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Online property auctions-how to avoid a nightmare auction purchase - YouTube
Channel: Terry Gorry Solicitor
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Jack contacted me there
yesterday on my YouTube
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channel. I'd be certain about
his ability for him. It appears
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that he bought a property at
auction. And now it transpires
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that there is a tenant in the
property and there is a dispute
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between the tenant and the
vendor of the property as to
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who actually owns it. Now, I
have a certain amount of
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sympathy for the chap who
contacted me and left a comment
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on my YouTube channel but I've
only a limited amount of
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sympathy quite frankly and the
reason for that is because
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there's a channel. A video on
my YouTube channel explaining
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that if you're gonna buy at
auction, there's one thing you
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need to do and that is you need
to do your homework before bid
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and before you buy this chap
appears to have bought the
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property at auction thinking
that he got a great bargain, a
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tremendous bargain and then he
went to a solicitor because it
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appears to be the case now that
his solicitor is saying to him,
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no, you're not entitled to
vacant possession and it's your
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problem essentially. And from a
legal perspective, that is
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probably the case because the
likelihood is that when the
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documents were provided for the
auction that the contract and
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the documents of title and the
special conditions in the
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contract would have made it
clear that there was a sitting
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tenant may even have made it
clear that there's a dispute
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but certainly would have made
it clear that there wouldn't be
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vacant possession handed over
and that there was a tenant
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because I have come across
quite a few properties for sale
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where there was tenants. And
people have contacted me and
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asked me to have a look at the
contracts and I have and I've
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always had to warn them that
there is a tenant in the
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property. The vendor that is
the receiver is saying they
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know nothing about the tenant.
There's no letting agreement.
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They're not sure what the
arrangement is. And I have to
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warn the person who's thinking
about buying the property. That
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there may be a difficulty later
on. Now, there may be, it may
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not be in Safaris if you buy
the property uh and serve the
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proper notices and so forth
after that, then, you can
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obtain a vacant possession but
it could take a while. It could
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be slow especially if the
tenant disputes but to revert
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back to the original commenter
on my YouTube channel
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yesterday. The chat who has
bought a property who is not
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now getting vacant possession
because he's been asked to come
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the sale and the tenant is
still there. And his
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solicitor's telling him there's
nothing you can do. You're on
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your own. That unfortunately is
the legal position. And the big
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mistake this fella made was to
buy the property without first
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getting the solicitor to look
at the contract and see what
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was being offered. Because if
that occurred the solicitor
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would have immediately seen
there's a tenant. You need to
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be weary. You need to be
cautious. There may be a
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difficult getting this tenant
out and so on and now that's
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the situation this fellas in.
His difficulty now is that the
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vendor of the property, the
receiver can actually pursue
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him for a specific performance
can sue him to complete the
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sale. Eh and he'll be doing
that on the basis that the
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contract was provided
beforehand. The special
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conditions made it clear that
there was a tenant and that
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vacant possession was never
going to be handed over. In
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other words, it was never
promised, never part of the
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deal and that's something that
would have been come apart had
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the chap gone and got legal
advice before the auction. Not
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after. It's too late after and
this is a point that I labor
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time and time again on this
YouTube channel and there is
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one specific video that I've
made about buying at auction
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and the one thing that you need
to do above all else is to
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carry out your due diligence,
your research before the
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auction, not after because
after, it's too late. The
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hammer comes down, it's yours,
you may go and complete the
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sale, you have enlist it, you
may soldier. Hope you find this
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video useful. If you do, give
it a thumbs up down below.
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Thanks a lot.
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