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

Littleredcar

Littleredcar wrote: »

Viewing a house asking 450 latest bid 515

Yeah, it's feeling very bubbly out there.

ec18

That could be loss leader i.e the house was worth 500K and price was set lower to generate interest?

Jafin

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.

Thanks for the comment. I emailed her last Friday and she replied this morning confirming she received the letter of offer but that she was still waiting on contracts to come in. I emailed back asking could I go ahead and electronically sign the letter of offer (I received it via email, to be signed with Docusign) and she said to wait until the contracts have come in and that then I will come into the office to sign all the papers.

I was under the impression I had to sign the letter of offer more or less asap as you have to accept it within 30 days of being sent the letter of offer, but maybe I'm mistaken. Is it normal to wait for the contracts to come through before signing the letter of offer?

I was originally going with the Rebuilding Ireland Home Loan Scheme last year but have opted now for a bank mortgage as they're far easier, and I remember accepting the letter of offer as soon as it came in to me from the council.

Circus_O

The letter of offer should specify when it expires, it's 2 months in our case. Generally it seems you sign both at the same time.

Jafin

Circus_O wrote: »

The letter of offer should specify when it expires, it's 2 months in our case. Generally it seems you sign both at the same time.

Oh ok that's perfect, I had the timeline of events mixed up/incorrect in my own mind then it seems. Thank you.

PropBuyer101

whats the current turn around time to schedule a valuer - how long is it taken them to contact property to schedule a valuation and then to produce report

PropBuyer101

also AIP to turn into loan offer - i presume you just need to satisfy request for additional docs as listed in the AIP and then it goes to Loan Offer stage - no need to send everything in again? whats turn around time for that?

Circus_O

Our valuation took 2 weeks on the dot, contacted finance company monday and monday 2 weeks later got report back.

KBH2020

Littleredcar wrote: »

Viewing a house asking 450 latest bid 515

Same here and this house is definitely priced on market value it would have been for past year or two (prior to this bubble). The average currently is definitely 75k over asking in this range, if not more.
Just found out there are 5 FTB's and one cash buyer (assume investor) involved in bidding- how are any of us meant to compete with that? we are wasting our time.

PropBuyer101

KBH2020 wrote: »

Same here and this house is definitely priced on market value it would have been for past year or two (prior to this bubble). The average currently is definitely 75k over asking in this range, if not more.
Just found out there are 5 FTB's and one cash buyer (assume investor) involved in bidding- how are any of us meant to compete with that? we are wasting our time.

surely then at valuation stage the bank will be like no.... if valuation report shows its over 75K more than a similar property? cash buyers i assume will be grand!

PropBuyer101

KBH2020 wrote: »

Same here and this house is definitely priced on market value it would have been for past year or two (prior to this bubble). The average currently is definitely 75k over asking in this range, if not more.
Just found out there are 5 FTB's and one cash buyer (assume investor) involved in bidding- how are any of us meant to compete with that? we are wasting our time.

we cant compete with cash buyers i'm afraid - i have always left a bidding when i heard cash buyer involved as they are the best option for seller

Bannasidhe

Friend, a first time buyer, applied 3 weeks ago to Avant via a broker - all the paperwork supplied, address of property they want to buy etc etc, sale price, proof of deposit, proof of funds for legal/survey etc - and not a dicky bird heard back yet. Not even an acknowledgement of receipt of application.
Is this normal?

It was made very clear to the broker that the vender wants a quick sale so was offering it at the lower end of valuation to my friend.

PropBuyer101

Bannasidhe wrote: »

Friend, a first time buyer, applied 3 weeks ago to Avant via a broker - all the paperwork supplied, address of property they want to buy etc etc, sale price, proof of deposit, proof of funds for legal/survey etc - and not a dicky bird heard back yet. Not even an acknowledgement of receipt of application.
Is this normal?

It was made very clear to the broker that the vender wants a quick sale so was offering it at the lower end of valuation to my friend.

is this AIP or loan offer letter - sounds like a long time for a loan offer letter if they have already gone through AIP

Cyrus

Littleredcar wrote: »

Viewing a house asking 450 latest bid 515

thats meaningless if the house next door sold for 515 3 months ago, whats your view of the value of the property basis what similar properties have sold for?

Bannasidhe

PropBuyer101 wrote: »

is this AIP or loan offer letter - sounds like a long time for a loan offer letter if they have already gone through AIP

AIP. Although going straight to loan offer would make more sense tbh given both parties are just waiting for go.

PropBuyer101

Bannasidhe wrote: »

AIP. Although going straight to loan offer would make more sense tbh given both parties are just waiting for go.

its pretty normal than for AIP - they are inundated at the moment

cintec

Bannasidhe wrote: »

AIP. Although going straight to loan offer would make more sense tbh given both parties are just waiting for go.

I had the same and was told 3-4 weeks and I believe it was into the 4th week I got AIP.
I went straight to loan offer too and booked the valuation straight away and had the letter of offer 6 days later.
It's just slow in the beginning but quickly speeds up.

tscul32

Littleredcar wrote: »

Viewing a house asking 450 latest bid 515

Friend of mine just moved. Their EA said he'd expect 450 for the house but to put it on at 420 to get more interest and it went for 470 in the end (after a 480 accepted offer fell through). So on paper 50 over asking but really only 20 over expected.

Funnily enough their house was referenced on this thread a while back with shock at the high asking price and a bit of doubt as to whether it would get that much.

Zenify

tscul32 wrote: »

Friend of mine just moved. Their EA said he'd expect 450 for the house but to put it on at 420 to get more interest and it went for 470 in the end (after a 480 accepted offer fell through). So on paper 50 over asking but really only 20 over expected.

Funnily enough their house was referenced on this thread a while back with shock at the high asking price and a bit of doubt as to whether it would get that much.

link please.

Would really like to see houses linked here with asking and selling prices if others have them too.

It would give us all a very good idea of what's happening out there.

Zenify

I put a bid on this cottage. When I last checked in with estate agent it was over 500k.

They can have it!

https://www.daft.ie/for-sale/detached-house-sallymount-cottage-sallymount-brittas-bay-co-wicklow/3190622

Zenify

Zenify wrote: »

I put a bid on this cottage. When I last checked in with estate agent it was over 500k.

They can have it!

https://www.daft.ie/for-sale/detached-house-sallymount-cottage-sallymount-brittas-bay-co-wicklow/3190622

Nice place, tbf.

Zenify

Zenify wrote: »

I put a bid on this cottage. When I last checked in with estate agent it was over 500k.

They can have it!

https://www.daft.ie/for-sale/detached-house-sallymount-cottage-sallymount-brittas-bay-co-wicklow/3190622

Nice.
Definitely not half a million nice though!

Now, I find my self in a crap position. I sold a house few years ago and am currently renting at an alright amount.
Now, landlady moving back in, I have to leave!
I was hoping to.stay here for a couple more years, not.to be
Feck anyway. I have no interest in getting into the market.at the moment

KBH2020

PropBuyer101 wrote: »

surely then at valuation stage the bank will be like no.... if valuation report shows its over 75K more than a similar property? cash buyers i assume will be grand!

I heard from one estate agent that some people were having trouble with banks reluctant to approve some of the loans for that reason but I am sure the banks are well aware that is just the norm now. I am imagining that first time buyers in Dub make up the short fall with cash so it wouldn't really matter to a bank. EG. if you get a mortgage for 390k and the house is valued at 450k but you pay 510k in total then the risk is all yours. The house is still worth more than the mortgage amount. I think the average deposit in Dublin is 85k so plenty have more cash than 85K to combine with the mortgage amount, that is what I assume is happening for most FTB's here.

tscul32

Zenify wrote: »

link please.

Would really like to see houses linked here with asking and selling prices if others have them too.

It would give us all a very good idea of what's happening out there.

Asking was actually 425k.
http://ir.speakingsame.com/p.php?q=Raheny,%20Dublin+5&id=782663

Not on property price register yet.

Asking 250, last I heard was 290.

https://www.daft.ie/for-sale/apartment-82-merchamp-seafield-road-east-clontarf-dublin-3-clontarf-dublin-3/3251223

Dublinandy3

If I may ask, anyone who has used the help to buy. We get t approval for the full 10% on the help to buy. We paid a 5k booking deposit fee. I thought that the 5k we paid would come off the house price and the HTB would cover the 10% but my solicitor is saying otherwise, that the 5k goes towards the deposit so the HTB will cover 10% minus the 5k.

Is that correct would you say? Or should the 5k come from the total house price if the HTB covers the deposit.

[Deleted User]

[Deleted User] wrote: »

Asking 250, last I heard was 290.

https://www.daft.ie/for-sale/apartment-82-merchamp-seafield-road-east-clontarf-dublin-3-clontarf-dublin-3/3251223

That. Is. Insane.

A ground floor flat

cailin.

https://www.daft.ie/for-sale/semi-detached-house-56-woodpark-castleknock-dublin-15/3271601

EA says latest bid was €651k last Thursday.

FrankN1

[Deleted User] wrote: »

That. Is. Insane.

A ground floor flat

A 2 bed ground floor apt in Raheny was 385k recently. Asking was 310k.

Bannasidhe

cintec wrote: »

I had the same and was told 3-4 weeks and I believe it was into the 4th week I got AIP.
I went straight to loan offer too and booked the valuation straight away and had the letter of offer 6 days later.
It's just slow in the beginning but quickly speeds up.

Just heard back and "bizarrely", direct quote from Broker, turned down by Avant as 50% of deposit was gifted by parents. The only reason for that was vender wants it gone asap so rather than wait until next May when full deposit would have been saved, parents gifted 50%.

Broker was sure it was a done deal so didn't apply anywhere else. Broker now earning their money and is applying for loan offers not AIPs.