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

Maz2016

whatever76 wrote: »

Oh I hear you !! I've been that person for nearly 2 years , single buyer like you and had so many ups and downs .... I could write a book ! Engineering reports telling me walk away to bidding wars , cash buyers landed in , Sellers picking other bidder over me even though i had higher bid , dodgy EA v's Decent EA etc . Compromising etc .. Its tough going I tell you that and I had my moments similar to what you going through grant it I didn't have Covid to battle as well so tougher again - all I an say is keep going ( hopefully viewings will start back up again soon) keep saving , have all your paper work ready to go and it will work out ! Found my place late last year and closed up quickly in end so the cosmic alighned which I really didnt think would happen ,I couldnt believe it - its so worth it ! Best of luck - it will work out for you !!

Congratulations , after 2 years it must be a relief. I know I’ll get there , eventually

tomm86

We are sale agreed since Feb, COVID has delayed vendor finding somewhere new to live...nearly there I think.

Just wondering if anyone has info on how much stricter bank requirements have become for self-employed applicants? We have loan offer from KBC but assume they will ask for a lot more documentation before drawdown.

As an IT contractor, luckily I haven't been affected by Covid-19 yet...but due to the nature of the work, I only have guaranteed employment for max 6 months at a time. KBC have not had an issue with this until now, but it is a new banking reality I suppose

givyjoe

Queenio wrote: »

Hi all. First poster here. Loving this forum. Im in the process of house hunting. We got AIP March and then went into lockdown so it's been almost 3 months now of a clock ticking. I've been to one viewing in person and a few online viewings. For work reasons I'm quite restricted to areas.

We did a virtual viewing I loved the look of and are awaiting a viewing in person but was told it's not possible. The house has now been sale agreed. As FTB we not keen to offer without viewing in person. There have been so few properties in our chosen area and budget. Im also pregnant which I found out after we got AIP so I would love this process to be completed before needing to review. Feeling so disheartened already and haven't even gotten started. Supply is diminishing entirely. Hope some more properties come online June 8th but really not sure

In a similar position timeline wise, but got to see quite a few in early march. There are definitely more coming online in the last week or so. Definitely wouldn't dream of bidding on a house without viewing, which are starting again. Viewed one last week which was advertised as a four bed. It's was an extremely modestly sized two bed with an impractically small attic conversion. I wouldn't dream of bidding on anything without viewing. I've noticed a few properties that have come up again after going sale agreed, which already have offers on them. Most likely folks who were previously bidding on them before they lost out to the bidder who pulled out.

While supply might be limited now, there are definitely going to be far less bidders around due to so many being temp laid off.

Mic 1972

Maz2016 wrote: »

Hi guys. Feeling a bit deflated as well. I’m looking at apartments and duplexes in a certain area. I’m restricted to that area as I want to be close to family. There is a property advertised for 185k, when I rang viewings hadn’t even begun (apart from virtual video on the website) but he already had an offer for 195k in. Second property I was interested in needed a lot of renovations has been sold even though it’s still on daft. I just put together a list of 5 properties I have been following in recent months. It’s a bit disheartening. Is in common that final sales would be 10-15k higher than the listed price?

Property 1
Listed €155k
Sold €165k
May 1st

Property 2
Listed €185k
Sold €200k
Apr 16th

Property 3
Listed €140k
Sold €153k
Apr 6th

Property 4
Listed €190k
Sold 190k
Mar 27th

Property 5
Listed €175k
Sold €190
Mar 18th

That's what I'm experiencing too. I've started to contact agencies last month and in most cases there is already an offer that is higher than asking price. I was expecting a trend change at this point. I'm aware tha agencies will try to push for a bigger offer but if the market is really that slow I dont see the benefit in lying to people thus losing potential buyers

ladystardust

We are sale agreed on a property at asking price. We love the property and ticks pretty much all the most important boxes for us so we are still thrilled. But there were 4 bidders, all upping slowly for weeks. There is such a lack of stock around that people aren't walking away as readily if they need to buy. It only takes 2 bidders to create a bidding war and even with the amount of people not being allowed draw down etc, this state of affairs is keeping the price elevated. That's my 2 cents anyway.

Nika Bolokov

I think the expectation was sellers would drop prices but a lot of nice houses in nice areas appeal to people who are coming though the Covid layoffs OK.... So far..... and supply has been scared away so prices seem steady so far for the few sale agreeds I've heard of.

Queenio

givyjoe wrote: »

In a similar position timeline wise, but got to see quite a few in early march. There are definitely more coming online in the last week or so. Definitely wouldn't dream of bidding on a house without viewing, which are starting again. Viewed one last week which was advertised as a four bed. It's was an extremely modestly sized two bed with an impractically small attic conversion. I wouldn't dream of bidding on anything without viewing. I've noticed a few properties that have come up again after going sale agreed, which already have offers on them. Most likely folks who were previously bidding on them before they lost out to the bidder who pulled out.

While supply might be limited now, there are definitely going to be far less bidders around due to so many being temp laid off.

Thanks for that. Very interesting to hear someone else experiencing the same. I am really not keen to bid without a viewing and you're right about potential buyer having previously seen it or sale fell through. A couple have gone up but uncertainty is the worst. As another user mentioned I think it only takes another interested party to drive up prices and demand is still very much there. Certainly I'll be looking for as quick a sale as possible. I guess we will have to wait and see

Paphos

Maz2016 wrote: »

Is anyone having any luck getting exemptions ? I have good savings but to get a decent property I would still struggle with 3.5 times my salary. I had a meeting with ptsb today and he said he would send my request off for 4 times my salary as my savings record was good and no financial commitments but I’d probably just be offered the 3.5 times.

Also, going for mortgage meetings for AIP, does that go on your credit check, and if so would that come against you if you tried a few banks ?

Hi Maz,

My partner and I were approved for an exemption that is due to expire shortly. They bank have said that they will not be extending the exemption offer beyond this, but would extend approval to 3.5 times our annual earnings. Their concern isn't that borrowers won't be able to meet their repayments, as many people think. Rather, it's that Central Bank rules permit them to grant exemptions for a max. of 20% of their annual lending. As lending is decreasing/expected to decrease, many banks are concerned that they may already have approved exemptions for what will be 20% of their overall lending for 2020. If they breach this they will have breached Central Bank rules and may be liable to sanction.

In terms of your own approval, banks will have a better idea towards the end of the year what their overall lending will be and whether they are permitted to grant any more exemptions. Unfortunately, this will put many prospective buyers on hold in the interim. That being said, I don't know if all lenders have paused exemptions and hopefully you'll get lucky. Since our engagement with our lender, the government have set out their plan and timeline for exiting lockdown and recent news articles suggest this could be accelerated, so hopefully the economic damage won't be too significant and lending can pick up more promptly than the banks had initially estimated.

P.S. re. your second query, I take it you're referring to the register maintained by the Central Bank? I don't know the answer to this, but I would be surprised if there was a record as there is no transaction. It may be that banks could see if other banks enquired about your credit rating, but I would be surprised if (a) this were the case and (b) this mattered to banks. Banks will make their assessment using their own criteria and I would be surprised if they looked to what any other bank did in respect of your account, assuming you have been forthright will all of the information you put to them. If you are concerned, you can request your credit history from the Central Bank (and request amendments if there are inaccuracies). I think there is a small fee for this, but it shouldn't be much.

lfen

Hi folks, read some stories on here where people had been refused at drawdown due to covid checks. Really crappy stuff. Wondering how far along the process you had gotten? We are sale agreed on a house since March. House is ready as of today. Life & home insurance in place. Snag complete. Over 70k handed over. Help to buy in the builders account. Waiting for bank to issue the funds and they are reluctant and looking for more reassurance. Had you guys gotten this far along when the bank changes their mind?

Maz2016

Paphos wrote: »

Hi Maz,

My partner and I were approved for an exemption that is due to expire shortly. They bank have said that they will not be extending the exemption offer beyond this, but would extend approval to 3.5 times our annual earnings. Their concern isn't that borrowers won't be able to meet their repayments, as many people think. Rather, it's that Central Bank rules permit them to grant exemptions for a max. of 20% of their annual lending. As lending is decreasing/expected to decrease, many banks are concerned that they may already have approved exemptions for what will be 20% of their overall lending for 2020. If they breach this they will have breached Central Bank rules and may be liable to sanction.

In terms of your own approval, banks will have a better idea towards the end of the year what their overall lending will be and whether they are permitted to grant any more exemptions. Unfortunately, this will put many prospective buyers on hold in the interim. That being said, I don't know if all lenders have paused exemptions and hopefully you'll get lucky. Since our engagement with our lender, the government have set out their plan and timeline for exiting lockdown and recent news articles suggest this could be accelerated, so hopefully the economic damage won't be too significant and lending can pick up more promptly than the banks had initially estimated.

P.S. re. your second query, I take it you're referring to the register maintained by the Central Bank? I don't know the answer to this, but I would be surprised if there was a record as there is no transaction. It may be that banks could see if other banks enquired about your credit rating, but I would be surprised if (a) this were the case and (b) this mattered to banks. Banks will make their assessment using their own criteria and I would be surprised if they looked to what any other bank did in respect of your account, assuming you have been forthright will all of the information you put to them. If you are concerned, you can request your credit history from the Central Bank (and request amendments if there are inaccuracies). I think there is a small fee for this, but it shouldn't be much.

Hi Paphos. Thank you so much for the detailed reply. That makes so much sense about the banks and the exemptions. I was looking at the whole situation wrong. Yes, that makes perfect sense.

Yes my point about getting AIP was exactly that - I was wondering If the central bank kept a record and would banks know I checked other banks. But as you say it might not matter. At the moment I am looking at the Rebuilding Ireland scheme. It’s offering me nearly 4.2 times my salary over 25 years. Could be an option

coughdrops

lfen wrote: »

Hi folks, read some stories on here where people had been refused at drawdown due to covid checks. Really crappy stuff. Wondering how far along the process you had gotten? We are sale agreed on a house since March. House is ready as of today. Life & home insurance in place. Snag complete. Over 70k handed over. Help to buy in the builders account. Waiting for bank to issue the funds and they are reluctant and looking for more reassurance. Had you guys gotten this far along when the bank changes their mind?

Short answer: Yes, unfortunately.

We had signed/returned our docs, other side signed, deposit paid, PTSB then said no before drawdown because my company gets the Covid top up (I am still on my full salary amount, so no change to our income).

Our broker has been great, and we're looking at other options now, but it has been so stressful. Sellers have agreed to wait to see how we get on, which is lovely of them!

TomTanks

coughdrops wrote: »

Short answer: Yes, unfortunately.

We had signed/returned our docs, other side signed, deposit paid, PTSB then said no before drawdown because my company gets the Covid top up (I am still on my full salary amount, so no change to our income).

Our broker has been great, and we're looking at other options now, but it has been so stressful. Sellers have agreed to wait to see how we get on, which is lovely of them!

Where you receiving the payment and your employer topped up.

I ask as I think employers can pick and choose who to put on the payment.

coughdrops

TomTanks wrote: »

Where you receiving the payment and your employer topped up.

I ask as I think employers can pick and choose who to put on the payment.

Yes - I'm receiving the payment where work pay a % and it is topped up to full amount by the subsidy. They've offered to take me off it if necessary.

TomTanks

coughdrops wrote: »

Yes - I'm receiving the payment where work pay a % and it is topped up to full amount by the subsidy. They've offered to take me off it if necessary.

My company agreed to take me off, I'm also with PTSB final stages.

coughdrops

TomTanks wrote: »

My company agreed to take me off, I'm also with PTSB final stages.

Oh best of luck! That's exciting!
Hope it all goes smoothly for you.

Ek2020

TomTanks wrote: »

My company agreed to take me off, I'm also with PTSB final stages.

It seems to be mostly Permanent TSB that people are having the most issues at drawdown with the subsidy scheme. Has anyone had any issues with other banks? We have a loan offer from EBS, just wondering if we will encounter problems when we get to drawdown or seek extension to the offer.

mimimcmc

Maz2016 wrote: »

Hi Paphos. Thank you so much for the detailed reply. That makes so much sense about the banks and the exemptions. I was looking at the whole situation wrong. Yes, that makes perfect sense.

Yes my point about getting AIP was exactly that - I was wondering If the central bank kept a record and would banks know I checked other banks. But as you say it might not matter. At the moment I am looking at the Rebuilding Ireland scheme. It’s offering me nearly 4.2 times my salary over 25 years. Could be an option

Just wondering what this is? i checked the website and i can't really see the difference between this and just applying to banks? what am i missing? how does the scheme work?

cython

mimimcmc wrote: »

Just wondering what this is? i checked the website and i can't really see the difference between this and just applying to banks? what am i missing? how does the scheme work?

There are additional eligibility criteria associated with it that direct it more towards applicants that banks might deem "less attractive" (for want of a better term), in particular the lines in bold below:

To be eligible for a Rebuilding Ireland Home Loan you must:

be a first-time buyer
be aged between 18 and 70 years
be in continuous employment for a minimum of two years, as the primary earner or be in continuous employment for a minimum of one year, as a secondary earner
have an annual gross income of not more than €50,000 as a single applicant or not more than €75,000 combined as joint applicants
submit two years certified accounts if self-employed
provide evidence of insufficient offers of finance from two banks or building societies
not be a current or previous owner of residential property in or outside the Republic of Ireland
occupy the property as your normal place of residence
purchase or self-build a property situated in the Republic of Ireland of no more than of 175 square metres (gross internal floor area)
purchase or self-build a property which does not exceed the maximum market value applicable for the county in which it is located
consent to an Irish Credit Bureau check

So there are a number of people who simply wouldn't be allowed to apply for it due to their means being above those of the people it is intended to assist.

kokiyou

QQ on when buying a new build - sorry if its the wrong thread for this question, let me know where is better for it.

Is there some standard process around PC Sum and what choices are available to the purchaser, or do I have to do build some list by myself and ask the builders for a quote?

Are there any threads / recommended reading on what options are best in modern new builds to choose and/or upgrade?

lfen

coughdrops wrote: »

Short answer: Yes, unfortunately.

We had signed/returned our docs, other side signed, deposit paid, PTSB then said no before drawdown because my company gets the Covid top up (I am still on my full salary amount, so no change to our income).

Our broker has been great, and we're looking at other options now, but it has been so stressful. Sellers have agreed to wait to see how we get on, which is lovely of them!

Yikes. Not what I wanted to hear but thank you. Good to set the expectation. Self employed so that further adds to the s#it show for us unfortunately. Company is actually in a better position since Covid19 but bank still being extremely difficult. They are now looking for this years accounts which will massively delay things, not to mention cost us a fortune.

masterboy123

I am with PTSB and on full salary + extra overtime (working in Healthcare setting). Our new house is in the final stages, we will do snagging next week or so.

I asked PTSB if there will be any issue with current circumstances and he said no no, you're all clear and he is happy to release the funds any week I want. This conversation took place 2 weeks ago.

Maybe things have changed recently?

Ek2020 wrote: »

It seems to be mostly Permanent TSB that people are having the most issues at drawdown with the subsidy scheme. Has anyone had any issues with other banks? We have a loan offer from EBS, just wondering if we will encounter problems when we get to drawdown or seek extension to the offer.

coughdrops

masterboy123 wrote: »

I am with PTSB and on full salary + extra overtime (working in Healthcare setting). Our new house is in the final stages, we will do snagging next week or so.

I asked PTSB if there will be any issue with current circumstances and he said no no, you're all clear and he is happy to release the funds any week I want. This conversation took place 2 weeks ago.

Maybe things have changed recently?

Are you on a Covid subsidy? If not, and your work is paying your full wages as normal, you should be fine with PTSB.

In our case, they pulled out on us about 3 weeks ago.

masterboy123

No, i am not on any allowance and employed by HSE.

Very sorry to hear about your case. I hope other banks will help you out.

coughdrops wrote: »

Are you on a Covid subsidy? If not, and your work is paying your full wages as normal, you should be fine with PTSB.

In our case, they pulled out on us about 3 weeks ago.

coughdrops

masterboy123 wrote: »

No, i am not on any allowance and employed by HSE.

Very sorry to hear about your case. I hope other banks will help you out.

Thanks! All the best with your purchase.

Hope that I will be back on here soon with my keys in hand.

awec

kokiyou wrote: »

QQ on when buying a new build - sorry if its the wrong thread for this question, let me know where is better for it.

Is there some standard process around PC Sum and what choices are available to the purchaser, or do I have to do build some list by myself and ask the builders for a quote?

Are there any threads / recommended reading on what options are best in modern new builds to choose and/or upgrade?

I think you're mixing up new build and self build.

There is no PC Sum or quotes from developers for new builds. There is no cost allowance for changes. You take what they build.

Some may allow you to make cosmetic changes, like a different kitchen, relocate a radiator, stick in some extra sockets. Usually when this happens you deal with the subbies directly, and pay them directly.

If you want to be doing things like changing room layouts, deciding on windows and window locations, the type of heating system etc then self building is what you're after.

actuar90

awec wrote: »

I think you're mixing up new build and self build.

There is no PC Sum or quotes from developers for new builds. There is no cost allowance for changes. You take what they build.

Some may allow you to make cosmetic changes, like a different kitchen, relocate a radiator, stick in some extra sockets. Usually when this happens you deal with the subbies directly, and pay them directly.

If you want to be doing things like changing room layouts, deciding on windows and window locations, the type of heating system etc then self building is what you're after.

The new build we were looking at did indeed include a PC sum of €20k to pick the kitchen, floors, etc but we didn't go so far as to see whether we had free reign over how to spend it or if there were set options from the builders.

awec

actuar90 wrote: »

The new build we were looking at did indeed include a PC sum of €20k to pick the kitchen, floors, etc but we didn't go so far as to see whether we had free reign over how to spend it or if there were set options from the builders.

This is quite unusual.

Most people will get a tiling allowance at best, and it won't even be enough to cover the tiling you want!

BrosnanL27

Queenio wrote: »

Hi all. First poster here. Loving this forum. Im in the process of house hunting. We got AIP March and then went into lockdown so it's been almost 3 months now of a clock ticking. I've been to one viewing in person and a few online viewings. For work reasons I'm quite restricted to areas.

We did a virtual viewing I loved the look of and are awaiting a viewing in person but was told it's not possible. The house has now been sale agreed. As FTB we not keen to offer without viewing in person. There have been so few properties in our chosen area and budget. Im also pregnant which I found out after we got AIP so I would love this process to be completed before needing to review. Feeling so disheartened already and haven't even gotten started. Supply is diminishing entirely. Hope some more properties come online June 8th but really not sure

In the exact same position as you and it's heartbreaking. What sort of areas are you looking in? At this rate we are thinking we will need to purchase a new build as second hand listings are few and far between but we don't quite have the funds yet (would need to save another 10k). Baby due early next year so I guess it gives us time but still so worrying xx

givyjoe

Got the below reply from our broker this morning

"...Banks are no longer proceeding to loan offer for anyone who is in receipt of Covid payments or Subsidy.

They are currently looking for payslips and bank statements evidencing that they are off the Covid payments prior to proceeding. The estate agents are aware of this now and are ensuring that anyone who is bidding has the ability to proceed...."

I had followed up with them after a rather unusually intrusive list of questions from an EA before being permitted to view a house later this evening. They wanted to know our wage status re: covid, our bank/broker. Im actually a little surprised from the response from the broker, as some folks on here in the last few days still seem able to proceed, even with Covid Subsidy? Or is that now changing?

Padre_Pio

Is this your bank or all banks?