I am in the process of viewing properties as a FTB so reading up on the ins and outs of buying a gaff, I am a bit unclear on the following
some people on the pin are saying the made offers here and there but my understanding is you need to get a place valued ( approx €130 according to BOI anyway ) and if its 2nd hand get it surveyed ( a fair few hundred I would imagine ) before making an offer
i dont have the money to be forking out on valuing and surveying on places I will not buy but please could you clarify the offer process, can you make offers on many places and then go to valuing and surveying if accepted?
Typically, you make an offer contingent on a survey (you have this performed for your piece of mind by a licensed pro).
Then once your offer is accepted (maybe even lowered after the survey, “frontporch” the offer), the bank will then send out the valuer so they see whether they’re happy with the negotiated price (this is done at your expense).
You can make as many offers as you like without having a survey done but it’s not really advisable.
Seriously, I’m a bit worried here. You seem a little green to be considering laying out the cash at the moment.
I would get any property surveyed that I was buying, you can’t trust a builder’s snaglist. You can’t trust anybody. This is the Irish property market.
Homebond is not really worth the paper it’s printed on, try accessing the scheme after they’ve discovered “pyrite” in every floor, you need to get a professional in so you don’t get any nasty surprises.
Can anyone make a recommendation on a surveyor? You’ll probably need to state the general area in which you are looking.
An offer is just that, an offer, no strings and yuo can withdraw at any time.
It’s been a few years since I last bought, but typically on foot of acceptance of an offer you wil pay a refunable deposit, as a sign of good faith. A couple fo weeks later, depending on the speed of the solicitors, bansk etc, you will sign contracts and pay 10% deposit (non refundable). Up until this point you are not committed and can withdraw with no loss. Once the contracts are signed and 10% paid you are committed so everything should be sorted before you sign. Contracts can be signed subject to certain conditions, such as a survey post signing, but it’s much easier to do everything up front.
Sorting out everything includes getting a firm commitment from your bank on the mortgage, AIP means nothing, they should have done the valuation and you should have full approval for the loan for the specific property before signing contracts.
In short, pay nothing until you are sure that it’s what you want and have agreed a price.
Sign nothing until everything else is in place.
Harass your solicitor with questions before signing the contract, if it’s for an apartment or newer estate, have him check on management company, fees etc, you’re gonna be paying him anyway may as well get him to do some work. If you have any conerns put all questions in writing and insist on written answers.
no need to worry mate, I’m just looking around at the moment there’s no cash being laid out anytime soon, getting educated, a feel for the buying process, what’s the point sitting around doing nothing, that’s why I am asking the questions here, thanks for your feedback
General area I am looking in is North Kildare / West Dublin
You would only generally get the surveyor after you have had an offer accepted and paid the booking deposit. The survey will cost from €500 - €750 for your typical semi-d, so only get a survey if you are really sure of buying. As Ozzy says the survey should be complete and the surveyors report in your possession before signing of contracts. The survey should detail all the things that are not up to scratch, need repairing or will need attention in the future.
Thats some of the best advice I’ve read recently… keep that in mind and you shouldn’t go far wrong.
Having pulled out from a house after the survey, I was glad I was patient, did everything by the book, didn’t get all emotional over the gaff and just walked away.
My engineer was the best money I’ve spent this year…
PS. I got him for A LOT less than €500… haggle over the price of everything.
PPS. Don’t go cheap n’ nasty with people like solicitors or engineers, get the best you can get but get good value from them.