Landlord is selling the house

Shefwedfan

Marcusm wrote: »

And just like the covid unemployment payment and temp wage subsidy I suspect it will be extended. I’m not saying it should or that it is fair and balanced, merely that I expect it will. The govt has no appetite for dealing with evictions it movement if people at this time.

Evictions? People are just walking out of lease agreements and heading off....

Housebuying

skooterblue2 wrote: »

House prices are going to drop by a lot more than 5k. They are already down 10% in Dublin. We havent hit November yet. If ye are both in stable jobs get looking to buy.

Where are they down 10%?

JJJackal

Shefwedfan wrote: »

^^

That was for 90 days,
Seems as usual some people don’t give a s**t about the landlord then in a few days will be crying because of lack of properties

I have heard of a tenant who moved from Ireland to the UK, leaving there rental property idle for duration of COVID19. Agreed to pay landlord approx 37% of the rent per month for this time. Nothing landlord can do.

I guess when COVID19 lockdown is over there will be a lot of notices given for not paying rent as in this case. Tenant will be evicted. Presumably with no deposit returned. Going to be some mess

Flimsy_Boat

JJJackal wrote: »

I have heard of a tenant who moved from Ireland to the UK, leaving there rental property idle for duration of COVID19. Agreed to pay landlord approx 37% of the rent per month for this time. Nothing landlord can do.

I guess when COVID19 lockdown is over there will be a lot of notices given for not paying rent as in this case. Tenant will be evicted. Presumably with no deposit returned. Going to be some mess

Have a friend who is doing this. It works out better financially for her not to pay the rent for months and lose one month's deposit as she is now living with her partner somewhere else in Europe until college is back in session. Her apartment is still off the market, but it will come back to the rental market once the eviction is final. A few friends are banking on a number of vacant rental units in time for college starting again. They may or may not get caught out, but they do know for sure that paying rent to live in a city where you have no family was never the best plan. It's unfortunate the effects it will have on the market at large, but that's what once in a century pandemics tend to do.

JJJackal

Flimsy_Boat wrote: »

Have a friend who is doing this. It works out better financially for her not to pay the rent for months and lose one month's deposit as she is now living with her partner somewhere else in Europe until college is back in session. Her apartment is still off the market, but it will come back to the rental market once the eviction is final. A few friends are banking on a number of vacant rental units in time for college starting again. They may or may not get caught out, but they do know for sure that paying rent to live in a city where you have no family was never the best plan. It's unfortunate the effects it will have on the market at large, but that's what once in a century pandemics tend to do.

No more than in my example, the decent thing for your friend to do would have been to move her stuff out and return property to landlord.

Flimsy_Boat

JJJackal wrote: »

No more than in my example, the decent thing for your friend to do would have been to move her stuff out and return property to landlord.

I agree, but it wasn't premeditated and to this day she is unable to travel back to Ireland. Last two flights got cancelled and since landlord changed the locks, she had nowhere to self-isolate. So I'm thinking she won't have any issues in court given the extraordinary circumstances.

JJJackal

Flimsy_Boat wrote: »

I agree, but it wasn't premeditated and to this day she is unable to travel back to Ireland. Last two flights got cancelled and since landlord changed the locks, she had nowhere to self-isolate. So I'm thinking she won't have any issues in court given the extraordinary circumstances.

Why will she be in court?

skooterblue2

Housebuying wrote: »

Where are they down 10%?

This is the grey are area between Industry Experts and vested interests.
An estate agent is motivated to sell the property at the highest price, thereby there interest is to advertise the highest price possible. Daft.ie are a massive source of information for the property industry and also benefit from high prices and volume of traffic through the site.
If you cant get a mortgage without a letter of secure employment from your employer then you cant get a mortgage. This reduces the amount of people being able to purchase a house. Then you have this whole thing of being in a chain where you cant move to your next house without the other person moving along. This gives the cash in hand buyer a lot more leverage to demand discount. I wouldnt want property on my hands in the face of a massive depression in the next 6 months.

TheSheriff

skooterblue2 wrote: »

This is the grey are area between Industry Experts and vested interests.
An estate agent is motivated to sell the property at the highest price, thereby there interest is to advertise the highest price possible. Daft.ie are a massive source of information for the property industry and also benefit from high prices and volume of traffic through the site.
If you cant get a mortgage without a letter of secure employment from your employer then you cant get a mortgage. This reduces the amount of people being able to purchase a house. Then you have this whole thing of being in a chain where you cant move to your next house without the other person moving along. This gives the cash in hand buyer a lot more leverage to demand discount. I wouldnt want property on my hands in the face of a massive depression in the next 6 months.

You haven't actually answered the question again.

Your statement that prices are down 10% is incorrect. Its simple as that. There is no evidence yet that prices have dropped. I am sure you will be right at some point and I hope you are, but for now you are not.

On the flip side, the majority of our friends have gotten mortgage approval during Covid and are absolutely chomping at the bit to buy a house and not spend another lock-down in an apartment (potentially). All would be looking in the 500k+ region.

Johnny_BravoIII

On the macro side, we are heading for choppy waters.

325,000 jobs in tourism sector are in jepordy.
https://www.gov.ie/en/policy/3fcc3a-tourism/#tourism-employment

285,000 jos in retail are starting to feel retail armageddon
https://www.bbc.com/news/business-52990612

- Mothercare
- Monso0n
- Zara
etc
This is just the start of it. Smaller retailers will likely hold on until it's too late.

Another likely wave is disruption in the commercial office space.
I'm hearing stories of small and large business owners who switched to WFM model. There's massive disruption coming in this space.
Less office workers, less coffee shop's, less retail and the cycle becomes likely vicious.

Good news is the explosion in online retail. I'm not sure how this is measured but it's been 10 weeks of 'black friday' like sales for most the operators I know. Also tech and pharma are booming.

My bet is we are heading for a recession worse than 2008. The EU bailout of 500bn is a drop in the ocean and won't turn the tide of this thing.

The question is whether this macro stuff will impact micro house prices. We remain under-stocked on the supply side. I'm going through the mortgage approval process currently but won't rush to buy until the impact of COVID kicks.

skooterblue2

TheSheriff wrote: »

You haven't actually answered the question again.

Your statement that prices are down 10% is incorrect. Its simple as that. There is no evidence yet that prices have dropped. I am sure you will be right at some point and I hope you are, but for now you are not.

On the flip side, the majority of our friends have gotten mortgage approval during Covid and are absolutely chomping at the bit to buy a house and not spend another lock-down in an apartment (potentially). All would be looking in the 500k+ region.

Immediately when you go into an Estate agents you have the power to ask for a discount. The power is with the money in hand. Anyone who has surplus property wants to get rid of it ASAP. There is very little property moving at the minute.

circular flexing

Wonder if the OP has their answer....

TheSheriff

Johnny_BravoIII wrote: »

On the macro side, we are heading for choppy waters.

325,000 jobs in tourism sector are in jepordy.
https://www.gov.ie/en/policy/3fcc3a-tourism/#tourism-employment

285,000 jos in retail are starting to feel retail armageddon
https://www.bbc.com/news/business-52990612

- Mothercare
- Monso0n
- Zara
etc
This is just the start of it. Smaller retailers will likely hold on until it's too late.

Another likely wave is disruption in the commercial office space.
I'm hearing stories of small and large business owners who switched to WFM model. There's massive disruption coming in this space.
Less office workers, less coffee shop's, less retail and the cycle becomes likely vicious.

Good news is the explosion in online retail. I'm not sure how this is measured but it's been 10 weeks of 'black friday' like sales for most the operators I know. Also tech and pharma are booming.

My bet is we are heading for a recession worse than 2008. The EU bailout of 500bn is a drop in the ocean and won't turn the tide of this thing.

The question is whether this macro stuff will impact micro house prices. We remain under-stocked on the supply side. I'm going through the mortgage approval process currently but won't rush to buy until the impact of COVID kicks.

I think the macro stuff will absolutely impact house prices. To what extent tough is totally unknown. I think the CB rules will protect alot from financial ruin which is good. Hopefully somewhat blunt the boom-bust cycle.

We are also mortgage approved etc now but the worry amongst ourselves and friends is if the the economy does evapourate we likely won't get a mortgage. For the mortal without cash it doesn't really matter how much of a discount you get if you can't get credit.

skinny90

circular flexing wrote: »

Wonder if the OP has their answer....

I did, I think :-)

maestroamado

circular flexing wrote: »

Wonder if the OP has their answer....

"For everyone’s sake we are not not working the land lord. It’s quite the opposite in fact.I’ve left in a spare key to the auctioneer even. Just wanted to post here as I’m quite naive to all of this and wanted to see if people were in a similar situation"


I was thinking same, NAIVE???

skinny90

maestroamado wrote: »

"For everyone’s sake we are not not working the land lord. It’s quite the opposite in fact.I’ve left in a spare key to the auctioneer even. Just wanted to post here as I’m quite naive to all of this and wanted to see if people were in a similar situation"


I was thinking same, NAIVE???

I should have added we have left conditions agreed with the ll and auctioneer, that we must get notice of at least a week. It must be in the evening time as I work from home

maestroamado

skinny90 wrote: »

I should have added we have left conditions agreed with the ll and auctioneer, that we must get notice of at least a week. It must be in the evening time as I work from home

Whats the problem then, if you want to buy go for it, otherwise???

skinny90

maestroamado wrote: »

"For everyone’s sake we are not not working the land lord. It’s quite the opposite in fact.I’ve left in a spare key to the auctioneer even. Just wanted to post here as I’m quite naive to all of this and wanted to see if people were in a similar situation"


I was thinking same, NAIVE???

I should have added we have left conditions agreed with the ll and auctioneer, that we must get notice of at least a week. It must be in the evening time as I work from home

redarmyblues

Fair play to the OP there must have been done change in the LLs circumstances that they decided to sell 2 months into the tenancy, an empty apartment would have been an much easier sell.

maestroamado

I think they likely bought the apartment as they have gone...