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

We managed to sell our house and were intending to buy at the same time, but with the lack of supply, were willing to rent somewhere in between. Our sale went well in the current market, giving us additional unexpected funds, and were happy enough to go above asking on the buying side as a result. However, we have noticed as the summer has gone on that the price increases have gotten worse. We have been involved in bidding wars that are pushing houses priced in the 470-480 bracket into the 560-570 bracket, and in our experience, its often driven up to that level by individuals that don't enter the bidding straight away. Perhaps the people with a budget of 600k are missing out on houses they thought they could afford and are now concentrating on the stock priced below that and are driving up the prices, with the knock on that the next house for sale in that area is priced far higher to begin with. We are looking in SCD, with would have been a good budget 6 months ago!

We are unsure what's the right thing to do next. Focus on renting for the rest of the year is likely, but I wonder when will these increases plateau? Is anyone else having similar experiences and if so how are you approaching it? We knew the market was hot coming into it in April, but the subsequent months show that its getting dramatically worse.

Supply is obviously a driver but the market seems to be absolutely flooded with money and credit like never before!

Contracts signed, deposit paid and should hit the solicitor's account by early next week. Have the 12th as a closing date. Getting closer! Just a couple more weeks of being a nervous wreck :D

There's a lot of optimistic asking prices for houses on their own.

Would anyone know how long drawdown takes with PTSB after the loan offer is sent back to the bank?

Everything seems so slow at the moment. We’re sale agreed on our own house and a new one (not new build), 6 weeks on and still no signed contracts or dates, and no full loan offer from the bank. Banks delayed on deeds as well, they all seem to be so slow at the moment. Going into every week hoping for progress but not seeing much.

New low for us. Given up on the Market after being let down badly, vendor pulled out after 4 months sale agreed.

Yesterday, property we had been bidding on but were out bid came back on the Market.

Estate agent rings us and says first person to bid x price gets it. It was at end and almost beyond our original limit, but we confirmed and were first to accept.

The agent comes back a few hours later saying they have a higher offer.

Is there any integrity?

For anyone getting their mortgage with AIB, they're saying it's taking 6-9 working days at the moment to review documents. So much for responding to queries within 2 business days!

I now have to arrange alternative accomodation because it's taking the bank so bloody long to get back to us.

Just closed today on a new build and getting keys this week - just a matter of our schedules. It's been a wild ride through lockdowns and all. Absolutely over the moon that it's done now! :)

First time buyer, we went sale agreed a few weeks back and everything has been smooth sailing except for the end date. When we were looking at the house, the vendor was willing to sell the house quickly. We were in this horrible bidding war with another party (they kept putting the price up by 1000 but it always took 2 days for them to do so), but finally won out.

The issue now is, the contract didn't put an end date and stated that it will be up to the vendor when they find another home. Our solicitor has never seen this on a contract before.

this house has been sale agreed already before, wouldn't you think that the vendor would have a place lined up already? they wanted to sell the house quick and now all of a sudden there is no end date?🤔

Saying a vendor is looking for a quick sale is just another standard lie/untruth that comes out of an Estate Agent's mouth when they're showing a place. I've seen plenty of houses and they're always 'looking for a quick sale'.

I completely ignore anything an agent says to me. You can't trust any of it, and it just clouds your own decision making.

Hi all, avid reader of this thread but first post here (had some issues with account confirmation on boards.ie). Just wondering if anyone else having similar issues to us re. mortgage application from PTSB. We are with a broker and have AIP since end of May. Sale agreed on a house since June 1st and vendor very anxious to close. PTSB have reverted a number of times looking for extra documentation including structural survey (house is 100+ years old). Latest request was for costings for some remedial works. They have this document back to them since the 15th July. Our broker tells us our case has moved to approved status on the intermediary portal since the 28th July. But still no sign of our letter of offer or loan pack. At this stage the vendor is aware we are waiting for letter of offer and has given us until the 17th August to provide this or he will pull out. Every day, I am a nervous wreck. Broker assures me the backlog is for every PTSB customer at the moment. Wondering if all other banks are similar? Have had all requests for further info, any documents, surveys, valuations etc. done and handed in promptly at every stage so happy that the delays have never been on our side but still hard to go day after day, weekend after weekend with the stress and worry. Seems like psychological torture at this stage.

I've noticed the number of PTSB issues too. We drew down last month with KBC and it was incredibly straightforward and very quick. Found communication excellent throughout, firm dates were very much adhered to. It's so stressful as is without added concerns.