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auction sale of house

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  • 09-07-2017 2:09pm
    #1
    6pac_of_beer
    Closed Accounts Posts: 1 ✭


    was going to bid on a house which was being sold by a bank at auction last week , it met all my requirements and the surveyor was relatively content with what he saw , the day before the auction , my solicitor sent me the following reference , he followed it up with a call and was pretty strong in his aversion to going through with a purchase , i regret not having bought now and think its really a waste of time consulting a solicitor when it comes to receivership sales before auction as they inevitably air on the side of extreme caution , anything which isnt vanilla causes them to become irrationally uneasy , i realise you need a solicitor in the aftermath of a sale , the solicitor told me he never came across a situation where a vendor was only willing to issue a partial release , this surprised me as with receivership sales , stuff is always missing due to the bankrupt previous owner having gone to ground

    this is what i received below in reference to the property in question

    The Vendors Solicitors have stated that they will not be furnishing a Deed of Full
    Release in respect of the charge on title and a Partial Release will only be
    furnished. A Full Release must be furnished and we have reverted to the Solicitors in this regard


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    #2
    the_syco
    Registered Users Posts: 37,301 ✭✭✭✭the_syco


    6pac_of_beer wrote: »
    think its really a waste of time consulting a solicitor when it comes to receivership sales before auction as they inevitably air on the side of extreme caution
    Houses that are sold at auctions can have things stopping normal sale. When you win an auction, AFAIK you must complete the purchase; not sure if you can back out without a financial penalty.
    6pac_of_beer wrote: »
    The Vendors Solicitors have stated that they will not be furnishing a Deed of Full
    Release in respect of the charge on title and a Partial Release will only be
    furnished. A Full Release must be furnished and we have reverted to the Solicitors in this regard
    I wonder if the house belonged to a deceased family member, and one of the sellers siblings owns a percentage of the house. Thus, if you had gone ahead with the sale, you'd own the sellers part, but end up not being able to enter the house due to an ongoing legal battle.


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    #3
    wordofwarning
    Closed Accounts Posts: 697 ✭✭✭wordofwarning


    Auction makes sense for luxury homes. It was common during the boom when sellers did not want bidding wars going on for months.

    IMO if a bank is selling a property below around €2.5m at auction, it has a dirty title and they are know it will not sell at private treaty. They are hoping to find someone like you have not bother to seek legal advice or you are not bothered listening to your solictor.

    The bank wants to maximise their return on this property. They are selling it an auction as they want to sell it with buyer beware ie you don't know what you are buying.


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