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

tobsey

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?

Get it on the market as soon as possible. The BER and the rest can follow. Also engage a solicitor and request your deeds from the bank ASAP. That can take over a month and contracts can’t be issued until you have them. We put ours up and went sale agreed on 5 days but took another month to get contracts out due to the delay on the deeds.

The further along you are with your sale the better you’ll look to a seller. So on the market is better than not, sale agreed is better again, contracts signed is better again.

I’d get in touch with the agent selling the house you’re interested in but then try and delay the viewing for a few days. Get yours on the market in the meantime.

Also don’t get too hopeful on any place. We were lucky that we got the second house we bid on, but missing out on the first one was a real kick in the teeth. For most people it seems you need to try a few houses before you’ll get one.

Good luck with the process. Also one more thing, if you intend to sell to buy at the same time, you’ll need 10% of the purchase price when you sign contracts to buy. We’ve scraped together loans from family to tie us over until the whole deal goes through. We wouldn’t have had enough savings to do that ourselves.

Dodge

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?

It’s going to be frustrating but you’re best to wait as long as you can such that your bid is even considered. You will probably find that to be able to get bids accepted you will need to prove that you have the funds lined up, including in-principle approval from your bank, and the closer you can get to that point the better

I have just gone sale agreed but had no chain. My broker, when providing the in-principle approval to the agent, wrote a letter saying that I had no chain, could move fast, and that he recommends me as a buyer. That’s what you will be competing with

It sucks, but it’s a sellers market

rafatoni

Quick question, when solicitor request funds from the bank for drawdown, any examples of how long this is taking.

Cheers

Dodge

Thanks for replies folks.

Starlord_01

rafatoni wrote: »

Quick question, when solicitor request funds from the bank for drawdown, any examples of how long this is taking.

Cheers

Took 3 days for us.

rafatoni

Starlord_01 wrote: »

Took 3 days for us.

Cheers Starlord, what bank was this?

Glaceon

Still in the early stages here. We have the contracts but our bank have been taking their time with the letter of offer. We sent them the final details on Saturday morning but they never responded so my wife called them today. They said they only sent the details to the underwriter yesterday and are expecting a response in 5 working days. So it'll be a week before we know for sure.

One of the things I'm a bit confused about is the management of the estate, and have asked my solicitor to clarify this. The developer has claimed in the documentation that the estate will be taken over by the county council but they also have a communal system for TV reception.

No need for ugly dishes or aerials attached to side of houses, one dish provides signal to entire development and ensures continuity of service

I can't see the county council being obliged to maintain that so who will? As I said above, I've asked my solicitor to clarify this but it makes me wonder if there will have to be a management company of some sort?

Starlord_01

rafatoni wrote: »

Cheers Starlord, what bank was this?

EBS

Is there some magic formula to getting 'in' with estate agents when you're looking to buy? The amount that don't get back to me about enquiries/viewings is so disheartening. Not in a city so things tend to move a little slower (as opposed to properties going way over asking and being snapped up in a day or two). I'm a cash buyer with a sizeable budget ready to go and they just seem to have no interest. It's decades since I last bought a property so maybe there's a new way of doing it?

givyjoe

Deleted User wrote: »

Is there some magic formula to getting 'in' with estate agents when you're looking to buy? The amount that don't get back to me about enquiries/viewings is so disheartening. Not in a city so things tend to move a little slower (as opposed to properties going way over asking and being snapped up in a day or two). I'm a cash buyer with a sizeable budget ready to go and they just seem to have no interest. It's decades since I last bought a property so maybe there's a new way of doing it?

Dont wait for emails back. Always ring and try to do it as quickly as possible after a property goes up on daft. With so many buyers it may not even get past viewing #1, which tends to fill up fast. If you have been ringing, keep ringing until they do get back. Personally dont usually have a problem with EA's getting back once I phone, just emailing them is a different story.

That's the thing though - I do always phone! Invariably the agent dealing with the property is not there and I leave my details, rarely if ever get a call back. Even when I speak to the agent themselves they usually say they're waiting for enough people on a list to do a block viewing and then no call back. An agent wouldn't book me in for a viewing at all as the property is so far from their office (20 mins drive) that it's not worth their while for just me, but told me to phone back at the end of next week and they'll let me know then if they have a list big enough for a block viewing. If not I guess it's how long is a piece of string.

Gru

Glaceon wrote: »

One of the things I'm a bit confused about is the management of the estate, and have asked my solicitor to clarify this. The developer has claimed in the documentation that the estate will be taken over by the county council but they also have a communal system for TV reception.

I can't see the county council being obliged to maintain that so who will? As I said above, I've asked my solicitor to clarify this but it makes me wonder if there will have to be a management company of some sort?

generally if there are communal tv dishes and services/area's in new estates there are management fee's due every year to a management company who maintains these. Definitely worth checking out as one or two people in houses in our estate thought the management fee's were just for the duplex's and apartments in the estate and were shocked to realise they'd have to pay annual fee's for their houses for as long as the services were provided.

jimmytwotimes 2013

So tired of waiting on BOI letter of offer.

Forms into bank Feb 16, First AIP Mar 16, AIP on property May 5, jesus it drags out.

D_s

Picking up my keys this evening!!!!

So excited that it's finally my turn to post that here after such a long and stressful process.

Our story for anyone who might care: Sale agreed since mid February, AIP with one of the smaller lenders, who then decided to reduce our loan offer by €7k because I had "only" been in my job 18 months so they decided to discount my bonuses entirely for income counting purposes. Mad rush to get AIP then full loan offer from a bigger bank for slightly more, as we were stretched on budget as it was.

Then came the Mortgage Protection Insurance wars..... Long story short if you had the misfortune of a childhood illness, even if it's fully resolved now, prepare for a battle because of "the uncertainty of covid". Deferrals, refusals, denied waivers, and a several hundred euro a month foreign policy later, we have a resolution. All this while the vendor is threatening to pull - tested my diplomacy skills to keep the sale from falling apart. They should make MBA students pull off a difficult mortgage deal as a capstone project.

I honestly can't believe we made it through, 4 months later. I stopped counting the number of times I accepted that it was about to fall through. What a way to start the long weekend!

jimmytwotimes 2013

jimmytwotimes 2013 wrote: »

So tired of waiting on BOI letter of offer.

Forms into bank Feb 16, First AIP Mar 16, AIP on property May 5, jesus it drags out.

Irish banks are truly awful. I’m sale agreed, mortgage all agreed and loan docs signed, but having to work through an issue with lost planning documents from 40 years ago. Should be okay but the bank is engaging with my solicitor by post (at the same time as not being available to call). Not email. Postal mail. In the 21st century

It is insane. Archaic banking practices and technology in this country.

jimmytwotimes 2013

[Deleted User] wrote: »

Irish banks are truly awful. I’m sale agreed, mortgage all agreed and loan docs signed, but having to work through an issue with lost planning documents from 40 years ago. Should be okay but the bank is engaging with my solicitor by post (at the same time as not being available to call). Not email. Postal mail. In the 21st century

It is insane. Archaic banking practices and technology in this country.

Dunno how much business gets done at this snail's pace

dkav9

Probably asked before but what's the story with probation in a new job? Will banks not touch an application if you are on probation, even if the new job is in the same line of work with a significant pay rise, just a new company? I will not be changing jobs before I get a mortgage, just out of curiosity

Ace2007

dkav9 wrote: »

Probably asked before but what's the story with probation in a new job? Will banks not touch an application if you are on probation, even if the new job is in the same line of work with a significant pay rise, just a new company? I will not be changing jobs before I get a mortgage, just out of curiosity

It's depends on the person/job really - you could always ask a new job to wavier the probation period as well. or come to some sort of an arrangement.

If you work/qualified for a high paying job, i don't think they'll be too much of an issue regarding it.

I know of one person where the company wanted him to join and he agreed on the condition they wavier the probation as probably like you didn't want to risk it (he also cleared it with bank)

Emma2019

ICS will let you drawdown if you're still on probation in the public sector.

taylor3

Hi guys.

Just jumping onto this forum to ask advice.
My husband and I are looking to buy, we sold our own house last year and are just renting atm.

We are dealing with a broker in applying for mortgage. He went through our paperwork and on his estimation we should be able to borrow about €180/185k... We have savings of our own too. He put forward our application the first week of May but we still haven't heard as to whether a decision has been made. We rang him last Wed He said the bank are due to make a decision the following day Thursday, but still we have heard nothing back, Is this normal? Are the banks snowed down with mortgage applications and everything taking a bit longer? I don't know what to think. Any one with similar experience and opinions welcome. Cheers.

Dublinandy3

taylor3 wrote: »

Hi guys.

Just jumping onto this forum to ask advice.
My husband and I are looking to buy, we sold our own house last year and are just renting atm.

We are dealing with a broker in applying for mortgage. He went through our paperwork and on his estimation we should be able to borrow about €180/185k... We have savings of our own too. He put forward our application the first week of May but we still haven't heard as to whether a decision has been made. We rang him last Wed He said the bank are due to make a decision the following day Thursday, but still we have heard nothing back, Is this normal? Are the banks snowed down with mortgage applications and everything taking a bit longer? I don't know what to think. Any one with similar experience and opinions welcome. Cheers.

We got approval not so long ago but without a broker. We was given 2 weeks timeframe by the bank but after 2 weeks we were told backlog meant another 2 weeks so about 4 it took in total, this was kbc.

Jasna1982

taylor3 wrote: »

Hi guys.

Just jumping onto this forum to ask advice.
My husband and I are looking to buy, we sold our own house last year and are just renting atm.

We are dealing with a broker in applying for mortgage. He went through our paperwork and on his estimation we should be able to borrow about €180/185k... We have savings of our own too. He put forward our application the first week of May but we still haven't heard as to whether a decision has been made. We rang him last Wed He said the bank are due to make a decision the following day Thursday, but still we have heard nothing back, Is this normal? Are the banks snowed down with mortgage applications and everything taking a bit longer? I don't know what to think. Any one with similar experience and opinions welcome. Cheers.

BOI took 10 working days to give AIP.

But I’m also going through a broker with PTSB to get an exemption and that’s been more than a month now. She said the bank have a very large volume of mortgage applications right now

whiskeyman

Selling house at the moment.
Purchaser arranging survey and surveyor has requested the house vacant for an hour while carrying it out.

This sound right?

Mic 1972

dkav9 wrote: »

Probably asked before but what's the story with probation in a new job? Will banks not touch an application if you are on probation, even if the new job is in the same line of work with a significant pay rise, just a new company? I will not be changing jobs before I get a mortgage, just out of curiosity

you are correct, probation must be completed. I went through the same last year, had to wait the end of the 6 months probation

The Davestator

whiskeyman wrote: »

Selling house at the moment.
Purchaser arranging survey and surveyor has requested the house vacant for an hour while carrying it out.

This sound right?

Yes. Would normally be the case and more so with Covid.

ibrahimovic

**** all out there atm, gonna wait and move in with hte inlaws, **** this shhit

Cash_Q

whiskeyman wrote:

Selling house at the moment. Purchaser arranging survey and surveyor has requested the house vacant for an hour while carrying it out.

whiskeyman wrote:

This sound right?

Yes it was the same for us when selling last year, house was surveyed in August/September. BER Cert man and banks valuer didnt need the house vacant though and these were done within a similar time

NewRed2

ibrahimovic wrote: »

gonna wait and move in with hte inlaws,

that would be up there with emigrating to Chernobyl for most folk

Sorry to hear that though. I'm looking too but also same as yourself, refusing to buy the wrong one. You'd spend a long time regretting it

propertyseeker

We been looking in D15, all property below 300,000 is ****ty location and condition.
Any above 300,000 is not good either and goes into bid war.
We are starting to think we are fools if we get involved and buy, prices of these properties or similar are at record high according to data!
We think of waiting for a crash or some kind of stoppage to this

taylor3

whiskeyman wrote: »

Selling house at the moment.
Purchaser arranging survey and surveyor has requested the house vacant for an hour while carrying it out.

This sound right?

I sold mine last October, surveyor called to conduct the survey but I remained in the house for the duration of it. He wore mask and sanitized his hands. I kept out if his way and told him if he'd any questions just to shout out to me. All went well no bother.