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Repossessed House Auctions Dublin

  • 13-10-2015 10:21am
    #1
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,000 ✭✭✭


    Is there auctions for repossessed house where a first time buyer would get good value.

    Not sure if this even exists but thought I would ask. If so anyone got any links to websites or info?


Comments

  • #2
    murphaph
    Registered Users, Registered Users 2 Posts: 19,050 ✭✭✭✭murphaph


    Are you a cash buyer? Auctions are not typically an option for people who need a mortgage as you will have to settle up for the house immediately. A bank simply doesn't move that fast, even if you have approval in principle.


  • #3
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,000 ✭✭✭Saint Sonner


    murphaph wrote: »
    Are you a cash buyer? Auctions are not typically an option for people who need a mortgage as you will have to settle up for the house immediately. A bank simply doesn't move that fast, even if you have approval in principle.


    No not a cash buyer - didn't realise you had to have it all on the day.

    Someone had told me that as long as you had 10% then you had time to get the finance sorted. :o


  • #4
    Saint Sonner
    Registered Users, Registered Users 2 Posts: 1,000 ✭✭✭Saint Sonner


    Can anyone clarify if the above is true.

    It seems pretty harsh that you would have to have the full amount ready to pay at a house auction!


  • #5
    jimmii
    Registered Users, Registered Users 2 Posts: 14,810 ✭✭✭✭jimmii


    Saint Sonner wrote: »
    Can anyone clarify if the above is true.

    It seems pretty harsh that you would have to have the full amount ready to pay at a house auction!

    Best to check with whomever is auctioning it. Normally it is 10% of the purchase price but it can vary as can the time you have to stump up the rest.

    If you are relying on credit to buy you would want to be 100% sure that the bank are going to come through if you win somewhere and then the bank start putting up hurdles you could be in a really bad spot as most places are going to be looking for you to close in around 30 days and its likely to be written into the contract.


  • #6
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    You have to take the title that is offered and pay a deposit of 10%. It often happens that a bank will not give a mortgage on a repossessed house. That is why it is being auctioned and may well be sold at a low price. If you do not complete after being the winning bidder the deposit is forfeit and you can be sued for the difference if the property is sold at a lower price within a year.If you are the successful bidder and your bank won't lend the money, tough.


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  • #7
    riclad
    Registered Users, Registered Users 2 Posts: 8,184 ✭✭✭riclad


    Most people who go to auctions have the money ready, the are buying house x, they roughly know what they will spend . Each property has a reserve price , eg you must offer at least the reserve price. Maybe bank will give you a document you have mortgage approval to x amount ,for the next few months. You will just see a catalog ,houses ,apartments for sale . Repossessed houses are not necessarily cheaper than the other houses in the catalog .


  • #8
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    riclad wrote: »
    Most people who go to auctions have the money ready, the are buying house x, they roughly know what they will spend . Each property has a reserve price , eg you must offer at least the reserve price. Maybe bank will give you a document you have mortgage approval to x amount ,for the next few months. You will just see a catalog ,houses ,apartments for sale . Repossessed houses are not necessarily cheaper than the other houses in the catalog .

    The bank approval is subject to satisfactory title being available. Often in auctions the title available would not satisfy a bank. Mortgage approvals are highly conditional and banks often move the goalposts when someone actually tries to buy a house.


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