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

Brock Turnpike

https://www.boards.ie/discussion/comment/118084518#Comment_118084518

Estate agents seem to do whatever they want. The lack of regulation is a disgrace.

https://www.boards.ie/discussion/comment/118084850#Comment_118084850

they are probably acting on the instructions of the vendors, who are within their rights to prescribe what kind of buyer they want. Maybe they’ve had a previous sale fall through because of a chain

CalisGirl

https://www.boards.ie/discussion/comment/118083757#Comment_118083757

Both you and your solicitor get a copy of the loan offer pack. Your solicitor will review their pack, both of you sign and date it and the solicitor submits it to the bank. Your pack is just for reference.

My signing was done by post because of covid - solicitor sent his copy of the offer to me to sign and I sent it back to him.

It does state on the offer that the solicitor should witness your signature, so just make sure the signatures on the offer are dated the same day if your doing it by post. The bank rejected my first offer letter because of this and it needed resigning.

LillySV

https://www.boards.ie/discussion/comment/118083652#Comment_118083652

Yea they sound particularly trick… there’s no legal documents up yet, around 3 viewing times at the most unsuitable time for people to see it….’and yet auction is on in afew days … think I’ll give it a miss

Brock Turnpike

https://www.boards.ie/discussion/comment/118084958#Comment_118084958

If that was the case, it seems very much like they haven't communicated.

But continue to defend EAs behavior on this thread. It's what a large number of people seem to be dead set on.

https://www.boards.ie/discussion/comment/118085447#Comment_118085447

I’m not defending EAs behaviour at all. Im as critical of them as the next guy….especially when it comes to bidding wars.

But they do also take instructions from vendors. And requests to sell to cash or chain free buyers are not rare right now according to the agent who dealt with my sale (who received the same instruction)

diceyreilly

https://www.boards.ie/discussion/comment/118084959#Comment_118084959

On the off chance you have a phone number of someone you were speaking to in there, can you pm it to me please.

Cheers.

C14N

https://www.boards.ie/discussion/comment/118085447#Comment_118085447

I'm not trying to defend EAs, but it does seem like the seller would be a lot more motivated to want to exclude chain buyers than the EA would in order to get their sale done and give themselves some more flexibility for buying.

houseyhouse

https://www.boards.ie/discussion/comment/118082011#Comment_118082011

Just a note on buying at auction. I’m in Galway city and it’s very common here. One of the main estate agents in the city seems to have a preference for auctions. In fact there was a show about the auctions on rte a few years ago. They’re held every couple of months in normal times. Nothing wrong with most of the houses. My parents sold a house that way and I’ve bought a house that way. Neither had any issues out of the ordinary. The reason for having the auctions seems to be to push the prices up. It does cause a lot of stress and expense for buyers though. On top of the survey, you need to have your solicitor go through the documents before you bid, to make sure there are no boundary disputes, missing documents etc. You sign contracts and pay your 10% immediately after bidding and you can’t come back about anything once you’ve done that.

Red Silurian

https://www.boards.ie/discussion/comment/118086119#Comment_118086119

youbid.ie is a good one, most of their homes need to be fixed up to some degree but there is no complaining about the prices

LillySV

https://www.boards.ie/discussion/comment/118086119#Comment_118086119

Yea, I got onto them and in fairness they were sound… they basically told me that I needed to have everything done in advance of auction.. mortgage approval for that exact house , engineers report , valued and surveyed etc in advance so clean quick purchase.. there’s no way I could get all that sorted in advance of auction at this stage…to me it seems that this house sale through bidx is suited for cash buyer as said by someone earlier in trade… and ideally for someone in the trade that would have quick access to the required professionals… anyways I don’t think I would be willing to spend hundreds if not thousands on getting this checks done just on the off chance house will go for reasonable price and I’m the final bidder … especially when I see the ridiculous money others have handed out on houses lately 😂

btw this house is in Galway … I assume u are referring to the o’d and j auctions … in fairness to them they advertise well in advance of auction date so at least I would’ve had time to get prepared if they had been selling it .. I’ll only have around 13 days for this lot

tweenie

https://www.boards.ie/discussion/comment/118084958#Comment_118084958

Yes, we had the same issue. The issues didn't end once we were sale agreed which happened in June. We can't find a house to buy. In many cases the vendors will not accept a bid when there is a chain. In one case they accepted the FTB even though their offer was less as they didn't want a chain. We are looking in Dublin and there are very few houses at the moment. I think the number of houses on the market is decreasing even more than it was and houses in good condition are selling at much higher prices due to the lack of availability. Good luck

BronsonTB

https://www.boards.ie/discussion/comment/118083860#Comment_118083860

Yep, they are really for cash only buyers, usually soemthing wrong with the property in some way & they want the sale done quickly hence the conditions. Thier advertising encourages all users, good price etc but in the end the cash buyer generally gets the property. Think of BidX1 as clickbait for property.

LillySV

https://www.boards.ie/discussion/comment/118089036#Comment_118089036

Got onto two banks this morning about the possibility of getting mortgage so quick considering i have approval in principle with both already … both said not a chance . One of them looked at property online and from the pics said they wouldn’t approve for that house anyways … too much work … she said she doesn’t remember ever giving mortgage to bidx as generally they sell houses that need work .

im delighted anyways as it stops me from making a stupid decision.: I love the site but house needs to be knocked …went there yesterday eve and cracks throughout one side of house and goin into roof … separate roof at front leaking and letting in water

Red Silurian

The bank want us to physically go in to the branch so they can witness our signature on the insurance forms... Any idea why they need this? Surely if it's signed in the same way as other documents this shouldn't be an issue?

C14N

https://www.boards.ie/discussion/comment/118089947#Comment_118089947

Not sure why exactly, but that does seem to be fairly standard. I haven't gotten my own insurance in place yet but my contact in the bank has said we'll need to make an appointment to come meet him to sign over once it is.

macnug

https://www.boards.ie/discussion/comment/118089947#Comment_118089947

If your Mortgage is over a certain value you have to assign the life insurance over to the bank so that in event of your death they get it directly AFAIK.

mvl

something odd came up during my contract signing - as my closing date is after 1st of nov; appears seller needs to paye 2022 LPT, which will be reimbursed by the buyer ...

Emma2019

This is common. Whoever owns the house in Nov pays the tax. The buyer pays a share for whatever portion of the year they're going to own the house.

MrMojoRisin'

https://www.boards.ie/discussion/comment/118096218#Comment_118096218

My solicitor has said the exact same thing to me too. Im gonna want a receipt!

mvl

https://www.boards.ie/discussion/comment/118096304#Comment_118096304

You mean whoever owns it at 1st November gotta pay for next year, and would be reimbursed the share for current + full for next year.

Yeah, it can be common but its still odd and brings no value to the process (solicitor hates it, seller makes no sense of it, and I don't know about the buyer yet, guess they are forced to pay their next years LPT in full earlier - maybe they hate it too ?!?)

Emma2019

Yes that's what I mean.

The legal owner of the house is obliged to pay the tax when it falls due. How could you possibly demonstrate that you're definitely going to sell your house in the future and the exact date you will do it?

This is the process for every house sale (apart from possibly houses sold in November).

Red Silurian

https://www.boards.ie/discussion/comment/118092559#Comment_118092559

Yeah but they need it to verify signatures, such considering we're signing about 200 other documents as well as copies of drivers licenses etc it's strange that they want proof for this one document

mvl

https://www.boards.ie/discussion/comment/118096877#Comment_118096877

so I am talking about LPT: I've an agreed closing date that falls middle of November (contracts are signed), is that not sufficient to demonstrate the sale ? besides, I never payed LPT in november for the following year, as I had my single direct debit arranged ... actually, I better ask when will I get my reimbursement for it too, cause I might get it next year ( I could as well decide to close my Irish accounts before that !) ...

... anyway, this is one of those non-sensical steps in the entire sale process said I'll share.

Bannasidhe

https://www.boards.ie/discussion/comment/118096305#Comment_118096305

And check the figures.

Just seen a final settlement bill where the LPT apportionment is down as €400 for a house that, all going well, will finally be sale closed by 1 Dec - contracts not signed yet as they were only issued last Fri.

The house in question has been officially valued as up to €200k placing it in band 1 - and afaik in Cork County Council that's an annual charge of €96. Last year it was Band 3 and the charge was c€315. It's a mystery where this figure of €400 came from.

As I understand it purchaser could/should be liable for Dec 21 + all of 2022 = 26.25 + 96 = 122.25. Am I wrong?

Sale agreed with the last 15 weeks (executor sale with some issues around title) and engineer's report has shown up some structural issues that are not major but fairly significant and will cost a few grand to put right - these are in addition to some issues I was made aware of when I put in the offer which are also going to cost a few grand to put right. Not sure what to do tbh, in any other property market I'd be straight back to the agent about it trying to haggle down but he's a tough nut to deal with at the best of times and I'm conscious property prices have only gone one way since we agreed the sale. Has anyone recent experience of haggling down over survey issues?

pleh

https://www.boards.ie/discussion/comment/118098076#Comment_118098076

Issues on title equals delays.

No haggling with us when buying this year. Its a sellers market. We bought this year and the fear of being gazumped on a house we loved put an end to any idea we had of making waves about items brought up in the engineers report. We wanted it done and dusted asap.

We thought the price was fair at any rate and we priced the jobs we needed done and got them done.

Everything we touched cost a couple of grand. To be fair materials and labour shot up since then. Luckily we have wiggle room on that budget as we arent finished yet and material and labour prices have only gone one way.

LeeroyJ.

I went Sale agreed in mid-September and have since been ticking off all the boxes (surveying, valuation, loan offer, insurances ready, documents for the bank). The house I'm buying is empty, and neither party is in a chain. What is the rough estimate as to when you would receive an estimated close date? I've asked my solicitor a few times, but they only ever reply it's too early to provide that. I'm starting to get the feeling my solicitor is slowing the whole process down to a crawl.

JimmyVik

https://www.boards.ie/discussion/comment/118098076#Comment_118098076

I think this is not the climate for trying to negotiate on a survey report.

If I was a vendor and someone came to me with anything bar subsidence or pyrite from their surveyors report I would just go straight to the underbidder and say these issues came up in the highest bidders survey and they are trying to negotiate on it, are you happy to go ahead knowing these issues exist now too. Remember that the estate agent will probably have other people ready to go at an even higher price than you went sale agreed at should the sale fall through.

At least your vendor is not looking for somewhere else to live.

It would be worse if a vendor was buying too and probably under pressure to complete too and would see this as the first of many delays they dont need.

Ilongga

https://www.boards.ie/discussion/comment/118098076#Comment_118098076

We experienced the same. We knew we were buying an old house that needed work and we factored that into our budget. When the survey report came back there were more surprises and it’s basically suggesting we are buying a money pit. We shared the relevant section of the report to the vendor and even paid damp analyst and plumbers to do an additional survey and provide quote of the required work. This is to show the vendor we are not chancing our arm here. We told them we are ready to walk away if a fair adjustment is not made. At first they told us not a chance, then they gave a laughable reduction for “goodwill”, then when we told them we are walking away, they gave an acceptable price reduction. The vendor is on a hurry to sell though and I pointed out that the next buyer will encounter the same issue and they will have to face the same price reduction request again… they could have just told us to get lost but we are lucky that they adjusted the price.