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

The Wordress

Anyone have experience of this....

We sent our mortgage application paperwork to our broker 6 weeks ago.

During the initial consultation with our broker I flagged that my husband missed repayments on his personal loan last year. The broker requested that we get a Credit rating report which came back clear and with a good rating.

However, the broker came back last week to say ICS had flagged the missed repayments. 2 in total.

My broker is saying this is a massive red flag and reckons a mortgage could be off the table.

I have to say that earlier this year, my husband paid the loan off in full in half the term.

I guess I am just looking for reassurance that the missed loan repayments won't take away our chance of getting a mortgage?

The broker did say it would be 3-4 years before we could reapply if they say No this time. I will be ancient by then

Bluefoam

Does anyone know if it is possible for one person in a company to come off the covid payment. I am asking purely from a legal and accounting perspective...

brisan

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

the vendor may have told the EA the bare minimum he is prepared to accept,and your offer is below this.
The EA could be chancing his arm to get you to bid higher.
I know which scenario I would believe

The Wordress

Bluefoam wrote: »

Does anyone know if it is possible for one person in a company to come off the covid payment. I am asking purely from a legal and accounting perspective...

Is it possible but companies don't want to do it as it a massive subsidy from the government. Better to take the subsidy than run the risk of going bust.

brisan

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.

Go in low and ask to be kept informed.

Sweet.Science

Selling and buying at the moment. Covid threw a spanner in the works because my partner was on temp leave

She is back next Tuesday and we just need the 1st payslip

House going back up for sale next week

cubatahavana

Sweet.Science wrote: »

Selling and buying at the moment. Covid threw a spanner in the works because my partner was on temp leave

She is back next Tuesday and we just need the 1st payslip

House going back up for sale next week

Good Luck. They were taking the photos of our duplex today. Hopefully it'll be advertised before the end of the week

limnam

The Wordress wrote: »

Anyone have experience of this....

We sent our mortgage application paperwork to our broker 6 weeks ago.

During the initial consultation with our broker I flagged that my husband missed repayments on his personal loan last year. The broker requested that we get a Credit rating report which came back clear and with a good rating.

However, the broker came back last week to say ICS had flagged the missed repayments. 2 in total.

My broker is saying this is a massive red flag and reckons a mortgage could be off the table.

I have to say that earlier this year, my husband paid the loan off in full in half the term.

I guess I am just looking for reassurance that the missed loan repayments won't take away our chance of getting a mortgage?

The broker did say it would be 3-4 years before we could reapply if they say No this time. I will be ancient by then

No one can really answer this. Depends on what the bank thinks.


The fact it was paid off might help.

bulmersgal

brisan wrote: »

Go in low and ask to be kept informed.

Somebody went in at asking!! Who goes in at asking? Now I've to decide if I want bid and when I should bid. Do I do it straight away or wait a day or so.

Will Yam

bulmersgal wrote: »

Somebody went in at asking!! Who goes in at asking? Now I've to decide if I want bid and when I should bid. Do I do it straight away or wait a day or so.

The person who goes in at asking is someone who really wants it, unfortunately.

If you have a look at my last post you will see that i reflected on using exactly that approach.

You should be very clear on how far you can/will go on this one and not get sucked in over your head little bit by little bit.

Who knows, maybe the first party has given it their all, and cannot go further?

bulmersgal

Will Yam wrote: »

The person who goes in at asking is someone who really wants it, unfortunately.

If you have a look at my last post you will see that i reflected on using exactly that approach.

You should be very clear on how far you can/will go on this one and not get sucked in over your head little bit by little bit.

Who knows, maybe the first party has given it their all, and cannot go further?

Thanks for your post I read it and appreciate all the advice everyone is giving. I a single buyer with a little bit more I can bid so I can't go over my max as I can't get anymore.

I may ring and bid another 1k and see how they bid. I do like the property but it's not worth going to far over asking as it does need some work.

awec

bulmersgal wrote: »

Somebody went in at asking!! Who goes in at asking? Now I've to decide if I want bid and when I should bid. Do I do it straight away or wait a day or so.

I'd just go in straight away. Why wait? The process is slow enough without adding unnecessary delays yourself.

Worst case you are quickly outbid and you can move on to the next property.

Springy Turf

bulmersgal wrote: »

Somebody went in at asking!! Who goes in at asking? Now I've to decide if I want bid and when I should bid. Do I do it straight away or wait a day or so.

It really depends on how the house is priced. A lot of the DNG listed houses we have looked at are clearly priced at 10%+ under current market. There is no point on bidding below asking on such a house, even if you just want to have your name in the pot for updates.

As for timing bids? For your first bid, I don't see the point on delaying. After that, I am personally reluctant to come in again until other bidders are reaching their limit.

bulmersgal

Springy Turf wrote: »

It really depends on how the house is priced. A lot of the DNG listed houses we have looked at are clearly priced at 10%+ under current market. There is no point on bidding below asking on such a house, even if you just want to have your name in the pot for updates.

As for timing bids? For your first bid, I don't see the point on delaying. After that, I am personally reluctant to come in again until other bidders are reaching their limit.

I've bidded 1k more then other other.

I had done spreadsheet of what's available in area and tried work out square footage price and then looked at what price was and it was bit overpriced but it's in nice spot and is bright.

Now to wait and see how the bidding plays out

awec

bulmersgal wrote: »

I've bidded 1k more then other other.

I had done spreadsheet of what's available in area and tried work out square footage price and then looked at what price was and it was bit overpriced but it's in nice spot and is bright.

Now to wait and see how the bidding plays out

You only have 4k to play with, right? You need to get yourself ready for the idea that it's highly unlikely you'll win this one.

The other bidder will likely twig this if your bids are in small increments like 1k, people tend to do this when they're getting close to their limit.

Don't stop looking elsewhere in the meantime. Good luck!

jokettle

Question about dealing with Estate Agents: how long should I wait before asking for an update or potentially withdraw our offer?

We're FTB, looking at a second-hand home in turnkey condition outside of Dublin. Neither of us are impacted by the Covid payments luckily, so drawing down won't be an issue. Made an offer very close to asking price (i.e. less than 5k under) one week ago. No other current bids, house on the market at least a year that I'm aware of. No word from the Estate Agent since.

We know the seller is hoping to get an offer about 10-15k above the asking, but as there is currently no other interest in the house we're not prepared to bid against ourselves. We were initially told by the EA that the seller wants 40k above asking (:rolleyes:) so at least we've moved away from that figure.

We're viewing 3 other properties this weekend and I'd love to know where we stand with the one we've already bid on before putting in any other bids. My instinct is to contact them by early next week and put pressure on them to either engage in negotiations with us or we'll walk, but that's my impatience coming through. I know a week isn't the longest time to be waiting to hear from an EA either, but any advice on how long to expect them to draw this out would be great.

Duke of Url

jokettle wrote: »

Question about dealing with Estate Agents: how long should I wait before asking for an update or potentially withdraw our offer?

We're FTB, looking at a second-hand home in turnkey condition outside of Dublin. Neither of us are impacted by the Covid payments luckily, so drawing down won't be an issue. Made an offer very close to asking price (i.e. less than 5k under) one week ago. No other current bids, house on the market at least a year that I'm aware of. No word from the Estate Agent since.

We know the seller is hoping to get an offer about 10-15k above the asking, but as there is currently no other interest in the house we're not prepared to bid against ourselves. We were initially told by the EA that the seller wants 40k above asking (:rolleyes:) so at least we've moved away from that figure.

We're viewing 3 other properties this weekend and I'd love to know where we stand with the one we've already bid on before putting in any other bids. My instinct is to contact them by early next week and put pressure on them to either engage in negotiations with us or we'll walk, but that's my impatience coming through. I know a week isn't the longest time to be waiting to hear from an EA either, but any advice on how long to expect them to draw this out would be great.

View the houses on the weekend. If one takes your fancy then call the EA on Monday and give them an ultimatum To give a response on your offer.

awec

Duke of Url wrote: »

View the houses on the weekend. If one takes your fancy then call the EA on Monday and give them an ultimatum To give a response on your offer.

Don't give an ultimatum.

Just tell them you're continuing to bid on other properties and will proceed to buy one of them if an offer is accepted.

Don't tell them they must give you an answer, just make it clear you're not waiting around.

Bigmac1euro

awec wrote: »

Don't give an ultimatum.

Just tell them you're continuing to bid on other properties and will proceed to buy one of them if an offer is accepted.

Don't tell them they must give you an answer, just make it clear you're not waiting around.

I gave an ultimatum two weeks ago and gave the EA 24 hours.

She got back 20 hours later and I went sale agreed.

If I hadn't of I reckon they would have had more viewings the following weekend.

I was so fed up of messing around and told them I needed to know what was happening. Such a load of ****e the whole process.

awec

The thing is if you give an ultimatum and the time passes and you don't follow through with your threat to withdraw then they are going to think you're full of crap, so when you do give them a genuine deadline or tell them that you can't possibly go any higher they aren't going to believe you.

Duke of Url

awec wrote: »

The thing is if you give an ultimatum and the time passes and you don't follow through with your threat to withdraw then they are going to think you're full of crap, so when you do give them a genuine deadline or tell them that you can't possibly go any higher they aren't going to believe you.

I wouldn’t entertain EAs business practices if they blanked my offers.

guyfawkes5

awec wrote: »

The thing is if you give an ultimatum and the time passes and you don't follow through with your threat to withdraw then they are going to think you're full of crap, so when you do give them a genuine deadline or tell them that you can't possibly go any higher they aren't going to believe you.

Agreed. Credibility is something that's weighed up with your bid and not following through on what you say is a bad sign for starting a buying process that needs a lot of mutual trust.

Ultimately I think a lot of people tie themselves up in knots with bidding strategies, and while I don't think people should ever rule out ultimatums or similar actions, they probably should reflect your position in the process rather than being a smoke and mirrors tactic to be discarded when inconvenient. It prevents twisting and turning in the wind when the unexpected happens and you still want the property, and keeps things simpler for yourself to think about (I've found the biggest problem with bidding is staying grounded rather than 'tactics').

Will Yam

bulmersgal wrote: »

I've bidded 1k more then other other.

I had done spreadsheet of what's available in area and tried work out square footage price and then looked at what price was and it was bit overpriced but it's in nice spot and is bright.

Now to wait and see how the bidding plays out

Good luck. And if it’s not for you, there’s always another one!

Will Yam

awec wrote: »

Don't give an ultimatum.

Just tell them you're continuing to bid on other properties and will proceed to buy one of them if an offer is accepted.

Don't tell them they must give you an answer, just make it clear you're not waiting around.

I would agree with this approach. Let them know you are putting an offer elsewhere, and if accepted you’re out of the game.

Let them worry about whether it will be accepted or not. If they have other punters they will yawn. If not they will do some hard thinking.

guyfawkes5

bulmersgal wrote: »

Somebody went in at asking!! Who goes in at asking?

To be honest, I could see myself doing that if I knew from research there is next to no chance the property would close for at or below asking price and I thought it would shake off bidders that were more 'cold' than myself but might be 'warmed up' to staying in the bidding process by making a bid or two below asking.

To be honest a lot of it is obviously speculative of human behaviour, but it wouldn't hit me as crazy to not automatically make a 90% of asking price bid and instead go in higher.

jokettle

Will Yam wrote: »

I would agree with this approach. Let them know you are putting an offer elsewhere, and if accepted you’re out of the game.

Let them worry about whether it will be accepted or not. If they have other punters they will yawn. If not they will do some hard thinking.

I was hoping they'd be in the hard thinking phase already! Again though, that's my own impatience showing.

bulmersgal

Will Yam wrote: »

Good luck. And if it’s not for you, there’s always another one!

Thanks bidded and went over my max I wanted to bid for that property. Viewing a few more over the course of the week where I have more wiggle room for bidding they 15k below the max I have. So hopefully something is right.

The market is very slow for my price range so I understand why people are jumping on good property. I just need to keep saving and something will come up.

Smiley11

jokettle wrote: »

Question about dealing with Estate Agents: how long should I wait before asking for an update or potentially withdraw our offer?

We're FTB, looking at a second-hand home in turnkey condition outside of Dublin. Neither of us are impacted by the Covid payments luckily, so drawing down won't be an issue. Made an offer very close to asking price (i.e. less than 5k under) one week ago. No other current bids, house on the market at least a year that I'm aware of. No word from the Estate Agent since.

We know the seller is hoping to get an offer about 10-15k above the asking, but as there is currently no other interest in the house we're not prepared to bid against ourselves. We were initially told by the EA that the seller wants 40k above asking (:rolleyes:) so at least we've moved away from that figure.

We're viewing 3 other properties this weekend and I'd love to know where we stand with the one we've already bid on before putting in any other bids. My instinct is to contact them by early next week and put pressure on them to either engage in negotiations with us or we'll walk, but that's my impatience coming through. I know a week isn't the longest time to be waiting to hear from an EA either, but any advice on how long to expect them to draw this out would be great.

We went in with a low ball offer 10 days ago & we were told it probably wouldn't be accepted. The house we bid on should have a lot of interest/other bidders but its only us so far. The reason we went in low is we have a huge amount of work to do just to move in. I genuinely think the EA overpriced the house & this may be the reason there are no other bidders at the moment. We really want the house & will go higher if necessary but definitely won't go to the asking price. Only time will tell how it goes but we'll be looking at anything else of interest that comes on the market in the meantime.

brisan

jokettle wrote: »

Question about dealing with Estate Agents: how long should I wait before asking for an update or potentially withdraw our offer?

We're FTB, looking at a second-hand home in turnkey condition outside of Dublin. Neither of us are impacted by the Covid payments luckily, so drawing down won't be an issue. Made an offer very close to asking price (i.e. less than 5k under) one week ago. No other current bids, house on the market at least a year that I'm aware of. No word from the Estate Agent since.

We know the seller is hoping to get an offer about 10-15k above the asking, but as there is currently no other interest in the house we're not prepared to bid against ourselves. We were initially told by the EA that the seller wants 40k above asking (:rolleyes:) so at least we've moved away from that figure.

We're viewing 3 other properties this weekend and I'd love to know where we stand with the one we've already bid on before putting in any other bids. My instinct is to contact them by early next week and put pressure on them to either engage in negotiations with us or we'll walk, but that's my impatience coming through. I know a week isn't the longest time to be waiting to hear from an EA either, but any advice on how long to expect them to draw this out would be great.

Always be prepared to walk and let the EA know you are prepared to if circumstances dictate

brisan

guyfawkes5 wrote: »

Agreed. Credibility is something that's weighed up with your bid and not following through on what you say is a bad sign for starting a buying process that needs a lot of mutual trust.

Ultimately I think a lot of people tie themselves up in knots with bidding strategies, and while I don't think people should ever rule out ultimatums or similar actions, they probably should reflect your position in the process rather than being a smoke and mirrors tactic to be discarded when inconvenient. It prevents twisting and turning in the wind when the unexpected happens and you still want the property, and keeps things simpler for yourself to think about (I've found the biggest problem with bidding is staying grounded rather than 'tactics').

To the EA buying and selling houses is a game
They do not like it when you know the rules.
Always be prepared to walk.
If they refuse to get back to you drop a polite note into the vendors house.
We have done this on a few occasions and it worked wonders ,EA were never happy though.
They are trying to see how interested you are by ignoring you .
If you hound them they know you are really keen and will hike the bids up.
My son actually called to a new development and had a word with the site manager when a certain EA was slow getting back to him
Manager got onto developer and EA got a rocket