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

DarraghR

Me and my fiancee were approved for a loan, house found, deposit paid and valuation completed. One term is that neither of our companies of employment are in any way on the Employment Wage Subsidy Scheme. The government has extended the scheme till December so it is what it is. We are heart broken to say the least but still fighting to try and get passed this before we loose the house we worked so hard to find. As she is the primary income earner and only her company is on the EWSS this has stopped us progressing any further.

Our solicitor suggested looking into a broker as they may be able to pinpoint a bank that will be more lenient with the EWSS. Can anyone recemmond this straghty or have any experience under the same circumstances? Which broker is a good one to try?

Thanks in advance for any help or information that can be given.

Caranica

Friend was in a similar position. PTSB and Finance Ireland were the only two options the broker told them would still be a runner. Went with PTSB in the end.

DarraghR

Interesting we were actually going with my bank which is PTSB but cant proceed with them based on the EWSS requirement in our contract. Starting to think it depends on the person you get on the day ...

DarraghR

DarraghR wrote: »

Me and my fiancee were approved for a loan, house found, deposit paid and valuation completed. One term is that neither of our companies of employment are in any way on the Employment Wage Subsidy Scheme. The government has extended the scheme till December so it is what it is. We are heart broken to say the least but still fighting to try and get passed this before we loose the house we worked so hard to find. As she is the primary income earner and only her company is on the EWSS this has stopped us progressing any further.

Our solicitor suggested looking into a broker as they may be able to pinpoint a bank that will be more lenient with the EWSS. Can anyone recemmond this straghty or have any experience under the same circumstances? Which broker is a good one to try?

Thanks in advance for any help or information that can be given.

Most banks are saying (from one side of their mouth anyway) that they are considering it on a case basis. AIB definitely are and others have said they will consider it if you’re at a ‘house found’ stage. Now whether the main earner being on the subsidy changes this, I don’t know.

Email/ring around a few brokers, you should get answers or indications quite quickly. Make your case as best as you can, try have your figures done and well presented in a positive light, get strong letters from employers about future job security etc. It’s tough, but not necessarily impossible.

(Just read your post in the other thread, PTSB also shut us down subsidy wise, wouldn’t even consider it. You can get lucky or not on the day - what I would say is push the mortgage advisor to get the underwriter to make a decision rather than the advisor).

Bluefox21

ionapaul wrote: »

Very disappointing few days here; we're selling our property (3-bed in South Dublin) and trading up to a bigger one. We've been sale agreed on a lovely house in Dublin since mid-April, paying a few % over the asking and a very strong price compared to 2019/2020 sales of similar properties (probably 10%-15% higher, such is the market). No contract all this time, despite lots of pushing.

EA came back to us very apologetically, letting us know the sellers of the house think they agreed too quickly to sell back in April (we won the usual bidding war, all fair and square), the market has 'moved on' and they want a good 5%-10% more before they'll consider closing!

We're not going to meet their new requirement and are back to square one, with the added knock on that we will quite likely lose our own buyers as they do not want to wait around for us to find somewhere new and get that process underway. Totally understand this since they've been sale agreed since end of March and being told now that the closing date is open for now due to the circumstance.

Obviously lots of time, effort and money spent along the way too, sigh.

I'd be so so mad if that happened to me. Such bad form from sellers.

You could play them at own game - negotiate up and drag it out while looking elsewhere. Can have it as a fallback and buy yourself a few months in the interim?

I know market is v hot right now but good reliable buyers can be hard to find too and so I really hope this comes back to bite the seller!

In Rathmines, there's a price discrepancy of €100k between two houses that I'm pretty sure are same except one double has been converted into 2 smaller rooms. 3 bed now 515k and 2 bed 415k. Think the latter is likely underpriced but how can there be such a different starting prices is completely beyond me

Jafin

Quick question - roughly how long does it take for a solicitor to get back to you once they have received the letter of offer from the bank issuing the mortgage? I received the letter of offer digitally myself last Wednesday, and the bank told me they sent the physical letter/pack to my solicitor the next day. I would assume that at the latest it arrived to her on Monday this week, but I haven't heard anything from her about it. She did tell me not to sign the letter of offer until she had gone over it and gotten back to me. I was going to email her just to check that it had arrived but I don't want to seem like I'm pestering her.

Jafin

Jafin wrote: »

Quick question - roughly how long does it take for a solicitor to get back to you once they have received the letter of offer from the bank issuing the mortgage? I received the letter of offer digitally myself last Wednesday, and the bank told me they sent the physical letter/pack to my solicitor the next day. I would assume that at the latest it arrived to her on Monday this week, but I haven't heard anything from her about it. She did tell me not to sign the letter of offer until she had gone over it and gotten back to me. I was going to email her just to check that it had arrived but I don't want to seem like I'm pestering her.

You are paying them and buying a hime is stressful. Pester them....they work for you. I’ve put in daily calls to mine at key parts of the process. What you describe isn’t good enough

Jafin

Deleted User wrote: »

You are paying them and buying a hime is stressful. Pester them....they work for you. I’ve put in daily calls to mine at key parts of the process. What you describe isn’t good enough

True true, I'll do that. Thanks.

rafatoni

Our solicitor requested funds from PTSB on Wedneday afternoon, anyone know how long PTSB are taking to send over the funds?

brianc27

Jafin wrote: »

Quick question - roughly how long does it take for a solicitor to get back to you once they have received the letter of offer from the bank issuing the mortgage? I received the letter of offer digitally myself last Wednesday, and the bank told me they sent the physical letter/pack to my solicitor the next day. I would assume that at the latest it arrived to her on Monday this week, but I haven't heard anything from her about it. She did tell me not to sign the letter of offer until she had gone over it and gotten back to me. I was going to email her just to check that it had arrived but I don't want to seem like I'm pestering her.

Yes pester, pester, pester, solicitors do this sort of thing day in day out, so a loan offer pack to them is nothing, but to you it's a big deal, they probably don't even think to let you know they have it, I was onto my solicitor like a hawk every day, asking stupid questions, if I'm not 100% sure on something I was onto the solicitor

Balluba

I have viewed a house that is being sold by receivers. Has anyone got advice about the extra risks attached when buying from receivers ?

CalisGirl

Balluba wrote: »

I have viewed a house that is being sold by receivers. Has anyone got advice about the extra risks attached when buying from receivers ?

Sellers will usually agree to a 'subject to loan' clause in the sale contract. This is where if for whatever reason the bank won't allow you to drawdown the mortgage, you don't need to proceed with the sale. Receivers, or where the sale is through Nama, won't agree to this clause. This means you need to be very secure in your financing before proceeding.

covidcustomer

Jafin wrote: »

Quick question - roughly how long does it take for a solicitor to get back to you once they have received the letter of offer from the bank issuing the mortgage? I received the letter of offer digitally myself last Wednesday, and the bank told me they sent the physical letter/pack to my solicitor the next day. I would assume that at the latest it arrived to her on Monday this week, but I haven't heard anything from her about it. She did tell me not to sign the letter of offer until she had gone over it and gotten back to me. I was going to email her just to check that it had arrived but I don't want to seem like I'm pestering her.

Email her, make sure it arrived, then email her to make sure she has gone over it, then email her and ask her if it's ok.

I see this a lot on the forum, it's not pestering and even if it is, so what? You're paying the solicitor for a service, make sure that they deliver that service in a reasonable time-frame.

Don't be afraid to chase them to get the deal over the line. Good luck with it.

Cash_Q

thegreatescape wrote:

Got the call from mortgage lender today that funds have been approved and should get my keys early next week, yay! I was just wondering if anyone knew what the story is with setting up electricity, gas etc? I had my final viewing this week and noticed the electricity had been turned off and I'm not sure how to go about getting all this set up when I move in. Any advice would be appreciated.

Congrats!
Phone whatever Electricity/gas providers you are going to be using and they will talk you through it. Have the MPRN for Electricity ready and GPRN ready for gas. If you can't find these numbers, they will talk you through how to find them. If you haven't decided on providers yet, check a price comparison site for the best value

DubLad69

Are the clarifications that our solicitor seeks on the contract binding for a new build?

For example, our contract states that we have 3 single sockets in the living room, but when the solicitor got clarification they said that it was double sockets. Also, the contract failed to mention things like the alarm, or the MHEV ventilation in one of the rooms. But on clarification, they said it was all included.

If when it comes time to snag and one of those was missing, would they have to rectify it even though its not in the contract, but it is in writing from their solicitors.

Turkish1

covidcustomer wrote: »

Email her, make sure it arrived, then email her to make sure she has gone over it, then email her and ask her if it's ok.

I see this a lot on the forum, it's not pestering and even if it is, so what? You're paying the solicitor for a service, make sure that they deliver that service in a reasonable time-frame.

Don't be afraid to chase them to get the deal over the line. Good luck with it.

Exactly this.. I literally got keys on Friday and I would imagine that my solicitor is sick of the sound of my voice - and I don't care one iota.

I would also extend this to mortgage brokers, banks, surveyors etc.. the only way of getting things done quickly is to be all over it yourself. Otherwise a week will slip by here, another one there etc...

I went sale agreed on our purchase on the 5th of May and have keys 6 weeks later (part of the reason it took 6 weeks was me buying time to find alternative accomodation for an interim period).

My previous purchase we went sale agreed and had keys in about 4 weeks - neither time was it from being a nice passive person when it came to pushing people to get things done.

SameOleJay

Any PMs with electrician recommendations greatly appreciated. Dublin 3. Adding sockets and a couple light fixtures.

Darc19

Balluba wrote: »

I have viewed a house that is being sold by receivers. Has anyone got advice about the extra risks attached when buying from receivers ?

If its an auction then there will be a closing date timeframe of 2-5 weeks.

You might get about 7 days leeway on this.

After that, they withdraw and keep the deposit which they are fully entitled to do.

If you are dependent on a mortgage being drawn down, start the process now.

If its private treaty sale, again check the closing date conditions. Also check if you are getting vacant possession. If there's a tenant in situ, you cannot ask them to move out without following very strict procedure

The big advantage of buying from a receiver is that there is no messing or delay and the property will be exactly as you viewed it

So I'm in the Dublin market at the moment and my experience is that people are seriously overbidding on properties. Like ~20% above asking in less than 48 hours.

Anybody else seeing this?

Darc19

thegreatescape wrote: »

Got the call from mortgage lender today that funds have been approved and should get my keys early next week, yay! I was just wondering if anyone knew what the story is with setting up electricity, gas etc? I had my final viewing this week and noticed the electricity had been turned off and I'm not sure how to go about getting all this set up when I move in. Any advice would be appreciated.

If it has been turned off for over 6 months, then you need to get it certified via electric Ireland and a registered electrical contractor and this can take 2-3 weeks. If its over 2 years the ESB will have to do a site visit to check it is up to standards in addition to an electricians cert

If its less than 6 months, then simply contact a supplies (Electric Ireland, energia, Airtricity, Bord Gais etc) and give them the MPRN number (electricity) and GPRN number (Gas) and eircode and they will set you up.


You can do this before you get the keys so that the electricity and gas are on when you get in.

https://www.esbnetworks.ie/existing-connection/reconnecting-supply

The MPRN

Cyrus

[Deleted User] wrote: »

So I'm in the Dublin market at the moment and my experience is that people are seriously overbidding on properties. Like ~20% above asking in less than 48 hours.

Anybody else seeing this?

Are people bidding 20 percent over what you could reasonably expect the property to sell for or is it more likely the estate agent has under priced it to get people bidding

I'm assume latter rather than the former.

Cyrus

Cyrus wrote: »

Are people bidding 20 percent over what you could reasonably expect the property to sell for or is it more likely the estate agent has under priced it to get people bidding

I'm assume latter rather than the former.

Both in my experience. The under valued ones create even more interest.

In my experience, say two houses are worth in and around 300 (going off ppr and size/rooms in the same area). One is priced at 275, the other 300. The 275 tends to get lots of bidders early and hits 325 within 2 weeks. The 300 one is a steady burner that goes SA for 310-320 within 3 weeks unless the vendor is happy to sit right and wait.

mojesius

rafatoni wrote: »

Our solicitor requested funds from PTSB on Wedneday afternoon, anyone know how long PTSB are taking to send over the funds?

Took about a week for us

Cyrus

[Deleted User] wrote: »

Both in my experience. The under valued ones create even more interest.

In my experience, say two houses are worth in and around 300 (going off ppr and size/rooms in the same area). One is priced at 275, the other 300. The 275 tends to get lots of bidders early and hits 325 within 2 weeks. The 300 one is a steady burner that goes SA for 310-320 within 3 weeks unless the vendor is happy to sit right and wait.

OK but the reality then is if its a 300k house and it goes for say 310 that's just a 3% increase not 20, I don't think we are seeing double digit increases it might just feel like that.

DecRyan1976

Currently waiting to hear from PTSB, hopefully this week coming. We went sale agreed last week. We had renewed our AIP about 2 months ago and were told at the time it was a case by case basis. Hoping for the best as they seemed to be engaged with us updating information and asking questions.

Dodge

[Deleted User] wrote: »

Both in my experience. The under valued ones create even more interest.

In my experience, say two houses are worth in and around 300 (going off ppr and size/rooms in the same area). One is priced at 275, the other 300. The 275 tends to get lots of bidders early and hits 325 within 2 weeks. The 300 one is a steady burner that goes SA for 310-320 within 3 weeks unless the vendor is happy to sit right and wait.

If two houses in the same area (ish) go for 320 and 325, then that’s what they’re worth.

It doesn’t matter if you disagree with those prices.

There’s no intrinsic value, it’s what people are willing to pay.

Different estate agents have different strategies but as you can see from your own research, the results are similar

Mr Hindley

I'm about to dive back into the market, having paused to rent for a year given all the uncertainty. I'm debating whether to go for an apartment in a better area, or a house in a not-so-ideal area - it sounds like the market is pretty heated right now, plenty of bidding wars etc., do people have any anecdotal experience whether the same pressure is in the market for apartments as it is for houses?

Mr Hindley

Mr Hindley wrote: »

I'm about to dive back into the market, having paused to rent for a year given all the uncertainty. I'm debating whether to go for an apartment in a better area, or a house in a not-so-ideal area - it sounds like the market is pretty heated right now, plenty of bidding wars etc., do people have any anecdotal experience whether the same pressure is in the market for apartments as it is for houses?

I've seen there apartments lately that went for 10-20% above asking. Possibly higher as I stopped enquiring.

Darc19

Darc19 wrote: »

If its an auction then there will be a closing date timeframe of 2-5 weeks.

You might get about 7 days leeway on this.

After that, they withdraw and keep the deposit which they are fully entitled to do.

Doesn't happen like that in real life. You'll get loads of leeway with the time frame if you're a serious buyer.

Littleredcar

Deleted User wrote: »

So I'm in the Dublin market at the moment and my experience is that people are seriously overbidding on properties. Like ~20% above asking in less than 48 hours.

Anybody else seeing this?

Viewing a house asking 450 latest bid 515