Public Auction : Bid pending a sale?

M

macsiulai

Guest
Hi,

Looking for some advice. Is it possible to place a bid on a house in a public auction conditional on the pending sale of my own house?

I bought a house for €349k in 2008. It might fetch €290k now - I have €315k remaining on the mortgage. I'm interested in another house that is going up for public auction at a guide price of €225k.

Thanks
 
Buying at a public auction is very different to a sale by private treaty. You will need a minimum of a 10% deposit to be paid on the day of the auction if your bid s successful. Sales are usually final and unconditional. [broken link removed] there's a PDF buyer's guide you can download on that page
 
I don't believe so, no.
Usually an auction is conditional on nothing.
Once the hammer has fallen you've bought the property.
Expected to provide 10% on the day (cash, draft) and the rest on closing.
Surveys, legal checks, mortgage, finance etc. all need to be done before.
 
I'm afraid not. Once the sellers reserve is reached (only seller and EA know this-could be around 10% or more over guide) then the house can sell. If you offer this amount then you must pay 10% on the day and remainder within a defined period and legally tied in. You need to have your survey etc done before and really have the cash to hand.

You could however make an offer prior to auction and this will will buy you more time.
Good luck
 
No. Your bid is an offer and if accepted you have a legally binding contract.
 
You must log in or register to reply here.
Back
Top