bid x1 :online auctions

mkdon

anyone ever had dealing with these guys?

marry snog avoid?

LirW

It's the new Name for Allsop, they are a serious company and pretty straight forward to deal with.

They mainly auction off distressed properties, so there's usually something up with them like messed up titles, fire safety issues and the like.
If you consider participating in an Auction from them, I urge you to google articles about Allsop auctions, it gives you a pretty good picture.
Once the virtual hammer goes down you have to go through with the sale, otherwise you lose the 10% deposit.

You need to have a talk with solicitor and bank for the specific property before. All legal documents are online and there is no way that you'll understand the content of them when you're not a legal professional.
Also just because a bank would give you a mortgage doesn't mean it would give you a mortgage on an Auction property. You need to approach them with the specific property in mind, it can take a bit of convincing to get them on board. Since the properties are usually distressed the bank might be not lending on them, therefore you need to have a waterproof confirmation that they are. You also need to close in the given timeframe.

It's something that needs to be very well planned in advance and is 100 times easier as a cash buyer. You need legal advice beforehand since all the documents are around.

mkdon

thanks for the response.

Interesting but the name change is not the only change here as is different in how they go about things so unsure if prior forums apply fully.

Other than the time and efficiency what are the benefits? Can you end up paying more than a property is worse and the risk is it is a problem property?
Seems this is 50 euros to bid for each auction . However can the services of the quantity surveyor be used before buying this?
Also how can one check for issues and do due diligence otherwise

Seems need simply finance and a solictitor - the latter being my issue

LirW

People send the surveyors in in the open viewings to inspect, that seems to be the way to go for most people.

In regard of paying over the odds, it really depends on where you bid. But usually you'll pay an adequate amount for the area you buy in, the AMV says very little. Some properties end up being on Auction over and over again, they are usually the ones with major flaws and too expensive to be a real contender for people.
The property will most likely be distressed in some regard. It is on you to find out why from all the paperwork, which can be a tricky one. Sometimes the issue is outlined in one sentence that a person without knowledge of the legal speak will ever understand.

Again, an AIP is not enough to secure finance. In case of an auction the bank needs to be aware of the specific house because it could easily be that they won't lend on it. Once the Auction time is over and you're the winner you're obliged to close in a very tight timeframe, usually 2 - 4 weeks. They are pretty ruthless with it, anything that could delay on your side and your 10% deposit is gone.
It is so important to have that planned out the way you would a private purchase but you need to have it all set up before the auction, so this is pretty much the last piece of string.

A lot of people in the end leave the whole thing to cash buyers and investors because they don't depend on the same things a mortgage buyer would.
The time gap to figure it all out is quite tight, while not impossible it's certainly stressful.

If you think of bidding on the next one, that's probably sometimes in late January look for a solicitor now. You need one anyway, it's always good to have one at hand already for the conveyance.

...__...

its a little unfair to say all there properties are "damaged" over the past 4 years Ive been following them and I'm seriously sick as to how I didn't bid on a few.
most are repo from the bank but as lirw said its a cash buyers market.

if your not in a hurry and have the money this is a perfect way to maximise the "house" versus the price paid,
from all I can see anything outside Dublin is a good bargain anything inside is a lot of people trying to get on the ladder etc for as little as possible.

grumpy_mick

i bought a residential property at an allsop auction a few years ago , no problem with it bar i never got any keys and not until the sitting tenants moved out did i get any at all

ive bid on a good few others , ive found its a waste of time getting a solicitor to check out any of the properties prior to auction , ive dealt with three different solicitors in the past five years and one thing ive learned about all solicitors is that unless something is 100 % pure vanilla , they loose control of their bowels and as a default position advise you not to go near whatever your looking at , they are ultra cautious to the point of being neurotic , doesnt matter how small the issue is , inevitably there was always some little thing amiss with the properties allsop were selling so they are more suited to a cash buyer as the banks solicitor will no doubt suffer from the same ultra conservative nature