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Price drop

  • 31-08-2016 7:17pm
    #1
    loriexxx
    Registered Users, Registered Users 2 Posts: 101 ✭✭


    I have been looking at a house on daft which we are interested in, the house is going to auction and was advertised at AMV at a certain price on Sunday and having checked today the price has dropped by €4000 any idea why would be?

    Also is there any issues with buying at auction, we are first time buyers so a bit clueless


Comments

  • #2
    L1011
    Registered Users, Registered Users 2 Posts: 71,184 ✭✭✭✭L1011


    loriexxx wrote: »
    I have been looking at a house on daft which we are interested in, the house is going to auction and was advertised at AMV at a certain price on Sunday and having checked today the price has dropped by €4000 any idea why would be?

    Limited interest.

    loriexxx wrote: »
    Also is there any issues with buying at auction, we are first time buyers so a bit clueless

    Loads. I would advise against it for FTBs and I suspect you won't be able to anyway. You usually need to be able to put the deposit down on the day and provide full funds within a very short period of time - 14 days is not unheard of. You have committed to buy when the hammer falls - no "subject to survey" etc.


  • #3
    Kings Inns or bust
    Closed Accounts Posts: 631 ✭✭✭Kings Inns or bust


    loriexxx wrote: »
    Also is there any issues with buying at auction, we are first time buyers so a bit clueless

    God love ya! You're braver than I.

    Make sure there is no tenancy, you potentially could buy a house with a life estate attached and be waiting 20 years to move in. You need to investigate title and make sure that no one has any claims over the property. That's a pain in the arse even when you by by private treaty. It's very easy to buy and then find that your drive is actually owned by next door or the extension needs to be knocked down as the party wall is 6" on the wrong side of a boundary.

    If you're going to buy at auction make sure you've taken advice from a good EA and solicitor and you're aware of all the potential pitfalls.


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