current account recently as took me that long to move all dd etc across to new joint account. Old account is now closed. Bank looking for 6 months statements. i presume the fact i closed the old account doesn't matter?

ElBastardo1

briancarr82 wrote: »

hi, currently in middle of mortgage application process. Moved to a joint current account around 6 months ago but only closed my old current account recently as took me that long to move all dd etc across to new joint account. Old account is now closed. Bank looking for 6 months statements. i presume the fact i closed the old account doesn't matter?

They will want all active accounts for the past 6 months.

briancarr82

ElBastardo1 wrote: »

They will want all active accounts for the past 6 months.

So only active accounts they want. Even if closed ac was used in previous 6 months

cubatahavana

TrangiaCoffee wrote: »

Is it time to allow bidding on new builds and let contractors cash in on the extra money? It might give developers more incentive to build more houses. If private sales can go above asking like that, why can't new builds..

This would be a nightmare

ElBastardo1

briancarr82 wrote: »

So only active accounts they want. Even if closed ac was used in previous 6 months

If the account hasn't had any activity on it for the past 6 months they won't want it. If it had any activity on it they will want it though.

brianc27

Just put a bid in a place (I actually managed to view this one in person) and the estate agent wanted proof of funds, so sent a redacted version of my AIP letter, estate agent then said she needed to know I could fund my bid so needs to know I have enough to do this, ie an unredacted version of AIP, thing is my mortgage approval is about 60 grand less then what I am bidding, I have significant savings but not a hope in hell I'm forwarding on a fvcking estate agent a savings account statement, anyone ever come across this before.

Thomasirl123

brianc27 wrote: »

Just put a bid in a place (I actually managed to view this one in person) and the estate agent wanted proof of funds, so sent a redacted version of my AIP letter, estate agent then said she needed to know I could fund my bid so needs to know I have enough to do this, ie an unredacted version of AIP, thing is my mortgage approval is about 60 grand less then what I am bidding, I have significant savings but not a hope in hell I'm forwarding on a fvcking estate agent a savings account statement, anyone ever come across this before.

When this happened me the bank offered to write me a letter stating I had the funds but without giving the amount.

ElBastardo1

Thomasirl123 wrote: »

When this happened me the bank offered to write me a letter stating I had the funds but without giving the amount.

I sold a place and I can't remember which, but either the solicitor or accountant confirmed the buyer had the funds.

ec18

brianc27 wrote: »

Just put a bid in a place (I actually managed to view this one in person) and the estate agent wanted proof of funds, so sent a redacted version of my AIP letter, estate agent then said she needed to know I could fund my bid so needs to know I have enough to do this, ie an unredacted version of AIP, thing is my mortgage approval is about 60 grand less then what I am bidding, I have significant savings but not a hope in hell I'm forwarding on a fvcking estate agent a savings account statement, anyone ever come across this before.

Broker gave us a letter from the bank for the EA saying we had the funds for the purchase. No Amount mentioned

Markitron

brianc27 wrote: »

Just put a bid in a place (I actually managed to view this one in person) and the estate agent wanted proof of funds, so sent a redacted version of my AIP letter, estate agent then said she needed to know I could fund my bid so needs to know I have enough to do this, ie an unredacted version of AIP, thing is my mortgage approval is about 60 grand less then what I am bidding, I have significant savings but not a hope in hell I'm forwarding on a fvcking estate agent a savings account statement, anyone ever come across this before.

They shouldn't be allowed to do this, its not a like a buyer can inquire the financial status of the seller is it.

Gael23

What’s the typical estate agent commission outside Dublin?

LockedBoy

Been sale agreed since Jan and just had the seller back out of the sale (no contracts signed). So frustrated with the process, we have spent money on inspections, bank valuation, putting our own place up for sale - only for the seller to change their minds. There really needs to be financial penalties if either party backs out of a sale after sale is agreed. Now it is back to square one again but about 2K lighter in the pocket :-(

LasersGoPewPew

LockedBoy wrote: »

Been sale agreed since Jan and just had the seller back out of the sale (no contracts signed). So frustrated with the process, we have spent money on inspections, bank valuation, putting our own place up for sale - only for the seller to change their minds. There really needs to be financial penalties if either party backs out of a sale after sale is agreed. Now it is back to square one again but about 2K lighter in the pocket :-(

I empathise with your situation. However, fines definitely wouldn't work in the current market where most people can only view a property after going sale agreed. Unfortunately, circumstances change or people have a change of heart, fines would be a deterrent to the market. I hope you eventually get a home.

random_banter

LasersGoPewPew wrote: »

I empathise with your situation. However, fines definitely wouldn't work in the current market where most people can only view a property after going sale agreed. Unfortunately, circumstances change or people have a change of heart, fines would be a deterrent to the market. I hope you eventually get a home.

Perhaps something should be put in place to protect the buyer in these circumstances, for example when buyer has provided proof of finding, and sale is agreed, seller becomes liable for expenses lost by the buyer should they pull out? Perhaps too complicated, but it seems incredibly unfair to the OP if they have been going through the required process and expense and the seller should just pull out at that point. I'd imagine this happens quite regularly?

ec18

random_banter wrote: »

Perhaps something should be put in place to protect the buyer in these circumstances, for example when buyer has provided proof of finding, and sale is agreed, seller becomes liable for expenses lost by the buyer should they pull out? Perhaps too complicated, but it seems incredibly unfair to the OP if they have been going through the required process and expense and the seller should just pull out at that point. I'd imagine this happens quite regularly?

This becomes quite problematic as none of those are legally required for the sale. You can go through with a sale without surveys etc. (I'm not advising that by any means just playing devils advocate)

The valuation is a bank requirement before drawdown, so it would be quite hard to enforce a return of costs that while prudent and standard the seller could argue that the costs were completion of the sale on their side.

RichardAnd

random_banter wrote: »

Perhaps something should be put in place to protect the buyer in these circumstances, for example when buyer has provided proof of finding, and sale is agreed, seller becomes liable for expenses lost by the buyer should they pull out? Perhaps too complicated, but it seems incredibly unfair to the OP if they have been going through the required process and expense and the seller should just pull out at that point. I'd imagine this happens quite regularly?

Sales fall through for any number of reasons, and often they are perfectly understandable and unavoidable. Ethically, one should honour an agreement if they make it, but that is not always possible.

However, the current model of going sale-agreed simply to see a property is hugely impractical. Indeed, it cheapens the very concept of going sale-agreed. The best thing to do for sellers and buyers alike would be to never prohibit physical viewings again.

givyjoe

ec18 wrote: »

Broker gave us a letter from the bank for the EA saying we had the funds for the purchase. No Amount mentioned

I have a broker prepared to do this (and they have) but it wasnt good enough for a house in Naas with SherryFitz last week, but that wasn't good enough. Seller wanted verified funds, i.e. AIP + Bank Accounts. Genuinely had to refrain myself from telling them exactly where to go. Politely declined to do so.

brianc27

givyjoe wrote: »

I have a broker prepared to do this (and they have) but it wasnt good enough for a house in Naas with SherryFitz last week, but that wasn't good enough. Seller wanted verified funds, i.e. AIP + Bank Accounts. Genuinely had to refrain myself from telling them exactly where to go. Politely declined to do so.

That's ridiculous, no way I'd show anyone my savings account bar the bank I'm applying to for mortgage, that's completely over stepping the mark

ionapaul

I went Sale Agreed this week and after the verbal confirmation of this the EA asked for a final confirmation from us of how we would fund the purchase. This is coming after we provided a redacted mortgage approval letter earlier in the process in order to be able to bid at all. All that I needed to do this time was to give a breakdown of how we'd make up the purchase price, three lines in an email giving mortgage amount, amount from home equity (we're sale agreed on our current home) and amount from savings/investments. No need to give proof of the latter, but did give the non-redacted approval letter which also includes our current mortgage redemption amount (we're approved with our current mortgage provider).

I think at the Sale Agreed stage it is perfectly fine to be asked for this, to protect the seller from people who are bull****ters, day-dreamers or have fooled themselves into thinking that they can afford something they can't. One thing I was sure to do in recent weeks when selling ourselves as a prospective buyer was to be clear that our mortgage amount was below what we notionally could have applied for, and that we didn't need an exemption. In my experience, EAs are rightfully a bit skittish right now, you could see how people might lose the run of themselves in a bidding war and later struggle to raise the full amount needed to get the purchase across the line when stamp duty, solicitor fees and other incidentals are included.

fago

brianc27 wrote: »

That's ridiculous, no way I'd show anyone my savings account bar the bank I'm applying to for mortgage, that's completely over stepping the mark

When I was bidding with Sherry Fitz, they accepted an email from our solicitor along the lines of:
"I have sight of financing from my client which confirm funding is in place above the current asking price of xk"

Obviously you have to pass on details to a trusted party, but would trust a solicitor more than an auctioneer or broker.

A great way to weed out tyre kickers.

brianc27

ionapaul wrote: »

I went Sale Agreed this week and after the verbal confirmation of this the EA asked for a final confirmation from us of how we would fund the purchase. This is coming after we provided a redacted mortgage approval letter earlier in the process in order to be able to bid at all. All that I needed to do this time was to give a breakdown of how we'd make up the purchase price, three lines in an email giving mortgage amount, amount from home equity (we're sale agreed on our current home) and amount from savings/investments. No need to give proof of the latter, but did give the non-redacted approval letter which also includes our current mortgage redemption amount (we're approved with our current mortgage provider).

I think at the Sale Agreed stage it is perfectly fine to be asked for this, to protect the seller from people who are bull****ters, day-dreamers or have fooled themselves into thinking that they can afford something they can't. One thing I was sure to do in recent weeks when selling ourselves as a prospective buyer was to be clear that our mortgage amount was below what we notionally could have applied for, and that we didn't need an exemption. In my experience, EAs are rightfully a bit skittish right now, you could see how people might lose the run of themselves in a bidding war and later struggle to raise the full amount needed to get the purchase across the line when stamp duty, solicitor fees and other incidentals are included.

I can understand this if gone sale agreed and probably wouldn't have an issue myself, it's the early stages of bidding were I would have a problem, if an estate agent knew my limit there would be nothing to stop them trying to drive the price up themselves

givyjoe

fago wrote: »

When I was bidding with Sherry Fitz, they accepted an email from our solicitor along the lines of:
"I have sight of financing from my client which confirm funding is in place above the current asking price of xk"

Obviously you have to pass on details to a trusted party, but would trust a solicitor more than an auctioneer or broker.

A great way to weed out tyre kickers.

Great if your solicitor is prepared to do that, free of charge, x number of times. I wouldn't bet on it though. Broker confirmation should be more than enough.

IamTheWalrus95

Applied for credit check with ICB don't seem to have any marks against me, wouldn't expect any as have always made repayments. Howver, i think what i have is CRIF 4 score 527. I cannot see if anywhere if this is good/bad/indifferent? I know it says what the highest and lowest are, but doesn't seem to mention anything in between. Can anyone shed any light on how this score looks?

Nika Bolokov

Not surprised Estate Agents are asking for proof of funds but Bank Statements are a new level.

Some of the crazy bidders over the past 2 or 3 months bid up property with no funds in place or no idea of additional costs such as renovation and then pulled out. Agent told me at one stage 80% of sale agreeds from virtual viewings were falling through leading to this craic.

scamalert

Can someone shed some light about buying new build house, few days agreed on new build which is complete, but worried now about VAT seeing its 13.5%, is it fair to assume vat is included in the sale price ? as reading online about vat its hard to grasp since most of mentions relate to businesses.

Bubonic

scamalert wrote: »

Can someone shed some light about buying new build house, few days agreed on new build which is complete, but worried now about VAT seeing its 13.5%, is it fair to assume vat is included in the sale price ? as reading online about vat its hard to grasp since most of mentions relate to businesses.

It is normally included in the sale price, but watch out for how its calculated.

As far as I know you don't pay VAT on the site only the building. But you have to pay stamp duty, mostly likely at 1%, but that's ex vat. A miscalculation there can mean a few hundred in stamp duty. But your solicitor should catch that. Ask the builder for a VAT receipt.

cubatahavana

scamalert wrote: »

Can someone shed some light about buying new build house, few days agreed on new build which is complete, but worried now about VAT seeing its 13.5%, is it fair to assume vat is included in the sale price ? as reading online about vat its hard to grasp since most of mentions relate to businesses.

VAT is included. Don't worry

Jacobs_Stripe

Hi all,

Just wondering if anyone has experience getting a loan offer from Ulster bank? I’m looking for information on how long it takes from giving the address of the house to getting the loan offer as it’s been over two months for us now and I’m a ball of stress..

Thanks!

kalkat2002

Hi all,
First time buyer and sale agreed this week,deposit paid,sale advice there and now waiting to visit it.....

If we like it when is the right moment to do the structural survey,asap or just before the contract signing

Furthemore seller is also biding to move back to dublin...as this looks like a property chain can we request a mandatory closing date to avoid months of waiting
Regards