Allsop Auctions thread

stevedublin

Can someone bit at the auction with mortgage approval (not cash in the bank)

Cathmandooo

stevedublin wrote: »

Can someone bit at the auction with mortgage approval (not cash in the bank)

Yes but you need to a binding offer from the lender, they'll have a bank survey carried out before the auction takes place so your funds are ready to go.

stevedublin

Cathmandooo wrote: »

Yes but you need to a binding offer from the lender, they'll have a bank survey carried out before the auction takes place so your funds are ready to go.

thanks, is this commonplace or are most buyers at auctions cash buyers?

ted1

The hotel in Donegal was a steal. Some one grabbed a bargain

Eldarion

stevedublin wrote: »

thanks, is this commonplace or are most buyers at auctions cash buyers?

Yes most of the time. It's a lot of effort to get approval in place for a mortgage for a single lot at an auction. If you were in the cash game you'd be looking at bidding at a few lots where as with a mortgage you're really stuck to bidding on only the lot you have the mortgage approved for.

ted1 wrote: »

The hotel in Donegal was a steal. Some one grabbed a bargain

I saw that myself! Lot 29, it's really eye opening when you compare it to lot 18. A ****ty ground floor retail space costs the same as a 71 bedroom hotel with a spa.

Location Location Location I suppose...

gaius c

ted1 wrote: »

The hotel in Donegal was a steal. Some one grabbed a bargain

Not really. It's in Donegal. When you've only 10 of the 71 rooms occupied and still have to heat all the common areas, you might have cause to regret the price paid.

handlemaster

http://www.allsopireland.ie/auction/past


sold lots for auction were 69% as from their own report going back to oct 2013 its never been this low. Is this a sign of a dip ? there were alot of out of city lots could perhaps explain it.

gaius c

http://www.thejournal.ie/allsops-auction-46-houses-sold-2061595-Apr2015/

Robert Hoban, Director of Auctions at Allsop said that a number of units failed to sell because the owners were asking for too much.
The market is much more price sensitive than it was at our February auction. While we witnessed strong prices for properties in good locations, a number of secondary properties failed to sell because they were overpriced.

handlemaster

gaius c wrote: »

http://www.thejournal.ie/allsops-auction-46-houses-sold-2061595-Apr2015/

perhaps they should have advised the sellers better. but then theres no telling some people

gaius c

handlemaster wrote: »

perhaps they should have advised the sellers better. but then theres no telling some people

That's not Allsops' job. Their role is to sell the lots given to them.

handlemaster

gaius c wrote: »

That's not Allsops' job. Their role is to sell the lots given to them.

they guide sellers on what to ask for

The_Conductor

Commercial was always going to be stronger though- investors are out of the residential market- a year ago they would have bought the bulk of residential properties at the Allsop auctions. Tax treatments alone- have effectively removed investors from the residential market.

lcwill

Normally the Independent and Irish Times are full of news about the latest Allsop auction - noticeably silent today. I'd say Allsop weren't sending out too many press releases.

ted1

They used to be full of repossessions, receiver sales so the reserve was pretty low. There's less of them and more people trying to cash in, on a buoyant Market so reserve is significantly up

Also investors where looking for a bargain in a bottomed out market. The market if buoyant so it's not attractive to investors

The_Conductor

ted1 wrote: »

Also investors where looking for a bargain in a bottomed out market. The market if buoyant so it's not attractive to investors

Limiting LTV ratios for investors to 70% has probably had more impact than any other one factor on investor demand. Actual prices- and the lack of a risk yield in current rental income (esp. important in the Irish market)- don't help matters.

The letting market is dysfunctional in the extreme- not helped one iota by the perceived delays with PRTB adjudications- which is recognised and abused by a minority of tenants.

hfallada

ted1 wrote: »

They used to be full of repossessions, receiver sales so the reserve was pretty low. There's less of them and more people trying to cash in, on a buoyant Market so reserve is significantly up

Also investors where looking for a bargain in a bottomed out market. The market if buoyant so it's not attractive to investors

They have sold repossessed houses in over a year, as you generally got more money at a private treaty for a decent house

http://www.thejournal.ie/irish-mortgage-holders-association-alsopp-auctioneers-reposessions-1083275-Sep2013/

The market still over an excellent return. Most Eurozone shares are at record highs, but the dividends are fairly weak. You can still get a 10% ROE on some properties in Dublin city. That something you cant get anywhere near on the stock market

kstand

Wondering if anyone has come across a situation like this before.

A relative passed away last year and his house went up for sale at an Allsops auction just before Christmas - the house had a sitting tenant. The reserve price was not met at auction.
Since then the tenant has been evicted (tried to claim he had protected rights but he did not) and a good offer has come in from one of the people who bid at auction before Christmas.
The house was her grandparents going back 2 generations and she knows and lives in the area and was interested as soon as she knew the house was up for sale.
My question is this - can Allsops still charge a commission fee?

Uno my Uno.

kstand wrote: »

Wondering if anyone has come across a situation like this before.

A relative passed away last year and his house went up for sale at an Allsops auction just before Christmas - the house had a sitting tenant. The reserve price was not met at auction.
Since then the tenant has been evicted (tried to claim he had protected rights but he did not) and a good offer has come in from one of the people who bid at auction before Christmas.
The house was her grandparents going back 2 generations and she knows and lives in the area and was interested as soon as she knew the house was up for sale.
My question is this - can Allsops still charge a commission fee?

DEpends on the contract between the sellers of the house and Allsops

The_Conductor

You need to examine the contract you had with Allsops.
Also- how did the offer come from the party after the tenant was evicted?
Was it conveyed directly- or via Allsops (or another party).
If the person went to Allsops- you're going to have some fight to get away without paying them a commission.......

Step 1- find the contract with Allsops.

kstand

The_Conductor wrote: »

You need to examine the contract you had with Allsops.
Also- how did the offer come from the party after the tenant was evicted?
Was it conveyed directly- or via Allsops (or another party).
If the person went to Allsops- you're going to have some fight to get away without paying them a commission.......

Step 1- find the contract with Allsops.

Yep - doing that now.
The offer did not come through Allsops.The subsequent offer is higher than the reserve price the day of the auction - plus the party intending the buy the house are local and knew it would be for sale prior to knowing it would be going under the hammer at Allsops. They did bid at the auction itself.

The_Conductor

The simple fact that they did bid at the auction- may decide this in Allsops favour. They can legally argue that they introduced the bidder to you. The bid at the auction- supports this.

You need to talk to a solicitor and get a proper opinion- after you've dug out the paperwork........

kstand

The_Conductor wrote: »

The simple fact that they did bid at the auction- may decide this in Allsops favour. They can legally argue that they introduced the bidder to you. The bid at the auction- supports this.

You need to talk to a solicitor and get a proper opinion- after you've dug out the paperwork........

Yep - on that as well.
Thing is though - how would Allsops know who had bid at the auction? If you had a room full of bidders and say 15 people bid, how would they know say 6 months later that one of those bidders had a subsequent bid accepted on the house?

The_Conductor

kstand wrote: »

Yep - on that as well.
Thing is though - how would Allsops know who had bid at the auction? If you had a room full of bidders and say 15 people bid, how would they know say 6 months later that one of those bidders had a subsequent bid accepted on the house?

Find the contract- and see what it says.
Talk to a solicitor.
If you play quick and fast- you never know how it will come back to haunt you down the road- don't do it........
If Allsops are entitled to a commission for introducing the purchaser to you (which I'd almost be shocked were they not)- just give them their money. You win some gambles (such as putting the house up for auction)- you loose some (such as it not selling on the day- but selling subsequently to someone who bid at auction).

Don't play quick and fast- dig out the contract- it probably has this eventuality spelt out in it.

Uno my Uno.

I've sold a few properties through Allspps and I know that their contract deals with exactly this situation (as one might expect), somewhat less helpfully I can't remember what it said exactly. Sorry!

Victor

kstand wrote: »

Thing is though - how would Allsops know who had bid at the auction? If you had a room full of bidders and say 15 people bid, how would they know say 6 months later that one of those bidders had a subsequent bid accepted on the house?

I would like you to stop this line of enquiry.

Moderator

---

I imagine the would-be purchaser was in contact with Allsop for a viewing. Allsops have been taking deposits and peoples' details at auctions (to prevent people disrupting the auction). It's quite possible that they take records of bids at the auction or even have audio or video.

handlemaster

http://www.allsopireland.ie/

Residential and commercial sale on tomorrow 22th october.

Anybody looking out for a property ? Towards the end of the year will be interesting to see how prices are going.

Shedite27

Any idea where I could get the auction result for REA recently. Looking to see how much this house went for...
https://www.realestatealliance.ie/residential/brochure/232-charlemont-off-griffith-ave-drumcondra-dublin-9/3346490

Sunny Dayz

House up the road from us in the auction, be interested to see what it goes for and who buys it. Sad to see our neighbours (as tenants) have to move out of it last week though.

mel123

Shedite27 wrote: »

Any idea where I could get the auction result for REA recently. Looking to see how much this house went for...
https://www.realestatealliance.ie/residential/brochure/232-charlemont-off-griffith-ave-drumcondra-dublin-9/3346490

Did you ring the auctioneer and ask?
Otherwise I think you may have to wait till the register is updated which could be a bit of time away

handlemaster

https://liveauctioncentre.allsopireland.ie/live/show/23752?mode=Live&custom=False


A mixed bag so far