Buying at online auction v. Private Treaty

quantity771

I'm looking at a property which is being sold via online auction, I've brought property before but always as private treaty arrangement. I'm wondering if I buy at auction can I sell as private treaty in the future or does it have to be auctioned again?

I have been looking at legal pack but its all a bit mad to me, is there any Red Flags that I should be looking out for? If I decide to go ahead and bid I will ask solicitor to have a look, but I don't necessarily need the cost of that if this is a non runner.

Any help would be much appreciated!

Tina

JohnnyChimpo

this thread has some stuff to be wary of re:auctions

https://www.boards.ie/vbulletin/showthread.php?t=2058054164

Graham

OP nobody can answer your question other than a solicitor in full possession of all of the documentation and facts.

Without that, the answer can only be "it depends on the specifics of the property".

Claw Hammer

quantity771 wrote: »

I'm looking at a property which is being sold via online auction, I've brought property before but always as private treaty arrangement. I'm wondering if I buy at auction can I sell as private treaty in the future or does it have to be auctioned again?

I have been looking at legal pack but its all a bit mad to me, is there any Red Flags that I should be looking out for? If I decide to go ahead and bid I will ask solicitor to have a look, but I don't necessarily need the cost of that if this is a non runner.

Any help would be much appreciated!

Tina

There is no need to sell at auction in the future, just because you are buying at auction now. The wisdom of you buying at auction at the moment is doubtful. It is happennig time and again that people go to a solicitor to coney a property they have ought at auctio ad paid a deposit on only for the solicitor to tell them they can't get a loan on the property.
If it is a receiver sale there will be a list of exclusions as long as your arm and you won't get a mortgage.

cruizer101

Generally there is a couple of reason why a property is for sale at auction and not by private treaty.
1. Something wrong with property meaning you won't get a mortgage on e.g. title issue, access rights, issue with structure.
2. Receiver sale, often receivers will sell a number of properties at auction not sure the reasoning but it happens.
3. Unique property, if property is particularly unique or big it might be sold at auction as might get more attention and so money there.

Either way you need to make sure to get a solicitor to check over the legal pack before buying as otherwise there is potential to lose a lot of money.

Claw Hammer

cruizer101 wrote: »

Generally there is a couple of reason why a property is for sale at auction and not by private treaty.
1. Something wrong with property meaning you won't get a mortgage on e.g. title issue, access rights, issue with structure.
2. Receiver sale, often receivers will sell a number of properties at auction not sure the reasoning but it happens.
3. Unique property, if property is particularly unique or big it might be sold at auction as might get more attention and so money there.

Either way you need to make sure to get a solicitor to check over the legal pack before buying as otherwise there is potential to lose a lot of money.

Receivers are appointed by banks and they generally can't and won't give good title. In addition the banks don't want the bother of trying to sell by private treaty. The banks want the properties off their hands with as little work as possible.