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Buying a house at auction

  • 31-01-2012 9:53pm
    #1
    wetdufflecoats
    Registered Users, Registered Users 2 Posts: 26 ✭


    I'm interested in buying a house at an auction thats coming up and have a mortage offer letter from the bank etc but was wondering if anyone out there had bought at auction?Was it relatively straightforward?Any pitfalls I should lookout for?:confused:


Comments

  • #2
    Jo King
    Banned (with Prison Access) Posts: 2,139 ✭✭✭Jo King


    Is the offer specific to the house for auction or just a general letter saying they are willing to lend X amount of money? You may have a letter of offer that is ultimately subject to survey and valuation.
    The title has to be checked prior to auction and that has to be paid for regardless of whether you succeed in buying or not.
    Once a bid is accepted at auction 10% has to be paid over on the spot and the closing date is set. Fail to complete means the 10% is gone and there is a risk of being sued for more money.
    The bank may refuse to release the money at the time of closing for any number of reasons.


  • #3
    mari2222
    Registered Users, Registered Users 2 Posts: 568 ✭✭✭mari2222


    It is also usual to get a property surveyed before you go to the auction - this avoids you buying a wreck!


  • #4
    Melted
    Registered Users, Registered Users 2 Posts: 158 ✭✭Melted


    sorry for the bump dident see the point of creating a new thread!
    I was looking to get any feedback from someone with expirience im interested in bidding on an auction house however im not entirely sure of the procedure i presume getting a loan fully


  • #5
    Melted
    Registered Users, Registered Users 2 Posts: 158 ✭✭Melted


    sorry for the bump dident see the point of creating a new thread!

    I was looking to get any feedback from someone with expirience im interested in bidding on an auction house however im not entirely sure of the procedure i presume getting a loan fully approved would be a first step before you can even put in for the minimum bid?


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