Allsop Auctions thread

Tommy40

This is just a post to warn people of what is happening at Allsops auctions.
Just before Christmas there was a house sold in <Mod Snip> in good faith through a very reputable auctioneer. The house sale subsequently fell through.
After the house was sale agreed, it was discovered that there are many problems with the site maps and associated Folio's. I will not bore people with the details, but such is the severity of the problems with the titles and folios a bank will not approve a mortgage on the property and the chances of selling it on again are virtually nil.
As the house is being sold by a reciever they have now decided to put it up for auction in the next allsops auction (1st of July 2014) I would presume hoping someone will pay lots of money for it and not have their homework done and not know that any problem exists.
As you may or may not know once the Hammer falls in the auction room and you are the highest bidder there now exists a legal contract and the property is yours.

Auction date 1 st July 2014
Lot: <Mod Snip>

ArraMusha

Plenty junk in these auctions alright and others around the country. Everything from Boundary issues, squatters claims, structural issues, planning problems. Buyer beware.

TheDriver

Any idea of the type of junk by any chance??

The_Morrigan

TheDriver wrote: »

Any idea of the type of junk by any chance??

http://www.allsopspace.ie/

handlemaster

Would the OP be biding themselves not the first time a potential bidder tries to thrpw a spanner in the works.

makeorbrake

TheDriver wrote: »

Any idea of the type of junk by any chance??

All manner and means of muck. I viewed one place where the apartments had NO window in the front rooms - I repeat - no source of natural light whatsoever. That's before fire certification and planning compliance (as I doubt it was compliant in either case).


With others, its a problem with the paperwork end of things.


Auctions are a nightmare. Once you place your bid - if accepted - and you sign immediately then and there, you are then royally screwed should such type of issue arise.

You can of course get all these things checked out - at considerable cost to yourself. However, when you go and do this, you may not end up buying the property (you may be outbid). Furthermore, the initial outlay may serve to cloud ones judgement as regards just how far to go - price wise.

quadrifoglio verde

Allsop a are a liquidation type auction specialist so you're going to get some junk. However at the same time you'll get some bargains provided you know what you're at.
The rules of an auction apply to allsops, set a price above which you won't bid, get a surveyor in to do a structural, get your solicitor to check everything is up to scratch.
If there's legal issues with regards planning, boundaries, etc someone who knows what they're doing can make nice money. However at the same time, you'll get fools who don't know what they're doing and just see cheap property and then find themselves up **** creek. As the saying goes a fool and his money are easily parted.
If someone buys a lemon at a property auction, they deserved it. They clearly didn't do their homework.

Victor

Tommy40 wrote: »

After the house was sale agreed, it was discovered that there are many problems with the site maps and associated Folio's.

At every auction, you are meant to do your research beforehand. Any one who acts otherwise is acting very foolishly.

Tommy40

I think it is absolutely disgraceful what is happening. The auction house is not necessarily to blame they are only facilitators, I think the real blame lies with the recievers. They are trying to get as much money as they can for properties that they know have huge issues with them and that are virtually unsaleable again. They knowingly trying to catch people.

makeorbrake

quadrifoglio verde wrote: »

If someone buys a lemon at a property auction, they deserved it. They clearly didn't do their homework.

Yes, and to do your 'homework' costs $$. So - you do this - and then have no guarantee of being the eventual purchaser of the property. Furthermore, this has to be done in a timely manner - as there isn't a whole lot of time between the release of the auction catalogue and auction day (this isn't coincidental!).


For that reason, private treaty sale is very much preferable.

I think it is absolutely disgraceful what is happening.

It's not been any different than at any other time in the past. This has always been the way of auctions. Ideally, simply don't buy at auction - end of!

Tommy40

Tommy40 wrote: »

I think the real blame lies with the recievers. They are trying to get as much money as they can for properties

That is their job - if there are problems with the property - caveat emptor.

quadrifoglio verde

makeorbrake wrote: »

Yes, and to do your 'homework' costs $$. So - you do this - and then have no guarantee of being the eventual purchaser of the property. Furthermore, this has to be done in a timely manner - as there isn't a whole lot of time between the release of the auction catalogue and auction day (this isn't coincidental!).


For that reason, private treaty sale is very much preferable.




It's not been any different than at any other time in the past. This has always been the way of auctions. Ideally, simply don't buy at auction - end of!

You're playing with big boys, if your not happy play tiddlywinks instead.

Mike Tobacco

Auctions are designed for sophisticated investors who know what they are doing and who have the experience, knowledge and resources to appropriately research the property on offer and what potential remedies may be required for any issues. Issues with title etc can often be solved, however usually with significant additional outlay after purchase. Investors do their homework and factor this into the price they are willing to go to in the auction.

There's no point giving out about the receiver. They are just looking to get a sale (which will be far more difficult to achieve by private treaty) for the maximum possible amount - which is more likely to come from sophisticated investors seeing an opportunity rather than average joes looking for a bargain.

People who know nothing about property (or properties with issues) shouldn't be there, unless they have received full professional advice beforehand. If you knew nothing about art or antiques would you go and bid at those auctions looking for a bargain?

makeorbrake

quadrifoglio verde wrote: »

You're playing with big boys, if your not happy play tiddlywinks instead.

tiddlywinks, is it?
"Mike Tobacco" called it right in his post. If someone is prepared to factor in these costs, then thats fine. For the rest of us who are not 'big boys' as you put it, we don't have to play tiddlywinks - just stick with private treaty sale.

The_Conductor

quadrifoglio verde wrote: »

You're playing with big boys, if your not happy play tiddlywinks instead.

Please read the forum charter.
Do not personalise your posts.
Condescending language like this- is not appropriate or appreciated.

Thankyou.

handlemaster

What are the rules for buyers ?

Does the buyer pay a fee ?

hfallada

All of these details are available from Allsops

handlemaster

That be true. But not mention on website

hfallada

http://allsopspace.blob.core.windows.net/content/documents/buying-at-auction.pdf

Crimsonforce

Just watching the stream of this auction. These guys are parasites. He is saying going going gone, then stopping and saying anybody ,anybody else and a pause if a minute or so.. Trying to push the price up...

gaius c

Crimsonforce wrote: »

Just watching the stream of this auction. These guys are parasites. He is saying going going gone, then stopping and saying anybody ,anybody else and a pause if a minute or so.. Trying to push the price up...

That's how auctions work.

NewCorkLad

Crimsonforce wrote: »

Just watching the stream of this auction. These guys are parasites. He is saying going going gone, then stopping and saying anybody ,anybody else and a pause if a minute or so.. Trying to push the price up...

You almost make it sound like an auction, disgusting.

Crimsonforce

NewCorkLad wrote: »

You almost make it sound like an auction, disgusting.

I think the manner of it. If its going going gone,its gone. Its not going going ,ah come on and then a minute waiting talking about it.. Then saying going again...

NewCorkLad

Crimsonforce wrote: »

I think the manner of it. If its going going gone,its gone. Its not going going ,ah come on and then a minute waiting talking about it.. Then saying going again...

They are trying to maximise the return for the seller, I see nothing wrong with that.

Crimsonforce

NewCorkLad wrote: »

They are trying to maximise the return for the seller, I see nothing wrong with that.

Which is the bank ,not a seller.

kstand

handlemaster wrote: »

What are the rules for buyers ?

Does the buyer pay a fee ?

We were selling my late uncles house with Allsops just before Christmas her ein London.
The seller pays the fee.

NewCorkLad

Crimsonforce wrote: »

Which is the bank ,not a seller.

The bank is also a seller, and the more allsop receives for the property the better it is for the previous owner as they owe the bank less. Also not all properties being sold, are coming from banks.

handlemaster

Its a free market.

gaius c

Crimsonforce wrote: »

Which is the bank ,not a seller.

So? The more money the bank get for it, the lower the shortfall for the borrower.

ted1

Crimsonforce wrote: »

Just watching the stream of this auction. These guys are parasites. He is saying going going gone, then stopping and saying anybody ,anybody else and a pause if a minute or so.. Trying to push the price up...

That's how auctions work.

ted1

Crimsonforce wrote: »

Which is the bank ,not a seller.

If the bank don't recover the debt owed then the balance must be made up by the original owner. What point are you trying to make