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Anyone got any experience of using BidX1 Ireland?

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135

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    #62
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Darc19 wrote: »
    I think this is the 4th auction without viewings.

    Certainly the September and October one did not have viewings. Not sure about July.

    Usually about 80% sell on the day.

    If you have registered and there's no bid, they may contact you and see if you want to put in an offer.

    I see several lots that represent very good value and a couple that are exceptionally well priced, but they will probably sell for well above the AMV. The better value is in properties that have tenants - but rent may be below market so they are long term plays.

    There's one I'm probably bidding on, but I suspect it will go above my max bid.


    can you PM me the lots you believe offer value ?, exclude the one you yourself are interested in , im not bidding myself but im always curious to make comparisons within specific areas


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    #63
    zinfandel
    Registered Users Posts: 234 ✭✭zinfandel


    the property I was interested in, an apartment which had been empty for 3 years went for 87,000 over asking price, glad I did not bother pursuing it .


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    #64
    Claw Hammer
    Registered Users Posts: 6,164 ✭✭✭Claw Hammer


    zinfandel wrote: »
    the property I was interested in, an apartment which had been empty for 3 years went for 87,000 over asking price, glad I did not bother pursuing it .

    Will it stay gone though?


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    #65
    zinfandel
    Registered Users Posts: 234 ✭✭zinfandel


    Claw Hammer wrote: »
    Will it stay gone though?
    what do you mean? once its bought at one of those auctions, you have to complete the sale dont you...


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    #66
    ms vieria
    Registered Users Posts: 53 ✭✭ms vieria


    zinfandel wrote: »
    what do you mean? once its bought at one of those auctions, you have to complete the sale dont you...

    Yes bidx1 is auction unlike auctioneera where you can back out.


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    #67
    handlemaster
    Registered Users Posts: 6,003 ✭✭✭handlemaster


    The fee to register isnt been fair to interested parties. When you see most properties going well over the asking. Then you would have to question why prices are consistently put so low. It s not only to get the best price but to get people to register. Money for nothing . And don't for get no viewings also


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    #68
    NIMAN
    Registered Users Posts: 33,165 ✭✭✭✭NIMAN


    zinfandel wrote: »
    the property I was interested in, an apartment which had been empty for 3 years went for 87,000 over asking price, glad I did not bother pursuing it .

    The property I was looking at only went 6k over asking, but it needed a lot of work done to it to make it structurally sound.

    So by the time you added the vat and the repair costs, it wasn't a bargain at all.


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    #69
    Dav010
    Registered Users Posts: 14,170 ✭✭✭✭Dav010


    NIMAN wrote: »
    The property I was looking at only went 6k over asking, but it needed a lot of work done to it to make it structurally sound.

    So by the time you added the vat and the repair costs, it wasn't a bargain at all.

    Was it a new house? What Vat?


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    #70
    mickdw
    Registered Users Posts: 23,286 ✭✭✭✭mickdw


    Everything on bid x1 is there for a reason. Generally not mortgageable due to issues with the properties whether the issue is structural or bad title.


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    #71
    Thomasirl123
    Registered Users Posts: 135 ✭✭Thomasirl123


    mickdw wrote: »
    Everything on bid x1 is there for a reason. Generally not mortgageable due to issues with the properties whether the issue is structural or bad title.

    This is something I've wondered about. Is it clear before bidding that the property is not mortgage?
    If a buyer is top bidder and then can't get a mortgage what happens if you can't pull out of an auction sale?


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    #72
    Dav010
    Registered Users Posts: 14,170 ✭✭✭✭Dav010


    Thomasirl123 wrote: »
    This is something I've wondered about. Is it clear before bidding that the property is not mortgage?
    If a buyer is top bidder and then can't get a mortgage what happens if you can't pull out of an auction sale?

    This is the main difference between buying at auction and a standard sale, at auction the contract is formed when the hammer drops. You have to pay the deposit there and then, typically 10-20%. If you pull out afterwards due to being unable to get a mortgage, that money is gone, you forfeit it, whereas in a standard sale the deposit is refundable until the contracts are signed. It’s a huge hit to take if you do not have your ducks in a row, that is why it is essential to have a solicitor check the pack (SPAR) beforehand and ensure that a bank will give you a mortgage for the property.


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    #73
    mickdw
    Registered Users Posts: 23,286 ✭✭✭✭mickdw


    Dav010 wrote: »
    This is the main difference between buying at auction and a standard sale, at auction the contract is formed when the hammer drops. You have to pay the deposit there and then, typically 10-20%. If you pull out afterwards due to being unable to get a mortgage, that money is gone, you forfeit it, whereas in a standard sale the deposit is refundable until the contracts are signed. It’s a huge hit to take if you do not have your ducks in a row, that is why it is essential to have a solicitor check the pack beforehand and ensure that a bank will give you a mortgage for the property.

    Good opportunities for cash buyers though. Get to a position where it is mortgageable and then flip hoping for better price given much wider pool of buyers.


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    #74
    Claw Hammer
    Registered Users Posts: 6,164 ✭✭✭Claw Hammer


    zinfandel wrote: »
    what do you mean? once its bought at one of those auctions, you have to complete the sale dont you...
    You don't have to complete. If you are the succesful bidder and don't complete it will cost you.
    I have seen many properties sold at those auctions re-appear again in subsequent auctions.


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    #75
    Thomasirl123
    Registered Users Posts: 135 ✭✭Thomasirl123


    Dav010 wrote: »
    This is the main difference between buying at auction and a standard sale, at auction the contract is formed when the hammer drops. You have to pay the deposit there and then, typically 10-20%. If you pull out afterwards due to being unable to get a mortgage, that money is gone, you forfeit it, whereas in a standard sale the deposit is refundable until the contracts are signed. It’s a huge hit to take if you do not have your ducks in a row, that is why it is essential to have a solicitor check the pack (SPAR) beforehand and ensure that a bank will give you a mortgage for the property.

    Thanks dav, that's clear it up for me.


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    #76
    hargo
    Registered Users Posts: 491 ✭✭hargo


    My daughter bid on a house today unsuccessfully. It went eventually 20% over guide. We were able to view last week and no-one else had done so so took a punt that we might be the only bidder. The eventual price was certainly no bargain probably inline with market rate. It was going to have to have a complete revamp but if it was a few euros cheaper it allowed one to make your own stamp. There were some certs missing in the legal pack which would have to be got and that was going to cost also.Not sorry that we took a punt but surprised at how far the bidding went. You really have to be careful and stop at the price you set yourself as it is very easy in the heat of battle to keep bidding.


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    #77
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Claw Hammer wrote: »
    You don't have to complete. If you are the succesful bidder and don't complete it will cost you.
    I have seen many properties sold at those auctions re-appear again in subsequent auctions.

    Yes, it will cost you 10% of the purchase price if you don't complete the purchase.

    I've rarely seen a property sold on bidx1 reappear and I've followed the auctions for about 3 years now.

    Most properties are sold by receivers. Investments bought at top of the market and bank wants to close the file.


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    #78
    Claw Hammer
    Registered Users Posts: 6,164 ✭✭✭Claw Hammer


    Darc19 wrote: »
    Yes, it will cost you 10% of the purchase price if you don't complete the purchase.

    I've rarely seen a property sold on bidx1 reappear and I've followed the auctions for about 3 years now.

    Most properties are sold by receivers. Investments bought at top of the market and bank wants to close the file.

    I have seen some properties appear several times.

    80 Taney Road has been around for a while.
    Esker Villas in Upper rathmines has been around for a long time.
    Those are just 2 in todays auction.


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    #79
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Claw Hammer wrote: »
    You don't have to complete. If you are the succesful bidder and don't complete it will cost you.
    I have seen many properties sold at those auctions re-appear again in subsequent auctions.

    I have too but I've a hunch the apparent bid on day 1 wasn't genuine ?


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    #80
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Darc19 wrote: »
    Yes, it will cost you 10% of the purchase price if you don't complete the purchase.

    I've rarely seen a property sold on bidx1 reappear and I've followed the auctions for about 3 years now.

    Most properties are sold by receivers. Investments bought at top of the market and bank wants to close the file.

    Any reason why receivers don't just sell by private treaty?

    Seems unusual that every repossesed property would have a glaring issue with title?

    Surely some of the lots with Bidx1 have kosher titles?


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    #81
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Claw Hammer wrote: »
    I have seen some properties appear several times.

    80 Taney Road has been around for a while.
    Esker Villas in Upper rathmines has been around for a long time.
    Those are just 2 in todays auction.

    They didn't attract bids in the previous auctions. The Taney one was withdrawn previously.

    Same with group of 10 houses in Tipperary. Withdrawn from the auction yesterday.

    As most are receiver sales, they can be contentious. Also flaws may be pointed out in paperwork which can also lead to withdrawal and put into a following auction


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    #82
    Dav010
    Registered Users Posts: 14,170 ✭✭✭✭Dav010


    Mad_maxx wrote: »
    Any reason why receivers don't just sell by private treaty?

    Seems unusual that every repossesed property would have a glaring issue with title?

    Surely some of the lots with Bidx1 have kosher titles?

    Easier, cleaner and probably cheaper for them to sell in batches a couple of times a year at auction rather than giving properties to EAs all over the country and having to deal with lots of queries. The mechanics of an auction sale means that there is little for the Receiver to do before and after auction.


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    #83
    Claw Hammer
    Registered Users Posts: 6,164 ✭✭✭Claw Hammer


    Mad_maxx wrote: »
    Any reason why receivers don't just sell by private treaty?

    Seems unusual that every repossesed property would have a glaring issue with title?

    Surely some of the lots with Bidx1 have kosher titles?

    When a receiver sells there is automatically an issue with title. The receiver contracts out of personal liability for everything and inserts special conditions exempting them from giving normal information.
    An auction sale means no opportunity for buyers to query items of title. Trying to sell by private treaty would mean issuing contracts and then having sales collapse before the purchaser signs the contract. The whole process would have to start again and then repeat. It would take forever and meantime there is the possibility of damage, trespass etc


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    #84
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    Dav010 wrote: »
    Easier, cleaner and probably cheaper for them to sell in batches a couple of times a year at auction rather than giving properties to EAs all over the country and having to deal with lots of queries. The mechanics of an auction sale means that there is little for the Receiver to do before and after auction.

    that would make perfect sense , perhaps then the commonly held belief that all of the lots have title irregularities is an incorrect one ?

    on the topic of value at these auctions , with so many investors these days being cash only , its perhaps not that surprising that the auctions are not all that much cheaper than private treaty sales ?


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    #85
    Claw Hammer
    Registered Users Posts: 6,164 ✭✭✭Claw Hammer


    Mad_maxx wrote: »
    that would make perfect sense , perhaps then the commonly held belief that all of the lots have title irregularities is an incorrect one ?

    ?

    No. The receiver will refuse to say if there are boundary disputes for example, will also refuse to say whether or not there are planning irregularities and will not be able to say if there is an issue with the Family Home Protection Acts.
    You pays your money and you takes your chances.


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    #86
    Dav010
    Registered Users Posts: 14,170 ✭✭✭✭Dav010


    Mad_maxx wrote: »
    that would make perfect sense , perhaps then the commonly held belief that all of the lots have title irregularities is an incorrect one ?

    on the topic of value at these auctions , with so many investors these days being cash only , its perhaps not that surprising that the auctions are not all that much cheaper than private treaty sales ?

    It really depends on what current market value is. It isn’t surprising that auctioned properties go above the advertised price as this is often set lower than market rate to take into account issues with the title and preference to get interested buyers to bid against each other. There used to be good value at auctions, now it seems less so due to scarcity of properties.

    Just to be clear, problems with title are not insurmountable, they just make it harder to get a mortgage and your solicitor has to do more to make sure your interests are protected. The important considerations when buying at auction is that you must understand what you are getting yourself into, and you must do your research before bidding, not after.


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    #87
    Darc19
    Registered Users Posts: 3,817 ✭✭✭Darc19


    Mad_maxx wrote: »

    on the topic of value at these auctions , with so many investors these days being cash only , its perhaps not that surprising that the auctions are not all that much cheaper than private treaty sales ?

    Works for investors too. Quick purchase, no messing, over and done with within 2-3 weeks.

    I sale agreed an apartment about a year ago. Four months later the seller still had not got the contracts right as the property they were buying was delayed and I walked away. Very frustrating.

    Bought something in auction and had keys 4 weeks later.


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    #88
    NIMAN
    Registered Users Posts: 33,165 ✭✭✭✭NIMAN


    Dav010 wrote: »
    Was it a new house? What Vat?

    I assumed there would be VAT on the final auction price? No?


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    #89
    Dav010
    Registered Users Posts: 14,170 ✭✭✭✭Dav010


    NIMAN wrote: »
    I assumed there would be VAT on the final auction price? No?

    https://www.grantthornton.ie/globalassets/1.-member-firms/ireland/insights/publications/grant-thornton---vat-on-property---final----copy.pdf


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    #90
    piston
    Registered Users Posts: 520 ✭✭✭piston


    I came to this section of the forum with the intentions of asking about BidX but after reading all this I'm probably best to avoid I think.

    I'm a first-time buyer with deposit and mortgage approval and I seen a property exactly what I had in mind in an area of town I like and the guide price seems very reasonable but it's advertised by BidX. I had emailed them and I think I might be able to get a viewing but just don't like the idea of potentially losing my 10% deposit should anything go wrong with the sale or the house.

    I might email the mortgage advisor at the bank I was dealing with to see what he thinks but I don't feel happy with the process.


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    #91
    mickdw
    Registered Users Posts: 23,286 ✭✭✭✭mickdw


    piston wrote: »
    I came to this section of the forum with the intentions of asking about BidX but after reading all this I'm probably best to avoid I think.

    I'm a first-time buyer with deposit and mortgage approval and I seen a property exactly what I had in mind in an area of town I like and the guide price seems very reasonable but it's advertised by BidX. I had emailed them and I think I might be able to get a viewing but just don't like the idea of potentially losing my 10% deposit should anything go wrong with the sale or the house.

    I might email the mortgage advisor at the bank I was dealing with to see what he thinks but I don't feel happy with the process.

    Alot of the properties wont be mortgageable at all.


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