Hi I would like to buy a house at Bidx1 but do you know a good and one that is ok from the price solicitor to check the title. I got offers only check the title for 1000€.
Thanks
Don't see any real discount compared to regular market, judging by recent sales
Pretty much.
Is it absolutely a fact that a mortgage won't be arranged on the purchase of a house with a sitting tenant?
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.
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.
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?
When the lease ends isn’t the important part.
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
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?
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
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.
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
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.
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
[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.
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.
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.
ELM327 wrote: » Can you make an offer before the auction to buy as private treaty?
meijin wrote: » but is it an auction or a private treaty?
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.
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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