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

JL555

Well if it's any consolation to anyone it can work out in the end if you persevere and push hard. Don't let anyone off the hook , solicitor, time wasting and ill prepared vendors, delays with paperwork etc etc. It's your time, your money and your life. I work in a high volume med device company where time is money and if you don't have a sense of urgency about how you do your work and foresee issues, you might as well quit. I guess I was able to bring some of that into the process from the time we decided to put a dedicated savings plan together and get the property.

Best of luck to anyone out there still in the process.

Pivot Eoin

Spoke to EAs today at 2 separate viewings, both saying they're absolutely swamped with new listings coming in the next 2 weeks. 20 in the relatively small area I'm looking at alone.

Good sign of things to come hopefully.

nutjobb

flynny50 wrote: »

Can I ask how can your solicitor draw done early?
How early are they able to do this?
We might be in the same boat with our approval running out before we can close.

In our case we had the contracts signed but contracts are subject to planning being in proper order. As the seller was getting retention planning sorted, this was the only box left to tick before we could officially complete the sale.

If you have contracts signed your solicitor can draw down on your behalf, possibly earlier just ask your solicitor about it to be sure.

The benifit was the messing with the bank is then complete and the deal is done as far as they're concerned. The negative is that you'll be repaying your mortgage before you move into your house so factor this in if your paying rent on top also. The solicitor will get a lump sum of money into his account and will gain interest on that amount while it's there. If the deal does fall through for whatever reason after drawdown, the money will be just given back to the bank less any repayments already made..

bulmersgal

Pivot Eoin wrote: »

Spoke to EAs today at 2 separate viewings, both saying they're absolutely swamped with new listings coming in the next 2 weeks. 20 in the relatively small area I'm looking at alone.

Good sign of things to come hopefully.

That's great to hear. Nothing new is happening in my price range in my area for so long. It's disappointing but to be expected. Hopefully more comes online all I seem to get daft emails about is loads of properties for auction

Corruptedmorals

flynny50 wrote: »

Can I ask how can your solicitor draw done early?
How early are they able to do this?
We might be in the same boat with our approval running out before we can close.

We did this too. Solicitor was happy to request funds once everything was finally put in place. We drew down about half an hour before the extension on the letter of offer ran out and closed the sale a month later, it took 3 attempts to close due to all of the complications so to know we didn't have the application running out over our heads anymore was a big relief. Once the solicitor and the bank are satisfied, there shouldn't be an issue in drawing down early. We had also already had 2 valuations done and would have been due a third so it avoids that hassle as well.

frw5

https://bit.ly/30D5HL8
This isn't funny anymore. How much are tickets to Australia

PommieBast

frw5 wrote: »

https://bit.ly/30D5HL8
This isn't funny anymore. How much are tickets to Australia

Must be a story behind that one. Deco and plumbings look 1980s..

Mr Hindley

Pivot Eoin wrote: »

Spoke to EAs today at 2 separate viewings, both saying they're absolutely swamped with new listings coming in the next 2 weeks. 20 in the relatively small area I'm looking at alone.

I know it doesn’t directly translate to here, but I spoke to an EA in London yesterday who said that while the rentals market is healthy, in terms of sales, he’s got loads of new listings from people who want to get out of London, but very few buyers.

Darc19

nutjobb wrote: »

The benifit was the messing with the bank is then complete and the deal is done as far as they're concerned. The negative is that you'll be repaying your mortgage before you move into your house so factor this in if your paying rent on top also. The solicitor will get a lump sum of money into his account and will gain interest on that amount while it's there.

Interest rate is zero for demand deposits or negative in some cases on large deposits. So no benefit whatsoever to the solicitor on this

cnocbui

frw5 wrote: »

https://bit.ly/30D5HL8
This isn't funny anymore. How much are tickets to Australia

For that money you would get something nice in Perth, for your AU$615,000 - Sydney or Melbourne, at least you would have a deposit. Average house price in Sydney is over a million.

Capital cities, world wide, do not have the most affordable housing.

Jay Dee

Pivot Eoin wrote: »

Spoke to EAs today at 2 separate viewings, both saying they're absolutely swamped with new listings coming in the next 2 weeks. 20 in the relatively small area I'm looking at alone.
.

Hi, Where are you ?
I'm in Cork city and very little available.

Thanks

Jay

Pivot Eoin

Jay Dee wrote: »

Hi, Where are you ?
I'm in Cork city and very little available.

Thanks

Jay

Looking in general DunLaoghaire-Rathdown CC area.

Monitor1985

There was a house we would have loved to buy, but it went sale agreed last March and we were in no position to make an offer.

I presume because of Covid-19 the sale was delayed and while the whole pandemic was going on we couldn't contact anyone for information about what was going on.

Fast forward to 2 weeks ago, we decided to drive past the house, there was an English reg car outside, I had done my homework and found out the sellers lived up north, so we stopped to have a chat.

They were absolutely lovely, They ended up giving us a tour of the house, told us buyers were dragging their heels and they were getting fed up with waiting.

They took my details and passed them onto the EA.

Next day I got a call from EA, long story short, the sellers pulled out from the current sale, decided to skip 3 other people who were in line and offer us the house.

We are currently sale agreed and deposit has been paid.

We are going through mortgage123, we are nearly there with full approval with Ulster Bank,they said the application is looking very promising and they just needed clarification on one more thing, a loan we had cleared in a lump sum back in January, basically requesting information on where the funds came from.

We told them it was part of our gift towards the deposit and we wanted to clear the loan to up our savings to the max possible, we knew we had to save for x amount of time and while we had the loan it would push our savings pattern and desired amount being saved monthly further out into the future.

Does anyone know if this would be an issue?

It's literally the only thing left to clear up, gave them the information Friday and I'm a nervous wreck all weekend with anticipation waiting for Monday to come for answers.

lfen

Monitor1985 wrote: »

There was a house we would have loved to buy, but it went sale agreed last March and we were in no position to make an offer.

I presume because of Covid-19 the sale was delayed and while the whole pandemic was going on we couldn't contact anyone for information about what was going on.

Fast forward to 2 weeks ago, we decided to drive past the house, there was an English reg car outside, I had done my homework and found out the sellers lived up north, so we stopped to have a chat.

They were absolutely lovely, They ended up giving us a tour of the house, told us buyers were dragging their heels and they were getting fed up with waiting.

They took my details and passed them onto the EA.

Next day I got a call from EA, long story short, the sellers pulled out from the current sale, decided to skip 3 other people who were in line and offer us the house.

We are currently sale agreed and deposit has been paid.

We are going through mortgage123, we are nearly there with full approval with Ulster Bank,they said the application is looking very promising and they just needed clarification on one more thing, a loan we had cleared in a lump sum back in January, basically requesting information on where the funds came from.

We told them it was part of our gift towards the deposit and we wanted to clear the loan to up our savings to the max possible, we knew we had to save for x amount of time and while we had the loan it would push our savings pattern and desired amount being saved monthly further out into the future.

Does anyone know if this would be an issue?

It's literally the only thing left to clear up, gave them the information Friday and I'm a nervous wreck all weekend with anticipation waiting for Monday to come for answers.

Can’t help but would be interested to see how long it takes UB to come back. They are reviewing one document for us since May 27th and can’t drawdown until they are done. Finding them absolutely shocking to deal with. Best of luck, hope they come back with good news sooner rather than later.

podgeandrodge

Monitor1985 wrote: »

There was a house we would have loved to buy, but it went sale agreed last March and we were in no position to make an offer.

I presume because of Covid-19 the sale was delayed and while the whole pandemic was going on we couldn't contact anyone for information about what was going on.

Fast forward to 2 weeks ago, we decided to drive past the house, there was an English reg car outside, I had done my homework and found out the sellers lived up north, so we stopped to have a chat.

They were absolutely lovely, They ended up giving us a tour of the house, told us buyers were dragging their heels and they were getting fed up with waiting.

They took my details and passed them onto the EA.

Next day I got a call from EA, long story short, the sellers pulled out from the current sale, decided to skip 3 other people who were in line and offer us the house.

We are currently sale agreed and deposit has been paid.

We are going through mortgage123, we are nearly there with full approval with Ulster Bank,they said the application is looking very promising and they just needed clarification on one more thing, a loan we had cleared in a lump sum back in January, basically requesting information on where the funds came from.

We told them it was part of our gift towards the deposit and we wanted to clear the loan to up our savings to the max possible, we knew we had to save for x amount of time and while we had the loan it would push our savings pattern and desired amount being saved monthly further out into the future.

Does anyone know if this would be an issue?

It's literally the only thing left to clear up, gave them the information Friday and I'm a nervous wreck all weekend with anticipation waiting for Monday to come for answers.

That seems entirely reasonable. They may look for a gift letter to say that the gifter has no interest in the property, but probably not as the money wasn't going directly to the house. Unless some of it was, then the gift letter is quite standard.

Monitor1985

lfen wrote: »

Can’t help but would be interested to see how long it takes UB to come back. They are reviewing one document for us since May 27th and can’t drawdown until they are done. Finding them absolutely shocking to deal with. Best of luck, hope they come back with good news sooner rather than later.

It's taken us about 2 and a half weeks to get from AIP to close to full approval, AIP was very laxy dazy as there was no property, so no urgency, but with the house falling at our laps our mortgage broker has gotten he's finger out and come a long way in two weeks with Ulster Bank.

I've heard lots of horror stories, but so far our broker has come back quiet quick, considering all the statements and payslips which need to be reviewed by the underwriter.

podgeandrodge wrote: »

That seems entirely reasonable. They may look for a gift letter to say that the gifter has no interest in the property, but probably not as the money wasn't going directly to the house. Unless some of it was, then the gift letter is quite standard.

We still have some of our gift left over, we did state we were getting a gift, we just haven't gotten to the stage where we've needed to present it yet.

bulmersgal

Monitor1985 wrote: »

It's taken us about 2 and a half weeks to get from AIP to close to full approval, AIP was very laxy dazy as there was no property, so no urgency, but with the house falling at our laps our mortgage broker has gotten he's finger out and come a long way in two weeks with Ulster Bank.

I've heard lots of horror stories, but so far our broker has come back quiet quick, considering all the statements and payslips which need to be reviewed by the underwriter.



We still have some of our gift left over, we did state we were getting a gift, we just haven't gotten to the stage where we've needed to present it yet.

Can I ask what documents you needed to send to get AIP compared to full approval.

I got AIP from finance Ireland but had sent in bank statement, credit card, payslips, p60. The underwriter had query on some money my mam gave me in nov but was for holiday so one of my conditions is to provide a gift letter for this. Now I've found a property and placed a bid but scared I don't have full loan approval now. I can't see how much more they can dig though

jluv

Seller here. Closed during the week. Happily surprised as I knew one part of the couple was affected by covid 19. No request for reduction in price. I'm happy out but have spoken to the buyers and they are happy too as the house was pure turn key. Reading all the stories here about people not being able to draw down had me genuinely concerned..

guyfawkes5

bulmersgal wrote: »

Can I ask what documents you needed to send to get AIP compared to full approval.

I got AIP from finance Ireland but had sent in bank statement, credit card, payslips, p60. The underwriter had query on some money my mam gave me in nov but was for holiday so one of my conditions is to provide a gift letter for this. Now I've found a property and placed a bid but scared I don't have full loan approval now. I can't see how much more they can dig though

Moving to an offer letter (which is the step after AIP) doesn't require any additional documentation. They may ask for more up-to-date documents from the last step like wage slips if enough time has passed.

All mine asked for was a link to the property, and a sale agreed price. After they issue the letter, they then carry out the valuation.

Monitor1985

bulmersgal wrote: »

Can I ask what documents you needed to send to get AIP compared to full approval.

I got AIP from finance Ireland but had sent in bank statement, credit card, payslips, p60. The underwriter had query on some money my mam gave me in nov but was for holiday so one of my conditions is to provide a gift letter for this. Now I've found a property and placed a bid but scared I don't have full loan approval now. I can't see how much more they can dig though

I had to send updated current account statements, 3 most recent payslips and a statement from a different loan I had separate from the one mentioned, just to prove I had it cleared, that's it, once you have all the stuff in for AIP that's the main bulk done.

Neamhshuntasach

I haven't looked in this forum for a while but last time I was looking there was talk of prices coming crashing down. However my experiences so far have been the opposite.

We were sale agreed earlier this year but fell through when one half of the couple lost their job temporarily. Agent went to under buyers and we went back close to previous sale agreed price. After some messing about we decided to put up for sale again. We're now 12k over our previous sale agreed price after a week!

We've also been enquiring about a lot of houses that were up before Covid and some that came back to market. Nothing really new to market in area we're looking at yet. Anyways, each house we call about for a viewing we're being told that there are offers way over asking already. And we're looking in the 400-600k range. No sign of getting anything cheaper yet. We're not dependent on sourcing a new house to sell our one. So hopefully it's just a few eager people that have been dying to get sorted and are jumping at houses since viewings started back.

Anyone seeing anything similar?

antimatterx

My parents had a house valued last week, and we feel it's significantly undervalued. The valuation came in at 400K. The house next door sold at 440K 3 years ago. Even with prices expected to drop (they haven't yet), it should still be worth more we feel.

Dylan94

antimatterx wrote: »

My parents had a house valued last week, and we feel it's significantly undervalued. The valuation came in at 400K. The house next door sold at 440K 3 years ago. Even with prices expected to drop (they haven't yet), it should still be worth more we feel.

Did you ask the valuer why it was lower? There could have been differences in the interior of the house next door that raised the price.

Pivot Eoin

Neamhshuntasach wrote: »

I haven't looked in this forum for a while but last time I was looking there was talk of prices coming crashing down. However my experiences so far have been the opposite.

We were sale agreed earlier this year but fell through when one half of the couple lost their job temporarily. Agent went to under buyers and we went back close to previous sale agreed price. After some messing about we decided to put up for sale again. We're now 12k over our previous sale agreed price after a week!

We've also been enquiring about a lot of houses that were up before Covid and some that came back to market. Nothing really new to market in area we're looking at yet. Anyways, each house we call about for a viewing we're being told that there are offers way over asking already. And we're looking in the 400-600k range. No sign of getting anything cheaper yet. We're not dependent on sourcing a new house to sell our one. So hopefully it's just a few eager people that have been dying to get sorted and are jumping at houses since viewings started back.

Anyone seeing anything similar?

I think this is it tbh.

There are the people who would've been looking to close in March/April but have had to wait an extra 3 months and are gunning to get something over the line. The good properties at a not extortionate amount will be snapped up for next few months. Really feel Winter/Early next year will be the dip (if any, maybe only 5-10% max). For us, maybe saving €30k isnt worth waiting another 10 months so we're ploughing ahead and hoping to buy and move in before end of this year.

brisan

Queenio wrote: »

Thank you for that it has given me some glimmer of hope. While it would be great if the market could cool off a little, the longer it's stagnant the more demand is going to build up I fear. Definitely not seeing any evidence of massive price drops at all. Not even small ones!

https://www.myhome.ie/pricechanges
A lot more decreases than increases

fifth

Hi folks,

Buying a new build, detached, 5 bed, single applicant here.

Contracts & loan offer signed two weeks ago. House still needs tiles/carpets etc, blinds, kitchen fitted. Have quotes for all of this work and ready to start.

Snag is being done this week.

Should I get bank valuation done before or after the kitchen is fitted? Will the property be valued lower if the kitchen isn't installed? I imagine it would. It'll just mean the difference of a few weeks in terms of closing depending on when this is done.

awec

fifth wrote: »

Hi folks,

Buying a new build, detached, 5 bed, single applicant here.

Contracts & loan offer signed two weeks ago. House still needs tiles/carpets etc, blinds, kitchen fitted. Have quotes for all of this work and ready to start.

Snag is being done this week.

Should I get bank valuation done before or after the kitchen is fitted? Will the property be valued lower if the kitchen isn't installed? I imagine it would. It'll just mean the difference of a few weeks in terms of closing depending on when this is done.

Valuation done when it's finished, though it'll likely make no difference, they don't really inspect in a lot of detail.

Highcontrast1

brisan wrote: »

https://www.myhome.ie/pricechanges
A lot more decreases than increases

estate agents have always done that, even before covid. It would be interesting to see this data compared to previous months or same month in previous years.

i'd love to see an analysis of the market where data is binned into, at least, granular areas (crumlin, sandymount, ashtown, tyrrelstown etc.), price buckets(250k - 300k etc.), size, bedrooms, streetName.

i think this can be achieved with scrapped listings(myhome, daft) and the property price register.

Bluefoam

fifth wrote: »

Hi folks,

Buying a new build, detached, 5 bed, single applicant here.

Contracts & loan offer signed two weeks ago. House still needs tiles/carpets etc, blinds, kitchen fitted. Have quotes for all of this work and ready to start.

Snag is being done this week.

Should I get bank valuation done before or after the kitchen is fitted? Will the property be valued lower if the kitchen isn't installed? I imagine it would. It'll just mean the difference of a few weeks in terms of closing depending on when this is done.

Part of the valuation is to confirm that the house has been completed. So you have to wait for all to be finished.

lfen

Monitor1985 wrote: »

It's taken us about 2 and a half weeks to get from AIP to close to full approval, AIP was very laxy dazy as there was no property, so no urgency, but with the house falling at our laps our mortgage broker has gotten he's finger out and come a long way in two weeks with Ulster Bank.

I've heard lots of horror stories, but so far our broker has come back quiet quick, considering all the statements and payslips which need to be reviewed by the underwriter.



We still have some of our gift left over, we did state we were getting a gift, we just haven't gotten to the stage where we've needed to present it yet.

Bizzare how much it can differ cause to case. We had applied in Jan, got AIP & went sale agreed in March, trying to drawdown since.