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PostPosted: Tue Apr 10, 2018 2:21 pm 
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iarmhiman wrote:
Got the letter of loan yesterday for the amount agreed and solicitor has it as well.

Currently organising Mortgage protection insurance and home insurance and a new current bank account where I will have to pay mortgage repayments from.

Process speeding up now.


Nice one Iarm :thumbup:


I was going to recommend this place for folks here interested in buying http://www.daft.ie/dublin/houses-for-sa ... n-1554959/. I thought it represents good value, given it's location and it's price, but it sold a couple of weeks ago.


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PostPosted: Tue Apr 10, 2018 2:33 pm 
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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


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PostPosted: Tue Apr 10, 2018 2:39 pm 
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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.

Quote:
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.


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PostPosted: Tue Apr 10, 2018 3:27 pm 
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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.


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PostPosted: Tue Apr 10, 2018 3:32 pm 
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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-clonsilla-3949684-Apr2018/


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PostPosted: Tue Apr 10, 2018 3:40 pm 
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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.

Quote:
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 .....


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PostPosted: Tue Apr 10, 2018 3:41 pm 
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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-clonsilla-3949684-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.


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PostPosted: Tue Apr 10, 2018 3:45 pm 
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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-clonsilla-3949684-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


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PostPosted: Tue Apr 10, 2018 5:57 pm 
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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.


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PostPosted: Tue Apr 10, 2018 6:14 pm 
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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


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PostPosted: Tue Apr 10, 2018 6:26 pm 
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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...


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PostPosted: Tue Apr 10, 2018 8:32 pm 
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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.


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PostPosted: Tue Apr 10, 2018 8:38 pm 
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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.


Last edited by nardol on Tue Apr 10, 2018 8:40 pm, edited 1 time in total.

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PostPosted: Tue Apr 10, 2018 8:39 pm 
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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.


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PostPosted: Tue Apr 10, 2018 8:45 pm 
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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


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PostPosted: Tue Apr 10, 2018 8:47 pm 
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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.


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PostPosted: Tue Apr 10, 2018 8:56 pm 
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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


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PostPosted: Tue Apr 10, 2018 9:02 pm 
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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.


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PostPosted: Tue Apr 10, 2018 9:09 pm 
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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.


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PostPosted: Tue Apr 10, 2018 9:17 pm 
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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.


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PostPosted: Tue Apr 10, 2018 9:30 pm 
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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.


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PostPosted: Tue Apr 10, 2018 9:56 pm 
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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:


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PostPosted: Tue Apr 10, 2018 10:10 pm 
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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.


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PostPosted: Tue Apr 10, 2018 10:14 pm 
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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.


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PostPosted: Tue Apr 10, 2018 10:21 pm 
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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..


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PostPosted: Tue Apr 10, 2018 10:27 pm 
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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.


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PostPosted: Tue Apr 10, 2018 10:29 pm 
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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.


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PostPosted: Tue Apr 10, 2018 10:30 pm 
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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.


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PostPosted: Wed Apr 11, 2018 9:34 am 
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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)


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PostPosted: Wed Apr 11, 2018 9:54 am 
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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


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PostPosted: Wed Apr 11, 2018 10:01 am 
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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?


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PostPosted: Wed Apr 11, 2018 10:09 am 
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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.


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PostPosted: Wed Apr 11, 2018 10:13 am 
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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.


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PostPosted: Wed Apr 11, 2018 10:28 am 
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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.


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PostPosted: Wed Apr 11, 2018 11:14 am 
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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.


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PostPosted: Wed Apr 11, 2018 11:19 am 
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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.


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PostPosted: Wed Apr 11, 2018 11:54 am 
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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


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PostPosted: Wed Apr 11, 2018 12:01 pm 
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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.


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PostPosted: Wed Apr 11, 2018 12:04 pm 
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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


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PostPosted: Wed Apr 11, 2018 12:07 pm 
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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.


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