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First auction.

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  • 18-06-2014 10:03am
    #1
    orchidsrpretty
    Registered Users Posts: 2,138 ✭✭✭


    Going to my first house auction tomorrow to bid on a house. Just wondering if anyone can give tips on do's and don'ts etc. Will be going by myself so a bit nervous. I want the house but have a limit on what I want to pay.


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    #2
    lolosaur
    Banned (with Prison Access) Posts: 433 ✭✭lolosaur


    let us know how you get on.

    Also, be prepared to be disappointed. you could be blown out of the water on an initial bid from someone.

    everyone wants a bargain, its rare you will actually get one these days.


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    #3
    Santa Cruz
    Banned (with Prison Access) Posts: 3,126 ✭✭✭Santa Cruz


    orchidsrpretty wrote: »
    Going to my first house auction tomorrow to bid on a house. Just wondering if anyone can give tips on do's and don'ts etc. Will be going by myself so a bit nervous. I want the house but have a limit on what I want to pay.

    Stick to your limit and be prepared to walk. If it goes to a slightly higher bidder leave your name with the auctioneer in case the deal falls through


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    #4
    Mike Tobacco
    Registered Users Posts: 42 ✭Mike Tobacco


    Be aware that contracts are already in place at auction. If you win the bidding you enter the contract, so if I were in your shoes I would have my solicitor inspect them prior to bidding.


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    #5
    orchidsrpretty
    Registered Users Posts: 2,138 ✭✭✭orchidsrpretty


    Ok thanks for advice. I have a feeling it will go for a lot more than I am willing to pay. Anything over it wouldn't be worth it. Was more looking for tips on how to bid. Should I bid straight away or leave it until it get closer to my price?


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    #6
    kitchenkid
    Registered Users Posts: 78 ✭✭kitchenkid


    Have you checked or had a competent person check the legal pack? Do you know if the property is freehold or leasehold, subject to rights of way or any other burdens on the title? ......Have you ever attended and bid at an auction for anything? Once your bid is accepted you are legally obliged to pay - have you financing ready to issue a cheque?


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    #7
    orchidsrpretty
    Registered Users Posts: 2,138 ✭✭✭orchidsrpretty


    Yes to all of the above( except the showing up and bidding!)


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    #8
    Victor
    Registered Users Posts: 78,420 ✭✭✭✭Victor


    Have you had the property inspected by a surveyor or engineer?

    If you want, consider having your solicitor doing the bidding.

    Generally, be very slow to bid. Many others will be like this and you may find that the opening bids are low and slow, then there is a mad rush and then a drawn out final few bids.


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    #9
    orchidsrpretty
    Registered Users Posts: 2,138 ✭✭✭orchidsrpretty


    Auction was fine in the end. Got outbid on house though so a little disappointing. Bidding started at 50k less than than the amv but slowly went up. Took about 30mins, and eventually went for 60k over the amv, which to me
    was about 10k too much.


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    #10
    Mike Tobacco
    Registered Users Posts: 42 ✭Mike Tobacco


    orchidsrpretty wrote: »
    Auction was fine in the end. Got outbid on house though so a little disappointing. Bidding started at 50k less than than the amv but slowly went up. Took about 30mins, and eventually went for 60k over the amv, which to me
    was about 10k too much.
    Unlucky


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