auction property

beaufoy

There is an auction where an apartment in dublin is for sale for 120000 and nobody wants it. this is probably because someone is renting it and the auctioneer either does not know or does not want to reveal the terms of the lease. Hence I suspect there is a five year lease at 500euro pcm, and the tenants cannot be efficted unless they do something seriously wrong or the landlord/owner wants to live there for 6 months.
Can anyone see problems happening if I buy it and then have the apartment vacated so i can live there

Samuel T. Cogley

What crystal ball do you have? Are you sure it's calibrated correctly?

It could be any number of things I would tread very carefully!

Edit: That sounded harsher than I meant it too - sorry.

handlemaster

beaufoy wrote: »

There is an auction where an apartment in dublin is for sale for 120000 and nobody wants it. this is probably because someone is renting it and the auctioneer either does not know or does not want to reveal the terms of the lease. Hence I suspect there is a five year lease at 500euro pcm, and the tenants cannot be efficted unless they do something seriously wrong or the landlord/owner wants to live there for 6 months.
Can anyone see problems happening if I buy it and then have the apartment vacated so i can live there

you dont anything aboutthe legal implications and you want to buy .. crazy

beaufoy

I cannot remember saying I want to buy, or that I was intending to buy I was just fishing

mel123

beaufoy wrote: »

I cannot remember saying I want to buy, or that I was intending to buy I was just fishing

beaufoy wrote: »

Can anyone see problems happening if I buy it and then have the apartment vacated so i can live there

Pretty sure you did say you were going to buy

4ensic15

beaufoy wrote: »

There is an auction where an apartment in dublin is for sale for 120000 and nobody wants it. this is probably because someone is renting it and the auctioneer either does not know or does not want to reveal the terms of the lease. Hence I suspect there is a five year lease at 500euro pcm, and the tenants cannot be efficted unless they do something seriously wrong or the landlord/owner wants to live there for 6 months.
Can anyone see problems happening if I buy it and then have the apartment vacated so i can live there

If you don't know when the letting started or the names of the tenants or how much the rent is, you won't be able to register the tenancy. If the tenancy is not registered, you won't be able to raise a dispute with the RTB. If you give notice, the tenant can ignore it if you are not registered. You will be able to do nothing about over-holding. Apart from that, you won't get a mortgage on it without vacant possession. The sale contract will have numerous exclusions so you won't know if there are family home declaration problems or other issues.

beaufoy

very good answer I am now better informed than i was when I asked the question

beaufoy

mel123 wrote: »

Pretty sure you did say you were going to buy

Do you work for the english media ......I did not say I was going to buy

Peter File

Can you not just ask the auctioneer for details of the lease or the legal pack. They will want a commission for the sale.
Is the apartment in a modern complex?

4ensic15

Peter File wrote: »

Can you not just ask the auctioneer for details of the lease or the legal pack. They will want a commission for the sale.
Is the apartment in a modern complex?

Most of these kinds of sales are receiver/bank sales where the owner who let the property has disappeared, gone bankrupt or won't co-operate. The auctioneer will not have details of the lease. The legal pack comes from the vendor's solicitors.

Metric Tensor

There's hundreds of possible planning, legal or structural issues that could be the reason for the low price.

You need to get a professional to assess the apartment for you.

If you plan to get a mortgage many of the possible problems would prevent a bank from giving you one.

Allinall

Is the €120,000 just a guide price?

Auctions don’t have selling prices listed.

beaufoy

Peter File wrote: »

Can you not just ask the auctioneer for details of the lease or the legal pack. They will want a commission for the sale.
Is the apartment in a modern complex?

i like your name

beaufoy

4ensic15 wrote: »

Most of these kinds of sales are receiver/bank sales where the owner who let the property has disappeared, gone bankrupt or won't co-operate. The auctioneer will not have details of the lease. The legal pack comes from the vendor's solicitors.

fair point

beaufoy

Allinall wrote: »

Is the €120,000 just a guide price?

Auctions don’t have selling prices listed.

if the property fails to reach reserve(at the auction) like this one did, then quite often the auction will consider an offer close to reserve