Property up for Auction - Advice?

positivenote · 23-11-2021 1:10pm #1

Hi All,

Below property is up for auction. We are in a position that we have permission to port our mortgage to another property but have yet to put ours on the market. We also have approx 200k in personal savings. Can we bid on this property based on the future sale of our current property (valued at approx 400k) or do we need to have the cash in the bank that is the same as the price we bid?

Im totally out of the loop on bidding on a property for auction.

Any advice would be great

https://www.myhome.ie/residential/brochure/32-castleknock-elms-castleknock-dublin-15-d15-ec99/4414169

23-11-2021 1:41pm

Before bidding, make sure you know the difference between an auction sale and private treaty. It can be a hugely expensive mistake if you are not informed. Also, you must get the survey done/get a SPAR report from your solicitor prior to the auction because when the hammer falls, the property is yours.

houseyhouse · 23-11-2021 5:41pm

I would advise you to contact your solicitor first and foremost. When you buy at auction, you have to sign the contract and pay 10% there and then. The closing date is usually only a few weeks later. Could you be ready to close in January? If not, then don’t go forward with it.

Manion · 23-11-2021 5:47pm

Not the question you asked, but have you visited the property? We viewed a property a long there several years ago and the noise from the the m50 was oppressive and ever present.

23-11-2021 5:49pm

There must be some issue with this property, I went to see it about 2 years ago, when it was for sale by normal treaty.

There were huge amounts of people at the viewings and it went sale agreed in a couple of weeks. I would be getting a solicitor to look at the legal pack with this, also I would ask the estate agent what the story was with the last sale agreed.

23-11-2021 5:53pm

https://www.boards.ie/discussion/comment/118212248#Comment_118212248

Property register indicates it did change hands in 2019, it does look a bit iffy.

wildwillow · 23-11-2021 5:54pm

You need to be very cautious buying at auction. The sale is effectively final once the hammer drops.

I'd be afraid to bid pending the sale of your house unless. Private treaty can take months to close.

Take the advice given above re the title and reason for sale not going through.

Better to be sorry you didn't buy than you did.

23-11-2021 6:14pm

I do remember there was some issue in the back garden, there may have been a septic tank or something, which sounds really weird for a house in this area, but there was something. I would be asking the estate agent OP, if they know they are obliged to tell you, I believe.

Fkall · 23-11-2021 9:00pm

In current market that house will go €500k plus

3DataModem · 06-12-2021 7:18am

Well, technically the sale is final once the contracts are signed, which is usually a few minutes after the hammer drops.

Your solicitor can advise you on whether they think the vendors solicitor will accept a "subject to sale of XX" clause in the contract on the spot.

https://www.boards.ie/discussion/comment/118212293#Comment_118212293

Claw Hammer · 07-12-2021 7:11pm

https://www.boards.ie/discussion/comment/118275777#Comment_118275777

The contract if formed as soon as the hammer drops, not on signing.

handlemaster · 07-12-2021 8:46pm

Legal pack will let sou know if its a bank sale. If sold in 2019..its a bit odd

3DataModem · 16-12-2021 4:51pm

https://www.boards.ie/discussion/comment/118286357#Comment_118286357

My understanding is that it is not legally binding until it is signed. I've been right there while solicitors haggle over the terms of a contract (usually related to undertakings) right after an auction.

Claw Hammer · 21-12-2021 5:51pm

https://www.boards.ie/discussion/comment/118332125#Comment_118332125

The contract is formed, solicitors might try and negotiate details after the contract is made.

Property up for Auction - Advice?

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