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Property up for Auction - Advice?

  • 23-11-2021 1:10pm
    Registered Users Posts: 2,305 ✭✭✭ positivenote

    Hi All,

    Below property is up for auction. We are in a position that we have permission to port our mortgage to another property but have yet to put ours on the market. We also have approx 200k in personal savings. Can we bid on this property based on the future sale of our current property (valued at approx 400k) or do we need to have the cash in the bank that is the same as the price we bid?

    Im totally out of the loop on bidding on a property for auction.

    Any advice would be great


  • Registered Users Posts: 10,987 ✭✭✭✭ Dav010

    Before bidding, make sure you know the difference between an auction sale and private treaty. It can be a hugely expensive mistake if you are not informed. Also, you must get the survey done/get a SPAR report from your solicitor prior to the auction because when the hammer falls, the property is yours.

  • Registered Users Posts: 631 ✭✭✭ houseyhouse

    I would advise you to contact your solicitor first and foremost. When you buy at auction, you have to sign the contract and pay 10% there and then. The closing date is usually only a few weeks later. Could you be ready to close in January? If not, then don’t go forward with it.

  • Registered Users Posts: 1,327 ✭✭✭ Manion

    Not the question you asked, but have you visited the property? We viewed a property a long there several years ago and the noise from the the m50 was oppressive and ever present.

  • Posts: 18,752 ✭✭✭✭ [Deleted User]

    There must be some issue with this property, I went to see it about 2 years ago, when it was for sale by normal treaty.

    There were huge amounts of people at the viewings and it went sale agreed in a couple of weeks. I would be getting a solicitor to look at the legal pack with this, also I would ask the estate agent what the story was with the last sale agreed.

  • Registered Users Posts: 10,987 ✭✭✭✭ Dav010

    Property register indicates it did change hands in 2019, it does look a bit iffy.

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  • Registered Users Posts: 852 ✭✭✭ wildwillow

    You need to be very cautious buying at auction. The sale is effectively final once the hammer drops.

    I'd be afraid to bid pending the sale of your house unless. Private treaty can take months to close.

    Take the advice given above re the title and reason for sale not going through.

    Better to be sorry you didn't buy than you did.

  • Posts: 18,752 ✭✭✭✭ [Deleted User]

    I do remember there was some issue in the back garden, there may have been a septic tank or something, which sounds really weird for a house in this area, but there was something. I would be asking the estate agent OP, if they know they are obliged to tell you, I believe.

  • Registered Users Posts: 132 ✭✭ Fkall

    In current market that house will go €500k plus

  • Registered Users Posts: 3,719 ✭✭✭ 3DataModem

    Well, technically the sale is final once the contracts are signed, which is usually a few minutes after the hammer drops.

    Your solicitor can advise you on whether they think the vendors solicitor will accept a "subject to sale of XX" clause in the contract on the spot.

  • Registered Users Posts: 5,618 ✭✭✭ Claw Hammer

    The contract if formed as soon as the hammer drops, not on signing.

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  • Registered Users Posts: 5,936 ✭✭✭ handlemaster

    Legal pack will let sou know if its a bank sale. If sold in 2019..its a bit odd

  • Registered Users Posts: 3,719 ✭✭✭ 3DataModem

    My understanding is that it is not legally binding until it is signed. I've been right there while solicitors haggle over the terms of a contract (usually related to undertakings) right after an auction.

  • Registered Users Posts: 5,618 ✭✭✭ Claw Hammer

    The contract is formed, solicitors might try and negotiate details after the contract is made.