Bidding on Property

Discussion in 'Mortgages and buying and selling homes' started by blue.dub4sam, 11 Sep 2018.

  1. blue.dub4sam

    blue.dub4sam New Member

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    I am interested in purchasing a house in a remote part of rural Ireland. It needs some work but I am handy at DIY. I am very familiar with the location.


    For the last two years the house has been advertised for sale but has failed to sell. I consider the asking price unrealistic giving the condition and location of the house. The house was being sold by a bank. To my knowledge I am the only interested purchaser but I have never made any bid on the property.


    Recently it came up for sale online on Bidx1. The house is being advertised at a guide price €10,000 over the original asking price when it failed to sell.


    If I was to bid under the Guide price and the property failed to reach the reserve price on the day. What would happen when the sale closed? Would the property simply be withdrawn from sale or would there be any follow on contact from Bidx1? The sale is online.
     
  2. Kigera

    Kigera New Member

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    As far as I know with the Bidx1 online auctions, you cant bid under the guide price. When the auction goes live, Bidx1 have a minimum price set and you can only bid that minimum or higher. If no bids are received, you can contact Bidx1 directly, and offer them XX euro, which they may bring to their client to consider. In the past couple of auctions, Bidx1 have also offered the property again the following week, with a lower guide price.
     
  3. noproblem

    noproblem Frequent Poster

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    1,249
    I'm surprised you never asked about it from whoever had it for sale for 2 years, wouldn't have cost you anything and you might have been surprised at the answer!
    Of course Bidx1 are trying to sell and an awful lot of their properties for auction are ones that have been for sale for yonkers, are run down, have been just left vacant for ages, or whatever. Ideally a sale is what they want, but also to find out what interest is out there. You'd be surprised the interest that's in a place when it suddenly gets towards end game. I think you'll need to have paid a deposit before bidding on anything online with Bidex1. My advice for what it's worth is, if the place is not too dear and you want it, can add value and won't be out of pocket too much then BUY. I'd still go back to the original seller and find out what you can before the auction.
     
  4. Palerider

    Palerider Frequent Poster

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    1,093
    The original seller is out of the picture.

    The property has failed to sell at Auction, contact the Bid X1 agent now and make your offer at what you believe is value for you, they will take that offer to their client, it is worth a shot and can result in you getting the place.

    Generally, not always Bidx1 will only sell at the Reserve price.
     
  5. galway_blow_in

    galway_blow_in Frequent Poster

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    If reserve is not met,the property usually appears a few days later with other property which failed to sell ( small follow up auction

    Usually has a revised reserve
     
  6. noproblem

    noproblem Frequent Poster

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    Who said it failed to sell at auction? The place may have been on an Auctioneers notice board but if he hasn't been asked anything in regard to what went on you'll never know what the story was/is. Register with Bidx1, pay your deposit if you want to bid and (forget about getting on to this mysterious agent) if you want it buy it, but you'll have to bid. Only after that will Bidx make contact if it hasn't sold and they'll have all your details from when you registered.
    Be careful if you're buying a place in an area out of your own locality, there may be good reasons for a place not selling and locals might know more than you do. Ask around and don't end up in a place where you're not wanted.
     
  7. blue.dub4sam

    blue.dub4sam New Member

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    Thanks for the replies. Very helpful.
    The reason I did not bid on the house in the last two years was because I was too busy at work in Dublin. However my work circumstances are changing and retirement is getting closer so I will have more time to go down the country. So if I bid under the reserve it will not be sold to me on the day. Again thanks for the assistance.
     
  8. galway_blow_in

    galway_blow_in Frequent Poster

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    I would consider not bidding if no one else does, reserves can be unrealistically high some times, the property will still be available afterwards and property is sometimes sold afterwards so you could contact them and express interest.

    Means even it fails to sell at follow up auction, you are in the minds of sellers