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Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 3:27 pm
by danthefan
Banana Man wrote:How is the house hunting for the various lads going?
Not great. Viewings are f**king depressing, people just showing up an bidding on the spot. Have seen some people bidding on multiple houses within the space of an hour. Have our eye on a place in Drumcondra now that even with a decent rise from the asking that we should be able to afford but I'm sure it'll all fall through.

Another issue is I'm in the interview process for another job, I dunno if changing job will totally screw up the application. My salary would go up but would be back on probation.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 3:32 pm
by Witchfinder General
I saw this on the journal and thought about this thread, you know things are bad when folks are queuing for 4 days to buy a house in clonsilla, makes me glad Im old and that my next property investment will be nice burial plot.

http://www.thejournal.ie/house-clonsill ... 4-Apr2018/

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 3:40 pm
by rfurlong
Miguel Indurain wrote:
ticketlessinseattle wrote:
Banana Man wrote:How is the house hunting for the various lads going?
the good times are back baby !!! property prices through roof, teachers on strike, what can go wrong !? was looking at a property development that started phase 2 recently - houses are €100k up from exact same ones as phase I as 8 months ago ffs
True.

Hang on long enough and you see this sort of stuff.
Stanley Holdings flew in English pop star Louise Redknapp and former Liverpool footballer Jamie Redknapp in an effort to convince homebuyers that they can enjoy a glamorous lifestyle near Donaghmede on Dublin's northside.
https://www.independent.ie/irish-news/l ... 67167.html

Eaten bread and all that.
the lads behind Stanley Holdings are now Cairn Homes ...... albeit now with the discipline, governance, chastened experience and maturity of a listed vehicle that answers to fund managers and shareholders

cant see a repeat of the Louise Redknapp marketing stunt .....

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 3:41 pm
by globus
Witchfinder General wrote:I saw this on the journal and thought about this thread, you know things are bad when folks are queuing for 4 days to buy a house in clonsilla, makes me glad Im old and that my next property investment will be nice burial plot.

http://www.thejournal.ie/house-clonsill ... 4-Apr2018/
There's an irony in that WG. I've been negotiating to obtain more land for our cemetery. During that time we have suspended all future requests for grave space. I brought this up over 6 years ago and now find I cannot reserve a couple of plots!

I intend to be cremated and my ashes spread about. But I have a really good headstone designed. I hope it will bring a smile as people pass by.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 3:45 pm
by rfurlong
globus wrote:
Witchfinder General wrote:I saw this on the journal and thought about this thread, you know things are bad when folks are queuing for 4 days to buy a house in clonsilla, makes me glad Im old and that my next property investment will be nice burial plot.

http://www.thejournal.ie/house-clonsill ... 4-Apr2018/
There's an irony in that WG. I've been negotiating to obtain more land for our cemetery. During that time we have suspended all future requests for grave space. I brought this up over 6 years ago and now find I cannot reserve a couple of plots!

I intend to be cremated and my ashes spread about. But I have a really good headstone designed. I hope it will bring a smile as people pass by.
Globby's cemetery .... I hear people are dying to get into it

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 5:57 pm
by Macsimus
danthefan wrote:
Banana Man wrote:How is the house hunting for the various lads going?
Not great. Viewings are f**king depressing, people just showing up an bidding on the spot. Have seen some people bidding on multiple houses within the space of an hour. Have our eye on a place in Drumcondra now that even with a decent rise from the asking that we should be able to afford but I'm sure it'll all fall through.

Another issue is I'm in the interview process for another job, I dunno if changing job will totally screw up the application. My salary would go up but would be back on probation.
Was a mortgage broker in a former life Dan. Would be very surprised if your bank would take your income into account while on a probationary period.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 6:14 pm
by goose81
Macsimus wrote:
danthefan wrote:
Banana Man wrote:How is the house hunting for the various lads going?
Not great. Viewings are f**king depressing, people just showing up an bidding on the spot. Have seen some people bidding on multiple houses within the space of an hour. Have our eye on a place in Drumcondra now that even with a decent rise from the asking that we should be able to afford but I'm sure it'll all fall through.

Another issue is I'm in the interview process for another job, I dunno if changing job will totally screw up the application. My salary would go up but would be back on probation.
Was a mortgage broker in a former life Dan. Would be very surprised if your bank would take your income into account while on a probationary period.
I was in this situation with a loan a few years ago, just didnt tell them. Dan they likely wont ask so dont say anything

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 6:26 pm
by Leinsterman
Depends on when they ask for pay slips etc. My wife changed job just after we went Sale Agreed on our current place and we didn't say anything. Luckily the bank were happy enough with all our paperwork we had provided when we went Sale Agreed and we didn't have to provide more up to date paperwork when we drew down the mortgage. Some banks will sau the info is valid for 6 months but others ask for a refresh of the info just before the drawdown date.
We were bricking this would happen...

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 8:32 pm
by Nolanator
Granted this is about renting rather than buying, but related.
A mate is thinking of moving from Belfast to Dublin for work and I had a quick look on daft to see what it's like.

Jesus, renting by yourself is ridiculous. Commuting from the M50 for anything reasonable, and even then like 50% of your salary is going on rent/commute costs.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 8:38 pm
by nardol
It's nuts. I'm looking at moving down to Wicklow town. Train takes about an hour in to town but it's almost starting to be worth it for the quality of life /disposable income after my work/commute.... Well what's left of the day.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 8:39 pm
by camroc1
Nolanator wrote:Granted this is about renting rather than buying, but related.
A mate is thinking of moving from Belfast to Dublin for work and I had a quick look on daft to see what it's like.

Jesus, renting by yourself is ridiculous. Commuting from the M50 for anything reasonable, and even then like 50% of your salary is going on rent/commute costs.
It's why I firmly believe that some of the student housing that is now being built (you know 5/6 bed/bath attached to one large kitchen and communal area) will be repurposed as starter rental flats before long. It will start with the likes of Facebook/Google etc getting a special planning concession that will then be broadened to include any such purpose built developments.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 8:45 pm
by HighKingLeinster
nardol wrote:It's nuts. I'm looking at moving down to Wicklow town. Train takes about an hour in to town but it's almost starting to be worth it for the quality of life /disposable income after my work/commute.... Well what's left of the day.
Wicklow town. You'd be better off moving into a knackers yard

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 8:47 pm
by nardol
HighKingLeinster wrote:
nardol wrote:It's nuts. I'm looking at moving down to Wicklow town. Train takes about an hour in to town but it's almost starting to be worth it for the quality of life /disposable income after my work/commute.... Well what's left of the day.
Wicklow town. You'd be better off moving into a knackers yard
I love Wicklow county. Like being out and about in the weekends. North Wicklow is Dublin prices .... I absolutely love it but unaffordable.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 8:56 pm
by iarmhiman
I pay €1000 a month for a room in a two bed apartment sharing.

When (fingers crossed) this sale closes, I will be paying €1190 a month for the entire apartment. My flat mate will be moving with me. As he will be a licencee, he will be paying most of the mortgage with his rent, so if anything even though my savings are all gone with this sale, I'm going to have plenty of money in my current account.

Rent is crazy now. I remember when the rent was better than mortgages. It was only 7 years ago

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 9:02 pm
by Macsimus
goose81 wrote:
Macsimus wrote:
danthefan wrote:
Banana Man wrote:How is the house hunting for the various lads going?
Not great. Viewings are f**king depressing, people just showing up an bidding on the spot. Have seen some people bidding on multiple houses within the space of an hour. Have our eye on a place in Drumcondra now that even with a decent rise from the asking that we should be able to afford but I'm sure it'll all fall through.

Another issue is I'm in the interview process for another job, I dunno if changing job will totally screw up the application. My salary would go up but would be back on probation.
Was a mortgage broker in a former life Dan. Would be very surprised if your bank would take your income into account while on a probationary period.
I was in this situation with a loan a few years ago, just didnt tell them. Dan they likely wont ask so dont say anything
Absolutely, if you have already given in your docs and are aip'd recently then keep schtum and you might get away with it. Definitely risky though, there's every chance they'll want updated docs when you try to move to offer stage.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 9:09 pm
by Macsimus
Yep rental market is nuts. We'll be renting our existing house when we finally find a new place. I reckon we will be able to get up to €1,850 pm for it. For a two bed terraced in Whitehall :shock: The house is in decent nick and has a good extension making it about 96 square metres, but still, just seems crazy.

Got to wonder how sustainable it is. How can people afford that. Its probably equivalent to the repayments on 480k mortgage.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 9:17 pm
by Leinsterman
Macsimus wrote: Absolutely, if you have already given in your docs and are aip'd recently then keep schtum and you might get away with it. Definitely risky though, there's every chance they'll want updated docs when you try to move to offer stage.
AIP is worthless though. The bank will look for updated documents to approve a mortgage for the actual property you're intending to buy. Once that's done though you might not have to provide updated documents for another six months. That was my experience with BoI anyway.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 9:30 pm
by Macsimus
Leinsterman wrote:
Macsimus wrote: Absolutely, if you have already given in your docs and are aip'd recently then keep schtum and you might get away with it. Definitely risky though, there's every chance they'll want updated docs when you try to move to offer stage.
AIP is worthless though. The bank will look for updated documents to approve a mortgage for the actual property you're intending to buy. Once that's done though you might not have to provide updated documents for another six months. That was my experience with BoI anyway.
Agreed and Dan hasn't had an offer accepted on a property yet. But afaik some banks, boi for example, can give an underwritten aip these days, so maybe in that scenario theres a chance they might not look for all updated docs if you close within 6 months. But like you say, I reckon its pretty doubtful.

Unless you can get an offer accepted and organise the finance before you move jobs Dan, then if you accept the new job you likely need to do so with the knowledge that you'll need to put the house hunting on hold for six months.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 9:56 pm
by Miguel Indurain
iarmhiman wrote:I pay €1000 a month for a room in a two bed apartment sharing.

When (fingers crossed) this sale closes, I will be paying €1190 a month for the entire apartment. My flat mate will be moving with me. As he will be a licencee, he will be paying most of the mortgage with his rent, so if anything even though my savings are all gone with this sale, I'm going to have plenty of money in my current account.

Rent is crazy now. I remember when the rent was better than mortgages. It was only 7 years ago
€1,000.00 is effectively the amount one would pay for a mortgage.

Rental prices are mad at the moment. And these rental costs have a serious societal impact because folks paying these rents can't save sufficient funds for a deposit, never mind to save for other things.

I really do hope that your house purchase goes through :thumbup:

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 10:10 pm
by camroc1
Just an illustration that you may not have it that bad.

We bought our first house, a new build two bedroomed terrace off Booterstown Avenue in 1987 for a price of ir£ 36k.

At the time, in an attempt to stimulate the building industry, there were both first time buyers and new build grants available, so after taking account of these, and our 10% deposit, we had to borrow some ir£ 30k.

Interest rates at the time, and for a long time afterwards were in the range of 12 -14%.

So our repayments at the time were ir£ 800 per month, which pretty much ate up all of my after tax income as a graduate Engineer, using my wife's to pay all other living expenses. As I recall we rented our television for the first year or so, not being able to afford the capital outlay, and bought our first stereo system on HP from Switzers, for the same reason.

Just pray that interest rates stay low.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 10:14 pm
by Nolanator
iarmhiman wrote:I pay €1000 a month for a room in a two bed apartment sharing.
I haven't looked for rental accomodation in Dublin in about two and a half years, so I'm well out of that loop, but it was always as part of a house share; whether with friends or the gf.

My mate from up here has said he'll have to look at a shared apartment with some random(s) as he doesn't know anyone looking to rent in Dublin.

The Belfast rental market is actually comically cheap.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 10:21 pm
by de_Selby
camroc1 wrote:Just an illustration that you may not have it that bad.

We bought our first house, a new build two bedroomed terrace off Booterstown Avenue in 1987 for a price of ir£ 36k.

At the time, in an attempt to stimulate the building industry, there were both first time buyers and new build grants available, so after taking account of these, and our 10% deposit, we had to borrow some ir£ 30k.

Interest rates at the time, and for a long time afterwards were in the range of 12 -14%.

So our repayments at the time were ir£ 800 per month, which pretty much ate up all of my after tax income as a graduate Engineer, using my wife's to pay all other living expenses. As I recall we rented our television for the first year or so, not being able to afford the capital outlay, and bought our first stereo system on HP from Switzers, for the same reason.

Just pray that interest rates stay low.
This is the scary bit, they are only going one way..

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 10:27 pm
by danthefan
Macsimus wrote:
Leinsterman wrote:
Macsimus wrote: Absolutely, if you have already given in your docs and are aip'd recently then keep schtum and you might get away with it. Definitely risky though, there's every chance they'll want updated docs when you try to move to offer stage.
AIP is worthless though. The bank will look for updated documents to approve a mortgage for the actual property you're intending to buy. Once that's done though you might not have to provide updated documents for another six months. That was my experience with BoI anyway.
Agreed and Dan hasn't had an offer accepted on a property yet. But afaik some banks, boi for example, can give an underwritten aip these days, so maybe in that scenario theres a chance they might not look for all updated docs if you close within 6 months. But like you say, I reckon its pretty doubtful.

Unless you can get an offer accepted and organise the finance before you move jobs Dan, then if you accept the new job you likely need to do so with the knowledge that you'll need to put the house hunting on hold for six months.
Yeah this what I've been afraid of. If it's a choice between the job and the house I'll probably take the house at this point even though it wouldn't be ideal for me. As far as I know our AIP has gone to the underwriter, we are going with BOI, but I have to assume they'll ask for payslips and a salary cert again.

If I get an offer from the new place (which obviously isn't certain, long way from that) I may ask them if we can hold off until I submit my final documents to the bank before handing in my notice. All they can say is no and at worst I stay where I am.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 10:29 pm
by Miguel Indurain
camroc1 wrote:Just an illustration that you may not have it that bad.

We bought our first house, a new build two bedroomed terrace off Booterstown Avenue in 1987 for a price of ir£ 36k.

At the time, in an attempt to stimulate the building industry, there were both first time buyers and new build grants available, so after taking account of these, and our 10% deposit, we had to borrow some ir£ 30k.

Interest rates at the time, and for a long time afterwards were in the range of 12 -14%.

So our repayments at the time were ir£ 800 per month, which pretty much ate up all of my after tax income as a graduate Engineer, using my wife's to pay all other living expenses. As I recall we rented our television for the first year or so, not being able to afford the capital outlay, and bought our first stereo system on HP from Switzers, for the same reason.

Just pray that interest rates stay low.
We're of an age (?) when if you were fortunate enough to get a mortgage, you literally had just enough money to buy the house and slowly over years start to fit the house out.

For example when I bought my first house, I saved to redecorate on a piecemeal basis each room. For the first two months I literally had an empty beer crate to sit on in my living room. My parents bought me a sofa, and in the third month I paid for the two seats that went with the sofa which my parents bought me. For those first two months people calling to my house sat on the sofa and I sat on the beer crate.

That is the way things were. No fitted kitchens/applicances. No holidays, in fact holidays were painting and decorating rooms in my house and then going to the pub for a pint or two (pints were £1.75 or €2.20 in new money) afterward.

Re: Right Dubs, where to buy for a bargain

Posted: Tue Apr 10, 2018 10:30 pm
by Rumham
I was around a couple mates houses in Dublin recently. Money does not go very far in that place.

I do no envy anybody trying to find a place in Dublin right now.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 9:34 am
by nardol
camroc1 wrote:Just an illustration that you may not have it that bad.

We bought our first house, a new build two bedroomed terrace off Booterstown Avenue in 1987 for a price of ir£ 36k.

At the time, in an attempt to stimulate the building industry, there were both first time buyers and new build grants available, so after taking account of these, and our 10% deposit, we had to borrow some ir£ 30k.

Interest rates at the time, and for a long time afterwards were in the range of 12 -14%.

So our repayments at the time were ir£ 800 per month, which pretty much ate up all of my after tax income as a graduate Engineer, using my wife's to pay all other living expenses. As I recall we rented our television for the first year or so, not being able to afford the capital outlay, and bought our first stereo system on HP from Switzers, for the same reason.

Just pray that interest rates stay low.
At least you could get a mortgage.

(I cant complain I also have one am currently renting the property out)

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 9:54 am
by ticketlessinseattle
house that we'd an eye on that went off market finally came back on market. Wife called about it yesterday regarding viewing and they said the sellers turned down an offer for 10% above current asking price.....let the fun and games begin. When things go to bidding wars how can you find out if the "other bidder" is genuine or the seller's aunt driving up the price ? cheers

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 10:01 am
by CM11
ticketlessinseattle wrote:house that we'd an eye on that went off market finally came back on market. Wife called about it yesterday regarding viewing and they said the sellers turned down an offer for 10% above current asking price.....let the fun and games begin. When things go to bidding wars how can you find out if the "other bidder" is genuine or the seller's aunt driving up the price ? cheers
I don't think there's any way to know for sure.

Who is the agent?

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 10:09 am
by danthefan
CM11 wrote:
ticketlessinseattle wrote:house that we'd an eye on that went off market finally came back on market. Wife called about it yesterday regarding viewing and they said the sellers turned down an offer for 10% above current asking price.....let the fun and games begin. When things go to bidding wars how can you find out if the "other bidder" is genuine or the seller's aunt driving up the price ? cheers
I don't think there's any way to know for sure.

Who is the agent?
If it's a well known agent I really don't think phantom bids are a thing. It's not worth it for them, the agent might make an extra €50 but the risks are significant.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 10:13 am
by CM11
danthefan wrote:
CM11 wrote:
ticketlessinseattle wrote:house that we'd an eye on that went off market finally came back on market. Wife called about it yesterday regarding viewing and they said the sellers turned down an offer for 10% above current asking price.....let the fun and games begin. When things go to bidding wars how can you find out if the "other bidder" is genuine or the seller's aunt driving up the price ? cheers
I don't think there's any way to know for sure.

Who is the agent?
If it's a well known agent I really don't think phantom bids are a thing. It's not worth it for them, the agent might make an extra €50 but the risks are significant.
Agree. I very much doubt anyone who is established would make up bids themselves.

Still doesn't stop someone unknown to the agent acting on behalf of the vendor but that's still risky on the vendor's behalf and far too much trouble.

Ultimately a house is worth what you're willing to pay for it and any decision should be made on that and not the assumption that because someone else is willing to pay similar that the house is 'worth' that amount so your money is secure.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 10:28 am
by danthefan
It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 11:14 am
by Duff Paddy
danthefan wrote:
CM11 wrote:
ticketlessinseattle wrote:house that we'd an eye on that went off market finally came back on market. Wife called about it yesterday regarding viewing and they said the sellers turned down an offer for 10% above current asking price.....let the fun and games begin. When things go to bidding wars how can you find out if the "other bidder" is genuine or the seller's aunt driving up the price ? cheers
I don't think there's any way to know for sure.

Who is the agent?
If it's a well known agent I really don't think phantom bids are a thing. It's not worth it for them, the agent might make an extra €50 but the risks are significant.
This is why people love new builds - the price is the price. Worth queuing for.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 11:19 am
by CM11
Haven't builders withdrawn the price on the day and bumped it up?

Although, it's still the same point, I guess, no one else has contributed to bumping it up, just demand.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 11:54 am
by Duff Paddy
CM11 wrote:Haven't builders withdrawn the price on the day and bumped it up?

Although, it's still the same point, I guess, no one else has contributed to bumping it up, just demand.
Never heard of that. Usually they release a small amount of phase one houses to gauge demand then jack up the price for phase two

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 12:01 pm
by CM11
Duff Paddy wrote:
CM11 wrote:Haven't builders withdrawn the price on the day and bumped it up?

Although, it's still the same point, I guess, no one else has contributed to bumping it up, just demand.
Never heard of that. Usually they release a small amount of phase one houses to gauge demand then jack up the price for phase two
Might just be a phase 1/2 thing I'm thinking about, thought there was one recent enough example of houses going up from their advertised price within the same phase but can't find anything quickly.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 12:04 pm
by ticketlessinseattle
danthefan wrote:It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.
that's what i'm trying to figure out - doesnt the estate agent have to verify that the bidder has approval/funding from their bank to actually purchase the property ? Obviously the seller could set something up with someone to go through that process or the estate agent could chance their arm but both of these would involve a party knowingly chance their arm hence their is an element of risk but what is that downside ? i guess my question is if i'm bidding and the estate agent says someone else has topped your offer by 10k and i ask them have they verified funding etc of other bidder do they have any legal obligation to do so ? cheers

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 12:07 pm
by Leinster in London
Duff Paddy wrote:
danthefan wrote:
CM11 wrote:
ticketlessinseattle wrote:house that we'd an eye on that went off market finally came back on market. Wife called about it yesterday regarding viewing and they said the sellers turned down an offer for 10% above current asking price.....let the fun and games begin. When things go to bidding wars how can you find out if the "other bidder" is genuine or the seller's aunt driving up the price ? cheers
I don't think there's any way to know for sure.

Who is the agent?
If it's a well known agent I really don't think phantom bids are a thing. It's not worth it for them, the agent might make an extra €50 but the risks are significant.
This is why people love new builds - the price is the price. Worth queuing for.
This is what my niece went for.
It's a slight irritant that the house will not be completed for a couple of months, rather than a few months ago, but in the big scheme of things it will not matter too much. As they have not started repayments they are saving money. They may even give themselves a holiday which they originally thought they will not be able to afford this year.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 12:08 pm
by danthefan
ticketlessinseattle wrote:
danthefan wrote:It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.
that's what i'm trying to figure out - doesnt the estate agent have to verify that the bidder has approval/funding from their bank to actually purchase the property ? Obviously the seller could set something up with someone to go through that process or the estate agent could chance their arm but both of these would involve a party knowingly chance their arm hence their is an element of risk but what is that downside ? i guess my question is if i'm bidding and the estate agent says someone else has topped your offer by 10k and i ask them have they verified funding etc of other bidder do they have any legal obligation to do so ? cheers
I've bid unsuccessful on two places so far and one insisted on proof of approval or they wouldn't accept the bid. I don't know if it's a requirement and from my experience so far I don't think it is. It's worth asking if the other parties have approval though I think.

If you find someone has withdrawn from the running you can always reduce your bid again.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 12:13 pm
by MrJonno
When I was considering buying Jan/Feb the viewings were depressing. There were always at least 20 people and of those at least 2 struck me as older investors who knew exactly what they were doing. If someone like that was interested I didn't bother wasting my time following it up as I reckoned they would have a lot more experience than me. So they would either outbid me, or I would outbid them and if I outbid them it was likely that I had paid over the odds. Maybe a defeatist attitude (and I might have totally misread the people in question) but I reckon it saved me a lot of wasted effort. I then withdrew from another flat because I realised I was probably bidding against someone desperate to get onto the property ladder and we would drive the price up way above actual value and if they were desperate enough they could end up utterly screwed or again I would have paid way over the odds. The situation in Dublin is horrible.

Re: Right Dubs, where to buy for a bargain

Posted: Wed Apr 11, 2018 12:17 pm
by Leinster in London
danthefan wrote:
ticketlessinseattle wrote:
danthefan wrote:It also doesn't stop the bint I saw at the weekend bidding on every f**king house that was up for viewing on Saturday morning in North Dublin City.
that's what i'm trying to figure out - doesnt the estate agent have to verify that the bidder has approval/funding from their bank to actually purchase the property ? Obviously the seller could set something up with someone to go through that process or the estate agent could chance their arm but both of these would involve a party knowingly chance their arm hence their is an element of risk but what is that downside ? i guess my question is if i'm bidding and the estate agent says someone else has topped your offer by 10k and i ask them have they verified funding etc of other bidder do they have any legal obligation to do so ? cheers
I've bid unsuccessful on two places so far and one insisted on proof of approval or they wouldn't accept the bid. I don't know if it's a requirement and from my experience so far I don't think it is. It's worth asking if the other parties have approval though I think.

If you find someone has withdrawn from the running you can always reduce your bid again.
This proof of funds you mention only covers one property. Yer one probably has the same type of approval, but correctly assumes that none of the houseowners/estate agents realise she has made other offers.
When the time comes, she will choose a property, then inform/drag out the other deals stating that the mortgage company are delaying/withdrawn the funding.

Leave your offer as it is, inform the agent accordingly, walk away, and keep looking.
At a future date multiple sellers will be back as their offer has fallen through.