If you are tempted to buy property at a BidX1, or similar auction, you need to understand a few things:
- It is important to have the legal pack reviewed in advance of the auction. This is because many of the legal titles offered are less than perfect. Some have serious flaws, many only have minor imperfections that you can live with or be sorted out later. But you need to know in advance of the bidding.
- You need to be a cash buyer, and your cash needs to be readily available. The closing date for many of these auctions is 2 weeks.
- Check you are getting vacant possession-this is not always guaranteed and some receivers sell properties with the benefit (or curse) of an occupier on “unknown terms”
- Receivers want, and need, to sell. They are not going to give the properties away, but they are willing sellers.
You might get a bargain, or you may run into a competitive auction in which case the price may exceed expectations. But remember point number 4 above.
Check out my book, Buying a house in Ireland.
