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

Bluefoam

brisan wrote: »

I think it was more or less the Chinese Government that caused the problem.

Thats a disingenuous response... Basically making silly statements to deflect other issues... we are all aware of corona virus and the implications. This is about the Irish response & how it effects our citizens.

brisan

Bluefoam wrote: »

Thats a disingenuous response... Basically making silly statements to deflect other issues... we are all aware of corona virus and the implications. This is about the Irish response & how it effects our citizens.

Do you honestly expect banks to honour a contract to give a mortgage when the circumstances of the borrower have changed or are likely to change.
What happens when the borrower can no longer afford to pay .
The taxpayer will be left bailing the banks out again.
The banks are being prudent as they should be.
The Government is at fault for
A Not building enough social housing
B Not making new homes more affordable and ensuring builders pass on the savings
They should not encourage reckless lending as that is what caused the last crash

lenny4545

We are sale agreed on a new build but vendors solicitor won't insert subject to finance clause in contract. We haven't got bank valuation of house yet but what is likelihood it will be valued less than the quoted 260k? It's a 3 bed semi detached.

Graham

In the current market I just wouldn't proceed without a subject to finance clause.

Regardless of the direction of property values, if your personal circumstances change to the point where your mortgage offer is rescinded there is every likelihood you will at least lose your deposit.

Ortiz

lenny4545 wrote: »

We are sale agreed on a new build but vendors solicitor won't insert subject to finance clause in contract. We haven't got bank valuation of house yet but what is likelihood it will be valued less than the quoted 260k? It's a 3 bed semi detached.

Obviously follow your solicitors advice on this but there is no way you should be signing without that clause in place. Certain solicitors seem to have an issue with this clause but it's a standard law society recommendation and I guarantee you those same solicitors would be looking to put the clause in if they were representing the buyer.

There are stories going around about banks pulling finance on certain people at the moment and if you were to sign and then have your finance pulled you'd lose the 10% deposit that is payable when signing. Again check all of this with your solicitor to be sure

ELM327

lenny4545 wrote: »

We are sale agreed on a new build but vendors solicitor won't insert subject to finance clause in contract. We haven't got bank valuation of house yet but what is likelihood it will be valued less than the quoted 260k? It's a 3 bed semi detached.

Get a better solicitor
"Subject to finance" is a must have.

coughdrops

Ortiz wrote: »

Obviously follow your solicitors advice on this but there is no way you should be signing without that clause in place. Certain solicitors seem to have an issue with this clause but it's a standard law society recommendation and I guarantee you those same solicitors would be looking to put the clause in if they were representing the buyer.

There are stories going around about banks pulling finance on certain people at the moment and if you were to sign and then have your finance pulled you'd lose the 10% deposit that is payable when signing. Again check all of this with your solicitor to be sure

1000 times this.
We were those people. Our solicitor had insisted on the clause, thankfully.

If she hadn't, we'd have been none the wiser to ask for it.
I know everyone has a responsibility to make sure they understand what is going on, but if your solicitor (who is working for you, to protect your interests) doesn't mention it, you might not know about the need for it.

LoonyLovegood

Final docs gone in, and confirmed in branch that everything is accepted and good to go, it'll probably be seven business days, but he'll see if he can get it sooner for me. Very few mortgage applications going in, but the underwriters are snowed under with payment breaks.

lenny4545

Vendors solicitor has finally agreed to subject to finance clause so signing contract on Friday!ðŸ˜

Graham

lenny4545 wrote: »

Vendors solicitor has finally agreed to subject to finance clause so signing contract on Friday!ðŸ˜

Congrats.

I had a bet with myself that they would.

lenny4545

Graham wrote: »

Congrats.

I had a bet with myself that they would.

Thanks! Ya doesn't make sense that they would be against it and risk us walking away from deal.

hi!

Just wondering if anyone has ever negotiated the price of a new build? Is it even possible? Especially now with the uncertain market with covid. We have jobs that are pandemic proof and can easily get a mortgage - but with exemptions on hold a new build is just out of reach.
Thanks

lcarrol3

hi! wrote: »

Just wondering if anyone has ever negotiated the price of a new build? Is it even possible? Especially now with the uncertain market with covid. We have jobs that are pandemic proof and can easily get a mortgage - but with exemptions on hold a new build is just out of reach.
Thanks

Myself and my partner are in the exact same situation! We've asked on a few developments and been told no - but I don't think it's impossible, just depends on the developer, agent and how desperate they are to sell. Where are you looking? There are a few developments they're struggling to sell that you might have more luck with

bulmersgal

Sale agreed on a house since last week, survey and valuation done this week. Waiting on loan offer and contracts but estate agent said he reckons it should be 5 weeks. Does anybody else reckon this is a reasonable timeframe.

I got AIP with finance Ireland two weeks ago and they went through my bank statements as had to explain one transactions as it looked like a gift but was only person paying me for flights and hotel.

hi!

lcarrol3 wrote: »

Myself and my partner are in the exact same situation! We've asked on a few developments and been told no - but I don't think it's impossible, just depends on the developer, agent and how desperate they are to sell. Where are you looking? There are a few developments they're struggling to sell that you might have more luck with

Interesting! Any idea which developments are struggling? We’re looking in Leixlip/Celbridge/Maynooth ideally. Have registered interest in a good few developments but they are pricy. We’ve got AIP from three banks so far and HTB (and a reasonable deposit) however will still struggle to reach the cost of new build. We could prob afford a second hand home but they all seem to need a bit of work so I now have my heart set on a new build. Spoke to the banks and they said we’d of 100% of gotten an exemption if it wasn’t Covid times. We’re prob just going to get paperwork in order and full aproval and wait and see. We then may try negotiate.
Where have you been looking?

ladystardust

bulmersgal wrote: »

Sale agreed on a house since last week, survey and valuation done this week. Waiting on loan offer and contracts but estate agent said he reckons it should be 5 weeks. Does anybody else reckon this is a reasonable timeframe.

I got AIP with finance Ireland two weeks ago and they went through my bank statements as had to explain one transactions as it looked like a gift but was only person paying me for flights and hotel.

It seems quick to me. We purchased a small place with cash when our mortgage fell through due to the pandemic. We were sale agreed to close in approx 3 weeks. I had the survey done the day after we went sale agreed. It was all legal red tape with the solicitors that held us up and I spend three weeks basically chasing people. I was like a dog with a bone. And we didn't have to include banks in it all. Its possible if you are motivated.

1sttimebuyer20

Hi Folks

Put a booking deposit as posted yesterday on a new build, I’m fine steaming ahead, I’ve recently had an exception increased (so I will defiantly be having subject to finance in any contract)

My only real concern is I’m buying in phase 2 of a development, the same houses were sold €30k+ cheaper in phase 1, and phase 3 prices are yet to be released, I really don’t like sitting on the fence but paying 30k more just 7-8 months later, and then phase 3 the prices could potentially drop again (obviously EA will say they don’t see that happening) is a worry. is such a big price difference typical for 2nd phase of a development? I knew there were increases but that’s a lot of money when you factor in interest over the course of the mortgage

givyjoe

Claw Hammer wrote: »

First of all, when you do have a bid accepted, the first thing you will be asked, after the booking deposit, is the name of your solicitor. If you don't have one at that stage you will look amateurish and may well find yourself down the queue of aspirant bidders.
Even if you are staying in the deal, you will only have a very short time to find a solicitor. This is not something to be rushed. You should be getting personal recommendations before engaging a solicitor. Charges vary a lot and some are competent and some are not. there are many former solicitors who have been struck off for dishonesty. I saw one two hours ago who was jailed for dishonesty and served a sentence.

Sorry but that is absolute nonsense re: looking amateurish. This is what we all are re: buying houses.

lir6777

1sttimebuyer20 wrote: »

Hi Folks

Put a booking deposit as posted yesterday on a new build, I’m fine steaming ahead, I’ve recently had an exception increased (so I will defiantly be having subject to finance in any contract)

My only real concern is I’m buying in phase 2 of a development, the same houses were sold €30k+ cheaper in phase 1, and phase 3 prices are yet to be released, I really don’t like sitting on the fence but paying 30k more just 7-8 months later, and then phase 3 the prices could potentially drop again (obviously EA will say they don’t see that happening) is a worry. is such a big price difference typical for 2nd phase of a development? I knew there were increases but that’s a lot of money when you factor in interest over the course of the mortgage

I'm not too sure, it does seem a lot, I thought about 10k increase might be more normal, but just wanted to point out in case it might be relevant: I believe there were some new regulations passed late last year which upped the energy rating new builds have to have? So some have increased in cost across phases just due to those changes. Still not sure 30k would be right though, I'd have the same fears as you! Would the EA give you any insight into why that rise?

1sttimebuyer20

lir6777 wrote: »

I'm not too sure, it does seem a lot, I thought about 10k increase might be more normal, but just wanted to point out in case it might be relevant: I believe there were some new regulations passed late last year which upped the energy rating new builds have to have? So some have increased in cost across phases just due to those changes. Still not sure 30k would be right though, I'd have the same fears as you! Would the EA give you any insight into why that rise?

This is embarrassing, someone has advised me prices listed on property price register and excluding VAT, so your would be fairly accurate, apologies for making a tit of myself but I suppose that’s what boards.ie is for

On a side note, for exceptions, I got mine extended as I had been sale agreed on a property until the sellers dropped off the face of the planet, so I have until September to use it. I was advised by the broker it will not be extended and he/she does not see me getting it again this year. My AIP is with Finance Ireland, they are stating that they will allow draw down, they also increased my approval amount as I’ve had to quarterly bonuses paid since my original approval.

If anyone is with Finance Ireland as has approval in place and is worried, I’d give them a call to try ease your concerns

hi!

1sttimebuyer20 wrote: »

Hi Folks

Put a booking deposit as posted yesterday on a new build, I’m fine steaming ahead, I’ve recently had an exception increased (so I will defiantly be having subject to finance in any contract)

My only real concern is I’m buying in phase 2 of a development, the same houses were sold €30k+ cheaper in phase 1, and phase 3 prices are yet to be released, I really don’t like sitting on the fence but paying 30k more just 7-8 months later, and then phase 3 the prices could potentially drop again (obviously EA will say they don’t see that happening) is a worry. is such a big price difference typical for 2nd phase of a development? I knew there were increases but that’s a lot of money when you factor in interest over the course of the mortgage

I’ve no experience but it seems to be the norm from looking online. Has put me off a few developments seeing the increase in different phases, especially now with such an uncertain market. Can I ask who you got an exception with?

Gavin "shels"

Has anyone noticed (Dublin 12 and Dublin 7 in our case) a lot of properties you're viewing are rental properties? Seems a lot of landlords seem to be selling up.

1sttimebuyer20

hi! wrote: »

I’ve no experience but it seems to be the norm from looking online. Has put me off a few developments seeing the increase in different phases, especially now with such an uncertain market. Can I ask who you got an exception with?

Finance Ireland, AIP in place since late last year, got an exception added in principle in January, signed a loan offer which extended my timeframe as I was sale agreed on a house but that fell through. I have been told if I do not use it, I will not be approved for another exception until at least the new year, but at the same time they increased my exception amount so that’s a bit strange.

I am going with a full 30% deposit, my wages have not been effected and I have gotten both quarterly bonuses for March and June so perhaps that all has played in my favor but there seems to be so many different stories floating around

PommieBast

Gavin shels wrote: »

Has anyone noticed (Dublin 12 and Dublin 7 in our case) a lot of properties you're viewing are rental properties? Seems a lot of landlords seem to be selling up.

That's been the general story for quite some time. Seems anyone with rent less than 1400/month has received notice.

Conrad83

hi! wrote: »

Just wondering if anyone has ever negotiated the price of a new build? Is it even possible? Especially now with the uncertain market with covid. We have jobs that are pandemic proof and can easily get a mortgage - but with exemptions on hold a new build is just out of reach.
Thanks

We have tried and basically got laughed at by the EA a couple of weeks back. He said of the 7 or 8 new developments in Dublin and surrounding areas, Meath, Kildare etc he is managing there will be no price reductions as demand is still very high. He said if new builds are forced to drop prices they just wont build cos they will lose money.

He said he is seeing a reduction in some 2nd hand properties in Dublin due to them already being overpriced or the seller being in a chain and already being sale agreed on their new home so forced to drop price for quick sale!

hi!

Conrad83 wrote: »

We have tried and basically got laughed at by the EA a couple of weeks back. He said of the 7 or 8 new developments in Dublin and surrounding areas, Meath, Kildare etc he is managing there will be no price reductions as demand is still very high. He said if new builds are forced to drop prices they just wont build cos they will lose money.

He said he is seeing a reduction in some 2nd hand properties in Dublin due to them already being overpriced or the seller being in a chain and already being sale agreed on their new home so forced to drop price for quick sale!

Interesting! Thanks for the reply. Wouldn’t be too trustful of EA tbh they’re not going to say if things are slowing. We’re not in too much of a rush so willing to wait and see what happens in the market

Conrad83

hi! wrote: »

Interesting! Thanks for the reply. Would be too trustful of EA tbh they’re not going to say if things are slowing. We’re not in too much of a rush so willing to wait and see what happens in the market

Of course! Pinch of salt! It will be interesting to see what happens. At the moment there doesnt seem to be any change in new builds and note an estate in Naas have actually increased prices.

From hearing from partner/friend who work in 2 different banks the last 2 weeks have reverted to pre Covid times and they are inundated with new mortgage requests so I suspect if there is any price reductions in new builds it wont be in the near future. People are also afraid the HTB will be pulled, banks may tighten up on lending, exceptions etc..

Claw Hammer

givyjoe wrote: »

Sorry but that is absolute nonsense re: looking amateurish. This is what we all are re: buying houses.

You sound like you've never bought a house in your life.
Some people buying house are organised an know what they are doing. Others are scattered and making it up as they go along. Guess which ones are more likely to have their bid accepted and processed? You are buying houses, not ice cream from a van. An agent accepting a bid is committing himself to a lot of work and time and won't want to deal with a messer if at all possible.
I have seen agents refuse to accept a deposit from people because they didn't like the solicitor the buyer proposed using.

1sttimebuyer20

Conrad83 wrote: »

Of course! Pinch of salt! It will be interesting to see what happens. At the moment there doesnt seem to be any change in new builds and note an estate in Naas have actually increased prices.

From hearing from partner/friend who work in 2 different banks the last 2 weeks have reverted to pre Covid times and they are inundated with new mortgage requests so I suspect if there is any price reductions in new builds it wont be in the near future. People are also afraid the HTB will be pulled, banks may tighten up on lending, exceptions etc..

Very close friend is a mortgage broker, reckons Q3 or Q4 will be his best ever quarter depending on when sales land. Has no reason to lie to me, he’s not my broker

stayback

1sttimebuyer20 wrote: »

Very close friend is a mortgage broker, reckons Q3 or Q4 will be his best ever quarter depending on when sales land. Has no reason to lie to me, he’s not my broker

It’s all going to come down to how the unemployment figure will be in October/November companies are shielding losses now cause of the wage subsidy. Just on the news we still 485k people on the wage subsidy. How many businesses will be sustainable which this is removed.

I do feel house prices won’t drop considerably until next year. Demand will always be there and as I said in a previous post it’s going to be all down to the availability of finance.

If banks begin to get frightened and pause exemptions or reduce loan to values it won’t matter how much supply is there if people can’t get finance they just won’t have the capacity to purchase.