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Anyone got any experience of using BidX1 Ireland?

NIMAN

Any tales to tell, good or bad?

Was looking at a property recently, and know I would have to register for 4.5k just to place a bid.

This is refundable if you don't win, but I did see some mention of a non-refundable €123 fee somewhere in their literature, can't seem to find it now.

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[Deleted User]

Claw Hammer wrote: »

You have omitted subsection (2) in your quote, in order to spin your argument.
It is clear from the act that the buyer cannot be charge a fee unless the buyer has retained the agent to acquire a property. As things stand it is inevitable that the buyer will be charged a fee. The scenario as it now stands is incompatible with the act.
the onlince platform is simply the means by which the agent accepts bids and is no different, from a legal point of view, to a rostrum with a gavel and buyers present in a room waving their arms.

I don’t have to spin anything, can you show how either section of the Act you linked applies to underbidders and people who do not bid at all?

Claw Hammer

Dav010 wrote: »

I don’t have to spin anything, can you show how either section of the Act you linked applies to underbidders and people who do not bid at all?

it applies to everyone including the successful bidder. Do you dispute that?
You seem to be saying that the successful bidder could look for their money back. There is no provision for this in the contract as offered by Bid X1 as it stands. It can't be the case that only the successful bidder has a complaint. Do you think the successful bidder should have had to pay and can't look for their money back?
The successful bidder should not have been asked for money in the first place. Since it was not known which bidder would succeed, no bidder should have been asked for money in the first place.

[Deleted User]

Claw Hammer wrote: »

it applies to everyone including the successful bidder. Do you dispute that?
You seem to be saying that the successful bidder could look for their money back. There is no provision for this in the contract as offered by Bid X1 as it stands. It can't be the case that only the successful bidder has a complaint. Do you think the successful bidder should have had to pay and can't look for their money back?
The successful bidder should not have been asked for money in the first place. Since it was not known which bidder would succeed, no bidder should have been asked for money in the first place.

I do CL, I’m struggling to see how this applies firstly to anyone who isn’t one of the two parties in the sale contract (buyer and seller), and why you think BidX is acting on behalf of a buyer in the bidding process (section 2) . And so far all you have done is repeat your viewpoint without actually any link/legislation to back it up.

In relation to the successful buyer, go back a few posts and you will see that I said that perhaps the buyer might have a case for a refund, but that again depends on whether the registration can be shown to be completely separate to the sales agreement.

Claw Hammer

Dav010 wrote: »

I do CL, I’m struggling to see how this applies firstly to anyone who isn’t one of the two parties in the sale contract (buyer and seller), and why you think BidX is acting on behalf of a buyer in the bidding process (section 2) . And so far all you have done is repeat your viewpoint without actually any link/legislation to back it up.

In relation to the successful buyer, go back a few posts and you will see that I said that perhaps the buyer might have a case for a refund, but that again depends on whether the registration can be shown to be completely separate to the sales agreement.

If the buyer has a case for a refund , what is the basis for it?
How can the registration be completely separate from the sales agreement if it is a prerequisite to entering the sales agreement to be a registered buyer?

I do not think Bidx1 is acting on behalf of the buyer, which is the only basis on which a charge would be legitimate.

JimmyVik

Claw, maybe bring it to someone who can do something about it if you think bidx1 are doing something illegal.
Ive seen so many other threads on boards where you will argue something simple to death, even though you really know deep down what the truth of the matter is.

And Davo10 has been in some of those arguments with you.

Pretty sure bidx1 have their legal team on the case and will entertain your theory on the law if you ask them.

zinfandel

arguments regarding the registration fee aside , would anyone here be willing to bid on a Bidx property, site unseen and not able to get a survey done beforehand.
I am interested in a property being auctioned next week, but cant bring myself to take such a risk .
From what i can gather once, you have a winning bid, you are 100% committed to proceeding even if the property is not as described.
who can afford such a risk... property developers , I guess with big pockets, possibly getting stuff very cheap because the regular joe soap cant afford the risk...

Deseras

Some times they don't have proper title and want to keep your deposit.when you complain after you win and can't complete the sale they might give you half back.i see one property that has sold 4 times back up in last 3 years.and it's back up
Some properties have renters in them both commercial and residential that are over holding and not paying rent.ibsee property's that have been empty for 10 years.expect to put 50,000 to 100,000 into repairing it.now they don't let you view, don't buy if you only see outside photos there's tenants problems.make sure it's freehold property.i see a lot of property's come up that are in rental were you rent it to a company for 20
Years and you can't use it or rent it out and you might get 1000 a year after their management fees..the prices have gone up to the same or more than properties on same road that don't need 50,000 euro work done on the next auction
They have property on taney dublin it has complaints and fines as abandoned building they cleaned up overgrown garden for sale it has huge damage inside.there are metal poles holding up floor..if you see wood over windows expect lots of break ins and stolen parts of house.read the legal papers as it's buyer beware
I see 1 or 2 properties have Japanese. Knotweed

Which makes it unsellable in open market as it's impossible to control

NIMAN

Galwayhurl wrote: »

Can you imagine the amount of timewasters they'd have if they didn't charge a registration fee?

You have to pay €4500 to register to bid, I doubt many timewasters will put that up just for the craic.

Thats refundable if you aren't the winning bidder.

But its the additional €135 non-refundable fee I find hard to stomach. From every person who registers.
They call that an 'admin fee'. €135 buy a lot of admin time.

NIMAN

Dav010 wrote: »

Again, the fee is a registration fee to enter the auction, there is no obligation to buy. You could look at your statement above and apply the inverse, there are many registrants whom the auction house are entitled to charge for using the platform as they are neither buyer nor seller.

Its actually costs €4635 to register to bid on a property.

You get €4500 back if you aren't the winning bidder.

Darc19

zinfandel wrote: »

arguments regarding the registration fee aside , would anyone here be willing to bid on a Bidx property, site unseen and not able to get a survey done beforehand.
I am interested in a property being auctioned next week, but cant bring myself to take such a risk .
From what i can gather once, you have a winning bid, you are 100% committed to proceeding even if the property is not as described.
who can afford such a risk... property developers , I guess with big pockets, possibly getting stuff very cheap because the regular joe soap cant afford the risk...

Plenty of ways to check a property.

I've purchased twice now. One a holiday home and the second a pension investment that had sitting tenants.

Also looking at a property next Friday.

I'm near certain that the registration fee (€125 Inc vat) is for the auction and not for each property if you are interested in more than one.

However, you do need to register for each property and pay deposit for each property, so if you had interest in 5 properties with intention of buying just one, you need to pay €22,500 deposit (refundable if not the winning bid) and register for each property.

But a word of warning - the full 10% deposit is required immediately and most sales must be completed within 2weeks or 4 weeks and receivers in particular are quite strict. You might get one extra week or possibly 10 days, but no more. They will keep your 10% deposit if you can't complete and put it up for auction again.

It is only for those with liquid funds and not suitable if you require a mortgage.

You can however download all legal documents and check through them and have solicitor check too.

On the plus side, you can pick up some gems.

[Deleted User]

NIMAN wrote: »

Its actually costs €4635 to register to bid on a property.

You get €4500 back if you aren't the winning bidder.

If you get a full refund, it isn’t a cost. I’m sure you are aware that if your bid is successful, you have to pay the deposit immediately, the €4500 forms part of that deposit. It is considered security on a successful bid.

Darc19

Deseras wrote: »

Some times they don't have proper title and want to keep your deposit.when you complain after you win and can't complete the sale they might give you half back.i see one property that has sold 4 times back up in last 3 years.and it's back up
Some properties have renters in them both commercial and residential that are over holding and not paying rent.ibsee property's that have been empty for 10 years.expect to put 50,000 to 100,000 into repairing it.now they don't let you view, don't buy if you only see outside photos there's tenants problems.make sure it's freehold property.i see a lot of property's come up that are in rental were you rent it to a company for 20
Years and you can't use it or rent it out and you might get 1000 a year after their management fees..the prices have gone up to the same or more than properties on same road that don't need 50,000 euro work done on the next auction
They have property on taney dublin it has complaints and fines as abandoned building they cleaned up overgrown garden for sale it has huge damage inside.there are metal poles holding up floor..if you see wood over windows expect lots of break ins and stolen parts of house.read the legal papers as it's buyer beware
I see 1 or 2 properties have Japanese. Knotweed

Which makes it unsellable in open market as it's impossible to control

Everything you say is 100% correct. But you fail to say that ALL legal and sale documents are uploaded weeks beforehand and you have ample opportunity to check various aspects.

Yes there can be issue with clean title which can be rectified but can take time, but has to be done post sale if you want it corrected.

Yes, if you buy with sitting tenants it's a risk. I went and looked at how the garden was cared for and "hung about" to see what the tenants were like. But you can have bad ones and you can have very low rents (the daddy purchase renting to a son/daughter)

Some properties are withdrawn at the last minute and come up again (there's one next week that was withdrawn from two previous auctions at the last minute)

The Taney Road property is a steal for a developer or cash rich buyer (think tech person with loads of share options). The previous occupants literally left overnight over 10 years ago and no-one seems to know what went on.

HUGE floor area (3,000 sq ft) and some very high quality materials used. 150k would get it looking great and worth 850k ++
I reckon it will easily exceed the AMV.

zinfandel

Darc19 wrote: »

Plenty of ways to check a property.

I've purchased twice now. One a holiday home and the second a pension investment that had sitting tenants.

Also looking at a property next Friday.

I'm near certain that the registration fee (€125 Inc vat) is for the auction and not for each property if you are interested in more than one.

However, you do need to register for each property and pay deposit for each property, so if you had interest in 5 properties with intention of buying just one, you need to pay €22,500 deposit (refundable if not the winning bid) and register for each property.

But a word of warning - the full 10% deposit is required immediately and most sales must be completed within 2weeks or 4 weeks and receivers in particular are quite strict. You might get one extra week or possibly 10 days, but no more. They will keep your 10% deposit if you can't complete and put it up for auction again.

It is only for those with liquid funds and not suitable if you require a mortgage.

You can however download all legal documents and check through them and have solicitor check too.

On the plus side, you can pick up some gems.

I dont have a problem with deposit / reg fees, solicitor has quoted 350 to look at documents? is that about right? my problem is not being able to see inside a second floor apartment or get a survey done before bidding.

Darc19

zinfandel wrote: »

I dont have a problem with deposit / reg fees, solicitor has quoted 350 to look at documents? is that about right? my problem is not being able to see inside a second floor apartment or get a survey done before bidding.

I wouldn't know on the legal fees as my solicitor wouldn't charge me for that, but that's because I pass regular work his way.

Possibly it's not for you as that is a risk.

But what I do is check recent (2 years) sales of similar properties, see how long they were on the market and how long it was for the sale to complete. A combination of Google and property price register and selling agent's website will give you that information.

If the time from listing to sale completion is less than 6 months, I'm happy.

Also, go out there and literally stop someone and ask them questions because major issues are usually in all similar properties in a development.

And finally, try and find out the name of the OMC that manages the block. Download their financial report from the CRO and see if anything untoward is mentioned

Galwayhurl

zinfandel wrote: »

I dont have a problem with deposit / reg fees, solicitor has quoted 350 to look at documents? is that about right? my problem is not being able to see inside a second floor apartment or get a survey done before bidding.

That's down to the Government Covid restrictions though. When construction reopens, viewings will recommence.

NIMAN

Galwayhurl wrote: »

That's down to the Government Covid restrictions though. When construction reopens, viewings will recommence.

I'm sure this will put many people off bidding. You'd have to be pretty sure a property is sound if you can't even get a look inside before splashing a mountain of cash on it.

Does anyone know if you can keep up to date with these auctions if you don't register to bid? Can you still watch bids coming in online, or is it only visible to registered folk?

Darc19

NIMAN wrote: »

I'm sure this will put many people off bidding. You'd have to be pretty sure a property is sound if you can't even get a look inside before splashing a mountain of cash on it.

Does anyone know if you can keep up to date with these auctions if you don't register to bid? Can you still watch bids coming in online, or is it only visible to registered folk?

You can watch the auction and the bids as they happen.

It really is for investors/developers who can take a level of risk and can close the sale very quickly.

But you can be lucky and bag a real bargain.

Mad_maxx

zinfandel wrote: »

arguments regarding the registration fee aside , would anyone here be willing to bid on a Bidx property, site unseen and not able to get a survey done beforehand.
I am interested in a property being auctioned next week, but cant bring myself to take such a risk .
From what i can gather once, you have a winning bid, you are 100% committed to proceeding even if the property is not as described.
who can afford such a risk... property developers , I guess with big pockets, possibly getting stuff very cheap because the regular joe soap cant afford the risk...

almost every property sold by Bidx1 has something or other irregular about it , beit title or a tenant in situ who wont leave

as such its mostly cash buyers who choose to buy through that auction house

if you do decide to go ahead , something to be aware of is they often list even residential lots as requiring the purchaser to be vat registered , in practice this is often not the case at all and merely a word exercise to cover themselves because questions remain unanswered about an aspect of the property , its very rare that a second hand residential property would involve any vat consideration so in practice bidx1 will delete any vat condition post sale but wont comment on it prior to auction bar your solicitor does a PVCE

there is no real consistency when it comes to value , i see an apartment for sale next week in limerick with a tenant in situ under " terms unknown " , the price is much too high considering this and is not in an especially desirable area anyway , ditto a three bed semi in clonee for 250 k , again with tenant in situ under " terms unknown " 250 k in clonee is not cheap when someone is living in the joint under a tenancy that isnt even registered ?

if you are still prepared to go ahead OP , i would bear one thing in mind , auctions of repossessed property rarely ever have an optimum level of informational available and thus make nearly all solicitor nervous , you can be almost certain that your solicitor will advise against buying as that is in their nature so its really the kind of purchase where you have to take a leap of faith to some degree

CollyFlower

Just looking at their upcoming auction, this, https://bidx1.com/en/en-ie/auction/property/48343
How does that work? Do you pay 7,990 a year management fees after buying?

mightybashful

CollyFlower wrote: »

Just looking at their upcoming auction, this, https://bidx1.com/en/en-ie/auction/property/48343
How does that work? Do you pay 7,990 a year management fees after buying?

That looks rental income

But its reduced to 6792. Covid.

Unless I'm reading this wrong, you're buying a hotel room and are obliged to keep renting it out

Graham

CollyFlower wrote: »

Just looking at their upcoming auction, this, https://bidx1.com/en/en-ie/auction/property/48343
How does that work? Do you pay 7,990 a year management fees after buying?

You receive 7,990 year for your investment.

JimmyVik

CollyFlower wrote: »

Just looking at their upcoming auction, this, https://bidx1.com/en/en-ie/auction/property/48343
How does that work? Do you pay 7,990 a year management fees after buying?

These were all the rage just before the great crash.
Dont think anyone ever made money on them and most lost their shirts.
I dont see any mention of commission to the management of that "hotel" in that listing. You would want to check that out.

Darc19

CollyFlower wrote: »

Just looking at their upcoming auction, this, https://bidx1.com/en/en-ie/auction/property/48343
How does that work? Do you pay 7,990 a year management fees after buying?

Something like that is aimed at a pension portfolio. You buy it, any you pass it to an agent to do the paperwork and forget about it.

Purely a hands off investment.

The legals will have all the details of the lease agreement

NIMAN

mightybashful wrote: »

That looks rental income

But its reduced to 6792. Covid.

Unless I'm reading this wrong, you're buying a hotel room and are obliged to keep renting it out

Is that possibly like the hotel rooms that there was an rte documentary on last year or so, where people bought them for big money and now Can't even get in to visit them as they don't own the building? And owner of building is trying to buy them for 10% of what the mortgage amount is!

Re: the bid, I'll not be taking part. The property is riddled with mica, a curse of a lot of houses up here in Donegal. The outer shell of the house would have to be replaced, and not being allowed to inspect it inside made my mind up.

Even the BidX1 rep in the area didn't know it had mica. Doesn't fill you with confidence.

Graham

NIMAN wrote: »

Even the BidX1 rep in the area didn't know it had mica. Doesn't fill you with confidence.

I wouldn't expect the rep to know or care tbh.

It's up for auction, satisfy yourself it's worth what you're about to offer.

Mad_maxx

had a good look over the upcoming auction list this week and TBH i dont see many lots which i would view as bargains

commercial lots are pretty good value alright but most commercial property is not sold at auction unless fairly irregular issues exist ?

NIMAN

Enquired about making an offer before the auction, as the listed price was too much imho and was told they wouldn't entertain offers less than the starting price.

Saved me registering and losing €135.

zinfandel

NIMAN wrote: »

Enquired about making an offer before the auction, as the listed price was too much imho and was told they wouldn't entertain offers less than the starting price.

Saved me registering and losing €135.

will be interested in seeing how many sell, as i think this is the first auction they have had with no viewings and I don't see many bargains that you could take a chance on..

HBC08

I only heard of this outfit a few weeks ago.I saw a house up for sale about 500m from my house,this interested me and we're thinking about buying to rent.
I had a good look at the house and have friends living in the street who could give me the full story.
The house is mid terrace and the end terrace house on one side has been knocked and half rebuilt,the build had to stop as the guy had no planning,he also broke sewers pipes and there's a rodent issue in the area now.I would question the structural integrity on the house up for sale aswell and the whole thing looks like a total mess.
You wouldn't know any of this from looking at it online or the ad.After having a proper look at it obviously I wasnt interested but was keen to see would it get anywhere near the guide price,unbelievably it went for 35% over asking price.

Darc19

zinfandel wrote: »

will be interested in seeing how many sell, as i think this is the first auction they have had with no viewings and I don't see many bargains that you could take a chance on..

I think this is the 4th auction without viewings.

Certainly the September and October one did not have viewings. Not sure about July.

Usually about 80% sell on the day.

If you have registered and there's no bid, they may contact you and see if you want to put in an offer.

I see several lots that represent very good value and a couple that are exceptionally well priced, but they will probably sell for well above the AMV. The better value is in properties that have tenants - but rent may be below market so they are long term plays.

There's one I'm probably bidding on, but I suspect it will go above my max bid.