Friday, April 15, 2011

First distressed Irish property aution

Top Irish Properties Sold Off On The Cheap

'Irish homes that were once worth millions could be sold for a fraction of the price at the country's first ever "distressed property" auction.' 'At the height of the boom, the home would have been valued at two million euros. You can bid to buy it now if you have 600,000 euros.' Click on 'The Catalogue' link to see for yourself if they really are bargains, I think not.

Posted by will @ 01:32 PM (1572 views)
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6 thoughts on “First distressed Irish property aution

  • when can we look forward to this really happening in london/southeast???????

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  • Will, having some troubles with your keyboard letter C?

    We should C a property rash very soon.

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  • time2riot, it’s probably already happening. Try enquiring about auctions in your local area. Though I have previously found it difficult to get a response out of auctioneers. Perhaps they want to keep the real bargains to themselves and their builder contacts! I’ve noted a number of properties which were due to come to auction. Only then to be withdrawn and to be told the property was told prior to the auction starting . The key here is if you really interested in a property then (if possible) to make a cheeky offer before the auction starts. I feel that some real bargains never make it to auction.

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  • Regarding the article, I wonder how many of the properties were on banks/building societies books? If it was a high proportion then this surely is indicating that banks are prepared to sell properties to generate liquidity and in the process happy to see properties fall in price across Ireland. Something that banks in the UK and Spain may be reluctant to do. Some people might say that the Spanish and UK banks will get an even higher level of ‘written off’ debt the longer they delay in selling properties acquired from repossessions, etc.

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  • 18.30hrs. Sky news TV have just said the house previously valued at 2 million euros sold below reserve for 550 euros.

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  • Hey there are about at least 20 vacant 2 bed houses in Leuchars in one street..They went to auction but would not go lower than £80,000 ..
    Go to Dundee gumtree and you will see three of them..yes they are trying to sell houses on gumtree !!!!..they are for first time buyers so one day they have to let them go with no reserve!!!

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