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

KBH2020

Wandering2021 wrote: »

Offer put in. Heard nothing for 24 hours. We are bidding against another party. Wonder what will happen :S

That happened to us except we were waiting Friday + weekend + Monday. We were fairly sure it would go above budget though so it wasn't like the real deal where you actually think you might get it. Rang on the Tuesday and they said "oh your partner said on the phone that there was no counterbid. I said "no he said he would need to talk to me first..We sent in another bid via email, as advised by you previously". Her "well we didn't receive it to be honest"....
Checked the sent mail and it was definitely sent so they just missed it. It transpired anyway there were like 2 more bids anyway so we opted out but thought that was so bad.Imagine if our bid had been the last and they had gone sale agreed with someone else!! The estate agents aren't stuck for bids, thats for sure.

All joking aside it is really nail biting and horrible. I told my partner today I would rather sit the leaving cert again than be involved in this current property market and bidding stress!
Best of luck

Wandering2021

KBH2020 wrote: »

That happened to us except we were waiting Friday + weekend + Monday. We were fairly sure it would go above budget though so it wasn't like the real deal where you actually think you might get it. Rang on the Tuesday and they said "oh your partner said on the phone that there was no counterbid. I said "no he said he would need to talk to me first..We sent in another bid via email, as advised by you previously". Her "well we didn't receive it to be honest"....
Checked the sent mail and it was definitely sent so they just missed it. It transpired anyway there were like 2 more bids anyway so we opted out but thought that was so bad.Imagine if our bid had been the last and they had gone sale agreed with someone else!! The estate agents aren't stuck for bids, thats for sure.

All joking aside it is really nail biting and horrible. I told my partner today I would rather sit the leaving cert again than be involved in this current property market and bidding stress!
Best of luck

Oh how stressful! And to wait all weekend, too...

It is very nerve wracking. Especially when you see what you think is 'the one'!

Hope you find another house you love. Good luck!

Sweet.Science

Red Silurian wrote: »

Relax, sit down and watch some telly and try not to think about it until you get the phone call from the EA

A known tactic of estate agents is to be quiet for a period in order to get some nerves running, if you come across too eager you could find yourself bidding against a ghost bidder so jsut kick back and relax the mind

These ghost bid myths still popping up . Might cause them to say if you increase to such and such the vendor could go sale agreed . And then you increase , and the vendor doesn't even know about such agreement. Ghost bids I dont believe in the slightest

Littleredcar

Cyrus wrote: »

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?

The last house in estate sold for 395 in 2019. 4/5 gone for sale recently . The one exactly the same as this - possibly a bit nicer with decor and kitchen etc was in a bidding war in April and sold for 495

thegreatescape

House sale closed yesterday evening and got keys 20 minutes later. There were delays towards the end but I'm over the moon that it's done now. Now the real fun starts!

ec18

Deleted User wrote: »

I think that's a bit off.. Perhaps I'm wrong, but I am under the impression that net income and net profit are the same thing, worded differently?


If you give me 100k to paint a picture, and it costs me 20k to do it, I've made 80k. 80k is my net income and net profit, as both are the same number, with different names put on them?


I also was under the impression that Central Bank rules are 3.5* your gross income (ie; before tax), so in theory, after charging you 100k for the painting and spending 20k to paint it, i'd still be getting 350k anyway?

The 80K is your gross income and net profit.

Wandering2021

thegreatescape wrote: »

House sale closed yesterday evening and got keys 20 minutes later. There were delays towards the end but I'm over the moon that it's done now. Now the real fun starts!

Huge congratulations

Red Silurian

Sweet.Science wrote: »

These ghost bid myths still popping up . Might cause them to say if you increase to such and such the vendor could go sale agreed . And then you increase , and the vendor doesn't even know about such agreement. Ghost bids I dont believe in the slightest

Well I have no solid proof that they do or don't exist but I would try to not create a set of circumstances for them to be born. My point is the other poster just needs to be patient

We were recently outbid by 1k on a place, the other bidder was adding 1k to our bid the whole way up (we bid 300k they'd bid 301k, we bid 305k they bid 306k etc etc) we thought it was a ghost so stopped bidding at 310k (they bid 311k) I'm wondering if the auctioneer will call us saying the other bidder "dropped out" and offer it to us for 310k

Busi_Girl08

When we went sale agreed the estate agent warned my fiance that there would be a lot of times where it seems like there's total radio silence and like there's nothing going on. I didn't think it would stress me out this much

Still waiting on contracts (title deeds still holding things up) and trying to get home insurance and life assurance set up in the meantime.

Just dying now for some kind of update or timeline, the waiting is killing me.

coldfire1x

Red Silurian wrote: »

Well I have no solid proof that they do or don't exist but I would try to not create a set of circumstances for them to be born. My point is the other poster just needs to be patient

We were recently outbid by 1k on a place, the other bidder was adding 1k to our bid the whole way up (we bid 300k they'd bid 301k, we bid 305k they bid 306k etc etc) we thought it was a ghost so stopped bidding at 310k (they bid 311k) I'm wondering if the auctioneer will call us saying the other bidder "dropped out" and offer it to us for 310k

The thing is its hard to know if there's a ghost bidder. Someone I know was doing the same thing, kept on bidding 1k on top of every bid. I guess someone may have thought that its a ghost bidder, they stopped and he got the property.

In you case there may be one but there's no way to know.

optogirl

out of AIP now and applying again from scratch with no hope! Tis pretty disheartening but the fact that we have to wait a while before we can start looking again is actually a bit of relief. I hate being caught up in this craziness.

Aisling(",)

Went sale agreed on a house in Dunboyne on the 19th of March and we got our keys and moved in on the 15th of June!
Just under 3 months from start to finish. Have loads to do but so happy to be in our house.
We'd only gotten mortgage approval 10 days before we were sale agreed so it was a very quick process for us!

No major work to be done, just painting, unpacking and one window has a dodgy seal on an outside pane but totally doable.

Busi_Girl08

Busi_Girl08 wrote: »

When we went sale agreed the estate agent warned my fiance that there would be a lot of times where it seems like there's total radio silence and like there's nothing going on. I didn't think it would stress me out this much

Still waiting on contracts (title deeds still holding things up) and trying to get home insurance and life assurance set up in the meantime.

Just dying now for some kind of update or timeline, the waiting is killing me.

It’s an awful process. Halfway through mine a got a call out of the blue to tell me that the vendors had got cold feet and were pulling out. Felt physically sick. My partner and I wrote the vendors a personal letter (old fashioned pen and paper style) to persuade them to stay in the process.....tugging on their heartstrings more than a little bit. It seemed to have worked as they then stuck in there despite problems with planning and building certs

If anything looks like it’s going off the rails, I really do think is worth a personal message to the other side, to give them comfort that you’re committed and how important it is to you

Maybe others disagree, but that was my experience

Busi_Girl08

Deleted User wrote: »

It’s an awful process. Halfway through mine a got a call out of the blue to tell me that the vendors had got cold feet and were pulling out. Felt physically sick. My partner and I wrote the vendors a personal letter (old fashioned pen and paper style) to persuade them to stay in the process.....tugging on their heartstrings more than a little bit. It seemed to have worked as they then stuck in there despite problems with planning and building certs

If anything looks like it’s going off the rails, I really do think is worth a personal message to the other side, to give them comfort that you’re committed and how important it is to you

Maybe others disagree, but that was my experience

We actually met the vendors when we were let in for a second viewing to measure stuff etc (organised through the EA) and they were lovely, telling us about things in the area etc. They seemed genuinely happy that the house is going to a young couple because that's how they started in it years ago.

We're the start of a chain so we're at the mercy of all the other transactions going well.

The fear right now of anything going wrong is unreal, my fiance is in the "ah it'll be grand" camp, but I think it's just to keep me and himself calm.

The fact that it's all completely out of our control makes it even habrder.

Will be taking the bottle of champagne intravenously when it's all over :o:o

Red Silurian

coldfire1x wrote: »

The thing is its hard to know if there's a ghost bidder. Someone I know was doing the same thing, kept on bidding 1k on top of every bid. I guess someone may have thought that its a ghost bidder, they stopped and he got the property.

In you case there may be one but there's no way to know.

I wonder if that's the way the council bid,

Adding 1k every time is such a bollox as you don't want to lose the dream house for such a relatively small amount of money - but everybody has their budget of course

C14N

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

C14N

C14N wrote: »

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

You should shop around, I tried a few and got a good price.

C14N

Wandering2021 wrote: »

Thank you Red! The voice of reason I needed right now

I will be patient!

I'm kind of in the same boat right now. Put in an offer at asking price on a house yesterday and still no reply back. The house is currently a good bit below our max budget and we'd be willing to go all-out for it, but there's been a lot of interest. Estate agent said they were doing 16 viewings that day and another 9 expressed interest already in addition to those by the time we viewed it, so we're worried it'll get bid up a good bit to out of our budget, which has happened on a few others before (although admittedly the asking price on those was already close to our maximum).

But my thinking is que sera sera. No point getting worked up and having regrets over something we never could have done anything about anyway.

I have noticed that almost everything we've offered on though has been bid up a lot above asking/guide price though. Makes me wonder, why does this keep happening? I would have assumed EAs would know the actual market value of houses these days, and it doesn't really do them any favours to have to deal with 25 potential buyers who are interested in a place at price X, but most of whom can't possibly afford to pay the price Y that it will inevitably end up going for. So why do they list properties at prices that attract buyers who realistically won't even be able to bid up the price that far?

Deleted User wrote: »

You should shop around, I tried a few and got a good price.

Yeah I think I will at least try a few others. Was your quote substantially less than the >€4.5k I've been quoted above?

C14N

C14N wrote: »

I'm kind of in the same boat right now. Put in an offer at asking price on a house yesterday and still no reply back. The house is currently a good bit below our max budget and we'd be willing to go all-out for it, but there's been a lot of interest. Estate agent said they were doing 16 viewings that day and another 9 expressed interest already in addition to those by the time we viewed it, so we're worried it'll get bid up a good bit to out of our budget, which has happened on a few others before (although admittedly the asking price on those was already close to our maximum).

But my thinking is que sera sera. No point getting worked up and having regrets over something we never could have done anything about anyway.

I have noticed that almost everything we've offered on though has been bid up a lot above asking/guide price though. Makes me wonder, why does this keep happening? I would have assumed EAs would know the actual market value of houses these days, and it doesn't really do them any favours to have to deal with 25 potential buyers who are interested in a place at price X, but most of whom can't possibly afford to pay the price Y that it will inevitably end up going for. So why do they list properties at prices that attract buyers who realistically won't even be able to bid up the price that far?



Yeah I think I will at least try a few others. Was your quote substantially less than the >€4.5k I've been quoted above?

Yes, but mine was a 2 bed apartment. I can't remember the exact fee because the deal fell through but it was less than 2k.

Jafin

C14N wrote: »

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

Jesus that's expensive. The solicitor I have has the admin fees including stationery, e-mail, phone etc. at €45. The estimated total for everything (including tax, but without stamp duty as that's dependent on the property price) came out at about €2,300. Definitely shop around as mentioned by another poster above.

C14N

Deleted User wrote: »

Yes, but mine was a 2 bed apartment. I can't remember the exact fee because the deal fell through but it was less than 2k.

Okay, that sounds a lot more promising. We haven't even said what kind of property we are buying yet, but we were given a quote anyway, so I think it may not make much difference what it is. I'll try a few others and see if I can do better.

TheSheriff

C14N wrote: »

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

This is an outrageous price, I'd expect it to be done for half that at most.

Bought last year, paid 1400e all in. Dublin.

o1s1n

C14N wrote: »

I have noticed that almost everything we've offered on though has been bid up a lot above asking/guide price though. Makes me wonder, why does this keep happening? I would have assumed EAs would know the actual market value of houses these days, and it doesn't really do them any favours to have to deal with 25 potential buyers who are interested in a place at price X, but most of whom can't possibly afford to pay the price Y that it will inevitably end up going for. So why do they list properties at prices that attract buyers who realistically won't even be able to bid up the price that far?

I'm noticing this a lot lately too, it's infuriating to be honest.

There was one house we were interested in, asking was 45k under what our maximum was. I thought it would nearly be a fallback house to go for if we couldn't secure some of the more expensive spots.

Ended up bidding on it and not only did it exceed our maximum, it went for 60k over asking :eek: - couldn't believe it.

Really starting to regret not doing all of this last year when there was much better value for money to be had.

C14N

TheSheriff wrote: »

This is an outrageous price, I'd expect it to be done for half that at most.

Bought last year, paid 1400e all in. Dublin.

Not sure if it's against forum rules, but would you be able to say who you went with?

o1s1n wrote: »

I'm noticing this a lot lately too, it's infuriating to be honest.

There was one house we were interested in, asking was 45k under what our maximum was. I thought it would nearly be a fallback house to go for if we couldn't secure some of the more expensive spots.

Ended up bidding on it and not only did it exceed our maximum, it went for 60k over asking :eek: - couldn't believe it.

Really starting to regret not doing all of this last year when there was much better value for money to be had.

In this particular house we're looking at we'd have enough wiggle room to even go €75k over guide price and we still don't feel that confident we'll end up getting it tbh. We've done a handful of offers before where the asking gave us €20-35k of slack to bid up a bit, but those quickly got bit up out of our range each time, so don't even know what they ended up going for when the deal was done.

niniboots

C14N wrote: »

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

I got three quotes and they all sent breakdowns which was pretty helpful, the most expensive for professional fee was 1900, one was charging 1500 and another 990. They all had extra's included in the breakdown;
Postage and packing: € 100.00
VAT on our fee and PP: 23%
Third Party Searching Fees: € 275 - 300.00 depending on nature of title
Land Registry Fees: € 215.00 - €1,050.00 depending on nature of title
Third Party Swearing Fees: € 22.00
Banking Fees € 20.00
Stamp Duty 1%

Once I saw the break down with the professional fee included, I was able to then go and explain what my budget was for professional fee's. We actually went with the 1900 professional fee because the solicitor discounted it to 1500 when I told him we had that as a quote (at the time, didn't have the 990). The reason I didn't use the cheaper option was it felt automated and the sale was feeling a little tricky and actually we ended up withdrawing from the sale and the solicitor we had chosen was pretty good. He didn't charge us anything (had a few phone calls and postage items and read the conveyancing pack from sellers solicitor) and said relationship for future sale and possible other legal bits in future was more important. I was amazed at how quickly he discounted for the business so I suppose they understand there is a lot of competition in the housing market for solicitors.

DubLad69

C14N wrote: »

Got a quote from a solicitor for buying today at around €2.5k excluding VAT (so over €3k in reality) for just professional fees. In addition to that there is around another €1.5 in search and registration fees. I don't have any experience but do these sound like fairly typical fees for solicitor services others have seen when buying a house?

One thing that definitely stuck out as being a bit ridiculous is an extra €200 fee for stationary, postage, fax, and telephone. I'd really want to know how they arrived at such a huge figure for things that sound like they should be a pretty negligible expense.

That's a really high price. My solicitor prof fees were €1300 plus vat, and she was amazing. Replied to emails within an hour, and everything was dealt with immediately. This is in Dublin City.

errlloyd

My solicitor in Dublin was 1,900 plus fees and searched (which ended up being another 1,000 or so).

I do think this scales with the cost of place a bit though?

errlloyd

Pretty specific question, but it looks like it's the hold up on my apartment closing right now.

Has anyone bought an apartment and had to provide the bank with a letter showing they were now an interested party in the Apartment Block Insurance policy?

If so - did the letter of interest from the insurer / broker name the bank, or name the buyer as the interested party?

The letter I provided my bank names me as the interested party, which my solicitor thinks is correct. But the bank think it is meant to name them.

Red Silurian

C14N wrote: »

I'm kind of in the same boat right now. Put in an offer at asking price on a house yesterday and still no reply back. The house is currently a good bit below our max budget and we'd be willing to go all-out for it, but there's been a lot of interest. Estate agent said they were doing 16 viewings that day and another 9 expressed interest already in addition to those by the time we viewed it, so we're worried it'll get bid up a good bit to out of our budget, which has happened on a few others before (although admittedly the asking price on those was already close to our maximum).

But my thinking is que sera sera. No point getting worked up and having regrets over something we never could have done anything about anyway.

I have noticed that almost everything we've offered on though has been bid up a lot above asking/guide price though. Makes me wonder, why does this keep happening? I would have assumed EAs would know the actual market value of houses these days, and it doesn't really do them any favours to have to deal with 25 potential buyers who are interested in a place at price X, but most of whom can't possibly afford to pay the price Y that it will inevitably end up going for. So why do they list properties at prices that attract buyers who realistically won't even be able to bid up the price that far?



Yeah I think I will at least try a few others. Was your quote substantially less than the >€4.5k I've been quoted above?

From my experience Estate agents seem to be posting low asking prices in order to bring more bidders in early.

I have a theory that they'll go on the radio or a local/national newspaper and say they had 16 bidders on one property, possibly to help drive interest in the market upwards - thereby bringing in more bidders and continuing the cycle... That's only a guess though

We really need a Brian Cowen type politician back in Leinster House considering the enormous crash in prices he gave us back in 2008

C14N

Red Silurian wrote: »

From my experience Estate agents seem to be posting low asking prices in order to bring more bidders in early.

I have a theory that they'll go on the radio or a local/national newspaper and say they had 16 bidders on one property, possibly to help drive interest in the market upwards - thereby bringing in more bidders and continuing the cycle... That's only a guess though

We really need a Brian Cowen type politician back in Leinster House considering the enormous crash in prices he gave us back in 2008

Seems to me like it should almost do the opposite though. Like, if I was in any way feeling on the fence about whether or not to buy right now or to just wait until later, knowing that there is a huge amount of competition would make me feel less inclined to bother. Who wants to be buying when you have to compete with a big crowd on every property you look at?

Maybe it makes sense to entice sellers to put their property up, but even then I'd have to imagine that most people selling will also be looking to buy somewhere else to move into at the same time, and I'd be more apprehensive about that if I knew part of selling the house meant I'd be having a hard time finding a new one. Even aside from that, you'd have to think most sellers ideally don't want dozens of strangers poking around their houses if they could help it. The owner is never present in my experience, even if the house is obviously still their primary residence, so that's 25 periods you have to make yourself scarce for, compared to say 5, if you narrowed it to just the most serious parties.