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Buying a house at auction - pitfalls?

  • 19-02-2018 10:47am
    #1
    Carnmore
    Registered Users, Registered Users 2 Posts: 407 ✭✭


    Has anyone any knowledge/experience of buying a house at auction as an owner occupier which is subject to a tenancy agreement?

    The tenants have been resident for 15 years so they would be entitled to 224 days notice to quit.

    According to the RTB website this is a straightforward process but is it usually in practice?

    Any advice appreciated.


Comments

  • #2
    GavMan
    Registered Users, Registered Users 2 Posts: 1,930 ✭✭✭GavMan


    In theory if the tenant complies but if they decide to ignore the notice there is very little you can do to evict them speedily. You will need to go through the rigmarole of the PTRB process to eventually force their removal.


  • #3
    LirW
    Registered Users, Registered Users 2 Posts: 4,825 ✭✭✭LirW


    Bank would need vacant possession to give you a mortgage for residental purposes.


  • #4
    Carnmore
    Registered Users, Registered Users 2 Posts: 407 ✭✭Carnmore


    GavMan wrote: »
    In theory if the tenant complies but if they decide to ignore the notice there is very little you can do to evict them speedily. You will need to go through the rigmarole of the PTRB process to eventually force their removal.

    According to the RTB, their mediation or arbitration service takes circa 8 weeks - is this correct?
    LirW wrote: »
    Bank would need vacant possession to give you a mortgage for residental purposes.

    It wouldn't be mortgaged


  • #5
    mugsymugsy
    Registered Users, Registered Users 2 Posts: 1,569 ✭✭✭mugsymugsy


    Carnmore wrote: »
    According to the RTB, their mediation or arbitration service takes circa 8 weeks - is this correct?



    It wouldn't be mortgaged

    Read other threads people have had to get rid of tenants who wouldn't leave. Horror stories.

    Unless you are prepared for the downsides don't entertain buying property without vacant possession.

    Go in to this with eyes wide open!


  • #6
    ED E
    Registered Users, Registered Users 2 Posts: 36,170 ✭✭✭✭ED E


    Carnmore wrote: »
    According to the RTB, their mediation or arbitration service takes circa 8 weeks - is this correct?

    Issue wouldnt really crop up until after notice so 7 + 18 months is just over 2yrs to possession if they misbehave would be a fair guess.


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  • #7
    Carnmore
    Registered Users, Registered Users 2 Posts: 407 ✭✭Carnmore


    Update: I knocked on the door of house and an elderly chap answered - I asked if he intended bidding on the house at the forthcoming auction but he politely said "no it's not for sale, we've been here for over twenty years and we'll be here for the rest of our lives".

    It was pulled from the auction as the legal documents had not been made available; I wouldn't have been bidding anyway and then evicting the poor gent, regardless of my legal entitlement.


  • #8
    the_syco
    Registered Users, Registered Users 2 Posts: 37,316 ✭✭✭✭the_syco


    Carnmore wrote: »
    Has anyone any knowledge/experience of buying a house at auction as an owner occupier which is subject to a tenancy agreement?
    You only sell a house with the tenants inside if you can't get rid of them before the sale. Thus there's a good chance that you'll never get rid of them.
    Carnmore wrote: »
    Update: I knocked on the door of house and an elderly chap answered - I asked if he intended bidding on the house at the forthcoming auction but he politely said "no it's not for sale, we've been here for over twenty years and we'll be here for the rest of our lives".

    It was pulled from the auction as the legal documents had not been made available; I wouldn't have been bidding anyway and then evicting the poor gent, regardless of my legal entitlement.
    FYI, I'm guessing he was paying IRE£20 a month since the dawn of time; from a previous thread, these tenants can be a lot harder to evict, and if they do stay, you'll never get to rent the place out until they die.


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