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Auctions?

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    #2
    Claw Hammer
    Registered Users Posts: 6,236 ✭✭✭Claw Hammer


    Tar.Aldarion wrote: »
    Any experience with property auctions? Looking at apts and I see some for auction, eg:
    https://touch.daft.ie/dublin/apartme...dublin-2148133

    How do they generally go? It's 285k the min here for example, what if it didn't reach that? Wonder how much more they'd go for etc.

    That link is not linking to any apartment.


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    #3
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Unless you are knowledgeable about the procedures in an auction, don’t do it. It is not the same as a standard private sale. When the hammer drops and you are the highest bidder, the contract is formed and you have to buy, warts and all. It is up to you to inspect/survey the property before the auction and you must have the finance to buy in place before you bid. You will have to put down a sizeable deposit (10%) on the day, you will not get that back if for some reason you do not complete the purchase.

    https://www.ebs.ie/blog/2014/12/beginners-guide-to-buying-at-auction


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    #4
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    You'd want to be sure there's no problems in the estate and have the apartment itself well checked out, get the surveyor to the viewing.
    I'm chasing a few properties all from recievers at the moment same kind of thing but more formal. Was chatting to one EA the other day and he told me serious sewerage and water problems in the estate and the management company is gone and council won't help in the slightest, wouldn't have known that if it went to auction and could have bought a headache.


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    #5
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    Claw Hammer wrote: »
    That link is not linking to any apartment.

    Thanks should work now, although not highlighted for whatever reason.


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    #6
    Tar.Aldarion
    Moderators, Science, Health & Environment Moderators, Social & Fun Moderators, Society & Culture Moderators Posts: 60,096 Mod ✭✭✭✭Tar.Aldarion


    Thanks, good info, seems a bit of a disaster to get it all checked out and then be outbid too.


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    #7
    drunkmonkey
    Registered Users Posts: 28,192 ✭✭✭✭drunkmonkey


    I wouldn't rule it out if the price is right have all your homework done. Maybe ask a few of the residents there how's things. See who the property is registered to, could be a bank or or finance company and there just disposing of it. A lot of property popping up since the sale of project scarrif, ex buy to lets that kind of thing. It could be fine. Have you any mates in the building trade, electrician, carpenter you could take along to the viewing if you don't want to pay a surveyor.
    Have a good chat with the EA they might know more than they let on.


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