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

z0oT

We're at the final hurdle before finally closing now.

We've hit a frustrating snag with the home insurance, the provider just can't seem to get the interested party address to be exactly what BOI are asking for.

BOI want "Bank of Ireland Mortgages, 40 Mespil Road, Dublin 4", but the best I've gotten on the home insurance policy thus far was "Bank of Ireland Mortgages, 40 Mespil Road".

They initially omitted the "Mortgages", now they've omitted the "Dublin 4". I've had to get them to change it 3 times thus far.

Jerry Fireball Mudflap

Talked with an EA about a property I'm interested in yesterday ...it's only on the market recently but I was told that they have 2 bids exactly 25k under the asking price already.

Is that normal that an EA would entertain 2 bids of the exact same price in a situation like this (at this early stage)?

If the first bid came in 25k under, would they not only entertain a follow up bid from someone else for at least say 5k or 10k more?

Or would it indicate that the 2nd bidder has a max budget of 25k under and can't/won't go any further?

It's hard to tell if the EA is telling the truth, in two minds about bidding 25k under myself and calling his bluff, I really think its only worth another 10k so don't have much room to start a bidding war (real or with myself!).

Thanks

beauf

Depends on which offer is more likely to close.

If one falls though it's useful to have other offers in the background you can go back to.

Dolbhad

Jerry Fireball Mudflap wrote: »

Talked with an EA about a property I'm interested in yesterday ...it's only on the market recently but I was told that they have 2 bids exactly 25k under the asking price already.

Is that normal that an EA would entertain 2 bids of the exact same price in a situation like this (at this early stage)?

If the first bid came in 25k under, would they not only entertain a follow up bid from someone else for at least say 5k or 10k more?

Or would it indicate that the 2nd bidder has a max budget of 25k under and can't/won't go any further?

It's hard to tell if the EA is telling the truth, in two minds about bidding 25k under myself and calling his bluff, I really think its only worth another 10k so don't have much room to start a bidding war (real or with myself!).

Thanks

On two houses we were bidding on we had placed an offer of the same price as another bidder. We were asked whether we wanted to Increase offer. We had placed a few bids at this stage so was coming to end where sellers wanted to finalise a deal.

On one house we didn’t cause it was as much as we wanted to pay. On the other we didn’t have any more to bid so had to leave the bid there.

Auctioneer wanted to check proof of funds and let the sellers decide who to go with it (you don’t know if other bidder is cash or has to sell a house etc). However a third bid came along 3k over beat us both.

Jerry Fireball Mudflap

beauf wrote: »

Depends on which offer is more likely to close.

If one falls though it's useful to have other offers in the background you can go back to.

True, I just thought at an early stage of the bidding process they would be only be entertaining higher bids ...and if nothing happened then they fall back on the original bids as a last resort.

If I bid at 25k under then there are 3 of us at the same price, and if the other 2 are cash buyers too then no real difference in the bids (I'm not sure if they are though).

Just wondering if should bid 25k under and wait for someone else to bid higher in the hope that they don't and I'm the only cash buyer ...or just bid 5k more now?

Gavin "shels"

givyjoe wrote: »

Have you had to re-submit any docs yet? I ask as AIP would usually be up now, we've ours since March (i.e. nearly 6 months also)

We've had a loan offer, which is now valid until Feb 2021 so all good. Had to submit updated bank & latest payslips - that's all so far.

Sweet.Science

Sweet.Science wrote: »

had the 1st viewing on my house Saturday . 4 viewers no offers . Starting to get anxious .

Update . 2 viewers returned this morning . And one has now offered the guide price . Delighted

cubatahavana

Sweet.Science wrote: »

Update . 2 viewers returned this morning . And one has now offered the guide price . Delighted

Good news!

Neamhshuntasach

Not sure where to ask this question, so hopefully somebody might know here.

Interested in a property in Dublin on Auctioneera. So was putting a bid in tonight but it brings me to a pop up that asks me to enter the property ID that i was provided with when viewing the house. I viewed it twice but was never given any property ID. And i don't see it on the listing. The deadline ends before the agent opens on Monday. Anyone any experience with bidding on Auctioneera and where i can find this property ID? Thanks.

cubatahavana

Neamhshuntasach wrote: »

Not sure where to ask this question, so hopefully somebody might know here.

Interested in a property in Dublin on Auctioneera. So was putting a bid in tonight but it brings me to a pop up that asks me to enter the property ID that i was provided with when viewing the house. I viewed it twice but was never given any property ID. And i don't see it on the listing. The deadline ends before the agent opens on Monday. Anyone any experience with bidding on Auctioneera and where i can find this property ID? Thanks.

Did you search by address?

I dont remember exactly where we got the property ID but they did include it in our final walkthrough appointment email - maybe double check your emails? It was a three digit number, if that helps at all.

GalwayyGirl

We are sale agreed on a new build and are at risk of having to pull out of the sale because we no longer qualify for the HTB scheme (requires 70% LTV). We are currently being offered a mortgage of 65% LTV based on one income - the bank isn't including my income due to the covid subsidy.

Has anyone successfully negotiated a price reduction with a developer of a new build? Or paid for a portion of the new build in cash outside of the main contract? In our case the property price would need to be reduced by €20k so that we qualify for HTB 70% LTV.

Any advice on how we might be able to work around the 70% LTV requirement would be appreciated. Thanks!

Dolbhad

GalwayyGirl wrote: »

We are sale agreed on a new build and are at risk of having to pull out of the sale because we no longer qualify for the HTB scheme (requires 70% LTV). We are currently being offered a mortgage of 65% LTV based on one income - the bank isn't including my income due to the covid subsidy.

Has anyone successfully negotiated a price reduction with a developer of a new build? Or paid for a portion of the new build in cash outside of the main contract? In our case the property price would need to be reduced by €20k so that we qualify for HTB 70% LTV.

Any advice on how we might be able to work around the 70% LTV requirement would be appreciated. Thanks!

I would say chat to your builder and solicitor. When will the house be done? When do you think you would be off the covid payment - is it before the house is done/end of year? You may need to chat to your employer but you could proceed with contracts now and once off the covid payment, reapply for a new loan offer with the 70% LTV and then draw down the HTB funds. Your solicitor may need to put in an additional HTB condition though to cover you and builder would need to agree.

I don’t think in this climate a builder will agree a price reduction when in reality new builds have gone up with the additional 10k from HTB

Foodie2012

Looking for some advice, we put our booking deposit down on a new build last month. We've been waiting for loan offer almost 3 weeks now, there was a delay on the valuation report due to the EA/developer, so hoping to get loan offer early this week.

I think our 21 days to sign contracts is up today, and we just got an out-of-office from our solicitor for the next 2 weeks...
Just wondering how strict developers are with the 21 days to sign? Has anyone else gone through something similar? We've done everything right, just so many delays outside of our control, worried we might lose the house as it's the last one left of this type in the development.

Ubbquittious

z0oT wrote: »

We're at the final hurdle before finally closing now.

We've hit a frustrating snag with the home insurance, the provider just can't seem to get the interested party address to be exactly what BOI are asking for.

BOI want "Bank of Ireland Mortgages, 40 Mespil Road, Dublin 4", but the best I've gotten on the home insurance policy thus far was "Bank of Ireland Mortgages, 40 Mespil Road".

They initially omitted the "Mortgages", now they've omitted the "Dublin 4". I've had to get them to change it 3 times thus far.

What the duece? why are they making a song and a dance about that? Is it someone just taking the piss?

cubatahavana

Foodie2012 wrote: »

Looking for some advice, we put our booking deposit down on a new build last month. We've been waiting for loan offer almost 3 weeks now, there was a delay on the valuation report due to the EA/developer, so hoping to get loan offer early this week.

I think our 21 days to sign contracts is up today, and we just got an out-of-office from our solicitor for the next 2 weeks...
Just wondering how strict developers are with the 21 days to sign? Has anyone else gone through something similar? We've done everything right, just so many delays outside of our control, worried we might lose the house as it's the last one left of this type in the development.

I’ve no idea, but I don’t think they’d want to start the whole process again. I’d say you’re fine. Having said that, the first thing our solicitor did was to check if they were going to enforce the 21 day BS

beauf

cubatahavana wrote: »

... check if they were going to enforce the 21 day BS

Why is it BS? Some people will string this out for months.
If you have other people who can buy now, why wait.

witnessmenow

Ubbquittious wrote: »

What the duece? why are they making a song and a dance about that? Is it someone just taking the piss?

There must be something in it.

Our broker really emphasized the address we were to use for our lender with the insurance too, thought it was a bit strange as he normally wasn't too bothered by much.

JohnnyChimpo

witnessmenow wrote: »

There must be something in it.

Our broker really emphasized the address we were to use for our lender with the insurance too, thought it was a bit strange as he normally wasn't too bothered by much.

I had the exact same issue, and had to call the insurance twice to get it fixed

brisan

Jerry Fireball Mudflap wrote: »

True, I just thought at an early stage of the bidding process they would be only be entertaining higher bids ...and if nothing happened then they fall back on the original bids as a last resort.

If I bid at 25k under then there are 3 of us at the same price, and if the other 2 are cash buyers too then no real difference in the bids (I'm not sure if they are though).

Just wondering if should bid 25k under and wait for someone else to bid higher in the hope that they don't and I'm the only cash buyer ...or just bid 5k more now?

Bid the 25k under and show the EA that you are a cash buyer with proof of funds.
A solicitor will sign a letter for you stating that you have ready access to the bid amount .
This is so you do not show your hand early

freeze4real

So after going S.A with a bit of back and forth.....Surveyor report come back with a bit of issues rughly 13k. Do I negotitate this with seller?

limnam

freeze4real wrote: »

So after going S.A with a bit of back and forth.....Surveyor report come back with a bit of issues rughly 13k. Do I negotitate this with seller?

Depends, what are the issues?


You usually get back the house was priced accordingly or some such BS.

Foodie2012

cubatahavana wrote: »

I’ve no idea, but I don’t think they’d want to start the whole process again. I’d say you’re fine. Having said that, the first thing our solicitor did was to check if they were going to enforce the 21 day BS

Thanks, this is what I'm hoping! We already got a cancellation on this house, so seems the person before us dropped out! Just frustrating when we're so eager to sign and the loan offer is taking so long to come through. Was just curious to see if anyone else was in a similar situation, especially with banks under such pressure now and the back log etc.

Cutie_mcfruity

Back again! The mortgage and wage subsidy saga continues.

Some good news, my partners work have taken him off the scheme so we are able to submit a payslip with no subsidy at the end of this month to UB. They said they only need one for proof so we can drawdown so I hope to god that they don’t change there mind and a for more.

In the meantime the vendor has put the house back on the market! I was only told as a courtesy by the estate agent and my solicitor has not been informed by theirs etc...

We have contracts signed, the closing date has passed but we were never given a completion notice.

I’m just wondering what the legality of this is, if they get a higher offer than ours while we are still sale agreed with contracts exchanged do they have to stay with us. Just worrying as we are potentially only two weeks away from drawdown after all of this messing.

And also has anyone submitted a covid free payslip to UB and have they just accepted the one or asked for more. I don’t think I could ask the vendors to hold off for more than one month.

ebayissues

What do banks ask before drawdown? Payslips, house/mortgage insurance?

cubatahavana

KBC to announce 1500 cash back on mortgages. On top of that you could get a 2.3% rate. My broker just called me

cubatahavana

beauf wrote: »

Why is it BS? Some people will string this out for months.
If you have other people who can buy now, why wait.

Because with how slow solicitors are and with queries going back and forth, 21 days is nothing

Queenio

cubatahavana wrote: »

KBC to announce 1500 cash back on mortgages. On top of that you could get a 2.3% rate. My broker just called me

Really? That's an interesting turn up. Did your broker mention how long you could fix that rate at? I'm waiting to hear from vendors solicitors before we can sign contracts and draw down but hoping it's in the next two weeks.

Gavin "shels"

Cutie_mcfruity wrote: »

And also has anyone submitted a covid free payslip to UB and have they just accepted the one or asked for more. I don’t think I could ask the vendors to hold off for more than one month.

UB were happy with one payslip off my fiancee stating Covid payment was gone. We're in the process of closing now so hopefully no issues, although she is off the payment a few months now (she'll have a 3rd payslip at the end of this month without Covid).

cubatahavana

Queenio wrote: »

Really? That's an interesting turn up. Did your broker mention how long you could fix that rate at? I'm waiting to hear from vendors solicitors before we can sign contracts and draw down but hoping it's in the next two weeks.

2.3 is if you move bank account to them with incomes. Goes from I think 2.7 to 2.3. I think it can be a 3 year fixed

About the cash back:

https://www.bonkers.ie/blog/mortgages/kbc-launches-new-cashback-offer-for-first-time-buyers-and-movers/