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House Price at Auction

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  • 15-11-2019 11:55pm
    #1
    TelloBusto
    Registered Users Posts: 5 ✭


    anyone know how auction works on selling a house ??
    the example im a looking at is a 5 storey Georgian House in Dublin city centre
    the solicitor gave a price of 300k before auction , how much would go up in the auction


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    #2
    Fann Linn
    Registered Users Posts: 7,770 ✭✭✭Fann Linn


    TelloBusto wrote: »
    anyone know how auction works on selling a house ??
    the example im a looking at is a 5 storey Georgian House in Dublin city centre
    the solicitor gave a price of 300k before auction , how much would go up in the auction

    How long is a piece of string?
    It really depends on how badly someone wants it.
    €300k is probably the reserve.


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    #3
    Dolbhad
    Registered Users Posts: 782 ✭✭✭Dolbhad


    TelloBusto wrote: »
    anyone know how auction works on selling a house ??
    the example im a looking at is a 5 storey Georgian House in Dublin city centre
    the solicitor gave a price of 300k before auction , how much would go up in the auction

    Do you mean buy at auction? The rule of thumb is if a house is going by action, there is something wrong with it either with the legal title or on engineer side. Once the bid is accepted contracts are legally binding and you can’t get back out. You have to have your solicitor do the review of legal title beforehand and have the engineers report done first. You have significant costs already before you even bid on it and you may not get it. Also banks are very wary of lending with auctions. You tend to need to be a cash buyer.

    Depends on who’s bidding. Sometimes if the owner isn’t happy with the bids and the price achieves, they will pull it. You need to weight up your upfront costs to entertain the property and what your max is.


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    #4
    Mad_maxx
    Registered Users Posts: 13,505 ✭✭✭✭Mad_maxx


    TelloBusto wrote: »
    anyone know how auction works on selling a house ??
    the example im a looking at is a 5 storey Georgian House in Dublin city centre
    the solicitor gave a price of 300k before auction , how much would go up in the auction

    Is it a Bidx1 auction?

    If so, they usually have an absurdly low reserve, 30% above would be cheap


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    #5
    Gumbo
    Moderators, Society & Culture Moderators Posts: 38,436 Mod ✭✭✭✭Gumbo


    Find out why it’s at auction.
    Is it split into flats ?
    Do those flats need upgrading to minimum rental standards?
    Is it protected?
    Is it in need of repairs because of its protected status?

    Serious side open eyes needed going into this type of purchase unless you have significant funds to renovate if required and more importantly, maintain.


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