Auction-shy home-buyers in this country need to brush up on their auction bidding and buying skills, according to The Property Panel, a company that specialises in advising clients on all aspects of buying and selling.
To educate people on buying at auction, The Property Panel is hosting Ireland's first pre-auction seminar in Dublin on May 25.
Following the Allsopspace auction when ordinary home buyers were outbid by cash investors, Home Brokers, the mortgage advisers for The Property Panel, have met with Ireland's mortgage lenders to encourage the banking industry to support home buyers trying to secure a home at auction.
The team aims to equip home-buyers with the necessary auction skills for the series of forthcoming auctions.
At next week's seminar consultant Paula ter Brake will discuss the process of obtaining pre-auction mortgage approval and highlight the insurance risk of buying property at auction.
Paula says proper preparation is critical for buyers hoping to fund their purchase with a mortgage, and The Property Panel has come together to co-ordinate a pre-purchase due diligence process comprising the legal, technical and financial pre-auction requirements that banks require.
Assessing and underwriting the physical condition of property at pre-auction, along with reviewing the legal title of the property, addendums to lot particulars, establishing market value, optimum bidding strategies, and risks associated with buying distressed properties will also be discussed.
Three more firesale auctions are schedules for 2011, with a further five to six already planned for next year.