Bailiff Auction

[janglesey]

Hi, I was just wondering if anyone has purchased property through a bailiff auction.

I am in Perth and am currently in the process of trying to secure a property through this process. I would be interested to hear from anyone who has actually purchased property via this means. Any advice on pitfalls to watch out for would be greatly appreciated.

Cheers, Julie.

 

[Truly Exotic]

Ive bid on a few, its pretty much teh same thing as an agent auction, just not as professional,

bear in mind that unless stated, any existing arrears are your responsibility on top of the purchase price

 

[janglesey]

Thanks Truly Exotic

 

[mrdobalina]

I've been to one. You bid on the different between the value and the debt that is to be recovered (i.e. If you think the value is $500k, and the debt they want to recover is $400k, then yours are up to $100k). No viewing of the property before the auction.

The problem I found was that the reserve price was not sufficiently low enough to account for the increased risk of buying the property 'sight unseen'.

 

[janglesey]

Thanks mrdobalina.