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

Dante

Bear in mind the asking price often means feck all, many estate agents purposely list houses below their market value in order to trigger bidding wars.

The only real way to gauge value is to compare to other houses recently sold in the area on the Property Price Register and to other similar listings on Daft.

Hooked

Just spotted this chat on the home page and remember posting in here almost 3 years ago…

To all of you in the middle of this 'pain in the A' of a process… stick with it. We're 2.5 years in our forever home that (a) we never thought we'd get (as the asking price was at the top end of the budget), (b) we'd lost out on 2 properties previously (that were listed far less) and (c) had the mortgage offer fall off a cliff, after a seemingly small issue was "made" HUGE on the house we bought and (d) the buyers of my old house nearly pulled out due to the sale being poorly managed by the buyers solicitor.

In the end - I - had to tie up the loose ends at the bank and with the seller's solicitor!

They don't want to do the leg work - so YOU have to (sometimes).

In the end - I guess like having a baby (not that I'd know), you forget all the pain!!!

Hang in there!!!

Woah

https://www.boards.ie/discussion/comment/121996195#Comment_121996195

Drimnagh is awful for asking price vs selling price. Everything is minimum 70K over asking.

herbalplants

https://www.boards.ie/discussion/comment/122019784#Comment_122019784

I remember Drimnagh as a place where shooting takes place in broad daylight. Strange to think people pay so much for a run down ugly house. Just shows how distorted people's concept of a real home is, that they will be paying for the next 25 years at least.

Quiet Achiever

Tbf, that's what changes an area that has had issues. Good home owners who understand civic responsibility.

tigger123

https://www.boards.ie/discussion/comment/122020475#Comment_122020475

Gentrification.

McBain11

Hi everyone,

We are about to close on a new build. I'm not sure how to proceed regards snagging etc.

When I google it, most advice says just snagging for small cosmetic stuff is required. Or do most people who purchase a new build get a structural engineer review done to make sure all the major stuff is up to scratch?

Any help kindly appreciated.

Padre_Pio

https://www.boards.ie/discussion/comment/122022960#Comment_122022960

Most I've seen is cosmetic, it's assumed the house is constructed to the build report the builder provides.

dkRulez

https://www.boards.ie/discussion/comment/122022960#Comment_122022960

Get a professional snagger to do atleast 2 rounds of snags, someone who has good reputation and has done similar house types as yours within the same estate. Issues like floor level, door alignments, paint finish, locks/switches not working. There would be good bit of issues which will come out which other wise we would miss out even the cosmetic stuff. Can recommend one if based in Dublin

McBain11

Thanks for the responses guys, much appreciated.

All good so,I have a professional snagger organised. Onwards and upwards :-)

Padre_Pio

https://www.boards.ie/discussion/comment/122025620#Comment_122025620

Make sure you go in with the snagger and point out everything you're not happy with. Look for things like a single coat of paint, any cracks or damage to woodwork, weird gaps in doors and cabinets.

Make sure to get up into the attic as well and look at the insulation. If you have a drone, send it up and look for cracked or loose tiles.

Write down EVERYTHING.

McBain11

Thanks Padre,

I will do all of the above. Much appreciated 👍

Padre_Pio

https://www.boards.ie/discussion/comment/122026429#Comment_122026429

And bring some blue painter's tape to draw attention to the snags.

This comes from my experience of having a snagging engineer who was absolutely useless.

Woah

https://www.boards.ie/discussion/comment/122019915#Comment_122019915

They still real homes they aren't imaginary

havana

has anyone else noticed a lot of properties coming back on the market relatively soon after going sale agreed? I’ve seen 3 or 4 in my search area in the last couple of weeks. Any thoughts on why that might be and is it usual for that many to reappear? it’s not something I’ve noticed happening until recently.

nullzero

https://www.boards.ie/discussion/comment/122059850#Comment_122059850

Symptom of bidding wars, people get caught up in bidding silly money then realise they can't fix the property up at all if they plough every penny into buying it and or they can't actually get finance when push comes to shove.

herbalplants

https://www.boards.ie/discussion/comment/122059850#Comment_122059850

I noticed that too lately. Not sure why. I did spotted couple who failed sale agreed twice and came back third time. Perhaps as null zero said, people loose themselves in the bidding wars.

havana

https://www.boards.ie/discussion/comment/122060162#Comment_122060162

this was my thinking too. I think it’s benefiting buyers as vendors often need to close quicker second time around so aren’t holding out for long protracted bidding wars!

newmember2

https://www.boards.ie/discussion/comment/122063408#Comment_122063408

I think the opposite…it's benefitting sellers getting an extra 50-100k second time round in a rising market. It was crazy out there, it's now gone full gaga.

theboringfox

Bought and sold last year in Cork. Went sale agreed in June about 8% over asking. Market was bit subdued as all the talk was on interest rate rises. We put our own on market in September and 25% over asking. That sale price was 70% above what we paid 7yrs ago plus allowing for any material expenditure on it. Very hot market. Delighted to be out of it. It was honestly all consuming for few years and was totally depressed at times. I think the supply improvement will help

herbalplants

https://www.boards.ie/discussion/comment/122063408#Comment_122063408

At times I see houses that fell through coming back with 50 to 80k more on their price tag. Absolutely mental

markw7

https://www.boards.ie/discussion/comment/122063639#Comment_122063639

I think when they come back to the market with an increased price, that was the amount it went sale agreed on and the sellers now won't accept less.

nullzero

https://www.boards.ie/discussion/comment/122063583#Comment_122063583

It's a relief to get past the whole process. It's not something you'd want to do regularly.

Hopefully supply increases and it gets easier for people, I wouldn't wish our process on anyone.

There needs to be limits put on people mopping up properties until the crisis eases or ends. Someone I know is getting outbidded routinely by Chinese bidders, I saw a lot of them during my time in the viewings process and it's a recognised issue that they're warping the market currently. Until as many people are housed as possible hoovering up properties as investments should be shelved for everyone across the board. This is a crisis after all, I don't want this to be a problem my kids end up facing when they grow up.

herbalplants

https://www.boards.ie/discussion/comment/122063839#Comment_122063839

I agree.

herbalplants

Some agents are completely tools, no brain at all.

Example below. An estate where houses are sold very recently below 400k, houses poorly built, that don't retain heat, the materials that are made of are substandard, they crack. Basically they should be demolished as they are passed by sell by date. Yet this agent is putting this house on the market for over half of million.

The house market is completely bonkers.

https://www.myhome.ie/residential/brochure/6-bayside-square-east-baldoyle-dublin-13/4756212

havana

https://www.boards.ie/discussion/comment/122063509#Comment_122063509

yeah very true. I’ve seen it go both ways in the last couple of weeks.

Dante

https://www.boards.ie/discussion/comment/122074755#Comment_122074755

That is wildly overpriced by maybe 100k.

herbalplants

https://www.boards.ie/discussion/comment/122076722#Comment_122076722

Absolutely overpriced. Hope no buyers are naive enough to go for it

lony_101

Hi all, how long does an estate agent normally wait for a chain to be completed before they move onto the next interested buyer (with no chain)

My partner and I are trying to buy a new build. We're AIP and have all our ducks in a row too.

The estate agent informed us that there was someone ahead of us and they were waiting for them to sell their previous house first.

They were given until the end of this month but, it looks like they've been given more time.

Is there any hope in waiting to hear back from them?

herbalplants

https://www.boards.ie/discussion/comment/122079602#Comment_122079602

Interesting question, I don't know the answer.

I think people who are in a chain usually bid more to compensate for it. Anything can go wrong with the chain.

acri

Went Sale Agreed on a house we're buying at the end of Feb. The whole process since has been relatively straight forward until now: Mortgage Protection.

Applied with Zurich and while I was accepted for cover, my wife was not. She has a congenital issue with her liver but is not considered medically high-risk. A letter from her consultant confirms as much; stated that it's benign, no symptoms in over two years, nothing to worry about etc. etc. It still wasn't enough.

So pivoted to Laya. Same story, denied.

Royal London have now come back to say they also won't cover.

We're going to go to the lender with these denials and request a deferral, but I'm starting to worry. I believe Pulse/OneLife is an option but I've no idea yet of what the premiums will be (I've heard they are quite high, as well as admin fees amounting to a few hundred). On top of this, the seller is getting impatient. The initial process to get to the Denied stage took 5 weeks due to delays in our GPs getting info to the providers. I doubt they'll wait another 5 before we even sign the contracts.

But anyway, just wondering if anyone on here has gone through similar, and how'd ye make it through? Oh, and we're being evicted in October as the landlord is selling 🎉

theboringfox

https://www.boards.ie/discussion/comment/122090035#Comment_122090035

Have you tried broker? I went via broker for this product and they knew which crowds were most ok with various conditions. We applied to the provider who we know took the particular issue we had the least harshly.

acri

I have indeed and I do get the impression he's trying everything he can for us. Even looked at bringing in a second broker in tandem but they didn't want to be stepping on anyone's toes. Just got to let him cook, I guess. But I'm open to options that we can pursue ourselves.

D n G

https://www.boards.ie/discussion/comment/122090035#Comment_122090035

We had to go through the hoops when buying our home. I was being quoted through the roof for mortgage protection whilst they wouldn't even quote for my wife. We had to get 3 denials and write to the bank requesting an exemption. Each bank have a certain amount they will give a year and it's on a case by case basis. The criteria for the exemptions are given by the Central bank. We also had to show that we would be able to pay the mortgage if one of us died.

FledNanders

Can you get cover which excludes the particular existing condition? Some additional risk for you if something does go wrong for your partner with that, but at least it would get the sale over the line

Hontou

https://www.boards.ie/discussion/comment/122063639#Comment_122063639

I'm seeing this alot in Galway lately especially on second hand homes in poor condition. I agree with the poster above that said people don't realise that they need to hold money back to get these houses habitable. They get quotes from builders that are unaffordable so put the house back on the market.

Sean2023

Hi, 2 years ago myself and my partner had bought a property using the Local Authority Home loan. 
my question is can we sell the property? Is there any penalties? Has anyone tried selling after buying using Local Authority Home Loan from the county council. 
Thanks in advance

dambarude

I've gone sale agreed on a house and conveyancing is ongoing. A letter of offer has come through (loan pack) to the solicitor… does this mean that the bank is happy to proceed… or will further info be required before drawdown? Cheers

extra-ordinary_

myhome snafu for everyone yes?

tonysopprano

https://www.boards.ie/discussion/comment/122110516#Comment_122110516

????

herbalplants

https://www.boards.ie/discussion/comment/122110516#Comment_122110516

Yes myhome.ie is down since yesterday morning. Back up now but still freezing.

Edit : site gone again.

Wow are their IT gone to India?

markw7

https://www.boards.ie/discussion/comment/122111934#Comment_122111934

"Wow are their IT gone to India?"

acri

https://www.boards.ie/discussion/comment/122090035#Comment_122090035

Just a quick update on our experience with this in case anyone finds themselves in a similar position.

Apply to everyone.

It was surprising how different different providers' processes are (me english good): in documentation requirements, assessment, and customer management. Getting denied by one does not guarantee getting denied by another. Some may take weeks to assess, some may take a few hours. Some may look into your complete medical history, others may be satisfied with the latest updates from your GP/consultants.

Also, you have to hound them. Constantly looking for updates. Some providers have a FastTrack process, though I don't know what the requirements are here. Maybe they could smell the desperation off us.

We were told of a few times people getting cover from UK-based providers when denied by those based in Ireland. In our experience, these were only for short-term mortgages. The longest protection term offered to us was 10 years, which obviously doesn't cut it for a FTB. This appears to be a last-resort option.

But yeah, basically don't despair until all options are exhausted. And start early! We got confirmation of coverage this morning when realistically it looked to be slipping away (whoop! There'll be a financial advisor in Galway getting a superbly OK bottle of wine in the post). Now on to the business of sinking all of our money into making this shoebox a home.

Dear god, what have I done…

HoppingTom

As a no chain buyer, is this worth much to a seller, we are finance approved. We are 4k below the highest bid. We are only competing against one other bidder I believe. Other bidder is in a chain and we are good to go.

This is it

https://www.boards.ie/discussion/comment/122123243#Comment_122123243

Its really dependent on the seller and their feelings on it. Someone not in a rush to sell, selling an empty property, might not care if there's a chain or not, but someone who has timelines and needs to sell as they buy another property to move in to might prefer a no chain buyer.

Hontou

https://www.boards.ie/discussion/comment/122123243#Comment_122123243

Ask the estate agent to inform the sellers that you are ready to go but at the lower bid. I accepted a lower bid from a buyer two years ago as I was afraid of the unknown waiting time potentially involved in the chain buyer. I am selling another house at the moment and even though I am not buying anything else after, I would still lean towards a lower offer from a buyer with finance ready to go than get locked into a price with a buyer in a chain. It could be a year before the money comes through. Meanwhile, I'm still paying the mortgage, interest, insurance and other associated costs. Many estate agents will only take offers from buyers with their finance in place and contracts signed on their own sale (if any).

FionnK86

Would vendor not providing deeds be an indication they’ve not found their next house yet?

For context, we went sale agreed 14th March and promptly provided approval. Our solicitors been quiet enough so we asked them for an update 2 weeks ago and got a reply that they’d contacted the vendors solicitors who provided them with a letter which showed they hadn’t got the deeds and we’re requesting them from the bank.

SharkMX

https://www.boards.ie/discussion/comment/122128937#Comment_122128937

People who had mortgages with Ulsterbank in the past have had really long time periods to get the deeds back from the mortgage providers they are with now. Sometimes months.

HoppingTom

Thanks having spoken to a number of people the consensus is that 15-30k was the margin for a no chain buyer at 800k+ property. The view was that 35% of properties fall through on sale agreed so no chain is an edge.

copacetic

https://www.boards.ie/discussion/comment/122134377#Comment_122134377

not sure where that consensus would come from, it greatly depends how well priced the 800k property is to begin with, whether the seller is entering a chain anyway etc etc. it seems a bit low to be honest, 5-10% seems about the minimum over asking for a reasonably priced property. I’d be surprised if it matters enough to a seller to take the lower offer. Sales fall though often because of fickle buyers bidding on multiple properties, getting cold feet etc, sellers going back for more to the market after delays etc. the chain part is a small enough reason for sales falling through.