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

Ace2007

bubblypop wrote: »

That's complete madness if it does!
Three quarters of a million? For a normal 4 bed semi, in a normal area.
Just crazy

What's a normal area? that are loads of 3/4 bedroom houses going for that price

Ace2007

Ace2007 wrote: »

What's a normal area? that are loads of 3/4 bedroom houses going for that price

By normal I mean not a particularly 'upmarket, posh, expensive' area.
It's not in foxrock or on top of howth, for example.

C14N

Ace2007 wrote: »

But the folk that want to live near their folks will be bidding like mad on it - so will probably go above that price.

They can only bid what they can afford to pay. €700+k is well out of reach to virtually all FTBs under 35 (unlike previous example in Castleknock) so greatly doubt this would be going to people moving out of their parents place or a rental but wanting to stay local. Much more likely to be a "trading up" house for someone with a growing family who wants to move to a nice part of Dublin, or to people who already live in the area and are therefore able to sell their own property for comparable prices.

Ace2007

bubblypop wrote: »

By normal I mean not a particularly 'upmarket, posh, expensive' area.
It's not in foxrock or on top of howth, for example.

Yea and if it was it would be 1.5m+ probably.

People can't afford certain areas so they move to other areas, close to their folks - which in turn pushes the prices up.

If you were to ask people for a list of "upmarket, posh, expensive' areas" you'd probably get a long enough list, and from that list there would be areas on the outskirts - which in a few year time will see house prices rise as people move out and the en catchment area increases

KBH2020

C14N wrote: »

I saw this too. I thought they were having an absolute laugh with that first one, I couldn't believe an estate agent would actually put that up at that price. I know property prices are going up, but for what you're getting with that (old house, no floors, peeling wallpaper, bomb site north-facing garden, D2 rating, in Kimmage) you can get so much more. I've seen places in similar condition with bigger gardens around Dundrum going for that.

C14N wrote: »

Larger house, more expensive area, beside a Luas line, and while it doesn't look super modern it's not a fixer-upper either. I do think they're still pushing their luck a bit though at that price given that Leopardstown isn't quite Ballsbridge, but not to the same extent as the one in Kimmage.

Ace2007 wrote: »

But the folk that want to live near their folks will be bidding like mad on it - so will probably go above that price.

Apart from the gall of the EA to put that price on that house and the price looking at the state/area of the house..It's also the disparity of 130k in the asking price between last year and this year that shocked me the most. Most asking prices I have seen have not been extremely inflated, it has been the bidding which has inflated the price in my experience to date. I think investors own the few houses that are in this row in Kimmage(which is why they are in disrepair - not sure if they were rented out but there is another next door to it that is definitely empty as well). I get the impression from the EA write up they are targeting an investor, no frilly language about how it could be an ideal family home with a bit of TLC.

I will be very interested to see what that goes for.

C14N

KBH2020 wrote: »

Apart from the gall of the EA to put that price on that house and the price looking at the state/area of the house..It's also the disparity of 130k in the asking price between last year and this year that shocked me the most. Most asking prices I have seen have not been extremely inflated, it has been the bidding which has inflated the price in my experience to date. I think investors own the few houses that are in this row in Kimmage(which is why they are in disrepair - not sure if they were rented out but there is another next door to it that is definitely empty as well). I get the impression from the EA write up they are targeting an investor, no frilly language about how it could be an ideal family home with a bit of TLC.

I will be very interested to see what that goes for.

Unfortunately, we live in a market where prices can jump like this, so if the market rate really did increase by that much I wouldn't blame the EA. You could be right about the investor angle. I don't know the area, so it's possible its being sold as a potential site for newer high-density housing instead of a row of semi-Ds, although that would require also buying out neighbouring properties. If that was the case, then the state of the property would be irrelevant, since they would likely be planning to bulldoze it anyway.

At the same time though there is still some flowery language that sounds like it's trying (vainly I'm sure) to appeal to buyers. I don't see why investors would care that much about the "brightness" or the "off street parking". Also, noticed that this place is hilariously described as "modern" in the ad.

Jmc25

C14N wrote: »

Honestly, it's not completely shocking to me. If I owned a house right now I think I'd be sitting tight and waiting for the storm to blow over unless I absolutely had to move. It might be a "sellers market" but most homeowner sellers have to buy something too at the same time.

This is very true. Unless you're selling an investment/inherited property you've little if anything to gain from selling now as opposed to waiting to see if things level off.

Pre-Covid prices were high but they were stagnant for a couple of years so there was an element of certainty where a seller could say "my house is worth this much and with that money I can buy a house in X area".

Now you wouldn't be sure what exactly you'd get for your house or what a house would end up costing you.

ionapaul

bubblypop wrote: »

This is even worse. Semi detached in normal estate, crazy money

https://www.daft.ie/for-sale/semi-detached-house-4-glencairn-place-the-gallops-leopardstown-dublin-18/3237132

I think some houses in Glencairn/The Gallops are certainly worth paying over €700K (and perhaps over €800K on Glencairn Road - that went sale agreed for €875K) - but that's not one of them. Price is pretty aspirational, given the size!

morrissey1307

Have just had an offer accepted on a property! All delighted and excited here, but need to get the ball rolling with other bits..

Got the solicitors on board, mortgage broker on board and holding deposit transferred to the estate agent which I'm waiting on confirmation from on their end but hopefully everything is locked in and there's no hiccups from here on in!

Treppen

C14N wrote: »

This doesn't seem completely mad to me given the current state of things. The house needs work, but if you have a mortgage that allows for home improvements for, say €430k, which isn't crazy big money, you can sink a lot into fixing up that kitchen and bathrooms. Only thing I'd say is they're kind of taking the mickey calling this "Castleknock", which may put the price up somewhat. Looking at the official address on Eircode, "Castleknock" is not in it.

That's an old chestnut... Note... Castleknock Community College is smack bang in the heart of Carpenterstown

Anyway....

Carpenterstown is in the Castleknock Knockmaroon District Electoral Division (DED). These are the proper local boundaries used by the census, local govt.

You can get a map in the Ordance survey office in the phoenix park.... Which is in Dublin 8.... which is obviously on the southside because it has an even number :pac:

Everyone knows the "real" Castleknock is the other side of the M50... Wot wot

Ajb123456

Hi guys

I'm new to this forum but looking for some advice in this crazy property market

We have been outbid on two properties and we've recently found another house we really like in a great area and currently we have the highest bid (for the past week)

I have advised the estate agent we are eager to close and can have a deposit over ASAP to secure the house.. today they told us they are expecting higher offers still.. how long should we expect to wait for an update? We are afraid it will end up in another crazy bidding war. Should we ask how much they want to take this off the market now?

Ace2007

Ajb123456 wrote: »

I have advised the estate agent we are eager to close and can have a deposit over ASAP to secure the house.. today they told us they are expecting higher offers still.. how long should we expect to wait for an update? We are afraid it will end up in another crazy bidding war. Should we ask how much they want to take this off the market now?

One thing i believe that should be happening in Ireland is that anytime a bid is made, that the seller has to be informed. Not once a week, but each time - that way the seller knows what's going on etc.

In your case the seller might for instance be happy to sell now and take the money, and not be aware of the comments the EA made.

awec

Ajb123456 wrote: »

Hi guys

I'm new to this forum but looking for some advice in this crazy property market

We have been outbid on two properties and we've recently found another house we really like in a great area and currently we have the highest bid (for the past week)

I have advised the estate agent we are eager to close and can have a deposit over ASAP to secure the house.. today they told us they are expecting higher offers still.. how long should we expect to wait for an update? We are afraid it will end up in another crazy bidding war. Should we ask how much they want to take this off the market now?

That's an option. Either it will be a price you're willing to pay, or you'll find out that the seller wants more than you are willing to pay and you can move on quickly without wasting time.

The potential downside is if there are no more bids from other parties you may be bidding against yourself in doing this.

Up to you how much you want it.

Ajb123456

Ace2007 wrote: »

One thing i believe that should be happening in Ireland is that anytime a bid is made, that the seller has to be informed. Not once a week, but each time - that way the seller knows what's going on etc.

In your case the seller might for instance be happy to sell now and take the money, and not be aware of the comments the EA made.

Yeah I agree it's very hard at times to know what the EA is feeding the seller.. hopefully we will hear more over the next week

Red Silurian

We get a calls from estate agents asking about our availability for viewings, we both work full time so our answer is basically anytime during evenings/weekends

Strangely enough the estate agents tone always changes and they always say they need to check with the seller if the current bid is high enough

I'm beginning to wonder if we're getting blackballed by estate agents

Ajb123456

Red Silurian wrote: »

We get a calls from estate agents asking about our availability for viewings, we both work full time so our answer is basically anytime during evenings/weekends

Strangely enough the estate agents tone always changes and they always say they need to check with the seller if the current bid is high enough

I'm beginning to wonder if we're getting blackballed by estate agents

Yes we have also noticed this when trying to arrange viewings. No flexibility at all.

Red Silurian

Ajb123456 wrote: »

Yes we have also noticed this when trying to arrange viewings. No flexibility at all.

Supply and demand I guess, or maybe they're all just selling to the council

Smouse156

Ace2007 wrote: »

The location is Castleknock and people want to live beside their folks - have you not being reading the threads...

Number 3 sold for 300k two months ago, identical house. I know people bidding on number 2, they pulled out at 315k as was going stupidly high

Sweet.Science

If the vendor was looking for a quick sale and the house was unoccupied would you chase them after 4 weeks for the contract ? Or is that too soon ?

brianc27

Sweet.Science wrote: »

If the vendor was looking for a quick sale and the house was unoccupied would you chase them after 4 weeks for the contract ? Or is that too soon ?

Way to soon, that's the exact situation I'm in and went sale agreed on 26th of April, only got loan offer letter on the 28th of May, solicitor still waiting on answers for a few querys from vendors solicitor, so another 3 or 4 weeks for me I'd say

Edit - actually read that wrong, your looking for contracts after 4 weeks, not completion, deffo keep in contact with your solicitor and look for updates, would still probably take longer then 4 weeks though, as I said mine seems to be moving quickly but still haven't got all querys looked at after a month

hometruths

awec wrote: »

That's an option. Either it will be a price you're willing to pay, or you'll find out that the seller wants more than you are willing to pay and you can move on quickly without wasting time.

The potential downside is if there are no more bids from other parties you may be bidding against yourself in doing this.

Up to you how much you want it.

I think always worth remembering that if there are no other bidders, you're bidding against the vendor, not yourself.

If the bidder won't sell for less than X, effectively there is a bid of X on the property.

Friend of mine was bidding on a house a few years ago, he bid about 10% under the asking, no other bidders but vendor said no, it's worth more than that to me, I want the asking, and subsequently withdrew the property from the market.

Friend was raging, subsequently admitted he would have paid the asking if he'd been bid up to it, but clearly the house wasn't worth it if he was bidding against himself!

No idea what happened to the property in the end, probably sold this year in a bidding war for 30% over the old asking!

Sweet.Science

brianc27 wrote: »

Way to soon, that's the exact situation I'm in and went sale agreed on 26th of April, only got loan offer letter on the 28th of May, solicitor still waiting on answers for a few querys from vendors solicitor, so another 3 or 4 weeks for me I'd say

Edit - actually read that wrong, your looking for contracts after 4 weeks, not completion, deffo keep in contact with your solicitor and look for updates, would still probably take longer then 4 weeks though, as I said mine seems to be moving quickly but still haven't got all querys looked at after a month

Yeah just waiting on the initial draft contract to arrive . I will make a few calls today

LeakyLime

Sweet.Science wrote: »

Yeah just waiting on the initial draft contract to arrive . I will make a few calls today

In a similar situation but a few weeks ahead.Still waiting on clarification of 2 or 3 issues from vendors solicitors.

Can't fault our solicitors they're on the ball and in contact regularly.

Hoping to draw down in next 2-3 weeks .

With the market as it is, finding it quite anxiety inducing. I'm not allowed say the 'G' word around my partner.

McGrath5

Has anyone taken out a mortgage with Avant? I sold my house on Monday, but Avant are giving my solicitor the run around to draw down the funds for my new house.

Solicitor has been calling and emailing for days now without a real update, only been told its "in process". We were supposed to close on our purchase yesterday.

Aisling(",)

Solicitor said we're all good to close next week either the 10th or 11th and he's requested the funds from the bank.
This is a silly question but do we need to sign anything at closing and do we both need to be there to get the keys?
Just trying to sort out annual leave and that.

awec

Aisling(",) wrote: »

Solicitor said we're all good to close next week either the 10th or 11th and he's requested the funds from the bank.
This is a silly question but do we need to sign anything at closing and do we both need to be there to get the keys?
Just trying to sort out annual leave and that.

No and no.

Cash_Q

Aisling(",) wrote:

Solicitor said we're all good to close next week either the 10th or 11th and he's requested the funds from the bank. This is a silly question but do we need to sign anything at closing and do we both need to be there to get the keys? Just trying to sort out annual leave and that.

Congratulations, all sounds positive.

In our case we didn't need to sign anything and we collected the keys from the EA at our own convenience so no real need to book time off. First house we bought closed while we were away in another county so we collected the keys the day after it closed. Second house we bought went through a day sooner than expected so I met the EA to get the keys and then collected my husband from work before heading up to the house. With both purchases we signed an A4 page a few days after closing, and this was not done together or even in the presence of the solicitor, just with his secretary when each of us had a chance to drop in.

dubal

McGrath5 wrote: »

Has anyone taken out a mortgage with Avant? I sold my house on Monday, but Avant are giving my solicitor the run around to draw down the funds for my new house.

Solicitor has been calling and emailing for days now without a real update, only been told its "in process". We were supposed to close on our purchase yesterday.

Yes, no problems.

Dodge

Looking for a little bit of advice here folks on the timeline

We’ve seen a house we like. We’d be trading up and the equity on the current house would be our 20%. We should have no problem with the new mortgage (and have engaged a broker, who thinks everything is fine)

We have signed with with an estate agent to sell our place but we need a BER cert and I’m not sure how long before our house will actually be listed (photos were taken this week)

So.. should I bid on the house I like or should I wait until further down the paperwork line?

Jmc25

Dodge wrote: »

Looking for a little bit of advice here folks on the timeline

We’ve seen a house we like. We’d be trading up and the equity on the current house would be our 20%. We should have no problem with the new mortgage (and have engaged a broker, who thinks everything is fine)

We have signed with with an estate agent to sell our place but we need a BER cert and I’m not sure how long before our house will actually be listed (photos were taken this week)

So.. should I bid on the house I like or should I wait until further down the paperwork line?

Probably best to wait until you're sale agreed as until then you'll be right at the bottom of the pile in terms of desirable bidders, if the vendor/EA even see you as a legitimate bidder at all. Even at sale agreed, the chances of hassle for the vendor will be higher in dealing with someone in chain such as yourself than dealing with a cash/first time/no chain buyer.

I sold recently and had someone in a chain been the highest bidder, I probably would have went with a lower offer to avoid the chain (benefit of the current sellers marker - shoe's on the other foot now that I'm looking to buy!). That was just my particular circumstances though. Money talks though so for the majority of vendors, once you're sale agreed and are the highest bidder you'll be fine.