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

CarMc

Jafin wrote: »

Looking for a bit of advice if anyone has any wisdom they could impart. I inquired about an apartment last month that was up for sale for €120k and was told there was an offer of €100k already made. I offered €105k, but they did advise me that there were tenants in the property so things would be slow progressing until they had found somewhere else to live. I've arranged a viewing for next week since those are allowed now, and the EA said the current offer on it is €107k.

I'm very anxious to get into a place as I was just about to get my AIP last year when we went into the first lockdown, so everything was thrown for a loop and now here we are 14 months later and I've made little progress. The market is gone bananas so I want to do my very best to avoid getting into a bidding war. I was in a couple already for other properties and they eventually sold for way above asking.

Is there a strategy I could follow to make a good offer that could take the property off the market the day I see it/make an offer? (Assuming I like it when I see it in person of course) The asking is the absolute highest I could go with my current AIP, but obviously I'd like to get the best deal possible. Would anyone recommend offering the asking on condition that it be taken off the market, or even a little less than asking? Or even asking the EA straight out what it would take to secure the property? From what I can gather it seems like there is only one other bidder, but I could be wrong.

I'd rather just be up front, I'm sick of all this "wait 24/48 hours so you don't look too eager" nonsense because it's gotten me nowhere.

There's no strategy, not one I've found anyway. I recently bought and sold and got into a lot of bidding wars and tried them all but it all comes down to the sellers circumstances which you won't really know.

On one house I was told they'd sell for asking, I really liked it so said I'd pay asking if they accepted my offer. They didn't accept and the bids went up so I only helped them start at asking price in the end.

I think the one that will probably work in your situation is to just big in small enough increments of between 1-3k at a time until you get to your max which you said is 120 and bow out then if you have to. The bids on the place you are looking at are still way below asking so go up in small-ish increments and see where it lands. If you jump in now with asking offer it could just push up the next bid and you are then out immediately.....

Jafin

CarMc wrote: »

There's no strategy, not one I've found anyway. I recently bought and sold and got into a lot of bidding wars and tried them all but it all comes down to the sellers circumstances which you won't really know.

On one house I was told they'd sell for asking, I really liked it so said I'd pay asking if they accepted my offer. They didn't accept and the bids went up so I only helped them start at asking price in the end.

I think the one that will probably work in your situation is to just big in small enough increments of between 1-3k at a time until you get to your max which you said is 120 and bow out then if you have to. The bids on the place you are looking at are still way below asking so go up in small-ish increments and see where it lands. If you jump in now with asking offer it could just push up the next bid and you are then out immediately.....

That's very true, regarding if I jumped in at asking I could be out of the running very quickly with just one offer from another party. I'll probably just stick to upping my bid in €2k-ish increments like I have done on other properties. If it works out it works out, if not then there will be something else. Eventually.

Thank you for your thoughts.

EO2019

Finally sale agreed last week. Solicitor engaged, booking deposit down, been on to the bank and valuation paid for just waiting for it to be done. I have life assurance from my last house that I never stopped from my previous house and the term remaining and amount covered are over what I need for this house so waiting on the bank to say they are happy with that. Got quotes for home insurance. Organising a surveyor. Anything else I should be doing?

Also we sold and moved into a rental as we changed location. Trying to figure out notice. Obviously don’t want to give notice too early in case it falls through but don’t want to leave it too late that I end up with extra rent payments. I’ve to give 56 days. What’s everyone else doing? Waiting until contracts signed?

thegreatescape

EO2019 wrote: »

Finally sale agreed last week. Solicitor engaged, booking deposit down, been on to the bank and valuation paid for just waiting for it to be done. I have life assurance from my last house that I never stopped from my previous house and the term remaining and amount covered are over what I need for this house so waiting on the bank to say they are happy with that. Got quotes for home insurance. Organising a surveyor. Anything else I should be doing?

Also we sold and moved into a rental as we changed location. Trying to figure out notice. Obviously don’t want to give notice too early in case it falls through but don’t want to leave it too late that I end up with extra rent payments. I’ve to give 56 days. What’s everyone else doing? Waiting until contracts signed?

At a similar stage to yourself, sale agreed 3 weeks now. Survey done as well and insurances in place from start of June. I'm giving notice to my landlady this weekend, only 4 weeks required. If worst comes to worst I can move home for a few days until I get the keys but don't want to pay an extra month of rent if I'll be in a few days after the next 4 weeks.

EO2019

The house we are renting was unfurnished so have to move everything. I’d be happy with 2 week overlap to get new house clean and some basic painting done move furniture then scrub rental house down but dont’t want much more than that. Trying to take into account over runs with closing etc. Hoping to be in the end of July as seller already has their house. Couldn’t move in with my parents with all our stuff, kids and dog. Might just have to suck it up and pay the whole month extra.

theboringfox

Ladybird25 wrote: »

We have been putting bids on a house against another couple, out of nowhere the EA wrote to as saying the vendor had instructed to take on the other offer, we pushed back as we hadn't had time to counter offer so EA accepted, and put two bid more in the house. With the highest bid at the time, EA contact us again and tell us that the vendor has instructed to accept the seconds highest bid.

Some frustration on our side, called the EA and asked what's going on. Why the the highest bid, the vendor wanted to accept the other bid and we were told the other couple were cash buyers and the vendor preferred that mortgage buyer. So we have just been played to increase the price I believe, never had a real chance with the house.

Heard of similar recently in Cork. Friend bidding on house. There were three bidders left. Call came from EA to say they were taking a lower offer and closing bidding. Friend was offering 15k more and had appetite to go further. Only explanation was 'personal reasons'. They were not in chain but were buying with need to get a mortgage (approval there).

They were so annoyed. Agent claimed theyve seen it before but couldnt explain it. My best guess is the lower bidder was pure cash buyer and they felt it would close faster. I felt so bad for them and whilst I am sure its not rigged I couldnt blame them for feeling it was. The EA was prob one of most reputable in country too tbf.

thegreatescape

EO2019 wrote: »

The house we are renting was unfurnished so have to move everything. I’d be happy with 2 week overlap to get new house clean and some basic painting done move furniture then scrub rental house down but dont’t want much more than that. Trying to take into account over runs with closing etc. Hoping to be in the end of July as seller already has their house. Couldn’t move in with my parents with all our stuff, kids and dog. Might just have to suck it up and pay the whole month extra.

Yeah I get you, more to consider in your situation. Play it by ear I'd say over the next week or two and see if you progress much more with the valuation and survey. Is the seller already in their house or have they bought and waiting to move in too? The latter could slow things down a bit.

The house I'm buying is unoccupied and vendors have already sent over their contract to my solicitor, so I'm just waiting on the valuation and loan offer at this stage.

Stark

In my case with the vendor going with lower bids situation. I lost out first time round with the vendors selling to a friend of theirs who had bid 5k less than me at the time despite me being willing to go 15k higher if it came to it. But then on the house I've gone sale agreed on, I won as second highest bidder due to being a "local" renting in the area the EA convinced the vendor I was much less likely to flake than someone who didn't know the area.

Snipp

Jafin wrote: »

Looking for a bit of advice if anyone has any wisdom they could impart. I inquired about an apartment last month that was up for sale for €120k and was told there was an offer of €100k already made. I offered €105k, but they did advise me that there were tenants in the property so things would be slow progressing until they had found somewhere else to live. I've arranged a viewing for next week since those are allowed now, and the EA said the current offer on it is €107k.

I'm very anxious to get into a place as I was just about to get my AIP last year when we went into the first lockdown, so everything was thrown for a loop and now here we are 14 months later and I've made little progress. The market is gone bananas so I want to do my very best to avoid getting into a bidding war. I was in a couple already for other properties and they eventually sold for way above asking.

Is there a strategy I could follow to make a good offer that could take the property off the market the day I see it/make an offer? (Assuming I like it when I see it in person of course) The asking is the absolute highest I could go with my current AIP, but obviously I'd like to get the best deal possible. Would anyone recommend offering the asking on condition that it be taken off the market, or even a little less than asking? Or even asking the EA straight out what it would take to secure the property? From what I can gather it seems like there is only one other bidder, but I could be wrong.

I'd rather just be up front, I'm sick of all this "wait 24/48 hours so you don't look too eager" nonsense because it's gotten me nowhere.

I was of a similar mindset last year. I had a figure in mind above asking and told the EA upfront and that I was after a quick cash sale. I quickly found out that the housing market is not fair and the EA is not your friend. Being upfront and honest and looking to wrap it up in a few days does not work.
My advice would unfortunately be to just play the game, use time to your advantage, and bid in very specific figures like 494,600 instead of 495,000. It will give the vendor the impression that they have squeezed you for every last penny.

Emma2019

thegreatescape wrote: »

At a similar stage to yourself, sale agreed 3 weeks now. Survey done as well and insurances in place from start of June. I'm giving notice to my landlady this weekend, only 4 weeks required. If worst comes to worst I can move home for a few days until I get the keys but don't want to pay an extra month of rent if I'll be in a few days after the next 4 weeks.

That is crazy quick to be getting keys, fair play!

thegreatescape

Emma2019 wrote: »

That is crazy quick to be getting keys, fair play!

Oh I'm not getting the keys yet... I'm giving my landlady 4 weeks notice today so hoping within the next 4 weeks to get them. If not, I'll move home for a few days to avoid paying another month of rent unnecessarily. Sorry, I probably didn't explain properly this morning!

Emma2019

No I understood! I meant to get keys within 7 weeks of going sale agreed is insanely quick. The average is 5 months at the moment.

Guessing there's no chain and the house is vacant and you've gotten your contracts already etc?

How long have people been waiting in general to hear back from agents after submitting a written offer? (Just a ballpark figure)

liam7831

Emma2019 wrote: »

No I understood! I meant to get keys within 7 weeks of going sale agreed is insanely quick. The average is 5 months at the moment.

Guessing there's no chain and the house is vacant and you've gotten your contracts already etc?

We should get keys this week also 7 weeks after sale agreed. 6 to 8 weeks is average

Emma2019

There was an article in the Irish times a few weeks ago saying the average is 5 months at the moment up from 2-3 months pre-covid. Cant find it now!

Edit: Not the article I read but another one that says 5 months

https://www.google.com/amp/s/www.irishtimes.com/life-and-style/homes-and-property/we-are-sale-agreed-but-the-seller-is-now-caught-in-chain-what-can-we-do-1.4352612%3fmode=amp

Cash_Q

EO2019 wrote:

The house we are renting was unfurnished so have to move everything. I’d be happy with 2 week overlap to get new house clean and some basic painting done move furniture then scrub rental house down but dont’t want much more than that. Trying to take into account over runs with closing etc. Hoping to be in the end of July as seller already has their house. Couldn’t move in with my parents with all our stuff, kids and dog. Might just have to suck it up and pay the whole month extra.

If I were you I would chat to the landlord and explain your situation. They might be open to negotiation. We moved out of the last flat we rented many years ago in early January. Our notice was up over the Christmas period and our landlord calculated a daily rate to bring us up to a moveout date that would suit rather than having to leave over Christmas. Maybe they can be flexible knowing that you have limited control over the closing date.

SheepShep

Cash_Q wrote: »

If I were you I would chat to the landlord and explain your situation. They might be open to negotiation. We moved out of the last flat we rented many years ago in early January. Our notice was up over the Christmas period and our landlord calculated a daily rate to bring us up to a moveout date that would suit rather than having to leave over Christmas. Maybe they can be flexible knowing that you have limited control over the closing date.

Yep great advice. We did this too. Our notice was something like 80+ days due to how long we had been renting there. We mutually agreed 35 days which was enough to close the sale and then leave a couple of weeks for moving, painting, deep cleans on both properties etc.

Pinsnbushings

Emma2019 wrote: »

No I understood! I meant to get keys within 7 weeks of going sale agreed is insanely quick. The average is 5 months at the moment.

Guessing there's no chain and the house is vacant and you've gotten your contracts already etc?

I've just bought a house.. I have a month to close, I want to get a mortgage on the property but will be in a position to pay cash, with some help from family if needs be..
Have I any hope of having finance in place in that timeframe? I have Approval in principle from my bank..

Emma2019

Depends on your bank and whether your vendor has their deeds and contracts ready to go. I have seen some people were going to try buying by auction but their banks said they couldn't guarantee drawdown within the 21 days required so they had to leave it. Think it was PTSB and KBC but I could be totally wrong!

Pinsnbushings

Emma2019 wrote: »

Depends on your bank and whether your vendor has their deeds and contracts ready to go. I have seen some people were going to try buying by auction but their banks said they couldn't guarantee drawdown within the 21 days required so they had to leave it. Think it was PTSB and KBC but I could be totally wrong!

I've bought at auction, I've been dealing with boi but to be honest they haven't been particularly helpful..I went in the lucky position that I can get access to the cash if I need to but obviously,. I need to pay that back so I'd prefer to get the mortgage if possible..
Looks unlikely by the sounds of it.

Emma2019

Yes, it does sound like it might be difficult I'm afraid! Maybe try AIB? I know they'll go straight to loan offer rather than needing AIP first.

Also maybe look into remortgaging after you've bought?

Pinsnbushings

Emma2019 wrote: »

Yes, it does sound like it might be difficult I'm afraid! Maybe try AIB? I know they'll go straight to loan offer rather than needing AIP first.

Also maybe look into remortgaging after you've bought?

Thanks,I'll look into that tomorrow.. the remortgaging option may be the simplest option.

Gael23

How long does it take for the surveyor to complete their report?

Treppen

Snipp wrote: »

I was of a similar mindset last year. I had a figure in mind above asking and told the EA upfront and that I was after a quick cash sale. I quickly found out that the housing market is not fair and the EA is not your friend. Being upfront and honest and looking to wrap it up in a few days does not work.
My advice would unfortunately be to just play the game, use time to your advantage, and bid in very specific figures like 494,600 instead of 495,000. It will give the vendor the impression that they have squeezed you for every last penny.

All of the EAs I dealt with said bids in thousands only.
Never seen or heard of any bids Using hundreds either tbh.

That's Dublin though

cintec

Gael23 wrote: »

How long does it take for the surveyor to complete their report?

I got my survey done Wednesday last week and got the report Friday afternoon. I think 2-3 working days is standard.

kippy

Treppen wrote: »

All of the EAs I dealt with said bids in thousands only.
Never seen or heard of any bids Using hundreds either tbh.

That's Dublin though

To be honest, it's bids in most places.
Some might let you go the 500 if coming towards the end of bidding but very much auctioneer/seller.

As mentioned above there's no real bidding tactics unless you know the exact situation of the seller and the other bidders.

Dublinandy3

How long would it take usually, on average, to finish the sale of a new build and get the keys once you're told it's finished. I, possibly naively, thought it'd be a few weeks but looking at the article posted a few replies ago it says on average 5 and a half months. Is that just for houses in a chain or does that include new builds? It seems an awfully long time.

Emma2019

That's the average of all houses so it's going to be extended by chain houses and probate cases I think.

I'm not sure on the new builds as I'm buying second hand. I'd assume a minimum of 2 weeks anyway for drawdown to be completed but could be very wrong!

Sweet.Science

Rang a solicitor 2 weeks ago for instruction forms for me to sign and return . Still nothing received after a few chasers . Might be them to move on . I thought they would be quiet enough at the moment.

Ladybird25

ec18 wrote: »

You weren't really played?

If I'm understanding correctly the EA informed you the the vendor wanted to go with the last bid from the other couple. You then insisted on being able to counter bid?

Then there was another round of bid / counter bid before the vendor accepted the offer from the cash buyers.

Again if I'm reading it right you insisted on continuing the bidding and pushed the price up for the other couple? Or have I mis read the post?

We didn't know anything about the cash until the end though, we had the feeling the EA was favoring the other couple and he just called it off. We did insist in a counter bid because we wanted the house and thought if the vendor was ready to accept their offer, surely it would accept a higher one.

Stark wrote: »

In my case with the vendor going with lower bids situation. I lost out first time round with the vendors selling to a friend of theirs who had bid 5k less than me at the time despite me being willing to go 15k higher if it came to it. But then on the house I've gone sale agreed on, I won as second highest bidder due to being a "local" renting in the area the EA convinced the vendor I was much less likely to flake than someone who didn't know the area.

We were afraid of this as well, but my partner is from close by and even though is a different town we were kind of hoping that didn't play a role on it.