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

jrosen

busylady wrote: »

It's not at all unusual for developers to obtain individual letters of compliance for financial conditions from the council - I'm surprised that the EA would never have heard of this. Many developers will pay the financials in instalments , and pay a specific amount per house. The builder may also be waiting for to validate the final certificate of compliance on completion, and this process has slowed up in the last few weeks.

That makes sense. Thanks. The development is finished and the builder is off site so we had assumed, possibly wrongly that all the sign offs were done and dusted.

lomb

awec wrote: »

Yes, they set the upper limits to prevent over-lending. They tell banks that 90% is the maximum LTV permitted, and how many exemptions on LTI they are allowed.

Banks are free to introduce their own measures on top of this. BOI could decide they won't lend more than 50% LTV. AIB could decide to pause all mortgage approvals until 2021. They could decide that exemptions won't be given any longer.

Banks can't be forced to lend money. Especially if they don't have enough to lend!

And why would they do that ? Old people have billions of euros in current accounts at zero percent the bank can lend out and earn on. This money is lent to young people who then repay it over their productive lifetime. That money hasn't gone anywhere. Sure if your not AIB or BOI or similar and have no deposits and are a middleman then you could pull in your lending eg Virgin Money as you can no longer give a competitive offer.

lomb

2 houses sale agreed in last few days around 425k each where I am, no sign of buyer panic to me(D22)
I agreed at 450 and am happy to crack on. Im buying for the long term and haven't got the time to be diddling around waiting for prices to drop 5% over the next year only to go up 7 % the year after to account for the drop/inflation from central bank money printing.
If I was an old guy with a million in my current account I would be worrying about that printing of free money going on as we speak.

BrokenArrows

BrokenArrows wrote: »

We are selling and buying and I just got told I'm being made redundant. A few weeks shy of my probation period, so just 1 month's notice, would have been 3 months otherwise.

I'm hoping our buyers follow through.

Now I'm trying to decide whether to follow through with the purchase or not, the mortgage is all approved and the building survey is scheduled.

So we pulled out of the purchase. Too many unknowns in the world right now and without a job it would be too much pressure on the wife to keep us afloat.

We are proceeding with selling and will rent. Our buyers are still proceeding. Lots of Air BNB properties coming back on the market so hopefully can get something of good value. Just hoping ill be able to rent a moving van from somewhere when we do eventually have to move out.

SteelyDanJalapeno

Buyer here with contracts on hand that are ready to sign, EA rang me today to check in, I told him we would be pausing for a few weeks to make sure we still have jobs to return to!

He completely understood and agreed that a lot of people are currently in a holding pattern, no pressure from their side, he mentioned that theres no showings happening anywhere anyway.

Queasy Tadpole

lomb wrote: »

2 houses sale agreed in last few days around 425k each where I am, no sign of buyer panic to me(D22)
I agreed at 450 and am happy to crack on. Im buying for the long term and haven't got the time to be diddling around waiting for prices to drop 5% over the next year only to go up 7 % the year after to account for the drop/inflation from central bank money printing.
If I was an old guy with a million in my current account I would be worrying about that printing of free money going on as we speak.

You're dead right to be honest. I'm messing around with this bull**** now for over a year. I want it done, I don't care about a few thousand either side but now I've been pulled out of selling for the time being and there is nothing to be bought that suits.


Best of luck with your new home.

Captainsatnav

mcbert wrote: »

But would there not be a final check of some sort by the bank to make sure you are still employed?

Unusual to have been mortgage approved while on probation, but sure look, drive on, with the sale anyway and you'll soon see a suitable rental, definitely. If I wasn't sick of renting and close to buying I'd be moving / having a chat with landlord. Rents are dropping.

davedub2015

Congrats back today wondering if I should request money of or is it a big risk asking and the seller pulling off sale?

km79

How are contract signings happening during this period ?

davedub2015

Never said anything has been signed they were sent to my solictor today

Uglysoik1

km79 wrote: »

How are contract signings happening during this period ?

Signed mine through Skype

cd76

BrokenArrows wrote: »

So we pulled out of the purchase. Too many unknowns in the world right now and without a job it would be too much pressure on the wife to keep us afloat.

We are proceeding with selling and will rent. Our buyers are still proceeding. Lots of Air BNB properties coming back on the market so hopefully can get something of good value. Just hoping ill be able to rent a moving van from somewhere when we do eventually have to move out.

wise decision, you'l be in a strong position once you get employment and are ready to go again. Good luck.

km79

Uglysoik1 wrote: »

Signed mine through Skype

Was wondering was that a possibility
Digital signature on the documents ?

Sam Hain

lomb wrote: »

2 houses sale agreed in last few days around 425k each where I am, no sign of buyer panic to me(D22)
I agreed at 450 and am happy to crack on. Im buying for the long term and haven't got the time to be diddling around waiting for prices to drop 5% over the next year only to go up 7 % the year after to account for the drop/inflation from central bank money printing.
If I was an old guy with a million in my current account I would be worrying about that printing of free money going on as we speak.

Just keep telling yourself that.

cd76

zuhuraswa wrote: »

I'm just amazed at people who keep saying house prices are increasing. I am an active buyer in Galway and while I was ready to buy despite the current climate as I have a secure guaranteed job, I am more amazed at how many estate agents are coming back to me from a few house viewing I would have done in the past and the EAs out-rightly rejected my offer back then, and have all in the last week rang me to ask if I am still interested as the previous sale agreed have fallen through and they will be putting those houses back in the market. My offers would have been way lower than the top bidders. A couple have even suggested that the seller wouldn't be offended with another 'slightly lower' offer given the current climate.
Due to the mere shock of the callbacks I'm getting (including from some EAs who were were extremely snobbish and rude with my 'low' offers just a couple of months back), this has been enough shock for me to put a break to the buying process and see what all these other buyers who puled out are seeing that I am not seeing (as finance with current process wouldn't be the issue in my case as I will live here long term whether prices decrease in future or not).


Also for those asking about banks, not sure if this is of any help to you but my best friend just completed her drawdown with Ulster Bank last week with only 10% deposit (she would also be in a secured guaranteed job too though).

You're right.
spot on. I am an investor in the Dublin market and the phone has been hopping with EAs throwing stuff at me and begging for an offer. I have no interest for at least 6 months. Most of the EAs will be out of business. A property correction and rental correction are both positive in my view. Both were at unrealistic levels.
Sit back and stash the cash for 6 to 18 months and then seek out the good bargains.

Graham

Mod Note

Folks, general chat about the property market over here please: https://www.boards.ie/vbulletin/showthread.php?t=2058041687

This thread is for CURRENTLY Buying/Selling

SteelyDanJalapeno

<SNIP>

Logan Roy

km79 wrote: »

Was wondering was that a possibility
Digital signature on the documents ?

I'm signing mine for sale next week via a three way video call as the solicitor and an independent solicitor has to witness it.

lfen

Has anyone had a valuation done since the latest restrictions were announced? All we need now in order to get full loan offer. Very anxious to get the full offer!

jluv

lfen wrote: »

Has anyone had a valuation done since the latest restrictions were announced? All we need now in order to get full loan offer. Very anxious to get the full offer!

I'm selling but allowed one to happen. I opened every door in the house so nothing needed to be touched except front door. Person valuating had gloves. I used antibacterial wipes on front door after.
Ps I wasnt in the house but was only next door

Bargain_Hound

lfen wrote: »

Has anyone had a valuation done since the latest restrictions were announced? All we need now in order to get full loan offer. Very anxious to get the full offer!

We got ours done a few days just before the last lock down announcement. Estate agent couldn't meet valuer to open property as they had closed and all agents were WFH. We still managed to arrange through the estate agents help for the house owner to open property and independent valuer to conduct valuation in isolation in house while home owner waited outside.

Probably not easy now though since the latest restrictions.

km79

Logan Roy wrote: »

I'm signing mine for sale next week via a three way video call as the solicitor and an independent solicitor has to witness it.

Just got an out of office reply when I emailed my solicitor so I guess we won’t be signing any time soon
It’s for a site not a house
No major panic but I know the contracts have been sent to him Cos I am buying off someone I know

milhous

lomb wrote: »

2 houses sale agreed in last few days around 425k each where I am, no sign of buyer panic to me(D22)
I agreed at 450 and am happy to crack on. Im buying for the long term and haven't got the time to be diddling around waiting for prices to drop 5% over the next year only to go up 7 % the year after to account for the drop/inflation from central bank money printing.
If I was an old guy with a million in my current account I would be worrying about that printing of free money going on as we speak.

5%, 😂

D'Agger

SteelyDanJalapeno wrote: »

Buyer here with contracts on hand that are ready to sign, EA rang me today to check in, I told him we would be pausing for a few weeks to make sure we still have jobs to return to!

He completely understood and agreed that a lot of people are currently in a holding pattern, no pressure from their side, he mentioned that theres no showings happening anywhere anyway.

Same story here but with the EA mentioning that if everything is ready to sign, the minute the property is available to be shown again etc. it's either sign on the dotted line or they put it back on the market - a decision I'm fine with pushing down the line. I still think I'm getting a decent starter home that is affordable and, ironically for now, close to work and the city. I just need to see how much of an impact this will have on my job - wage freezes, bonuses etc. so happy to hold for the moment and do some more research into whether it's a good decision to go ahead or not.

SpencerJC

I went sale agreed a few weeks ago. 2-bed/ 2-bath apartment on the Glasnevin/ Finglas boarder. Was listed for 235K, though they were going for the only 230K in January. We had 225K accepted and then decided to offer 10k less (I think I should have tried for more). They came back and said the lowest they could go is 5K less. Personally I'd push back for more but my girlfriend wants to accept and get it done at 220k. Kind of bittersweet, because we will get the place but I am sure they will be reduced over the coming months.

Conrad83

Currently have a booking deposit on a new build (outside Dublin) for approx 350k. Contracts arrived to solicitor mid last week.

Our solicitor advised us last week (pre sites shutting down) that she will sit on contracts for a few weeks due to current situation. I believe she will be able to sit on them for even longer now.

Currently we are waiting to hear back about our exception from the bank. We have been approved our mortgage but need an exception to buy this home (small amount extra representing an extra €80 pm onto our mortgage). Bank have advised all applications and exceptions at the minute are on hold while they deal with the mortgage break requests and things will be reviewed again in a few weeks when that all 'settled down'. My partner works in the mortgage dept of the bank.

We have been told by many people to pull out but at the minute we are sticking with it, unless we are forced to pull out for a different reason. Both our jobs are safe and both still working etc. This is our forever home which we believed we were getting a good enough deal on prior to Covid 19. We are currently paying approx €100 pm more in rent then our required mortgage. We are at the stage where we want to start a family sooner rather than later and have been approved HTB for the full €20k which will no doubt not be available in next budget. The house is mostly built with completion expected in July/August which will no doubt be delayed a few months now.

Sheeps

Conrad83 wrote: »

Currently have a booking deposit on a new build (outside Dublin) for approx 350k. Contracts arrived to solicitor mid last week.

Our solicitor advised us last week (pre sites shutting down) that she will sit on contracts for a few weeks due to current situation. I believe she will be able to sit on them for even longer now.

Currently we are waiting to hear back about our exception from the bank. We have been approved our mortgage but need an exception to buy this home (small amount extra representing an extra €80 pm onto our mortgage). Bank have advised all applications and exceptions at the minute are on hold while they deal with the mortgage break requests and things will be reviewed again in a few weeks when that all 'settled down'. My partner works in the mortgage dept of the bank.

We have been told by many people to pull out but at the minute we are sticking with it, unless we are forced to pull out for a different reason. Both our jobs are safe and both still working etc. This is our forever home which we believed we were getting a good enough deal on prior to Covid 19. We are currently paying approx €100 pm more in rent then our required mortgage. We are at the stage where we want to start a family sooner rather than later and have been approved HTB for the full €20k which will no doubt not be available in next budget. The house is mostly built with completion expected in July/August which will no doubt be delayed a few months now.

I got my letter of offer yesterday which granted me an exemption with KBC, BOI said they will offer closer to the date of completion, so banks are still lending with exemptions albeit just slightly slower. Hopefully they'll give you what you need.

NeitherJohn

I'm the same. Contracts for a new build in Blackrock in Cork arrived at my solicitor on Monday. Home for life so not worried about the market.

It's place both of us want to live so no point in pulling out now.

coff66

Hi folks,

Currently sale agreed on a new build but considering going back to negotiate a price reduction given the current situation.

My question is who should I contact in regards to this. The EA really has not been overly involved outside of taking our booking deposit, we have been dealing directly with builder, who met with us and even showed us a completed unit in the same development. Should we still go back to the EA and sound him out on a reduction or should we go straight to the builder?

Just to flag we are not looking to take advantage here just looking to see if there is any wiggle room as we don't want to be caught out come completion and be in negative equity from the day we draw down our mortgage.

Any thoughts or insights welcome.

Coff66

Empty_Space

coff66 wrote: »

Hi folks,

Currently sale agreed on a new build but considering going back to negotiate a price reduction given the current situation.

My question is who should I contact in regards to this. The EA really has not been overly involved outside of taking our booking deposit, we have been dealing directly with builder, who met with us and even showed us a completed unit in the same development. Should we still go back to the EA and sound him out on a reduction or should we go straight to the builder?

Just to flag we are not looking to take advantage here just looking to see if there is any wiggle room as we don't want to be caught out come completion and be in negative equity from the day we draw down our mortgage.

Any thoughts or insights welcome.

Coff66

If you are trying to take advantage...why aren't you?.