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

guyfawkes5

Bigmac1euro wrote: »

We’re actually delighted things are moving but we’re just surprised at how quick so far.
We’re not worried as such it just seems much quicker than expected.
I kind of budgeted to have a few k upon moving in taking into account it would take probably 3 months or so but this doesn’t seem to be the case if things keep moving as quickly as they have been.

Praying our letter of loan offer just comes in without delay or heartbreak.

If it's any consolation, I would say from experience and from talking to others, most of the delays seem to occur late in the process as opposed to up front.

Duke of Url

CuriousKarl wrote: »

Wow okay that is fairly convincing to go with getting one then. Do you pay for each report or how does it work? Am I right in thinking typical turn around is about three weeks?

Yes. You normally pay full price for the first report and then a discounted price on the follow up reports

We paid 190 euros for the first report on a 3 bed and 100 on the follow up.

Duke of Url

The current issue with getting the snagging list rectified is that we are going into Builders Holidays time which may delay things getting fixed.

alicantra123

Hi all, I'm in the early process of buying a house (valuation complete and contracts exchanged) and just wondering how long does the whole process usually take?

i'm in the awkward position where I've been offered a job I really want, but if I change jobs I'm very worried bank won't give us the mortgage. The new job has a 12 month probationary period, but it is public sector, would this have any influence on the bank's likelihood of giving a mortgage?

I have managed to defer the start date for the new job for three months but I'm not sure if that's long enough away...


Separately, our solicitor has advised us not to get a survey done until they have reviewed the contracts and gotten the formal mortgage approval from the banks. The EA isn't happy with this and has been putting me under pressure to get the survey done ASAP. It seems to me many people get the survey done right away, it is normal to wait? Also, any ideas why the EA is putting me under pressure to complete it? He seems to think I am delaying, but my solicitor will need to review the contracts in any case so I don't really see how it makes much difference, unless I'm missing something? Would it be appropriate to ask the EA to speak to my solicitor instead of me? He's stressing me out!

Congrats to everyone who has completed, I'm very jealous!!

bulmersgal

alicantra123 wrote: »

Hi all, I'm in the early process of buying a house (valuation complete and contracts exchanged) and just wondering how long does the whole process usually take?

i'm in the awkward position where I've been offered a job I really want, but if I change jobs I'm very worried bank won't give us the mortgage. The new job has a 12 month probationary period, but it is public sector, would this have any influence on the bank's likelihood of giving a mortgage?

I have managed to defer the start date for the new job for three months but I'm not sure if that's long enough away...


Separately, our solicitor has advised us not to get a survey done until they have reviewed the contracts and gotten the formal mortgage approval from the banks. The EA isn't happy with this and has been putting me under pressure to get the survey done ASAP. It seems to me many people get the survey done right away, it is normal to wait? Also, any ideas why the EA is putting me under pressure to complete it? He seems to think I am delaying, but my solicitor will need to review the contracts in any case so I don't really see how it makes much difference, unless I'm missing something? Would it be appropriate to ask the EA to speak to my solicitor instead of me? He's stressing me out!

Congrats to everyone who has completed, I'm very jealous!!

I got my survey done within the first few days as if anything significant was wrong I was going to pull out and didn't want to have to pay solicitor fees if I didn't have too.

I don't know why he would ask you to delay. From my survey there was indemnity forms (I think that's what it was called) they had to have as had built a porch.

all about the mane

Have heard from a few different people in estate agent circles of trouble drawing down mortgages when it comes to the time. Just curious if people have any experience of the same or heard others having trouble. Wondering if the dreaded credit crunch has started.

acer911

Hi All, looking for some practical advice here as I am relatively green with regards buying a house. Looking at buying a show house in a development of houses and apartments.

What is the protocol here around snagging considering it is a show house?

Also was told by the agent that there is no management fees as the development is to be managed by the council, should I have any concerns about this? What questions should I be looking to get answered in relation to it? Thanks.

Duke of Url

acer911 wrote: »

Hi All, looking for some practical advice here as I am relatively green with regards buying a house. Looking at buying a show house in a development of houses and apartments.

What is the protocol here around snagging considering it is a show house?

Also was told by the agent that there is no management fees as the development is to be managed by the council, should I have any concerns about this? What questions should I be looking to get answered in relation to it? Thanks.

1- Show house needs Snagging

2- Ask the EA to show you an extract from the Contract or Building Agreement that States - no management fees as the development is to be managed by the council,

I dont believe this for a second.

acer911

Duke of Url wrote: »

1- Show house needs Snagging

2- Ask the EA to show you an extract from the Contract or Building Agreement that States - no management fees as the development is to be managed by the council,

I dont believe this for a second.

Thanks Duke.

It’s a small development, c.15 houses and 40 apartments. He said the apartments will have management charges etc due to lift, underground car park but houses would not as the area around is to be managed by the council.

He was very vague also on the number of units to be sold as “social” only to state fully compliant with relevant regulations. Should we be concerned by this?

Padre_Pio

acer911 wrote: »

Thanks Duke.

It’s a small development, c.15 houses and 40 apartments. He said the apartments will have management charges etc due to lift, underground car park but houses would not as the area around is to be managed by the council.

He was very vague also on the number of units to be sold as “social” only to state fully compliant with relevant regulations. Should we be concerned by this?

Yes. 10% would be social and affordable housing, so maybe 2 houses and 4 apartments. However, there's other private charities and groups that may buy houses for social housing.

Ask who's buying the other houses, are they individuals or some other entity.

Nijmegen

Nalz wrote: »

I'm hoping and praying covid doesn't significantly reduce interest in our house. We're selling a 4bed in Clonee/Castaheany area. Only went up for sale last week, fingers and toes crossed.

There's actually a pretty steady stream of interest in the market. Selling not too far away from you and the EA has actually kept non-qualified people away by ensuring they have finance, AIP at least, as viewings during covid are a pain.

Bigmac1euro wrote: »

We’re actually delighted things are moving but we’re just surprised at how quick so far.
We’re not worried as such it just seems much quicker than expected.
I kind of budgeted to have a few k upon moving in taking into account it would take probably 3 months or so but this doesn’t seem to be the case if things keep moving as quickly as they have been.

Praying our letter of loan offer just comes in without delay or heartbreak.

Your solicitor could slow things down for you with plenty of queries and slow responses, but to be honest this also creates room on the other side to collapse the sale (and is a bit of a d-move!). 8 weeks from sale agreed is probably about as fast as it could happen.

Duke of Url wrote: »

The current issue with getting the snagging list rectified is that we are going into Builders Holidays time which may delay things getting fixed.

Might not be an issue this year given they had time off and likely need to make up their money...

alicantra123 wrote: »

Hi all, I'm in the early process of buying a house (valuation complete and contracts exchanged) and just wondering how long does the whole process usually take?

i'm in the awkward position where I've been offered a job I really want, but if I change jobs I'm very worried bank won't give us the mortgage. The new job has a 12 month probationary period, but it is public sector, would this have any influence on the bank's likelihood of giving a mortgage?

I have managed to defer the start date for the new job for three months but I'm not sure if that's long enough away...

If you are on probation you will not get a mortgage and they are being very particular to ask if your financial circumstances have changed prior to drawdown now.

wolfyboy555

Do agents have to register bids with the vendors? I made an offer 15% under asking on property outside Dublin in Leinster region and agent said they aren't even going to approach the vendor with it. Property has been on the market for 2 years now in the 350-400k bracket

random_banter

all about the mane wrote: »

Have heard from a few different people in estate agent circles of trouble drawing down mortgages when it comes to the time. Just curious if people have any experience of the same or heard others having trouble. Wondering if the dreaded credit crunch has started.

If you look back on this thread over the last few months and also the saving/applying thread you will find posters saying the bank has pulled approval at letter of offer stage, or pulled exemptions at offer stage. This started happening as the lockdown started.

This seems to be because exemptions are off the table (but for a few circumstances) and people are having offer letters held back until they are off covid payments / subsidies.

There was even one poster who was assured they would have their exemption the day before the drawdown (or was it letter of offer day?) and then it was taken back the next day when they wanted to get their drawdown (again this could have been letter of offer... have a search)

bulmersgal

Seen a property I like over the weekend. Leinster area not Dublin I'm think of bidding 7% lower (15k)than what it is up for. I know it's been on the market a month and has had several viewings.

I really like it but it's quite close to my limit if it goes 4k over asking I can't afford. What's everyone's opinion on bidding should I start low which is about 15k below asking or go in higher.

Ek2020

Have contracts signed and exchanged on a new build since March. Letter of offer expires at the start of September with the house due to be finished in October. All along we were told that there would be no issue getting the offer extended with just recent payslips and current account statements. I enquired today about the extension and was told that new builds almost always go over time and the extension only lasts up to a month. They are now telling us we should just do a complete new application . Does anyone know are loan offer extensions now only a month long? We were under the impression it could be extended by 3 or 6 months

colly10

Ek2020 wrote: »

Have contracts signed and exchanged on a new build since March. Letter of offer expires at the start of September with the house due to be finished in October. All along we were told that there would be no issue getting the offer extended with just recent payslips and current account statements. I enquired today about the extension and was told that new builds almost always go over time and the extension only lasts up to a month. They are now telling us we should just do a complete new application . Does anyone know are loan offer extensions now only a month long? We were under the impression it could be extended by 3 or 6 months

I had an offer extended by 6 months about a month ago with BOI. It’s normally not an issue

lomb

wolfyboy555 wrote: »

Do agents have to register bids with the vendors? I made an offer 15% under asking on property outside Dublin in Leinster region and agent said they aren't even going to approach the vendor with it. Property has been on the market for 2 years now in the 350-400k bracket

I think they are legally obliged to so they sound like much of an agent. Just write the vendor a letter in writing advising offer and post to the address.

Ek2020

colly10 wrote: »

I had an offer extended by 6 months about a month ago with BOI. It’s normally not an issue

Yeah that's what I was thinking would be the case. It may be new policy with some banks not to offer the normal longer extensions anymore in the current climate. We really didn't think we would need a complete new application

Nijmegen

bulmersgal wrote: »

Seen a property I like over the weekend. Leinster area not Dublin I'm think of bidding 7% lower (15k)than what it is up for. I know it's been on the market a month and has had several viewings.

I really like it but it's quite close to my limit if it goes 4k over asking I can't afford. What's everyone's opinion on bidding should I start low which is about 15k below asking or go in higher.

To be honest you don't have insight into the sellers situation or mind or the results of the viewings so far. A month isn't a terribly long time for a house to be up before you'd go dropping your pants but equally the seller could want a quick sale and will be interested in your situation and might take a deal (eg, are you in a chain). Might as well.

bulmersgal

Nijmegen wrote: »

To be honest you don't have insight into the sellers situation or mind or the results of the viewings so far. A month isn't a terribly long time for a house to be up before you'd go dropping your pants but equally the seller could want a quick sale and will be interested in your situation and might take a deal (eg, are you in a chain). Might as well.

No I'm a first time buyer was sale agreed on another property so all ready to go on a new one. It's hard being the first person to bid on a house as you don't no what is a reasonable amount to bid. Don't want to go to low and offend or start to high

Will Yam

bulmersgal wrote: »

Seen a property I like over the weekend. Leinster area not Dublin I'm think of bidding 7% lower (15k)than what it is up for. I know it's been on the market a month and has had several viewings.

I really like it but it's quite close to my limit if it goes 4k over asking I can't afford. What's everyone's opinion on bidding should I start low which is about 15k below asking or go in higher.

This may not be of much help, but.........

You should try and pitch your first offer as low as possible, but not at the level which makes you look silly. Low enough to keep you in contention.

You can’t control where it’s going to go. I was recently involved in a bidding process. I made first offer at 7% below asking price (45k below). Eventually it went for 3% above (20k plus).

It all depends on the other punters in the race.

bulmersgal

Will Yam wrote: »

This may not be of much help, but.........

You should try and pitch your first offer as low as possible, but not at the level which makes you look silly. Low enough to keep you in contention.

You can’t control where it’s going to go. I was recently involved in a bidding process. I made first offer at 7% below asking price (45k below). Eventually it went for 3% above (20k plus).

It all depends on the other punters in the race.

When did you place your bid. I'm viewing another place later in week so not sure if I should bid sooner rather than later

Nijmegen

bulmersgal wrote: »

No I'm a first time buyer was sale agreed on another property so all ready to go on a new one. It's hard being the first person to bid on a house as you don't no what is a reasonable amount to bid. Don't want to go to low and offend or start to high

A good thing to do is to back it up. Look at the price per sq ft things have actually been selling for recently in the area or a comparable area.

Foggy Jew

Probably incorrect thread to post in - Mods move as appropriate, please. I’m looking for a house-clearance company. Beds, wardrobes, contents of attic, large display cabinets, garden furniture, garden shed, stair lift. All advice appreciated.

wolfyboy555

lomb wrote: »

I think they are legally obliged to so they sound like much of an agent. Just write the vendor a letter in writing advising offer and post to the address.

Thanks I might give it a go. I would just be worried of being blacklisted off the estate agents list as they have somewhat of a monopoly on local properties

Will Yam

bulmersgal wrote: »

When did you place your bid. I'm viewing another place later in week so not sure if I should bid sooner rather than later

I placed my first bid on or around 15th Feb. The final bid was on 6th March. There were 4 different bidders and there was a minimum of one bid every day.

Ironically the final bidder, and winner, couldnt close because of Covid, and house came back on market.

Went to see it again after lockdown lifted, and decided not to make a fresh bid. I said to EA that i wouldn’t be offerring asking price, or near it. I was told that if the seller didn’t get the asking price (or very near it) they would rent it out for a year (it was an executor sale). So that was that.

Ironically I was also debating with a friend his dilemma - he had sold his late mother’s house just before Covid, and post Covid the buyer came back demanding a 15% reduction on agreed price. He had no option but to concede 10%, or start all over again.

So each set of circumstances is very different, and depends on how badly the buyer wants it, and how badly the seller wants shut.

On reflection I think I may have gone in too low, which may have attracted others in and then we all got caught in an incremental bidding war. I will never know, but had I gone in on day 1 with a bid on asking price would I have scared others off?

I’m looking at another one and am half thinking of offering asking price - but making it conditional on it being taken off the market.

Bigmac1euro

Banks not happy about my partners letter because it states

“As the situation during the outbreak remains unclear, we’ll continue to monitor this over the coming weeks.
This may mean at some point in the future you will be put back into a lay-off period”

Even though she’s back working without Covid on statements as requested.
Broker also should have picked up on the letter and not submitted.

We submitted another letter fingers crossed but I can’t see approval happening now.

The bank basically want us to tell them the lockdown isn’t going to happen again and that I have a cure for the virus.

We’re now out of pocket for survey and probably solicitor will charge us a fee.

Emigration now very likely. Fed up at this stage. Feel sorry for the vendor as well. Hope they don’t think we wasted their time.

mojesius

That's so disappointing for you both. It seems banks are looking for any reason not to loan. May I ask what bank you applied with?

Bigmac1euro

mojesius wrote: »

That's so disappointing for you both. It seems banks are looking for any reason not to loan. May I ask what bank you applied with?

Ulster Bank

mojesius

Bigmac1euro wrote: »

Ulster Bank

I found Ulster Bank quite inflexible when applying (also through a broker). They wouldn't take my annual bonus into account or my husband's salary as we was off for some time last year due to a one-off operation.

We went with PTSB in the end and found them much better to deal with. Would you consider trying another bank at this stage if you have your heart set on the house?