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Auction or private treaty?

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Comments

  • #32
    paddysdream
    Registered Users Posts: 1,776 ✭✭✭paddysdream


    Nekarsulm wrote: »
    In property sales, the payment of a booking deposit is supposed to remove the property from the open market. This is always regundable.Auctioneer should NOT accept furter bids at this stage. This deposit is held by the auctioneer, and is usually 4 or 5% of sales price. The balance of deposit to bring up to 10% usually paid on first stage of signing. Deposits are treated differently to many other fixed or current asdets. If the auctioneer were to die , and the firm be insolvent, you might find it imposdible to recoup your deposit.

    Ah thats it so.

    Was mixing up the booking deposit and the 10% one you pay on signing the contract.Think though once contract is signed and the buyer then pulls out its a different story.


  • #33
    Nekarsulm
    Registered Users Posts: 11,191 ✭✭✭✭Nekarsulm


    paddysdream wrote: »
    Ah thats it so.

    Was mixing up the booking deposit and the 10% one you pay on signing the contract.Think though once contract is signed and the buyer then pulls out its a different story.
    In that scenario, the 10% would be forfit, and you would have a hell of a job getting the auctioneers portion back, whatever about the rest! Seller could relist the property, or sue for Specific Performance.


  • #34
    Willfarman
    Closed Accounts Posts: 3,239 ✭✭✭Willfarman


    frazzledhome wrote: »
    That exact thing happened me. Was renting, asked to buy I made offer. Owner went to market as was his right and I had no prob. I withdrew my bid and bid in private treaty. Bought at 1000 an acre less:):)

    You must of been dealing with an honest auctioneer.. If they knew you had offered x amount of money before I'm suprised they didn't attempt to poll you into it!


  • #35
    Farmer Pudsey
    Registered Users Posts: 6,326 ✭✭✭Farmer Pudsey


    Farrell wrote: »
    That can lead to a situation where greed can spoil.
    Heard of guy renting ground, owner wanted to sell & advised tenant, who asked for 1 month to see if he could raise funds. He went to banks & got agreement for a loan & then gave owner the bid to which owner was happy but had to consult others. Long story short sale went public where tenant pulled out, sale price was supposed to be allot less than tenant offer
    frazzledhome wrote: »
    That exact thing happened me. Was renting, asked to buy I made offer. Owner went to market as was his right and I had no prob. I withdrew my bid and bid in private treaty. Bought at 1000 an acre less:):)


    Saw the opposite happen near me. Roughish bit of ground during the boom. Execuator sale, was offered to neighbour as he was renting. He refused and it went to auction. It made 4K an acre more than he was offered it for. He was the buyer it cost him 4-5K/acre more than it was offered and he got no discount after.

    In Private treaty sales, booking deposit is of no value to either side. All contracts have to be put in place so vendor or sellor can pull the plug at any stage until contract is signed. After contract is signed it is seldom an issue as vendor will have his mind made up anyway.


  • #36
    amacca
    Registered Users Posts: 6,742 ✭✭✭amacca


    Farrell wrote: »
    That can lead to a situation where greed can spoil.
    Heard of guy renting ground, owner wanted to sell & advised tenant, who asked for 1 month to see if he could raise funds. He went to banks & got agreement for a loan & then gave owner the bid to which owner was happy but had to consult others. Long story short sale went public where tenant pulled out, sale price was supposed to be allot less than tenant offer

    Ah I'm not saying you are guaranteed a higher price, it just gets my goat when someone who is renting thinks they have an automatic right to buy

    If they were a good tenant and were willing to pay a fair price then fine

    But you get Neanderthal assholes ( that's probably a disservice to Neanderthals) that actively intimidate other buyers that dare to bid on a property on the open market so strong is that ridiculous sentiment at times - I'd have no time for that kind of bull**** personally....I'd think its on a par with the behaviour of a schoolyard bully...some of them expect to get it at way lower than market price simply because they rented it

    I remember one old git years ago was nearly telling my father he was doing him a favour by renting a plot off him - a swift fcuk off later and another land was in with an offer 20pounds an acre higher

    The same prick was messing people around all over the locality, taking ages to pay, using every dirty tactic in the book to wear people down - the very same gent is also the one who would attempt to bully his way to automatic right to ownership simply because he rented if he came up against someone weak enough to take it from him


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  • #37
    Nekarsulm
    Registered Users Posts: 11,191 ✭✭✭✭Nekarsulm


    I know the kind of fellow you mean. a lad that used to work for us explained to me one night how "if you rented land long enough, you could close on it" I asked him would he expect to live long enough to ever farm it.
    Then he had a whole scenario whereby he would move in with my sister, and get a bit of land that way! :D


  • #38
    annamosullivan
    Closed Accounts Posts: 36 ✭annamosullivan


    Hello

    I'm currently trying to sell an old farmhouse with a couple of acres which has been on the market for over 2 years. The sale has fallen though at least twice or three times, once when I tried to sell it myself, and another time through an auctioneer. My auctioneer has got 2 customers expressing an interest, but then they will not sign the contract to sell the property, despite it having been drawn up by my solicitor. The closing date has long since passed. Is it time to change auctioneer or take the property off the market seeing as it's not attracting customers in a buyers market? Why are cash buyers unwilling to sign contracts if they've got the funds to hand?


  • #39
    Nekarsulm
    Registered Users Posts: 11,191 ✭✭✭✭Nekarsulm


    annamosullivan wrote: »
    Hello

    I'm currently trying to sell an old farmhouse with a couple of acres which has been on the market for over 2 years. The sale has fallen though at least twice or three times, once when I tried to sell it myself, and another time through an auctioneer. My auctioneer has got 2 customers expressing an interest, but then they will not sign the contract to sell the property, despite it having been drawn up by my solicitor. The closing date has long since passed. Is it time to change auctioneer or take the property off the market seeing as it's not attracting customers in a buyers market? Why are cash buyers unwilling to sign contracts if they've got the funds to hand?

    So many questions spring to mind here. Market is different now from 2 years ago, was it too expensive then? Is your Auctioneer bothering his/her ar5e? Have you dropped price on the web sites in those 2 years? If so, price watcher web sites will be chronicling the price drops, and your buyers (if they exist at all) are waiting for it to drop even more. Possibly there is only one interested person, and they are holding out. I would say to change auctioneer, perhaps give it a rest till early summer, grounds etc. look better then. In fact, take it off the market for 5 months, then go with a new guy. Reason is, if its sold within 3 months of changing auctioneer, and the original auctioneer's buyer ends up purchasing, the original Auctioneer can, by law, follow you for the full fee , and you will end up paying twice.
    New auctioneer, spruce it up as best you can, realistic price, and if there is a buyer at this moment, he will probably follow on to the new auctioneer.


  • #40
    annamosullivan
    Closed Accounts Posts: 36 ✭annamosullivan


    Hello Nekarsulm

    I didn't put the property with an auctioneer until Dec 13, and I initially had just the house for sale, but had to change to add a couple of acres to attract buyer interest. Selling it myself for 6 months before that did not work. At this stage, I'm of the impression that one interested person is holding out for the price to drop, and the auctioneer isn't bothering with it as much as he used to. The contract is with the original purchaser's solicitor who has met 2 people interested in buying it since May 14, and the solicitor isn't in contact with my auctioneer much, even though they're in the same town. Would I be liable for the full fee to the old auctioneer if the new auctioneer got me a new purchaser?

    The buyers are expressing interest, but are unwilling/unable to sign contract, and there's little communication between the original purchaser's solicitor and my auctioneer. Do I've to ask my solicitor to get the purchaser's solicitor to return the contract or must my solicitor draw up a new contract. Sorry for all the questions, but I've never sold property before, and cannot believe it's proving to be so difficult.

    Thanks for all your points so far.


  • #41
    Kevhog1988
    Registered Users Posts: 3,957 ✭✭✭Kevhog1988


    annamosullivan wrote: »
    Hello Nekarsulm

    I didn't put the property with an auctioneer until Dec 13, and I initially had just the house for sale, but had to change to add a couple of acres to attract buyer interest. Selling it myself for 6 months before that did not work. At this stage, I'm of the impression that one interested person is holding out for the price to drop, and the auctioneer isn't bothering with it as much as he used to. The contract is with the original purchaser's solicitor who has met 2 people interested in buying it since May 14, and the solicitor isn't in contact with my auctioneer much, even though they're in the same town. Would I be liable for the full fee to the old auctioneer if the new auctioneer got me a new purchaser?

    The buyers are expressing interest, but are unwilling/unable to sign contract, and there's little communication between the original purchaser's solicitor and my auctioneer. Do I've to ask my solicitor to get the purchaser's solicitor to return the contract or must my solicitor draw up a new contract. Sorry for all the questions, but I've never sold property before, and cannot believe it's proving to be so difficult.

    Thanks for all your points so far.


    Hi.

    Where is the property? Im looking for something like that at the moment.


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  • #42
    Nekarsulm
    Registered Users Posts: 11,191 ✭✭✭✭Nekarsulm


    The contract is with the original purchaser's solicitor who has met 2 people interested in buying it since May 14,

    OK, are you saying that in the original sale attempt, which seems to have fallen through, the original purchaser's Solicitor still has the contract?
    Was a booking deposit been paid to your Auctioneer?
    If not, your solicitor should NOT have issued a contract to the original purchasers Solicitor.
    If a booking deposit was paid, where is it now?

    IF a deposit was paid, and still with the Auctioneer, he cannot pursue other buyers. At least not and claim to act in a professional manner.

    and the solicitor isn't in contact with my auctioneer much, even though they're in the same town. Would I be liable for the full fee to the old auctioneer if the new auctioneer got me a new purchaser?

    If you change Auctioneer, and then a contract is signed and the sale closed within 3 months of changing Auctioneer, the original Auctioneer is due his fee's IF the eventual buyer is one he has already shown the property to. Be careful.


    The buyers are expressing interest, but are unwilling/unable to sign contract, and there's little communication between the original purchaser's solicitor and my auctioneer. Do I've to ask my solicitor to get the purchaser's solicitor to return the contract or must my solicitor draw up a new contract. Sorry for all the questions, but I've never sold property before, and cannot believe it's proving to be so difficult.

    This portion is confusing. You say the buyers are "expressing interest".
    They should have paid a booking deposit before they even got sight of a contract.
    "expressing interest" is not enough. Has your Auctioneer formally declared the property as "sale agreed" or not?
    If he has, what's the story with the alleged other interested purchaser?

    I would say, get your Contract back, pay your auctioneer his advertising expenses and other legitimate expenses, and change to someone who is interested in selling your property. Remember to leave 3 months minimumn before selling to someone else.

    Take no bull regarding his fee. Advertising expenses should not run to more than 200 Euro, unless he has been putting Ad's in the papers. If he has, demand proof of the advertisement date and a photo copy of the published Ad.
    If he put up a large, specially printed, sign on the property, this could easily cost 250 euro. I'm talking about a sign 8 foot by 3 foot, not a generic "For Sale" sign.

    Sounds like a real mess.
    REMEMBER< The Auctioneer is your Agent. If you are taking the sale from him, be sure and do it by writing. Put "Termination of Agency" across the top of the letter. Send it registered post, and keep a copy. Cuts out any misunderstanding down the line.

    I would be amazed if your Auctioneer is not holding a deposit, seeing that contracts were issued. This is the only way an Auctioneer can be sure that his fee's and expenses are covered!


  • #43
    annamosullivan
    Closed Accounts Posts: 36 ✭annamosullivan


    theemigrant wrote: »
    Hi.

    Where is the property? Im looking for something like that at the moment.

    Near Mallow, on daft.ie send me a PM or other contact details if you want to know more


  • #44
    Kevhog1988
    Registered Users Posts: 3,957 ✭✭✭Kevhog1988


    annamosullivan wrote: »
    Near Mallow, on daft.ie send me a PM or other contact details if you want to know more


    Sorry Complete different end to the country to me. Good luck with the sale


  • #45
    annamosullivan
    Closed Accounts Posts: 36 ✭annamosullivan


    OK, are you saying that in the original sale attempt, which seems to have fallen through, the original purchaser's Solicitor still has the contract? Yes
    Was a booking deposit been paid to your Auctioneer? 1. Yes
    If not, your solicitor should NOT have issued a contract to the original purchasers Solicitor.
    If a booking deposit was paid, where is it now?
    2. I think the auctioneer still has it despite my instructions to return it to the original purchaser.

    Has your Auctioneer formally declared the property as "sale agreed" or not?
    3. Initially, when the contracts were issued to the original purchaser's solicitor, he formally declared it "sale agreed", but when the sale fell through it went back on to daft.ie as "For Sale" and is still on daft.ie as "For Sale"
    If he has, what's the story with the alleged other interested purchaser?

    Nekarsulm, do you know where there's good templates of letters for "Termination of Agency" online? You've given me good ideas of how to proceed to get things moving again, and thanks for that.


  • #46
    Nekarsulm
    Registered Users Posts: 11,191 ✭✭✭✭Nekarsulm


    No templates to hand at the moment.
    google "termination of agency, template" use an irish or UK template.
    Have a look at www.psr.ie and check if your auctioneer is listed as having a current licence e. A surprising number countrywide are not! Lots of other info there as well. Check the forms which your auctioneer must use, in particular the form for recording all offers received, and the date the seller is notified of the offer. Absence of these forms on file could land your auctioneer in very hot water.


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