lockdown rules re_ auction sales

[galway_blow_in]

came across an interesting discussion on another site , its to do with properties which are being sold at auction but where viewings are currently not allowed , this apparently has not slowed the market down in anyway ?

anyway , it was about an auction property where a dwelling was advertised as one thing but upon inspection through planning was another ( house advertised as a four bed but in truth is a three bed with attic converted ) , as viewings are currently forbidden , the question asked was whether or not " buyer beware " applies ?

i know property is not like buying a shirt through Amazon and there is no cooling off period but due to the current lockdown where a property cannot be inspected , should some sort of legal provision exist ?

the discussion also revealed that the auctioneers had the incorrect area of the house listed and that the house was bigger than advertised

 

[PGF2016]

Viewings are possible once the property has gone sale agreed.

 

[galway_blow_in]

Viewings are possible once the property has gone sale agreed.

sorry , this discussion was related to an auction sale so no such thing as " sale agreed " ?

 

[mf1]

Simple enough. Don't buy at auction until normality returns.

Caveat Emptor

mf

 

[galway_blow_in]

Simple enough. Don't buy at auction until normality returns.

Caveat Emptor

mf

people appear to still be buying at auctions so thats a slightly glib reply , the question is one of how extra important advertising has become during a period where viewings are no longer permitted

i only bought myself once at auction , way back in 2015 but obviously was able to view in advance , i bought another time in 2019 but my personal info was leaked and strangers came to my house claiming they were owed money by person repossessed , got my deposit back and the receiver didnt even put up a defence as they were so shocked at what happened

 

[mf1]

"people appear to still be buying at auctions so that's a slightly glib reply"

No- its not glib - its factual.

It is not sensible to buy a property, at auction, sight unseen. Pretty much anyone with a titter of wit can see that.

People may do it but it does not make it sensible.

mf

 

[galway_blow_in]

"people appear to still be buying at auctions so that's a slightly glib reply"

No- its not glib - its factual.

It is not sensible to buy a property, at auction, sight unseen. Pretty much anyone with a titter of wit can see that.

People may do it but it does not make it sensible.

mf

agreed , the point though is about whether or not advertising policy carries more responsibility in the current lockdown situation when it comes to auction sales ?

 

[noproblem]

I know one particular online property Bid x site that's very popular and selling most of their properties, some at very much above reserve. This might be the one you're talking about, if so, they do give a warning at the end of each property sales schedule saying they haven't inspected the property and as such you buy as read, or similar to that. Maybe that covers them.

 

[galway_blow_in]

I know one particular online property Bid x site that's very popular and selling most of their properties, some at very much above reserve. This might be the one you're talking about, if so, they do give a warning at the end of each property sales schedule saying they haven't inspected the property and as such you buy as read, or similar to that. Maybe that covers them.

I know one particular online property Bid x site that's very popular and selling most of their properties, some at very much above reserve. This might be the one you're talking about, if so, they do give a warning at the end of each property sales schedule saying they haven't inspected the property and as such you buy as read, or similar to that. Maybe that covers them.

yes ,they used to employ local agents to do viewings so someone they employ even today has to check rooms etc in order to approve a particular synopsis ?

 

[Leo]

agreed , the point though is about whether or not advertising policy carries more responsibility in the current lockdown situation when it comes to auction sales ?

The law hasn't changed in this area any time recently, so Covid restrictions on viewings offers you zero protection against buying a dud. The auction sites are experienced and protect themselves well in the small print.

 

[Thinktank]

More importantly BidX are selling receiver properties wrongly advertised, further reducing the potential buyers and value. One such property by 70 to 80 grand.

 

[Leo]

More importantly BidX are selling receiver properties wrongly advertised, further reducing the potential buyers and value. One such property by 70 to 80 grand.

BidX1 publish details as provided by the vendor. If you feel something has been significantly undervalued then go grab yourself a bargain. If you're the former owner who feels aggrieved, you need to take it up with the receiver and not BidX1.

 

[galway_blow_in]

The law hasn't changed in this area any time recently, so Covid restrictions on viewings offers you zero protection against buying a dud. The auction sites are experienced and protect themselves well in the small print.

BidX1 publish details as provided by the vendor. If you feel something has been significantly undervalued then go grab yourself a bargain. If you're the former owner who feels aggrieved, you need to take it up with the receiver and not BidX1.

you dont think the auction house has a care of duty to confirm information received and which is to be advertised , is accurate ?

 

[RedOnion]

you dont think the auction house has a care of duty to confirm information received and which is to be advertised , is accurate ?

In a lot of cases (not all), these properties end up at auction because of uncooperative borrowers. The only details a lender might have are the details from the original valuation report, because the borrower won't allow access. The descriptions usually clearly state that the property has not been internally inspected.

If the only photos show are the exterior, where the photographer clearly took the photo from a public road, it's pretty obvious they haven't been able to count how many rooms there are inside.

 

[Pinoy adventure]

Bid x properties normally only have 1 photo with no internal pictures on most of there adds and are well covered

 

[galway_blow_in]

In a lot of cases (not all), these properties end up at auction because of uncooperative borrowers. The only details a lender might have are the details from the original valuation report, because the borrower won't allow access. The descriptions usually clearly state that the property has not been internally inspected.

If the only photos show are the exterior, where the photographer clearly took the photo from a public road, it's pretty obvious they haven't been able to count how many rooms there are inside.

funny how they never guess a lower amount than is the case ? , always guess a larger number than is the case ?

interesting eh ?

 

[Leo]

you dont think the auction house has a care of duty to confirm information received and which is to be advertised , is accurate ?

Legally, they don't, as mf1 said above, Caveat Emptor applies. Simply by using their site you agree to be bound by their terms of use which includes that they accept no liability for loss arising out of your use or reliance on the data they display on lots.

 

[RedOnion]

funny how they never guess a lower amount than is the case ? , always guess a larger number than is the case ?

interesting eh ?

who said it was a guess? The bank will have details of the property from when the mortgage was drawn down. Have you ever seen a valuation report understate the number of room?

 

[galway_blow_in]

who said it was a guess? The bank will have details of the property from when the mortgage was drawn down. Have you ever seen a valuation report understate the number of room?

they either guessed and over estimated or they were fed incorrect information and ran with it anyway ?

no verification system apparently ?

 

[ATC110]

came across an interesting discussion on another site , its to do with properties which are being sold at auction but where viewings are currently not allowed , this apparently has not slowed the market down in anyway ?

anyway , it was about an auction property where a dwelling was advertised as one thing but upon inspection through planning was another ( house advertised as a four bed but in truth is a three bed with attic converted ) , as viewings are currently forbidden , the question asked was whether or not " buyer beware " applies ?

i know property is not like buying a shirt through Amazon and there is no cooling off period but due to the current lockdown where a property cannot be inspected , should some sort of legal provision exist ?

the discussion also revealed that the auctioneers had the incorrect area of the house listed and that the house was bigger than advertised

It seems only auctioneers have replied so far .

You raise valid points. It appears people are naively buying sight unseen, which is absolute madness and there are going to be serious consequences for many people when they get possession. You've only got to look at online auction results to see the number of sales.

I saw an online group discussion about a forthcoming auction property with a shared access. A new contributor, who seemed to have been tipped off about the discussion, told the OP there was no access included in the sale as he owned it and would be blocking it off.

The property formerly belonged to him, had been repossessed and he was determined to get it back.

In theory there should be no property sales happening but they are with people either chancing visits or just buying blind.