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

DancingDaisy

JimmyVik wrote: »

I just told her to go back and say take it or leave it and let her know within the next day.
If they dont come back tomorrow with whether they want to go ahead with the sale or not then bin it and ask the EA to approach the next bidders and tell them what happened.
With that kind of demands straight off i think there is only delay and trouble down the line.

We had a survey done on the house we are buying, and the seller was there at the time of the survey. The surveyor mentioned one or two small things to the seller at the time, and the seller just got it sorted without any hassle. When we got the report the bits were highlighted in it, and the surveyor called us to let us know that the seller had it sorted already.

I think there should be a bit of give and take in it. If it's something that wasn't visible during the viewing, and wasn't pointed out at the time, I think there's a responsibility on the seller to either fix it or allow for the cost of fixing it to be deducted from the selling price. Particularly given how high prices are at the moment.

errlloyd

Jmc25 wrote: »

Personally I would have thought that unless the issue is likely to cost thousands to fix and put others off purchasing the property, there's no point even raising it with the seller.

I am buying RN, and the place is a little unloved. An apartment that has been rented for 10 years.

The OH (who is American) keeps saying "we should tell the EA that the seller needs to fix that before we buy"- and I am like "ehhh, I'd rather not rock the boat at this stage". Mostly things like replacing broken door and window handles, light switches, and some other small stuff.

Seems like the forum agrees with me here.

ElBastardo1

errlloyd wrote: »

I am buying RN, and the place is a little unloved. An apartment that has been rented for 10 years.

The OH (who is American) keeps saying "we should tell the EA that the seller needs to fix that before we buy"- and I am like "ehhh, I'd rather not rock the boat at this stage". Mostly things like replacing broken door and window handles, light switches, and some other small stuff.

Seems like the forum agrees with me here.

The price should reflect the condition also. If you have 2 Apartments side by side for sale and one is pristine, it should cost more. You'll normally see it when you have multiple units for sale in one block. The better finished apartment ,ight be 5-10k more expensive.

Claw Hammer

ElBastardo1 wrote: »

The price should reflect the condition also. If you have 2 Apartments side by side for sale and one is pristine, it should cost more. You'll normally see it when you have multiple units for sale in one block. The better finished apartment ,ight be 5-10k more expensive.

You are not buying in a supermarket. If things a re broken it might help saying something in negotiations but no way will anyone selling fix anything. The property will be sold to the highest bidder and the price you ultimately pay will be dictated by the nearest underbidder, not the condition of the property.

Jmc25

Claw Hammer wrote: »

You are not buying in a supermarket. If things a re broken it might help saying something in negotiations but no way will anyone selling fix anything. The property will be sold to the highest bidder and the price you ultimately pay will be dictated by the nearest underbidder, not the condition of the property.

This is very true and from looking myself, I've seen properties which required 50k+ of work to fix issues and modernise sell for around 10-20k less than properties in the same area requiring virtually no work. It seems to me that the price differential never fully reflects the level of work required.

Shelga

Has anyone uploaded proof of funds to the Auctioneera website and did you redact the amount you've been approved for, or how does it work?

Also, my broker has told me I may be eligible for an exemption but it is subject to making an offer on a property, and then the bank looks at it on an individual basis, ie they don't just issue you a blanket exemption. But how are you meant to make an offer at the higher price without proof of your exemption? Thanks

Jasna1982

Hey guys,

I'm not sure how to do this. A house just went up for sale on Daft across the road from me. But I just applied for AIP and I'm waiting on the bank.
I would need a small exemption for it which my broker thinks I would definitely qualify for.

But do I wait to bid until I have AIP and then give the bank the property details to get the exemption? The broker thinks the bank might give me an exemption already with my AIP.
Can I bid before I have that?

Busi_Girl08

Jasna1982 wrote: »

Hey guys,

I'm not sure how to do this. A house just went up for sale on Daft across the road from me. But I just applied for AIP and I'm waiting on the bank.
I would need a small exemption for it which my broker thinks I would definitely qualify for.

But do I wait to bid until I have AIP and then give the bank the property details to get the exemption? The broker thinks the bank might give me an exemption already with my AIP.
Can I bid before I have that?

Depends on the estate agent. Some won't let you make a bid without an AIP/proof of funds. Make initial contact with the EA and see what the story is? You might be able to get a letter from your broker in the meantime?

thegreatescape

DancingDaisy wrote: »

You've probably gotten all the details you need at this point but I just said I'd throw by two cent in as I'm coming to the end of this process.

Next steps for you should be to get a surveyor in to check out the house, make sure there's nothing weird.

Not sure where you are with the mortgage process, or if you've used a broker, but you'll need to send on the details of the house to the bank for your loan offer, and get the bank valuation set up. I'd suggest doing this after you've gotten the surveyors report.

You'll also need to get your mortgage protection insurance and house insurance in place. I'd suggest getting the quotes for that sorted as early as possible, I know some people have had issues with mortgage protection insurance.

Your solicitor will be waiting for the contracts to be issued from the sellers solicitors, and that will hopefully give you a ball park idea as to what the closing date will be. You may not have certainty on that until the sellers counter sign the contracts though. When you have a ball park date, you'll need to make sure that you have the insurances in place for a day or so before the mortgage drawdown date, and our solicitor advised us to have our drawdown date set at 3 working days before the closing date. This means that there shouldn't be any delays. I'm sure your solicitor will advise you as best for your situation though.

For us, it's taken us 11 weeks from going Sale Agreed to getting keys. A big part of that was because the sellers are in a chain, and also our AIP was withdrawn just as we started bidding, so we had to go back to the beginning of the mortgage process! If the sellers weren't in a chain, we could have closed within 6 weeks.

Thank you so much for this information. Surveyor is in on Thursday and hoping to get the valuation from the bank done next week. Getting quotes for the insurances at the moment. Very helpful regarding closing dates and drawdown, hoping to close in around 6 weeks or so if possible as it should be straight forward enough (hopefully)

Sweet.Science

Anyone us the mysherryfitz website for offers .

Put in an offer last week that's still pending . And the highest registered offer is lower than mine

The_Conductor

Currently helping 3 people in a small development (of 23 units) whose sales have all fallen through for stupid reasons over the last 10 days.
Permanent TSB seem to be right arse holes at the moment.

givyjoe

Sweet.Science wrote: »

Anyone us the mysherryfitz website for offers .

Put in an offer last week that's still pending . And the highest registered offer is lower than mine

Yes, contact they and ask the agent whats going on. They seem to have a mix of automation and manually approving bids. When I bid it usually refreshed every ten mins with any updated offers. Their bidding system is unnecessarily complicated in comparison to others, i.e. bids are not live immediately.

Noodles81

Claw Hammer wrote: »

Are they detached, semis or terraced? If terraced, how many per section?

3 bed Semi

Stark

givyjoe wrote: »

Yes, contact they and ask the agent whats going on. They seem to have a mix of automation and manually approving bids. When I bid it usually refreshed every ten mins with any updated offers. Their bidding system is unnecessarily complicated in comparison to others, i.e. bids are not live immediately.

It's manually updated. Some agents are quicker than others. It'll show as pending until the seller accepts/rejects an offer.

WacoKid

Quick story:

Friend bids up to €585,000 for a €490,000 house and goes sale agreed based on virtual viewing.

Had his actual viewing recently and sees it's not in great condition, and much worse than pics/videos online portray. Decides to pull out. He said if he had seen the house in person and understood its faults he would have max. bid to about €510,000.

So...If the next in line are contacted and their bid of say €580,000 is accepted then they go sale agreed. It may fall through again...or they buy the property at this price.

In person viewings may have seen this house sell for say €530,000, and it may have never got to the €580,000 virtual viewing price in the first place. Estate agents seem more than happy to continue with virtual viewings as, even though the sale may fall through, they are getting a greater price for the house.

This is just one example of many I believe shows the current market is dysfunctional.

dkav9

Going to wait a few months to start looking again... A few houses went up in the last 2 or 3 months that we liked but were bid up to massive prices almost immediately. Nothing suitable has come on the market lately. Hopefully there will be a slew of houses on the market soon!!

JimmyVik

WacoKid wrote: »

Quick story:

Friend bids up to €585,000 for a €490,000 house and goes sale agreed based on virtual viewing.

Had his actual viewing recently and sees it's not in great condition, and much worse than pics/videos online portray. Decides to pull out. He said if he had seen the house in person and understood its faults he would have max. bid to about €510,000.

So...If the next in line are contacted and their bid of say €580,000 is accepted then they go sale agreed. It may fall through again...or they buy the property at this price.

In person viewings may have seen this house sell for say €530,000, and it may have never got to the €580,000 virtual viewing price in the first place. Estate agents seem more than happy to continue with virtual viewings as, even though the sale may fall through, they are getting a greater price for the house.

This is just one example of many I believe shows the current market is dysfunctional.

I think there might be a bit of that coming alright

WacoKid

dkav9 wrote: »

Going to wait a few months to start looking again... A few houses went up in the last 2 or 3 months that we liked but were bid up to massive prices almost immediately. Nothing suitable has come on the market lately. Hopefully there will be a slew of houses on the market soon!!

There is no harm registering your max. bid when you are walking away from a house. You never know what could happen and it could come back to you.

Jmc25

WacoKid wrote: »

Quick story:

Friend bids up to €585,000 for a €490,000 house and goes sale agreed based on virtual viewing.

Had his actual viewing recently and sees it's not in great condition, and much worse than pics/videos online portray. Decides to pull out. He said if he had seen the house in person and understood its faults he would have max. bid to about €510,000.

So...If the next in line are contacted and their bid of say €580,000 is accepted then they go sale agreed. It may fall through again...or they buy the property at this price.

In person viewings may have seen this house sell for say €530,000, and it may have never got to the €580,000 virtual viewing price in the first place. Estate agents seem more than happy to continue with virtual viewings as, even though the sale may fall through, they are getting a greater price for the house.

This is just one example of many I believe shows the current market is dysfunctional.

Yes and I think there's an element of panic out there which is making people get involved in the bidding process for properties which theyre not even sure they want, just to keep their options open. This drives up the price for whoever does "win" the bidding war and complete the sale eventually.

I've been close to making half hearted bids like this myself but ultimately decided against it.

dkav9

WacoKid wrote: »

There is no harm registering your max. bid when you are walking away from a house. You never know what could happen and it could come back to you.

thanks for the tip, I'll keep in mind for future. Unfortunately the bids were already above our max before we could get in

random_banter

WacoKid wrote: »

There is no harm registering your max. bid when you are walking away from a house. You never know what could happen and it could come back to you.

Agreed - definitely worth it. A friend had a pleasant call a month or two back on a house that they'd been outbid on, the sale fell through with highest bidder.

They said their max was still their max and the seller went with their lower bid.

kalkat2002

Hi all,
If i look for myself for home insurance ,the building cover amount should be the loan amount or the selling price?

Any recomended website or broker to get the better quotes

Regards

cubatahavana

kalkat2002 wrote: »

Hi all,
If i look for myself for home insurance ,the building cover amount should be the loan amount or the selling price?

Any recomended website or broker to get the better quotes

Regards

neither, the rebuilding price

kalkat2002

cubatahavana wrote: »

neither, the rebuilding price

Thanks, so I should do an estimate using for example the society of surveyors ?

Bank as lender should not require a minimun amount for home insurance as it is mandatory to get your loan?

Regards

busylady

The loan offer / or valuation should state the minimumamount required for building insurance.

cubatahavana

kalkat2002 wrote: »

Thanks, so I should do an estimate using for example the society of surveyors ?

Bank as lender should not require a minimun amount for home insurance as it is mandatory to get your loan?

Regards

The valuation report should include this price

Jasna1982

How fast typically is an estate built?
They're building a new estate near me of 22 houses and 20 apartments. The website was put up in December and says coming in 2021. However they were obviously delayed 4 months and have only now started breaking ground. The website still says 2021.
Is it realistic that these will launch for sale this year?

DubLad69

Jasna1982 wrote: »

How fast typically is an estate built?
They're building a new estate near me of 22 houses and 20 apartments. The website was put up in December and says coming in 2021. However they were obviously delayed 4 months and have only now started breaking ground. The website still says 2021.
Is it realistic that these will launch for sale this year?

I would say that it depends on the size of the developer. If they have a lot of projects, it will be completed faster. If they are small, and only have 2 or 3 sites going it will take a bit longer.

I would say that from breaking ground to the first person moving in it would be about 6-8 months. Probably 18 months before all 22 houses are complete.

Although, I know someone who bought in a small development of just 15 houses that was started in 2017 and they are still not finished the development.

cintec

So I paid my deposit to go sale agreed today! very happy I think I may have paid a little over given the current market but happy with the property and looking forward to wrapping up the sale.

Reins

cintec wrote: »

So I paid my deposit to go sale agreed today! very happy I think I may have paid a little over given the current market but happy with the property and looking forward to wrapping up the sale.

Percentage wise how much over? If you don't mind sharing.

Congrats!