Allsop Auction Resi: 21 April '15, Commercial: 23 April '15 … -1.2160169

Catalogue for both now up:

I’ve spotted a mixed use listing and just informed a friend of mine who has a deposit paid on one of the units in the development.

He’d been sitting waiting to hear back from the EA for about 3 weeks. He’s contacted him anyway and the EA, who has deposits taken from another few purchasers already taken, is in the dark as to what the banks intentions are. All very messy. I think he knew Allsop were involved but neglected to inform my friend at the time. I guess he assumed that those that couldn’t be sold individually would be bundled together for the auction. But as is, the whole lot is being listed.

Are they cheaper now or in 2000?

I noted one property in a midlands village on the list. I’ve seen it being passed from EA to EA with no interest despite the really low asking price for many years now. It appears that they’ve given up on selling it by conventional means and opted for auction out of desperation. I think the reserve is still too high for it to sell and there must be some sort of legal impediment to sale which they are hoping a buyer via auction won’t notice.

Quick glance at some of those commercial offerings you could not pay people to take.

I’ve noticed this happen a couple of properties I’ve looked at - an apartment in D2 where there were serious issues with management company, and a property down the country that had fire safety issues - they are thrown into Allsop, and people don’t have time to perform thorough legal / structural check… I’d be very skeptical about buying at these auctions

Yup, I suspect that a batch of apartments on sale have substantial service charge arrears. Something else that will have to be sorted out before the transfer can complete

Actually a big positive for the management company.

The receiver/bank/owner will have to bring the service charge up to date prior to the sale completing. The compound interest effect can increase the sums due by quiet an amount :slight_smile:


although not all Mgmt Cos allow interest to be charged… the articles of association may have to be changed to recoup legal etc expenses from recalcitrant owners. :imp:

some people reckon BTL landlords are the worst :slight_smile:

Check out the reserve on these. Lol.

So many of these entries have no legal documents uploaded with just 6 working days to the auction.

None of the three I am interested in having viewing times arranged, nor do they have legal documents - it’s a joke.

Then the reserve on these seems extraordinarily low:

Surely these will go for 1.2-1.5+?

+1, passed them many times on the way out of Cork and never liked the look of them - the location is also dismal. Surprised they manage to rent them, they must be at a big discount compared to more conveniently located accommodation. Don’t think Cork has, or has ever had, anything like the shortage of student accommodation that Dublin has - there is a glut of stuff available for students in the vicinity of UCC and CIT.

One of the properties I’m looking at and it is an absolutely filthy derelict in the middle of nowhere was part of a group of properties sold by Bank of Ireland in an offering called project Venus to “Targetted Investment Funds” which appears to be associated with NAMA.
It was transferred from BoI in December and it reaches this auction in April. It appears the people who bought in to these projects are eager to liquidate their portfolio but of course when the pig in a poke that you buy has a dereliction order on it then that is no surprise.

No comment.

No comment

Probably obvious to most but if they don’t provide the legal docs they don’t auction it.

"We have been instructed by the vendor to withdraw the property mentioned above from our forthcoming auction on the 21st of April due to the delay in having the legal documents uploaded on our website.
This may be reoffered in our July Auction.

We apologise for any inconvenience caused."

“We have just been instructed by the vendor to withdraw this property from our forthcoming auction due to tax issues. Apologies for any inconveniences caused.”

I’m not impressed.
can’t even get the current management fee charge and solicitors have told me to piss off and find it out myself with just the directors names to go on.
In black and white they state they will not fill out requisition 37 or whatever it is called i.e. all the statements which need to be stated to ensure you don’t buy an unsaleable wreck.
A fair bit of detective work involved.

I’m convinced the majority of people bidding at auction don’t know how bad it can be when things go wrong.
Maybe auction isn’t right for me and I should just pay a premium to deal with shifty estate agents instead :wink:

The engineer put some passion in to that structural report.

I’m convinced the only properties built half-way right during the bubble were the self-builds and small developments by rural developers.
self-builds are pretty much now outlawed.