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

Shelga

Electric Nitwit wrote: »

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

I set my filter about €10k over what I can afford, to give me a bit of a buffer and also keep an eye on something that might sell for under asking. If someone can remotely afford €420k, that will be reflected in the filter they set. But it is deceitful to list it at €400k, in my opinion, if you have no intention of accepting that amount.

brisan

sweet_trip wrote: »

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.

Millions have and hundreds do it every day
Bid what you think its worth and what you can afford.
Have your finances arranged and tell the EA that you are not in a chain and ready to go
All they can say is no

Electric Nitwit

Shelga wrote: »

I set my filter about €10k over what I can afford, to give me a bit of a buffer and also keep an eye on something that might sell for under asking. If someone can remotely afford €420k, that will be reflected in the filter they set. But it is deceitful to list it at €400k, in my opinion, if you have no intention of accepting that amount.

Except myhome moves in 50k increments, and daft 25k. If you could afford 420k, say, would you be searching up to 450k? That's what you'd have to be doing to find it on myhome. You can't just say €x, you have to look at round numbers.

brisan

Electric Nitwit wrote: »

Except myhome moves in 50k increments, and daft 25k. If you could afford 420k, say, would you be searching up to 450k? That's what you'd have to be doing to find it on myhome. You can't just say €x, you have to look at round numbers.

Myhome moves in 25k increments as does DAFT

Electric Nitwit

brisan wrote: »

Myhome moves in 25k increments as does DAFT

Interesting, it's 50k (myhome) for me but maybe that's just the mobile site

brisan

Electric Nitwit wrote: »

Interesting, it's 50k (myhome) for me but maybe that's just the mobile site

The mobile site has a slider bar that moves in 25k increments up to 500k then its 50k increments

Pivot Eoin

Electric Nitwit wrote: »

Except myhome moves in 50k increments, and daft 25k. If you could afford 420k, say, would you be searching up to 450k? That's what you'd have to be doing to find it on myhome. You can't just say €x, you have to look at round numbers.

You can set the limit as whatever you want in the URL Bar, Ive set the limit on this one below to €312,475.

Then just bookmark that link and open it whenever you want an update.

https://www.myhome.ie/residential/cork/house-for-sale?maxprice=312475&minbeds=3&minsize=80&minbathrooms=1

Electric Nitwit

brisan wrote: »

The mobile site has a slider bar that moves in 25k increments up to 500k then its 50k increments

Just checked again, mine is definitely 50k (it is the slider bar you mention), even as low as 100k and 150k. Strange

Edit: just checked wife's phone and ipad, all 50k. Its kind of trivial, but at the same time I feel like there's a difference in searching up to 425k and 450k if you're in the ballpark of our house

Vikings

Electric Nitwit wrote: »

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

Don't worry about other people or what they think, do whatever you think will put you in the best position to move forward. Somebody will buy your property.

House in my estate sold for about 3% over asking price a few weeks ago. Right as we were listing our house. EA knew this and recommended listing our house at about 1.5% below the other asking price with a view to trying to achieve the same sale price.

We went with it and have an offer in place of just over asking as of right now and it may go higher.

It's your house, you'll only sell one maybe 2 in a lifetime? It's fine to want to maximise your return to help set you up.

I'll happily sell for 1-2k less if it means getting a family in the door over an investor/LL, but I wouldn't consider 5-10k less for example.

From my own experience of currently looking, it is plain as day to see the houses prices below what they should be at to get people in the door. Once you go into the search with your eyes open to that it does help narrow things.

Whatdoyoumean

I’m sure this has been asked before, what has been peoples experience with renting and then serving notice when buying a house?

My partner and I have gone sale agreed, however I’m apprehensive to approach the landlord until the contracts have at least been signed.

We have to serve quite a long notice period (due to living here so long). I’m not sure how open landlords are generally when trying to negotiate a shorter notice period? I’m thinking the sale could go through quickly and there may be overlap.

Queenio

Whatdoyoumean wrote: »

My partner and I have gone sale agreed, however I’m apprehensive to approach the landlord until the contracts have at least been signed.

I’m not sure how open landlords are generally when trying to negotiate a shorter notice period? I’m thinking the sale could go through quickly and there may be overlap.

We are in a similar position. Our solicitor said not to say a word until we have a closing date from the vendors solicitors. We will have to give 56 days notice but I know it can buy rights be up to 6 months. Depending on your landlord they might be fine with 1-2 months termination notice. Sale agreed unfortunately can go on for months. And can fall through for any number of reasons on your side or the vendors side so I can see why he told us to keep our cards close to our chest. As soon as we can get a closing date we will inform. Im resigned myself to paying an extra months rent though.

Markitron

Whatdoyoumean wrote: »

I’m sure this has been asked before, what has been peoples experience with renting and then serving notice when buying a house?

My partner and I have gone sale agreed, however I’m apprehensive to approach the landlord until the contracts have at least been signed.

We have to serve quite a long notice period (due to living here so long). I’m not sure how open landlords are generally when trying to negotiate a shorter notice period? I’m thinking the sale could go through quickly and there may be overlap.

What is the worst case scenario if you don't give enough notice? Would you just lose your deposit? If so maybe just bite the bullet?

Electric Nitwit

Markitron wrote: »

What is the worst case scenario if you don't give enough notice? Would you just lose your deposit? If so maybe just bite the bullet?

On the flipside, I got overexcited buying my first place and handed in notice when the solicitor told me it would just be a couple of weeks. It wasn't, it got delayed, they'd found new tenants and I was homeless for a few weeks. So I'd definitely recommend waiting until you're set in stone

CR0009836

Our solicitor has requested drawdown(AIB) today, does anybody know how long this takes? We also don't have a closing date, but i imagine it's when the builders get their money?

Also wondering does the home insurance need to be kicked in a few day's in advance of drawdown or how does it work?

GraceFace12

I viewed a place I really liked but felt it was overpriced at 170k in Cork city. When I asked the EA if there were any offers yet (it is relatively new to the market), I was told there was an offer at 10k under the asking (160k). I thought about it and offered 165k. After a couple more viewings they said, i am still the highest bidder. Anyway, I decided to go for a second viewing yesterday and brought my father who is an engineer and now I am thinking that 165k is slightly too high and really I think 150-155k seems a much more fair offer for the property given the amount of renovations required. I know 10 or 15k may not seem like a lot in the longer term, but for me it is, and would cover a huge amount of the renovations etc

For reference, a house on the same street which is exactly the same sold for 135k in 2017. I do think it was in even worse condition .. but still.

Anyway - my question. Should I go back to the EA and lower my offer to 155k? I don't know if the offer at 160k was legit or not... but even if it was, I feel I have some power here as I am a chain-free FTB with approval post-covid. Of course if they get more offers in, or the offer at 160k is legit, this is meaningless and I risk losing it. Obviously as an FTB, I am super inexperienced here. But the (what I think is a) very high opening offer and lack of other bids has me thinking.

Markitron

GraceFace12 wrote: »

I viewed a place I really liked but felt it was overpriced at 170k in Cork city. When I asked the EA if there were any offers yet (it is relatively new to the market), I was told there was an offer at 10k under the asking (160k). I thought about it and offered 165k. After a couple more viewings they said, i am still the highest bidder. Anyway, I decided to go for a second viewing yesterday and brought my father who is an engineer and now I am thinking that 165k is slightly too high and really I think 150-155k seems a much more fair offer for the property given the amount of renovations required. I know 10 or 15k may not seem like a lot in the longer term, but for me it is, and would cover a huge amount of the renovations etc

For reference, a house on the same street which is exactly the same sold for 135k in 2017. I do think it was in even worse condition .. but still.

Anyway - my question. Should I go back to the EA and lower my offer to 155k? I don't know if the offer at 160k was legit or not... but even if it was, I feel I have some power here as I am a chain-free FTB with approval post-covid. Of course if they get more offers in, or the offer at 160k is legit, this is meaningless and I risk losing it. Obviously as an FTB, I am super inexperienced here. But the (what I think is a) very high opening offer and lack of other bids has me thinking.

I suppose it very much depends on whether or not you are willing to walk away.

GraceFace12

antimatterx wrote: »

Realistically how much would you need to earn to buy a 1/2 bed apartment in Dublin as a single person?

I'm in Cork, not Dublin. But for reference I wondered exactly this as a single applicant two short months ago. Spoke to a mortgage broker who told me what was realistic for me. Now I have approval for the standard 3.5 times my salary. A friend got 4 times his salary but he has slightly different circumstances and that was just before Covid. Speak to a mortgage broker - they will be realistic about whats possible and what savings target to aim for etc etc.

As for the price of a one/two bedder... from a Cork perspective you could get something half-decent within a 20 min walk to the city for 165k. If you have a 40k salary, you'd get a mortgage of 140k-ish and somewhere around 10 or 20% savings/deposit just about has you up to that 165k mark. Just about. I'd imagine its tough to get a something on a lower salary than that but not impossible I'm sure with comprimises... especially as we enter a price drop off. And of course this is all much more exaggerated in Dublin.

Padre_Pio

Markitron wrote: »

I suppose it very much depends on whether or not you are willing to walk away.

I would go for it.

I viewed a house that has an offer of 195. I'm thinking I might offer 180 for it, 190 is what I'd be willing to pay. The other offer may not be legit, or it could be someone throwing out offers on everything.

Sarn

GraceFace12 wrote: »

When I asked the EA if there were any offers yet (it is relatively new to the market), I was told there was an offer at 10k under the asking (160k). I thought about it and offered 165k. After a couple more viewings they said, i am still the highest bidder. Anyway, I decided to go for a second viewing yesterday and brought my father who is an engineer and now I am thinking that 165k is slightly too high...

Anyway - my question. Should I go back to the EA and lower my offer to 155k? I don't know if the offer at 160k was legit or not... but even if it was, I feel I have some power here as I am a chain-free FTB with approval post-covid..

It is one thing to go in with a low offer initially but revising your offer down is another. Unless it is based on things that were not obvious like a leak in the roof or rising damp.

At the end of the day it is your money, and there’s no point having buyer’s remorse. However, the EA is likely to think that you’re a messer if you revise your bid downwards while bidding is still ongoing.

Just let the EA know that you’ve reconsidered and are withdrawing your offer, however, if the other offer falls through to let you know. You are likely to be bottom of the list for any callbacks, but if there are no other offers...

GraceFace12

Padre_Pio wrote: »

I would go for it.

I viewed a house that has an offer of 195. I'm thinking I might offer 180 for it, 190 is what I'd be willing to pay. The other offer may not be legit, or it could be someone throwing out offers on everything.

Absolutely. There seems to be a lot of illigitimate offers being thrown in by people. Another place I was interested in recently - the top two bidders pulled out (or something didn't transpire) and the EA wanted to put it back on the market (hence called me for viewing) but then the seller insisted on selling to the third highest bidder. In that case, two bidders who clearly weren't really as interested, or didn't have the capacity, with the bids they placed..

GraceFace12

Sarn wrote: »

It is one thing to go in with a low offer initially but revising your offer down is another. Unless it is based on things that were not obvious like a leak in the roof or rising damp.

At the end of the day it is your money, and there’s no point having buyer’s remorse. However, the EA is likely to think that you’re a messer if you revise your bid downwards while bidding is still ongoing.

Just let the EA know that you’ve reconsidered and are withdrawing your offer, however, if the other offer falls through to let you know. You are likely to be bottom of the list for any callbacks, but if there are no other offers...

Also agreed. And I am interested so don't want to lose the EA's trust. So if I do this, I will be justifying the lower offer alongside some specifics of structural costs following the second viewing. Which is the genuine truth. I could argue that these will show up in the actual engineers report anyway if I went sale agreed at my current offer and could impact close of sale and mortgage etc etc later on so would rather not waste their time down the road. I'm going to rethink and weigh up risk and reward for me on playing this card for sure. Thanks!

cubatahavana

So,

The seller's (new development) solicitor is the same company that I used in the purchasing of my actual home. I am using them to sell my place, but would need a new one for the purchase of the new house, to avoid conflict of interests. I would be grateful if I could get some recommendations here (Please PM them to me). Would it be better to change my solicitor for selling my property, so the same one organizes both things? Would I be charged by my actual appointed solicitor? the only thing they have done so far is getting the deeds from the bank (not sure if this has been done yet, but I authorized them last week to do so)

SteelyDanJalapeno

Can an estate agent tell another interested party what the current offer is?

Was no offers on a property, so we bid 460 today, the EA came back later today telling us there has been an increased offer of 465k on the property.
After 3 weeks of no offers

Graham

Why wouldn't they?

If I were an EA, I'd be calling any and all interested parties to tell them we'd received an offer. I'd consider it part of an EAs job to do it, to encourage counter offers.

If you were selling, wouldn't you want an EA to do it?

Will Yam

SteelyDanJalapeno wrote: »

Can an estate agent tell another interested party what the current offer is?

Was no offers on a property, so we bid 460 today, the EA came back later today telling us there has been an increased offer of 465k on the property.
After 3 weeks of no offers

What is the asking price?

SteelyDanJalapeno

Graham wrote: »

Why wouldn't they?

If I were an EA, I'd be calling any and all interested parties to tell them we'd received an offer. I'd consider it part of an EAs job to do it, to encourage counter offers.

If you were selling, wouldn't you want an EA to do it?

Whenever I view properties, the EA is always reluctant to give me any info on current offers, until I make an offer

Graham

I'd try being very blunt SDJ. Ask the EA:

I'm intending to make an offer. What does the current offer stand at?

givyjoe

SteelyDanJalapeno wrote: »

Whenever I view properties, the EA is always reluctant to give me any info on current offers, until I make an offer

Opposite experience for me, its the first question I ask at every single viewing and usually most EA's give me the info anyway without being asked for it. Def be blunt and ask out straight what offers there are.

woodchuck

givyjoe wrote: »

Opposite experience for me, its the first question I ask at every single viewing and usually most EA's give me the info anyway without being asked for it. Def be blunt and ask out straight what offers there are.

Same here. At every viewing we've been to, we've either asked and they've had no problem telling us, or they go ahead and tell us before we even ask. Has never been an issue before or after Covid for us.

bulmersgal

woodchuck wrote: »

Same here. At every viewing we've been to, we've either asked and they've had no problem telling us, or they go ahead and tell us before we even ask. Has never been an issue before or after Covid for us.

I've had no problem either I ask and they all have told me what current bid some before I have even viewed.

I placed an offer on property last week 5k under asking but the same price as two other properties in estate have sold for and they were similar spec. The property is only up about two weeks but I'm the only bidder, dying to know what is happening has anybody else viewed it and made offer or how long they plan to keep it up for. Unsure if I should ring estate agent or would that make me appear to eager