What is the difference between what buying agents do and what an estate agent does?
An estate agent is trying to sell a property in a given area, defined by where their office is. Their job is to obtain the highest price for the owner! However, many people are not really sure exactly where they want to be and we are able to offer balanced and impartial advice about a variety of locations, using our local knowledge to pinpoint the most likely options for each individual client's requirements. After listening to what our clients say, we have often helped them to buy property many miles from where they originally thought they wanted to be, or an entirely different style of property.
What is the first step?
We like to arrange a meeting, either in the UK or Ireland, at which we take a very detailed brief. Of course it can be done on the phone but we can cover so much more face-to-face. We consider all the issues: full-time move, investment, schools, business opportunities, rental income, holiday property, budget etc., etc. We make sure people stay focussed and realistic. Once the potential areas are defined we get to work researching and assessing what is currently available, reporting our findings and short-listing, whatever is appropriate. Then, and only then, does the client need to travel. No time is wasted viewing unsuitable properties - meaning the trip can be just a couple of nights.
How do you source property?
We may use Estate Agents whom we know and trust as well as we our extensive network of contacts to see what properties might be available privately, often coming up with properties that are not actually 'for sale'.
But why should I pay you to find a property when I don't have to pay anything to an Estate Agency?
There is no such thing as a free property finding service. If the fee comes from the seller then the ability to give independent and impartial advice is lost.
In almost every case, our clients find that we save them money! Add up the cost of a few wasted viewing trips to Ireland, never mind the time it all takes. Best of all, we know how the system works: we know the right people to use and we are convinced we will always be able to negotiate a better price than our client would have been able to achieve on their own.
How does the buying process go?
Having seen a suitable property, the buyer makes an offer, and generally there will be some negotiation to agree an acceptable price with both buyer and seller. Bearing in mind that there may be other interest in the property, our presence and guidance in the negotiations may be vital to ensure a successful conclusion for the buyer, at the best possible price. At this stage in the buying process in Ireland the buyer has to lodge a 5% deposit with the selling agent, in order that the property is withdrawn from the market in their name, subject to contract.
Solicitors are instructed and the owners Solicitors prepare and issue contracts (two identical copies). The buyer is advised to have the property surveyed, and Local Search undertaken. We can arrange this. Once the buyer’s Solicitor has approved the contracts the buyers sign them, and pay to their Solicitors a further 5% deposit. Contracts are then sent to the owner’s Solicitor, with the further 5% deposit, and again the owner signs both contracts. Contracts are deemed to have been exchanged (ie the sale is legally binding) when the owners solicitors return one of the contracts signed by both parties, to the buyers Solicitors. A completion date is agreed, and the respective Solicitors complete the post contract documentation by Completion. The buyer’s Solicitors will request the balance of the purchase monies (ie remaining 90% of the purchase price), plus sufficient funds to cover their fees, Stamp duty if applicable, Land Registry fee etc. On exchange of contracts it is the buyer’s responsibility to have the property insured. We can obtain the most competitive quotes and arrange this.
What are the emerging trends in the property market in Ireland?
In the bottom and middle price ranges and in Cork City the house market in Southern Ireland has been very buoyant for the past 7 years with demand often outstripping supply, thus driving sale prices up. At the upper end of the market demand has slipped back over the past three years, and at this level there is generally good choice and often the purchase price can be negotiated down from the guide price. Demand for building sites with outline planning permission are still in great demand, though buyers who are not familiar with the Planning requirements in Southern Ireland are advised to seek professional guidance here!
If you have a specific question about buying property in Ireland that we haven’t covered here please fill in the form and we’ll get back to you.
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