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14-02-2020, 14:39   #16
dubrov
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I think bidx1 specialise in selling properties with title issues. So every property in that auction would have had some issue
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14-02-2020, 14:52   #17
Graham
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Most auction houses tend to attract properties that would be harder to sell through more conventional methods.
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14-02-2020, 14:56   #18
emeldc
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I had a look at their website. It seems fairly clear alright.

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Due Diligence

The BidX1 platform is fully transparent. All relevant legal documentation relating to a property is provided by the seller’s solicitor and available on our website along with the other information relating to the property. You’ll need an account to view these legal documents; it only takes a minute to create one.

Examining the legal documents is an important part of the process because our digital sales are unconditional – once a property is sold on the BidX1 platform, a legal contract has been formed and the successful bidder is legally obliged to complete the purchase.
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14-02-2020, 15:04   #19
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When there's a problem with title, is the bank refusing to secure a mortgage on it the main issue? I presume there's a legal means of "repairing" the title somehow?
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14-02-2020, 16:05   #20
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I did have a survey done beforehand and it ensured the building was sound. Just a but of upgrading needed. I saw a property for sale as was (and still is ) advertised and made an offer.

Bank had approved the mortgage for this property. Solicitor advised that the legal paperwork couldnt be done (and the mortgage funds couldnt be released without it) but there are solicitors who could do it but it takes time and is expensive.

The 70 year lease wasnt the only problem. One thing the title mentioned was that they didnt know who owned the building or land that its built on. Nothing like that was transparent when i made an offer.
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14-02-2020, 16:19   #21
wench
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I did have a survey done beforehand and it ensured the building was sound. Just a but of upgrading needed. I saw a property for sale as was (and still is ) advertised and made an offer.

Bank had approved the mortgage for this property. Solicitor advised that the legal paperwork couldnt be done (and the mortgage funds couldnt be released without it) but there are solicitors who could do it but it takes time and is expensive.

The 70 year lease wasnt the only problem. One thing the title mentioned was that they didnt know who owned the building or land that its built on. Nothing like that was transparent when i made an offer.
Did you have your solicitor review the available legal documents before you made your bid? Or did you only involve them afterwards?
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14-02-2020, 16:19   #22
Ray Palmer
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When there's a problem with title, is the bank refusing to secure a mortgage on it the main issue? I presume there's a legal means of "repairing" the title somehow?
There is always a solution of some sort but that doesn't tell you anything about costs or how long it will take. Some disputes have already gone on for decades and just because there is a new owner things won't change. They are likely to get worse in some cases as the new purchase will be insisting what they bought is legal as that was what the believed they bought.

Went to buy a house and found the bathroom was actually in the neighbours garden. When we asked the vendor to sort ut out they just refused. Thinking it would be simple I approached the neighbour. They wanted €20k and had already told the vendor this. The vendor told us they didn't even notice there was an issue. We walked away. The house didn't sell for another 5 years for a lot less but the property crash had happened so not sure what was the real cause.
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14-02-2020, 16:50   #23
0lddog
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Most auction houses tend to attract properties that would be harder to sell through more conventional methods.
For most of my life the vast majority of secondhand house sales were done by auction.

The idea that sales by auction 'tend to attract properties that would be harder to sell through more conventional methods.' is very recent.
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14-02-2020, 16:54   #24
Ray Palmer
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For most of my life the vast majority of secondhand house sales were done by auction.

The idea that sales by auction 'tend to attract properties that would be harder to sell through more conventional methods.' is very recent.
That's news to me and my family have been buying houses for 60 years. The only property ever for auction was extremely dilapidated properties and those with other legal issues.
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14-02-2020, 16:55   #25
Mad_maxx
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For most of my life the vast majority of secondhand house sales were done by auction.

The idea that sales by auction 'tend to attract properties that would be harder to sell through more conventional methods.' is very recent.
that doesnt sound right , id have thought only a small minority of dwelling houses are = were always sold by auction ?
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14-02-2020, 17:15   #26
0lddog
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that doesnt sound right , id have thought only a small minority of dwelling houses are = were always sold by auction ?

Have a look through The Irish Times archive to see what used to happen
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14-02-2020, 17:49   #27
C3PO
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I thought that it was generally accepted that any property on these property auction sites were there because the there were title or other issues attached to them and really only suited to brave cash buyers?
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14-02-2020, 18:17   #28
Dav010
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I thought that it was generally accepted that any property on these property auction sites were there because the there were title or other issues attached to them and really only suited to brave cash buyers?
Properties are sometimes auctioned by liquidators and vendors who want to sell quickly. It isn’t just brave cash buyers who bid at auction, but it does tend to be bidders who fully understand the difference between an auction sale and a standard sale. Auctions are not for the uninitiated or those who don’t fully appreciate the implications of a bid being accepted. It is a harsh lesson to learn, but one eminently avoidable with some research of the process. There are a lot of sites with advice on auctions, in addition to the auction site itself.
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14-02-2020, 19:02   #29
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As annoying as it is, I would say that getting half of your deposit is a pretty fantastic outcome given it was a auction sale where AFAIK there's no obligation for them to do so.

Out of interest what happens once the 70 years are up? Who does the property then go to?
70 years or more is needed to have good marketable title and for a bank to lend on it. You generally have a right to buy out the freehold interest when you have a leasehold condition - are some conditions to meet.

However the less time left on the lease, the more expensive it is to buy it out as the freeholder owner knows you have it buy it out and can name their price.

If they refuse to sell the freehold interest or you can’t find them, you have to make a court application to county registrar and that can rack up on the legal bills and may need barristers opinions. Basically you’d want to have a nice reduction in purchase price to entertain the idea.

Your other option is to see if your solicitor can convince the sellers solicitor to proceed by private sale and see if the issue can be sorted. I’d expected high legal fees though to sort out title and some big qualification to your bank to approve it.

Don’t think you can get around the ownership. How does the liquidator have the power to sell the property if they don’t know who owns it. How do they know their charge is secure?
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15-02-2020, 09:43   #30
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Gdpr has also thrown a spanned in the works , for bidx1 process.

I had a solicitor check out a bidx1 property that was heavily discounted for not so obvious pyrite problems ( had great fun going to all the viewings talking loudly across the rooms about how to fix pyrite problems in earshot of, unsuspecting other buyers so the house had to be a cash purchase , hence cheap price. This same solicitor had previously completed previous bidx1 title sales before.

However even though this title wasn’t a disaster , the show stopper from my solicitors point of view was the vendors not being able to provide in this case a simple PPS number (despite request)to enable her complete the sale in the eyes of this state, so had to walk away.
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