Darc19 wrote: » 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.
zinfandel wrote: » the property I was interested in, an apartment which had been empty for 3 years went for 87,000 over asking price, glad I did not bother pursuing it .
Claw Hammer wrote: » Will it stay gone though?
zinfandel wrote: » what do you mean? once its bought at one of those auctions, you have to complete the sale dont you...
NIMAN wrote: » The property I was looking at only went 6k over asking, but it needed a lot of work done to it to make it structurally sound. So by the time you added the vat and the repair costs, it wasn't a bargain at all.
mickdw wrote: » Everything on bid x1 is there for a reason. Generally not mortgageable due to issues with the properties whether the issue is structural or bad title.
Thomasirl123 wrote: » This is something I've wondered about. Is it clear before bidding that the property is not mortgage? If a buyer is top bidder and then can't get a mortgage what happens if you can't pull out of an auction sale?
Dav010 wrote: » This is the main difference between buying at auction and a standard sale, at auction the contract is formed when the hammer drops. You have to pay the deposit there and then, typically 10-20%. If you pull out afterwards due to being unable to get a mortgage, that money is gone, you forfeit it, whereas in a standard sale the deposit is refundable until the contracts are signed. It’s a huge hit to take if you do not have your ducks in a row, that is why it is essential to have a solicitor check the pack beforehand and ensure that a bank will give you a mortgage for the property.
Dav010 wrote: » This is the main difference between buying at auction and a standard sale, at auction the contract is formed when the hammer drops. You have to pay the deposit there and then, typically 10-20%. If you pull out afterwards due to being unable to get a mortgage, that money is gone, you forfeit it, whereas in a standard sale the deposit is refundable until the contracts are signed. It’s a huge hit to take if you do not have your ducks in a row, that is why it is essential to have a solicitor check the pack (SPAR) beforehand and ensure that a bank will give you a mortgage for the property.
Claw Hammer wrote: » You don't have to complete. If you are the succesful bidder and don't complete it will cost you. I have seen many properties sold at those auctions re-appear again in subsequent auctions.
Darc19 wrote: » Yes, it will cost you 10% of the purchase price if you don't complete the purchase. I've rarely seen a property sold on bidx1 reappear and I've followed the auctions for about 3 years now. Most properties are sold by receivers. Investments bought at top of the market and bank wants to close the file.
Claw Hammer wrote: » I have seen some properties appear several times. 80 Taney Road has been around for a while. Esker Villas in Upper rathmines has been around for a long time. Those are just 2 in todays auction.
Mad_maxx wrote: » Any reason why receivers don't just sell by private treaty? Seems unusual that every repossesed property would have a glaring issue with title? Surely some of the lots with Bidx1 have kosher titles?
Dav010 wrote: » Easier, cleaner and probably cheaper for them to sell in batches a couple of times a year at auction rather than giving properties to EAs all over the country and having to deal with lots of queries. The mechanics of an auction sale means that there is little for the Receiver to do before and after auction.
Mad_maxx wrote: » that would make perfect sense , perhaps then the commonly held belief that all of the lots have title irregularities is an incorrect one ? ?
Mad_maxx wrote: » that would make perfect sense , perhaps then the commonly held belief that all of the lots have title irregularities is an incorrect one ? on the topic of value at these auctions , with so many investors these days being cash only , its perhaps not that surprising that the auctions are not all that much cheaper than private treaty sales ?
Mad_maxx wrote: » on the topic of value at these auctions , with so many investors these days being cash only , its perhaps not that surprising that the auctions are not all that much cheaper than private treaty sales ?
Dav010 wrote: » Was it a new house? What Vat?
NIMAN wrote: » I assumed there would be VAT on the final auction price? No?
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.
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