House Prices??

[wertyu]

Afternoon Lads/Lasses looking for your opinion on this?

I'm currently going to be active in the first time buyers market, I've recently seen a porperty I would like to go for, (Right Area, Schools, Family Close by etc etc) the property is way overvalued at the moment I do know this. But I was thinking of putting an offer in 30% below the value that is there at the moment.

1. Do you think this is the right bracket to go with??

2. What experiences have any of you had in going in with a lower offer? Go to the Agent/Homeowner.

3. The partner is not working FT but may down the line, Should I try to get a mortgage on my own credentiels or put her name down with me??

PPL will tell me and have been telling me to wait as still not bottomed out yet, I do understand this but after been renting the last 3yrs ain't getting any younger and really want to get onto the property ladder for my sake and my family's now rather than 5yrs or whatever time.

[Shay]

I'm no expert on the housing market but I think the first thing you need to do is get in and make an application to the bank, you can't offer what you don't have yet.

Once you've got that then offer what you can afford, if a house if overpriced, on the market for a while or the owners are looking for a quick sale you may well get it for a large discount

[Captain_Morgan]

Darren the first thing you should do id go get AIP( approval in principal) for a mortgage based on both of your current employment, banks wont take into consideration your partners future job just on what she is earning now.

Then when you know how much you can spend then go make your offer, every estate agent in the country will tell you the market has bottomed out but this isnt true, the market is very volatile still and prices are being determined by peoples differing circumstances. Have you checked out prices of houses near it???

If houses in the same are are going for a reduced price then your in a good position straight away, also if your mortgage approved and have your deposit ready u could try knocking on the persons door and cutting out the estate agent thus saving 1%. A few people i know have done this and it worked.

Generall most people are offering 20-25% under the asking price these days and going from there.

[kaka2001]

The lads above are right, an agent will take you a lot more seriously if you have bank approval.

I have friends who offered 305k and was accepted, the asking was around 380k. Another friend offered 320 for a place asking 360 and they never even replied. Point being, it really depends on the position of the seller and if they are willing to wait.

Lastly, obviously make sure you like the place. You only get first time buyers relief once!

[wertyu]

Cheers lads yes the applications have been sent over.

This is what I taught regarding the other halfs current sitution thus why I may look to go it alone.

The prices in the area are still staying steady at the moment but I think I may get some leverage with the owner as it looks like it was up before and taken down for it now to re-appear.

[wertyu]

The area is grand I know it well as this is where i am from as a child and used to live in that same road ha ha so looking to get back before the young lad grows up as want him to go to the schools down there aswell.

[Kop On]

Cheers lads yes the applications have been sent over.

This is what I taught regarding the other halfs current sitution thus why I may look to go it alone.

The prices in the area are still staying steady at the moment but I think I may get some leverage with the owner as it looks like it was up before and taken down for it now to re-appear.

Use this website mate www.irishpropertywatch.com enter the address of the property you’re looking at and it gives you the history of it on the market. You will be able to see what price it started at and how many price drops or increases it’s had.

This tool is invaluable as you can see if the owners have dropped the price a few times in a short space of time that they obviously want to sell quickly.

All of what the rest of the lads have told you is spot on, especially the fact not to believe for one second anything an estate agent tells you!

[MR KING KENNY]

try find out who the owner is and see do they have another house or are they wait to sell and buy, just offer way below the asking price and they'll know your chancing your arm but by the sounds of it so are they, so work out a price where you'll be happy to meet in middle, if the banks say yes to ya then things should move fast, also try find out how long the house is on the market. best of luck with the banks mate

[wertyu]

Darren the first thing you should do id go get AIP( approval in principal) for a mortgage based on both of your current employment, banks wont take into consideration your partners future job just on what she is earning now.

Then when you know how much you can spend then go make your offer, every estate agent in the country will tell you the market has bottomed out but this isnt true, the market is very volatile still and prices are being determined by peoples differing circumstances. Have you checked out prices of houses near it???

If houses in the same are are going for a reduced price then your in a good position straight away, also if your mortgage approved and have your deposit ready u could try knocking on the persons door and cutting out the estate agent thus saving 1%. A few people i know have done this and it worked.

Generall most people are offering 20-25% under the asking price these days and going from there.

The lads above are right, an agent will take you a lot more seriously if you have bank approval.
I have friends who offered 305k and was accepted, the asking was around 380k. Another friend offered 320 for a place asking 360 and they never even replied. Point being, it really depends on the position of the seller and if they are willing to wait.

Lastly, obviously make sure you like the place. You only get first time buyers relief once!

Use this website mate www.irishpropertywatch.com enter the address of the property you’re looking at and it gives you the history of it on the market. You will be able to see what price it started at and how many price drops or increases it’s had.

This tool is invaluable as you can see if the owners have dropped the price a few times in a short space of time that they obviously want to sell quickly.

All of what the rest of the lads have told you is spot on, especially the fact not to believe for one second anything an estate agent tells you!


Cheers mate used this site the house has dropped 100,000 since Jan that's where I seen it before something else alright.

Was talking to the mortgage advisior there from Waterford bang on he was and to the point, his overall assessment for me was this?:

Hi Darren

Many thanks for your enquiry. Although you would qualify for the loan amount, the lack of savings would be good enough reason for the banks to say no. My advice to you would be to start saving regularly as all lenders look to see a savings record especially for First time Buyers. Also your partner will be able to apply with you down the road too.

So basically banks are now looking at the main point on mortgage approval as your savings, weather it be 12months + at €10 or even €100 it's shows you are saving something. No way will they entertain a lump sum going in ie: A Claim or Parents Loan etc.

His advice was the financial situation over the next 12months will show a proper light on things but in no way has it bottomed out on the housing market and I have at least 3-4yrs on my side, before I need to start looking to buy a property at the prices we will be seeing.

Good advice thanks again to all replys

[dubit10]

I know nothing about the property business but the other half does and she say's there is going to a second property crash in the coming months because of the European union going to the dogs. People in the property game are saying prices could drop by up to another 30-40% in the coming year.:eek: according to herself. She actually advised her sister againest putting in a offer for an apartment in Sandyford in D14 even though the property had fallen in price from 345,000 at the peak to 235,000 now. She told her this time next year it would be priced at 150,000 or lower.

Then again she might be talking through her hole like usual.:rolleyes:

[serpheus]

I know nothing about the property business but the other half does and she say's there is going to a second property crash in the coming months because of the European union going to the dogs. People in the property game are saying prices could drop by up to another 30-40% in the coming year.:eek: according to herself. She actually advised her sister againest putting in a offer for an apartment in Sandyford in D14 even though the property had fallen in price from 345,000 at the peak to 235,000 now. She told her this time next year it would be priced at 150,000 or lower.

Then again she might be talking through her hole like usual.:rolleyes:
Is that what she call you:D

[DalglishN]

Then again she might be talking through her hole like usual.:rolleyes:

:D:D:D deadly!

[fermoyred80]

Then again she might be talking through her hole like usual.:rolleyes:

Hey are we going out with the same women:D

[bobby benitez]

Watching the Frontline on RTE1 now and watched the property programme before that. Coming to the conclusion that I would be better off not paying my mortgage for 2 years and giving the keys back. In that time I could save 30k from not paying it as appossed too pissing it down the drain. In 10 years my apartment will be out of negative equity if I'm lucky, gonna look seriously into this before I discuss it with the wife.

[DalglishN]

I was watching the first one. What about your credit rating?

[bobby benitez]

I was watching the first one. What about your credit rating?

Thats something I'd have to consider and weigh it up against actually having a life. That couple in Clonee are nearly in an identical situation as me, we just had our first child last month, we would consider our apartment suitable for her up until she is about 3 or maximum 4 years of age (thats obvisously without adding to the family). So we have 3 or 4 years to clear a negative equity of about €200,000, if we accept now thats not gonna happen we end up with 2 options, face we're stuck here as a 1 child family for 11 years or make plans now not to pay it and stash the money somehow to have a nice lump sum in 2 years.

[Anfield Old Boys]

Watching the Frontline on RTE1 now and watched the property programme before that. Coming to the conclusion that I would be better off not paying my mortgage for 2 years and giving the keys back. In that time I could save 30k from not paying it as appossed too pissing it down the drain. In 10 years my apartment will be out of negative equity if I'm lucky, gonna look seriously into this before I discuss it with the wife.

Feel your pain, mate but don't think from what I've read that Jinglemail is going to work for you...it hasn't really worked here yet...have sky plussed the programme and will get to them later..

[bobby benitez]

Feel your pain, mate but don't think from what I've read that Jinglemail is going to work for you...it hasn't really worked here yet...have sky plussed the programme and will get to them later..

:confused:

[vincenzo]

:confused:
Posting your keys through the banks letterbox.(metaphorically speaking)

[DalglishN]

Thats something I'd have to consider and weigh it up against actually having a life. That couple in Clonee are nearly in an identical situation as me, we just had our first child last month, we would consider our apartment suitable for her up until she is about 3 or maximum 4 years of age (thats obvisously without adding to the family). So we have 3 or 4 years to clear a negative equity of about €200,000, if we accept now thats not gonna happen we end up with 2 options, face we're stuck here as a 1 child family for 11 years or make plans now not to pay it and stash the money somehow to have a nice lump sum in 2 years.

Its a tough call but you would be black listed and probably wouldn't get another mortgage elsewhere. Mean while the banks get bailed out. Its up for discussion this week in the dail hopefully something comes of it.

[vodkacolly]

Watching the Frontline on RTE1 now and watched the property programme before that. Coming to the conclusion that I would be better off not paying my mortgage for 2 years and giving the keys back. In that time I could save 30k from not paying it as appossed too pissing it down the drain. In 10 years my apartment will be out of negative equity if I'm lucky, gonna look seriously into this before I discuss it with the wife.

Im in the same boat as you mate. I think my best option is to rent out my apt in Sandyford and move into a rented house outside Dublin for a couple of years. After that I will probably move abroad. If I sell my apt now I will lose about 50k so I'll try and hang onto it long term.