Anyone got any experience of using BidX1 Ireland?

JimmyMW

piston wrote: »

I came to this section of the forum with the intentions of asking about BidX but after reading all this I'm probably best to avoid I think.

I'm a first-time buyer with deposit and mortgage approval and I seen a property exactly what I had in mind in an area of town I like and the guide price seems very reasonable but it's advertised by BidX. I had emailed them and I think I might be able to get a viewing but just don't like the idea of potentially losing my 10% deposit should anything go wrong with the sale or the house.

I might email the mortgage advisor at the bank I was dealing with to see what he thinks but I don't feel happy with the process.

With this process you will need to spend significant money in order to be comfortable bidding, ie you will need to request the legal pack and have your solicitor give it the thumbs up before bidding, along with getting an engineering survey done for same. This is all assuming the property is mortgageable. Also note the turn around time to complete the sale, you will need everything ready to go with the mortgage in order to close the sale within the agreed timelines

Mad_maxx

piston wrote: »

I came to this section of the forum with the intentions of asking about BidX but after reading all this I'm probably best to avoid I think.

I'm a first-time buyer with deposit and mortgage approval and I seen a property exactly what I had in mind in an area of town I like and the guide price seems very reasonable but it's advertised by BidX. I had emailed them and I think I might be able to get a viewing but just don't like the idea of potentially losing my 10% deposit should anything go wrong with the sale or the house.

I might email the mortgage advisor at the bank I was dealing with to see what he thinks but I don't feel happy with the process.

really more suited to wholly cash buyers in my opinion

Bambinoonboard

I've heard all in all, they're grand, yet... can difficult to deal with and according to a solicitor I know well, they are want everything done on their terms, in this solicitor's experience anyways. What this exactly means, I'm not sure. In my own experience, I found it difficult to get in touch/phone reply from the office, and conversations were different to those in your typical e.g. more than once I found answers to my questions were short and it was at times, like pulling teeth looking for information. (As it was impossible to view the property interested in or allow an engineer/surveyor inside privately, had prompted many and of course additional questions). There could be fair reason for this - I assume with the increase in house sales, they are perhaps inundated. The site and process from my research is fantastic. They even have a mock type bidding section which allows you play around prior to become comfortable with the process, prior to auction day.

meijin

piston wrote: »

I'm a first-time buyer with deposit and mortgage approval and I seen a property exactly what I had in mind in an area of town I like and the guide price seems very reasonable but it's advertised by BidX.

but is it an auction or a private treaty?

piston

meijin wrote: »

but is it an auction or a private treaty?

It's an auction.

ELM327

Can you make an offer before the auction to buy as private treaty?

piston

ELM327 wrote: »

Can you make an offer before the auction to buy as private treaty?

As far as I know you can't. Their whole business model seems to be auctions.

Claw Hammer

ELM327 wrote: »

Can you make an offer before the auction to buy as private treaty?

You can make an offer, but it will accepted only on the same basis as if you had bought at auction. An unconditional contract will have to be signed and you will have to accept all the exclusion clauses.

Dontfadeaway

Seen a house listed on this site 7 months ago. It sold for 56k more than the guide price. It’s back up on the site. I guess something is wrong with it.

Just seems like scamming to me.

Dav010

Dontfadeaway wrote: »

Seen a house listed on this site 7 months ago. It sold for 56k more than the guide price. It’s back up on the site. I guess something is wrong with it.

Just seems like scamming to me.

There is something wrong with most of the properties sold at auction, this can range from Receivership sales to defects, title issues, planning issues etc. It’s not a scam, bidders at auctions should know these risks exist and satisfy themselves through legal/survey advice that what they buy is what they want.

piston

They've uploaded a load of legal documents and letters. I'm not an expert at reading legal stuff but it appears that the house is in receivership and has been repossessed.

Claw Hammer

piston wrote: »

They've uploaded a load of legal documents and letters. I'm not an expert at reading legal stuff but it appears that the house is in receivership and has been repossessed.

That is the case with the majority of the properties on Bidx1. It may be back on the market because the purchaser couldn't complete. It may be that some legal issue arose forcing the sale to abort. Bidx1 is not for widows and orphans.

Dontfadeaway

They uploaded the legal documents. It says the property is landlocked. I would guess that is why it is back for auction again.

Does anyone know the background in regards to where Bidx1 get their properties? I know most are bank sales, repossessions from 'the good days', but it's near 10 years on now and still they have huge amounts of properties at auction, consistently. Will they ever dry up? Or are they here for many, many more years to come?

I do see they have a private treaty part on the website now, too. Not a lot on it, but good prices achieved, all the same, it would seem, for anything they have sold.

Darc19

[Deleted User] wrote: »

Does anyone know the background in regards to where Bidx1 get their properties? I know most are bank sales, repossessions from 'the good days', but it's near 10 years on now and still they have huge amounts of properties at auction, consistently. Will they ever dry up? Or are they here for many, many more years to come?

I do see they have a private treaty part on the website now, too. Not a lot on it, but good prices achieved, all the same, it would seem, for anything they have sold.

There are thousands of properties in receivership and only getting to market now.

One I bought last year went into receivership in 2016

Most are investment properties. Most of the residential ones were originally purchased 2005-2008 and inflated prices were paid.
A fair few have sitting tenants and some are paying substantially under the market rent.

Once a receiver has the legals ready they want to be rid of the property, hence auction is the best route. Usually 14-28 days to complete the sale with only a little leeway.

All legals are uploaded, so you can do plenty of checks beforehand.

But just like any auction, you do have risk.

Other sellers can be investors who just want to sell quickly and you also see some executor sales. Some good properties get very strong prices - just like the auctions 15-20 years ago.

Gorteen

If you but a property with tenants in situ (paying rent under market rate), you probably buy a world of hurt in getting them out to allow for refurbishment, etc and rental at market price

cute geoge

Interested in a property at the amv price but I think it is on the low side to get people interested so just not going to waste E125 to see property to go miles over amv price .Can i view auction results or the auction prices as they proceed to just get the feel and if not sold I could get it at amv price never done anything like this but i know the property

Dav010

https://boards.ie/discussion/comment/117642755#Comment_117642755

You can, or certainly you used to be able to watch bids in real time, but you cannot participate in the bidding. This is a double edged sword, if the bidding goes way above what you are willing to pay, you saved €125, if it sells for near AMV, you may be kicking yourself that you lost the property for the sake of the €125. Whether they would accept a bid after the auction is difficult to know, if the property is priced low to generate interest, they may be inclined to relist again at a later date.

To be honest, if you aren't willing to spend €125, you have no place at an auction. If you were interested, you should have engaged a solicitor to check the Pack and a surveyor to check the property, which involves more outlay than the €125 auction registration fee. Once your bid is accepted on the day of the auction, the property is yours, warts and all.

cute geoge

I am interested ,my sister owned same house 4 doors down ,I bid on same house 6 doors down this year and it was sold 5k less then amv of this house but I have a few more quid since so it by no means is cheap as well it has sitting tenants what is a surveyor or a solicitor going to tell me that I already dont know as well there was no viewing allowed of this house so I am going to hold fire

Dav010

https://boards.ie/discussion/comment/117643343#Comment_117643343

When a property is being sold at auction, it comes with a pack that includes extremely important details about the title (or lack thereof) etc which is essential reading prior to bidding. Unless you are a solicitor and a surveyor yourself, the information received may well save you from buying a property which is unmortgagable/unsellable or one which has structural defects which will cost you a fortune to repair.

Do you know anything about the title, who is selling it, is it a Receiver sale (very important as Receivers are exempted from checking certain particulars about the property) are there any boundary issues, do the tenants have a term lease, are they paying rent, how long are they there and how much notice will you have to give, what is the plumbing/heating/electrics/insulation like etc? the list is long and without professional opinions you are exposed once your bid is accepted. When registering to bid you have to give the auction house a significant deposit, if your bid is accepted and you find out you can't get a mortgage/sell later because of a problem you didn't bother checking out, you lose that deposit and have no way of recovering it.

ted1

https://boards.ie/discussion/comment/117643343#Comment_117643343

if it has sitting tenants, I wouldn't bother looking at it. The bank wont approve a mortgage drawdown if it s not vacant. The tenants may be paying a lower rent that you can not increase, they may not be paying at all, and so on

Claw Hammer

https://boards.ie/discussion/comment/117643343#Comment_117643343

DO you know if there is any issue with a family home declaration? Do you know if there is any boundary dispute? Do you know the length of the lease the current tenants have?

cute geoge

https://www.boards.ie/discussion/comment/117645715#Comment_117645715

Well I found out it was a bank sale of a buy to let and the current lease finishes at year end so I took a chance at buying at amv and got it .It was all last minute but happy with my purchase so far but solicitor has to check title but I reckon it is A1

Dav010

https://www.boards.ie/discussion/comment/117671057#Comment_117671057

When the lease ends isn’t the important part.

appledrop

https://www.boards.ie/discussion/comment/117671317#Comment_117671317

Yeah, the lease ending can be null and void in a lot of cases, what's important is how long have the current tenant being living there?

Darc19

https://www.boards.ie/discussion/comment/117671057#Comment_117671057

Tenant may have rights to a new lease. But if they are paying a reasonable amount and good tenants, it may be best to keep them.

You will find that you will get very little leeway on the stated closing date. Usually 3-4 weeks.

I definitely would have had a solicitor look at documents before bidding.

But sometimes it's worth a gamble.

Claw Hammer

https://www.boards.ie/discussion/comment/117671057#Comment_117671057

Would you buy and pay for a second hand car, before checking if there is finance owed or having a mechanic look at it?

It is easy be happy. Ignorance is bliss, but you have no idea what you have bought yet.

cml387

Is it absolutely a fact that a mortgage won't be arranged on the purchase of a house with a sitting tenant?

Claw Hammer

https://www.boards.ie/discussion/comment/117673150#Comment_117673150

Pretty much.

Mad_maxx

Don't see any real discount compared to regular market, judging by recent sales