Buying a house

[the derg]

the market in the north is very stagnent at the minute so def dont be afraid to bid low it all depends on when someone bought a house in relation to what they can take for it if your house has completed then ensure you can get a mortgage and haggle but it is a good time to buy

[Bogball XV]

current best predictions see at least 30% more of a drop over the next year - sell your own as quickly as you can and then you can either buy or rent, either way you call the shots.

[FermGael]

Thinking about buying myself and have made a few offers in the last while way below market values.
No luck though.  Estate agents and Sellers have not altered there selling prices from 18 months ago.
Nationwide stated yesterday that prices in Northern Ireland had fallen by 34% and it was the region hit the hardest because prices rose so quickly here.
Rule of thumb for me is that your property house should only cost 3-3.5 times your salary.
Oh and you need at least a 15% deposit to get a decent mortgage at the moment.
90% mortgages are a thing of the past.

A good website that gives you the capital value of a property is http://vlistdcv.lpsni.gov.uk/districts.asp.

Unlike england or wales, they is no website that tells you exactly what property is selling at.  You have to pay £3 and view them through public records i think.

[Hardy]

Unlike england or wales, they is no website that tells you exactly what property is selling at.  You have to pay £3 and view them through public records i think.

I think that's because practically no property is selling. There's no market and nobody really has a clue how much property in general is worth, until people start to sell.

[the Deel Rover]

Unlike england or wales, they is no website that tells you exactly what property is selling at.  You have to pay £3 and view them through public records i think.

I think that's because practically no property is selling. There's no market and nobody really has a clue how much property in general is worth, until people start to sell.

well there is definatley nothing selling in north mayo at the moment as you said hardy people are just taking their house off the market and even if the seller did get a buyer the banks aren't giving them a mortgage its just a pity they weren't as prudent a few years ago.   

[FermGael]

Unlike england or wales, they is no website that tells you exactly what property is selling at.  You have to pay £3 and view them through public records i think.

I think that's because practically no property is selling. There's no market and nobody really has a clue how much property in general is worth, until people start to sell.

Hardy i know of one house in the area that i am looking that was agreed for sale before Christmas.
Sale price was £150'000.  Know the couple fairly well.
They had a good rethink about it over Christmas and have decided that they are paying far too much.  No longer going to buy the property.
Seen the property back up on the Estate agent's website today and they are looking £180'000 for it.

Now if people are having reservations at £150'000, how the hell  are they going to flog it at £30'000 more?

[Hereiam]

Have heard that some banks are refusing to pay out the last payments to people on their mortgage's. What is happening is that people have went to the banks and asked for say 200 k which was all agreed then when it comes to the final payment the banks are sending out their surveyor's and they then value the house alot less so then retain the final payment leaving you in the shit. Worth keeping an eye on

[under the bar]

Now if people are having reservations at £150'000, how the hell  are they going to flog it at £30'000 more?

It's the estate agents way of trying to get the vendor a price they'll accept, while making the purchaser feel they've got a bargain.   If it was still priced at £150k then it's unlikey to attract may offers much over £100k.    By putting the price up to £180k the unsuspecting may offer £130k and the vendor will then accept (take their arm off).  Everyone happy.

[magickingdom]

another good rule of thumb would be 20 years rent, if the house would rent for 650pm then 650*12*20 then 156k isn't outrageous (warning rents may fall). i know people in dublin that paid E675,000 for houses that they could have rented for E1,750pm (max i would have paid E420,000) crazy

[Fíor Gael]

I'm on the verge of buying a new house, how much in fees is it likely to cost me? solicitor, mortage etc?
What's the best way to go about getting a mortgage? I've just been getting a general guide using online mortage calculators and the mortage supermarket?
Who's the best/cheapest to sort these things out?

[FermGael]

get independent financial advice.  There is usually one in every big town.
To get a decent mortgage you will need at least a 15% deposit of your total agreed price.

Solicitors will charge anything from 0.5% to 2.5% of the total price.  shop around.
£250 to get the house checked out by the mortgage crowd, to make sure it's worth what you are paying.
There are other hidden costs, just cannot think of them of the top of my head.

If you can, wait a while until buying.  House prices are going down and unless you are getting a good bargain,
you may find yourself in negative equity in 12 months time

[bailestil]

Are house prices still in free-fall?

I've noticed some properties in the newspapers and online sites and they haven't moved at all.
House prices here in derry still seem so much higher than similar places in the UK.
And it sure as hell isn't because of better wages or job prospects here.

are Estate agents heads still in the sands? or are the prices listed no-where near what they are really expecting?

[bailestil]

i'm not sure how things can pick up anytime in the near future.
Anyone who could afford a house bought one in the last 3 years, after beig scared into not "missing the boat".

Now you need a 10% deposit minimum. Most First-time buyers can't get their heads around having to save up to buy a house and not being able to move into it fully furnished, new kitchen, new bathroom etc.

[Yes I Would]

Houses that are priced and marketed realistically to show the 35-40% drop in value over this past 18 months will have a chance of shifting.
Those sellers with their heads in the sand have no chance..  Will def see more activity this year from 1st time buyers but values wont be moving forward anytime soon.
New developments seem to be moving as many builders have been forced to be flexible to get properties moving..
This is all well but job security for many and 15/20% deposits still being sought by some lenders isnt helping the situation.

[Our Nail Loney]

good time to buy a house, get intrest free if the payments are too much

i was lucky, won my house on the lotto, free wedding free house oh and won my jeep on a scratch card. this recession is great

Are you being serious MR??