Buying a property Online Auction.

ETRY

Hi All I'm considering doing an online auction to buy a small property down the country the asking price is 60k.
Considering i can’t view it because of covid etc can anyone offer any advice on Online auctions and what i should look out for?
Do i need to carry out my own survey or will the auctioneer have some form of Engineering report, if i bid at the auction and win can i get a survey afterwards and pull out if theirs an issue? will i need a solicitor in place prior to the auction?
Any other advice is appreciated thanks

Scar001

Once the hammer drops its yours - warts and all.
Think payment is due immediately.
I purchased at online auction and was extremely fortunate that it worked out ok.

celt262

ETRY wrote: »

Hi All I'm considering doing an online auction to buy a small property down the country the asking price is 60k.
Considering i can’t view it because of covid etc can anyone offer any advice on Online auctions and what i should look out for?
Do i need to carry out my own survey or will the auctioneer have some form of Engineering report, if i bid at the auction and win can i get a survey afterwards and pull out if theirs an issue? will i need a solicitor in place prior to the auction?
Any other advice is appreciated thanks

Get all checks done before hand and dont buy a property without viewing!

SEPT 23 1989

its in an auction for a reason

ETRY

Thanks Guys for the advice, Auctioneer wont even answer the phone, might pass on it. Cheers

Necro

Moving to the Accomodation & Property Forum where it can be reopened by the local mods, reminder to read the charter before posting

Darc19

Most likely being sold by a receiver, and nothing wrong with that.

If it's not occupied you can spin down and have a good look around.

Auctioneer may permit a surveyor.

All paperwork / legals are usually available before the auction.

Downside is that if your bid is accepted, you must buy it. There are no get out clauses and you usually have to complete within 2 weeks, sometimes 4 weeks.

60k suggests a poor location or some issues

the_syco

ETRY wrote: »

Do i need to carry out my own survey or will the auctioneer have some form of Engineering report, if i bid at the auction and win can i get a survey afterwards and pull out if theirs an issue? will i need a solicitor in place prior to the auction?

Once the hammer hits the gravel, you pay up, or you may be sued for any losses. Or for the entire thing.

=-=

Two 60k auction properties on Daft;

https://www.daft.ie/for-sale/semi-detached-house-6-lakeview-killeshandra-co-cavan/2943711
No inside shots means that there is probably tenants inside, and that's probably eviction notices on the door. You may get non-paying tenants.

https://www.daft.ie/for-sale/terraced-house-13-mccormacks-estate-castlebar-co-mayo/2943680
Frshly sanded, freshly painted. I'd guess a recent eviction, everything was thrown in the skip due to damage, or the stuff was just cheap crap, and now the LL wants rid of the place.

Both places, you get what you see. And if you don't see it, you get that too :pac:

If you buy at auction and it turns out to be a dud can you just sell it on at another auction? Structural or boundary issues for example.

There's an auction property for sale second next door to me (rural) that's attracted a lot of interest from people up the country and many have driven down to see it in the last few days. There are issues with the neighbours around boundaries and they are out this morning laying foundations for a wall to try to block access. Anyone who came to view it last weekend won't know about the wall...until it's too late. It's a bank sale and the legal pack just says 'not to my knowledge' around pretty much everything an individual seller would have to disclose.

Dav010

[Deleted User] wrote: »

If you buy at auction and it turns out to be a dud can you just sell it on at another auction? Structural or boundary issues for example.

There's an auction property for sale second next door to me (rural) that's attracted a lot of interest from people up the country and many have driven down to see it in the last few days. There are issues with the neighbours around boundaries and they are out this morning laying foundations for a wall to try to block access. Anyone who came to view it last weekend won't know about the wall...until it's too late. It's a bank sale and the legal pack just says 'not to my knowledge' around pretty much everything an individual seller would have to disclose.

Yes you can resell, but possibly at a loss.

Blocking access probably won’t help the neighbour, new owner will just knock it as it was built without the owners permission.

Dav010

Dav010 wrote: »

Yes you can resell, but possibly at a loss.

Blocking access probably won’t help the neighbour, new owner will just knock it as it was built without the owners permission.

The wall is going to be on his land and the estate agent said no-one on the seller's side is interested in pursuing right of way etc. It's one of those long-running things you'd know about in the area but would learn the hard way as an auction buyer. I've bought once at auction with no major issues myself, I feel sorry for whoever ends up with this one.

Dav010

[Deleted User] wrote: »

The wall is going to be on his land and the estate agent said no-one on the seller's side is interested in pursuing right of way etc. It's one of those long-running things you'd know about in the area but would learn the hard way as an auction buyer. I've bought once at auction with no major issues myself, I feel sorry for whoever ends up with this one.

Are you saying there is no access to the property?

One of the times that a buyer can back out of an auction sale is when it can be shown that the property is not as described by the auctioneer/in the presale pack.

It's hard to explain without going into a lot of detail - there is still access to the property but by the looks of the positioning of the wall it'll be a lot more difficult. It got me thinking about the perils of buying at auction and if someone could simply sell a house straight on if they didn't fancy the aggravation - you anticipate there might be structural issues with an auction buy but neighbour problems are something you can't throw money at to fix.

For the OP the reserve on this one isn't 60k so you should be fine

Claw Hammer

Darc19 wrote: »

Most likely being sold by a receiver, and nothing wrong with that.

There is plenty wrong with a receiver sale. In addition to the tilte isues, there may be a disgruntled former owner lurking.

Mad_maxx

ETRY wrote: »

Hi All I'm considering doing an online auction to buy a small property down the country the asking price is 60k.
Considering i can’t view it because of covid etc can anyone offer any advice on Online auctions and what i should look out for?
Do i need to carry out my own survey or will the auctioneer have some form of Engineering report, if i bid at the auction and win can i get a survey afterwards and pull out if theirs an issue? will i need a solicitor in place prior to the auction?
Any other advice is appreciated thanks

heard of a situation with online auctions where a four bed house turned out to be a three bed with attic converted

perhaps some people consider that to still be a four bed ? but many do not and im pretty sure the powers that be do not

point being , with lockdown , one can be misled by advertising but the auction contract lets them get away with it

Mad_maxx

Dav010 wrote: »

Are you saying there is no access to the property?

One of the times that a buyer can back out of an auction sale is when it can be shown that the property is not as described by the auctioneer/in the presale pack.

are you sure about that ?

thought its " buyer beware " regardless ?