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Buying a house at Auction - help!!

  • 24-02-2013 6:14pm
    #1
    magbf
    Registered Users, Registered Users 2 Posts: 14 ✭


    We are interested in a house that is coming up for auction but are total newbies to the whole world.... all help and advice will be appreciated!
    (first time buyers and first time auction-goers) :eek:

    Anything about how auctions work, etiquette, bidding, things to be aware of etc would be great

    Hope someone out there can help us! :confused:
    Tagged:


Comments

  • #2
    BabysCoffee
    Registered Users, Registered Users 2 Posts: 4,713 ✭✭✭BabysCoffee


    Bids are binding at an auction. If the hammer goes down you buy.

    My advice is
    1. Get a survey done before the auction
    2. Have a solicitor look at the sales pack before the auction
    3. Pick a bid price and do NOT go over this
    4. Get someone to bid for you


  • #3
    Diarmuid
    Registered Users, Registered Users 2 Posts: 3,981 ✭✭✭Diarmuid


    Auctions are no joke. You really should know what you are about before you go there. If you're willing to put down a quarter of million euro on a house at auction, you really should have some experience with auctions prior to that.


  • #4
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    I'd echo the advice in BabysCoffee's post- especially the bit about getting someone else to bid for you. Auctions are emotionally charged events- you will get caught up in the moment, you *need* to have someone else bid for you- its the only way of making sure you don't make very expensive mistakes. Even if this house is wonderful- it doesn't make sense to pay over the odds, and another just as nice house will come up again, sooner or later- so seriously- get someone else to bid for you, and ensure you stick to a maximum bid that you're comfortable with.


  • #5
    crackcrack30
    Registered Users, Registered Users 2 Posts: 1,161 ✭✭✭crackcrack30


    You may be able to leave your max bid with the auctioneer, and have him bid in set amounts up to this???


  • #6
    Villa05
    Registered Users, Registered Users 2 Posts: 4,793 ✭✭✭Villa05


    Council houses in Limerick went for over 100k at auction recently, crazy money

    Have a good read of this article
    http://www.independent.ie/business/how-to-get-burned-at-a-firesale-29084929.html


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  • #7
    Villa05
    Registered Users, Registered Users 2 Posts: 4,793 ✭✭✭Villa05


    BabysCoffee wrote: »
    Bids are binding at an auction. If the hammer goes down you buy.

    My advice is
    1. Get a survey done before the auction
    2. Have a solicitor look at the sales pack before the auction
    3. Pick a bid price and do NOT go over this
    4. Get someone to bid for you

    3. is very important. I must add that all of the above will cost you money. You need to be prepared to loose this money if the bidding goes over your chosen bid.


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