Properties for sale by " Modern Method of Auction"

Woodville56

Has anyone had any dealings or bought a property thru this method of online bidding - see recent postings in Daft - link to The Connacht Property Auction site, where buyers are invited to bid online and must complete purchase within specified period , with non refundable deposit initially to protect successful bid ??
Anyone hav comments on this type of buying/selling method ??

engineermike

Woodville56 wrote: »

Has anyone had any dealings or bought a property thru this method of online bidding - see recent postings in Daft - link to The Connacht Property Auction site, where buyers are invited to bid online and must complete purchase within specified period , with non refundable deposit initially to protect successful bid ??
Anyone hav comments on this type of buying/selling method ??

Hi,
I'd be interested in any feed back as woodville has asked. I've have a few queries from clients about this type of sale. Its seems to derive from other markets that are depressed as some foreign investors have discussed it with me in the past, but I have to admit I've no experience and heard very little feed back from people that actually bid - successfully or otherwise.
mike f

Victor

I would be very careful of any such arrangement. Do not proceed without legal advice.

If it is legally an auction, all bids are unqualified (not subject to funding, contract, surveys, etc.) and even if you don't sign, the auctioneer, even though they are working for the vendor, can sign the contract on your behalf.

hfallada

I know auctions were always a way to get people in the door as the house had to be sold by a certain date. But generally a lot the house didnt make the reserve(where I live about in Dublin about half of the houses still go up for auction) and a deal was generally made quickly.

Buying a house online you cant get a deal you see decent. Also you buying online you dont feel the pain of spending money compared to actually going to auction house and seeing you are spending €300,000

upaho

This is another example of joke offering by joke agents. It is not in any sense an auction, i.e. a public sale in which goods or property are sold to the highest bidder. It is some sort of adaption of the process and seems to be no more successful than other joke offerings from other joke agents. Auctions do not run over 90 day time spans. Auctions do not roll over (as Connacht Property Auctions did with their Townacrann offering) for another 90 day period when there is no offer.

Allsops are the only agents gathering and offering properties for sale and selling them. They offer full information on the properties including Folio numbers, disclosed reserves and legal document packs. With them setting a standard I am amazed that local agents are still messing around with joke auctions, POA's, properties mapped off the African coast and the like. It's like Ryanair showing Aer Lingus how to build and run an airline and the fools still don't get it.

The_Conductor

upaho- you've been around long enough to realise we don't take kindly to people resurrecting zombie threads. If you have an actual issue of your own relating to this or a related topic- please start a new thread.

Closed.