Allsops Auctions.

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Meath Lady

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Curious to know if anyone has bought property at any of the Allsops auctions. A friend is particularly interested in a property with tenants in situ and concerned about the legalities of this. Allsops advise interested bidders to seek legal advise prior to bidding. Naturally person wishes to keep costs to a minimum and time is of the essence, and bid may be unsuccessful so he doesn't want to incur too much cost. Any advise/opinions would be appreciated.
 
Meath Lady said:
Naturally person wishes to keep costs to a minimum and time is of the essence, and bid may be unsuccessful so he doesn't want to incur too much cost.
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Better to pay now than to pay longterm. Relatively small cost now but potential large long term costs.

Most of those properties are bought for cash by experienced people who are willing to take the risk in relation to bits of dodgy planning and structural problems that they can deal with.
 
This may be of interest to Meath Lady or anybody interested in buying at Alsop's auction. Dillon Solicitors are offering to sell full reports on the title of properties for sale at Alsops for 250 Euros. They are selling complete title search reports with other relevant documents. This information is under "Briefs" on Business section page 2 Irish Times today.
 
That's a fairly comprehensive title examination for bog standard prices.

Only problem remaining is if it's one of the celtic tiger 'Priory Hall' scenarios. And there's no certificate to cover that.

I guess as Dillon's are legit solicitors one could rely on those title documents if there was a problem on the title should one buy, that's an interesting question. One is not a client of Dillon's by purchasing those documents.

Also I note no 'searches' to date of auction are included. In case there are any judgment mortgages etc if I remember correctly. But I think on the day Allsop's provide these, not sure but we discussed it when the auctions first came up on AAM.
 
Yes I have purchased a property at an Alsop auction and am very happy with the result.
Like any other auction you need to the research. We read all the legal stuff (no tenant involved) and got our solicitor to look it over, viewed it 3 times and took photos, had a survey done and spoke to others living there.

We knew the area and the price of a similar one sold 6 weeks previously so we were able to set our limit fairly accurately.

This was our first auction purchase, so very nervous on the day but worth it

If you are thinking of buying at Alsops read the T&C's carefully. The conditions of sale are exactly as described and the bidding is very clear, large screens all over the place. Deposit of 10% payable once the hammer goes down. You go immediately to their legals upstairs to complete the paperwork. Passport and cheque book and I think proof of address is required to complete.
 
Hi, Thanks for all the great advice. Only one viewing available but legal advice sought. No final decision made but person knows what they are willing to pay. Thanks again
 
Yes. only one hour appointed for all who wished to view and that was an evening viewing in the dark..
 
There seemed to be a bit of pick up in interested buyers, so many properties sold way beyond or doubled the reserves. There was a huge crowd of "suits" there. Not sure who they were. Buyers do not come in suits, they'd be the ones in the anoraks and jeans.
 
Out of interest, has there been any comparisons done between the reserve price and the final selling price at the allsop auctions in terms of % increase? An average over the total amount of lots would give people some idea of what properties tend to go for.
 
On average the final selling prices are just above 35% above the reserves. I estimate the gross rental yield on the sold Dublin properties at 8.4%
 
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