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

brisan

ebayissues wrote: »

One of the places I'm looking at, surveyor noted some issues and gave costing to be about 15kish.

Do I negotiate offer of the house based on this? If so at what stage?

Once you have the surveyors report ready with costings go in at least 15k under asking

brisan

PommieBast wrote: »

Chances are the EA is telling porkies.

As if a registered EA would do such a thing

cubatahavana

Couple of questions:

How high are usually management fees for houses in new estates? Our estate will be (if we finally buy the house) a mix of houses and apartments (nearly 50/50 in total numbers)

looks like the apartments are not for sale due to the developer keeping most of them "for themselves"as per the EA. Does anyone know what this means? Will they be just renting them out, giving them all to social housing?

brisan

cubatahavana wrote: »

Couple of questions:

How high are usually management fees for houses in new estates? Our estate will be (if we finally buy the house) a mix of houses and apartments (nearly 50/50 in total numbers)

looks like the apartments are not for sale due to the developer keeping most of them "for themselves"as per the EA. Does anyone know what this means? Will they be just renting them out, giving them all to social housing?

Answered your own question there

cubatahavana

brisan wrote: »

Answered your own question there

But that would be more than a 50% of social housing in a estate where the houses are >700k. It doesn't make much sense to me, as I'm sure they would be getting way more money by selling the apartments directly. Amyway, my spider sense is tingling

brisan

cubatahavana wrote: »

But that would be more than a 50% of social housing in a estate where the houses are >700k. It doesn't make much sense to me, as I'm sure they would be getting way more money by selling the apartments directly. Amyway, my spider sense is tingling

The houses are more than 700k but I doubt the apartments are
The developer could have reached a deal with the council where he gave 30x 400k apts rather than 20 x 750k houses.,or similar
He may have made more profit on the houses or just thought the houses would be easier to sell
I doubt he is keeping them to rent out himself

Will Yam

Senature wrote: »

I've noticed that many houses for sale are currently unoccupied. The estate agents claim they are not rentals or executor sales. Can anyone shed some light on this? There surely can't be that many people who can afford to move on without selling up first?

It might be that the owner is in a nursing home?

Although if the owner is on fair deal the chances are that it will be left unoccupied. If sold the hse gets 7.5% each year of the proceeds until they are exhausted. If rented, tax takes 50% and hse takes 80% of remainder of rent. So if rent was, say 2k per month, the owner is left with 200pm. Too risky to have tenants for this sort of return.

brisan

Will Yam wrote: »

It might be that the owner is in a nursing home?

Although if the owner is on fair deal the chances are that it will be left unoccupied. If sold the hse gets 7.5% each year of the proceeds until they are exhausted. If rented, tax takes 50% and hse takes 80% of remainder of rent. So if rent was, say 2k per month, the owner is left with 200pm. Too risky to have tenants for this sort of return.

I thought fair deal was max 3 years at 7.5%

Will Yam

brisan wrote: »

I thought fair deal was max 3 years at 7.5%

It is on the value of the house. But it’s 7.5% ad infinitum on non principal primary residence or other assets.

So if you convert the house to cash you expose the whole lot.

brisan

So it makes no sense to sell the house if the owner is in a nursing home .unless you know end of life is near.

Will Yam

brisan wrote: »

So it makes no sense to sell the house if the owner is in a nursing home .unless you know end of life is near.

Not if your on fair deal, no.

It has been estimated that there are 10,000 such vacant houses around the country.

Given the housing shortage this would make a difference if these were either sold or rented. Selling makes no economic sense.

Renting is even worse, given the huge risks in not being able to evict those who opt not to pay rent.

brisan

Will Yam wrote: »

Not if your on fair deal, no.

It has been estimated that there are 10,000 such vacant houses around the country.

Given the housing shortage this would make a difference if these were either sold or rented. Selling makes no economic sense.

Renting is even worse, given the huge risks in not being able to evict those who opt not to pay rent.

House next door to my mother is the that exact position
3 bed extended end of terrace 100 yards from DART
worth at least 350k
Father in nursing home so cant be sold and cant be rented
It would sell in a couple of weeks if put on the market

cubatahavana

brisan wrote: »

The houses are more than 700k but I doubt the apartments are
The developer could have reached a deal with the council where he gave 30x 400k apts rather than 20 x 750k houses.,or similar
He may have made more profit on the houses or just thought the houses would be easier to sell
I doubt he is keeping them to rent out himself

We are honestly morally deflated. We saw a development in the south side that we paid the deposit and pulled out of it as we discovered that they were going to build 210 apartments in front of us. Then, we found another lovely development which took over 2 weeks to get an answer authorising us to place a deposit. This is the one with the apartments, that we just found out that are not on sale at the moment and the developer is keeping for themselves. We do not want all the 20 apartments right in front of our house to go to social housing. The total size of the development is 48 dwellings, so 10% would only be 5, but I do not trust the builder, and as someone posted here, they may very well offload all of them to social housing.

Oh well, you gotta love the rush of buying. FFS

Electric Nitwit

jokettle wrote: »

The seller wanted about 20k above asking and had rejected several offers of the asking price from other bidders. According to the Estate Agent, the seller had wanted to list it at a higher asking price but the agent convinced him to lower the asking to get more people interested. So I was annoyed at them not accepting an offer at the asking, but I can begrudgingly understand their strategy!

We're looking at selling now and are on the other side of this coin. The EA agrees our desired price is realistic but says the best strategy is to price 5% below to generate bids. I can see the logic but it feels like a dodgy game to be playing, and obviously the EA's only interest is in a sale going through, the actual price is basically irrelevant to them

brisan

Electric Nitwit wrote: »

We're looking at selling now and are on the other side of this coin. The EA agrees our desired price is realistic but says the best strategy is to price 5% below to generate bids. I can see the logic but it feels like a dodgy game to be playing, and obviously the EA's only interest is in a sale going through, the actual price is basically irrelevant to them

Give the EA your minimum price
Tell him not to bother coming to you with offers below that figure.
Do not forget its your house and you are employing him.
Would a cash buyer or no chain affect your asking price.??

Electric Nitwit

brisan wrote: »

Give the EA your minimum price
Tell him not to bother coming to you with offers below that figure.
Do not forget its your house and you are employing him.
Would a cash buyer or no chain affect your asking price.??

We have, we (confidently) think it's worth 420k, EA advising to list 400k as it's a round number, will catch more searches, and says it will get up to 420k. I get that, but if someone offers 400k we'd be saying no so it feels kind of deceitful. We'd sell around 410k probably, especially for no chain. We'd like a quick sale if possible as we have our eye on a place, so generating interest does seem like a good idea in theory

Just not sure now what to actually list at now

brisan

Electric Nitwit wrote: »

We have, we (confidently) think it's worth 420k, EA advising to list 400k as it's a round number, will catch more searches, and says it will get up to 420k. I get that, but if someone offers 400k we'd be saying no so it feels kind of deceitful. We'd sell around 410k probably, especially for no chain. We'd like a quick sale if possible as we have our eye on a place, so generating interest does seem like a good idea in theory

Just not sure now what to actually list at now

Well the anecdotal evidence is that good properties in good areas esp in The bigger cities are going above asking and going quickly.
So go with EA but have a minimum figure and give it at least a month
Unless that is you get to 420 quicker
Then tell the EA to give the other bidders 48hrs or you are going sale agreed

cubatahavana

cubatahavana wrote: »

We are honestly morally deflated. We saw a development in the south side that we paid the deposit and pulled out of it as we discovered that they were going to build 210 apartments in front of us. Then, we found another lovely development which took over 2 weeks to get an answer authorising us to place a deposit. This is the one with the apartments, that we just found out that are not on sale at the moment and the developer is keeping for themselves. We do not want all the 20 apartments right in front of our house to go to social housing. The total size of the development is 48 dwellings, so 10% would only be 5, but I do not trust the builder, and as someone posted here, they may very well offload all of them to social housing.

Oh well, you gotta love the rush of buying. FFS

I forgot to add that of course the developer's solicitor is the same as the one that is managing my sale and the one I wanted to manage the purchase. Now, due to conflict of interest, they cannot represent me

Electric Nitwit

brisan wrote: »

Well the anecdotal evidence is that good properties in good areas esp in The bigger cities are going above asking and going quickly.
So go with EA but have a minimum figure and give it at least a month
Unless that is you get to 420 quicker
Then tell the EA to give the other bidders 48hrs or you are going sale agreed

Interesting, thanks for that. I appreciate you taking the time to reply. We probably will, but we'll sleep on it now

brisan

Electric Nitwit wrote: »

Interesting, thanks for that. I appreciate you taking the time to reply. We probably will, but we'll sleep on it now

I know of two houses that my nephew was interested in
One at 335 in show house condition ,went for 360k
One at 345 needed work went for 365k
First one was undervalued in my opinion ,second one was over valued in my opinion.
All depends if someone really wants the house and the area

Shelga

Electric Nitwit wrote: »

We have, we (confidently) think it's worth 420k, EA advising to list 400k as it's a round number, will catch more searches, and says it will get up to 420k. I get that, but if someone offers 400k we'd be saying no so it feels kind of deceitful. We'd sell around 410k probably, especially for no chain. We'd like a quick sale if possible as we have our eye on a place, so generating interest does seem like a good idea in theory

Just not sure now what to actually list at now

Just to say, from a buyer's point of view, it is extremely frustrating when a property is listed at a price that the seller has no intention of selling at. You might find the opposite effect to what the EA is telling you will happen- people will go to view it who have 400k as the very top of their budget, then get pissed off when they find out you want at least 420k. It could drive away 50% of potential buyers- never mind the fact that you are completely wasting their time.

If you're going to engage in the EA's tactics, I'd say don't list for more than €5k under what you want to sell it for- ie don't list for less than €415k.

Shelga

Also, the estate agent also wants to be able to say "I've had 50 emails about this property!"- never mind whether that translates into actual concrete offers or not.

sweet_trip

Still struggling to find a place I can afford that's in the right area/condition for me.

Very little houses on the market around or under €175k.
Even less so under €175k that aren't practically condemned.



Very disheartening.

Electric Nitwit

Shelga wrote: »

Just to say, from a buyer's point of view, it is extremely frustrating when a property is listed at a price that the seller has no intention of selling at. You might find the opposite effect to what the EA is telling you will happen- people will go to view it who have 400k as the very top of their budget, then get pissed off when they find out you want at least 420k

I agree, and I don't want to mess people around. EA's point is that people will search for up to 400k but, if they love the house, may well be able to stretch to it. Those people might never even see the listing if it's at 420k

brisan

sweet_trip wrote: »

Still struggling to find a place I can afford that's in the right area/condition for me.

Very little houses on the market around or under €175k.
Even less so under €175k that aren't practically condemned.



Very disheartening.

If its Dublin you have little or no chance

sweet_trip

brisan wrote: »

If its Dublin you have little or no chance

It's not in Dublin. Far from it. I'm trying to buy out in the countryside.

Sad part is, I feel so bad for anybody who does live in Dublin. You're pretty much never going to own a property in Dublin unless you're earning big bucks, which most people arent.

Most public and civil servants, frontline workers, labourers, etc will never be able to afford a nice place in their home city.
I know a guard and a teacher that are married and are living in a dublin slum flat.

Pathetic country.

brisan

sweet_trip wrote: »

It's not in Dublin. Far from it. I'm trying to buy out in the countryside.

Sad part is, I feel so bad for anybody who does live in Dublin. You're pretty much never going to own a property in Dublin unless you're earning big bucks, which most people arent.

Most public and civil servants, frontline workers, labourers, etc will never be able to afford a nice place in their home city.
I know a guard and a teacher that are married and are living in a dublin slum flat.

Pathetic country.

Do not know where you are looking but we are thinking about a second home in Wexford and some good prices down there
However we will hold off till next year and the dust has settled

sweet_trip

brisan wrote: »

Do not know where you are looking but we are thinking about a second home in Wexford and some good prices down there
However we will hold off till next year and the dust has settled

I'm in the southeast but not wexford. Even still, the housing market is atrocious even in rural area's here.

sweet_trip

Random question: Has anybody ever underbid on a house? There's a house I've been eyeing on the market for over a year now, and it's vastly overpriced.
I hear the owners are elderly and stubborn as hell and think it's worth a lot more.



Thinking about sending the EA an email.

jokettle

Electric Nitwit wrote: »

We're looking at selling now and are on the other side of this coin. The EA agrees our desired price is realistic but says the best strategy is to price 5% below to generate bids. I can see the logic but it feels like a dodgy game to be playing, and obviously the EA's only interest is in a sale going through, the actual price is basically irrelevant to them

The place we've just gone Sale Agreed on was on the market for over a year with the seller turning down multiple offers of the asking from multiple bidders. Similar numbers to what you've mentioned too. So I'd say it's a strategy that can work *if* you have the patience to wait and aren't in dire need of the money, like our seller is.

The house is well outside Dublin, calling it a commuter town would be really pushing your luck (although it was done during boom times and is being described as such now on occasion) - I mention this just because it would have been snapped up long ago if it was in a more desirable location. So again, patience on your part might be key.