Buyers Broker Ltd, a property sourcing company together with Home Brokers, independent property and financial services consultants hosted their second quarterly Home Buyers Seminar in Dublin on Thursday 30th September 2010.
Paula ter Brake of Home Brokers took a long term view of the mortgage market by guiding buyers through a twelve month plan of action to prepare for their mortgage application.
Geoff Whelan of Brokers Broker Whelan challenged buyers’ assumptions about buying in such an uncertain market, while Carol Tallon of Buyers Broker Ltd raised the topic of auctions and discussed their relevance to home buyers in today’s market.
The event was well attended by first-time buyers, couples trading- up and a handful of investors.
The hot topic of the night was preparing buyers for auction in advance of a distressed property auction coming up in Dublin on the 24th February 2011 (TBC). The auction will deal with approx. 80 – 100 of the impaired assets of one of the major foreign owned banks. It will be the most significant disposal of impaired assets in the country. One of the country’s large auctioneering groups has also just announced its next auction will take place in the spring of 2011. This is what the market has been waiting for. We have seen many tentative signs of recovery in spots over the last twelve months but a couple of big auctions, hopefully with some well-advertised, loss-leader properties (sacrificial lambs?), should provide much needed clarity going into 2011.
Feedback from the seminar confirmed that most home buyers have never attended a property auction and are intimidated by the format. Few feel prepared to take on a room of competitors to partake in the bidding process and are uncomfortable with the associated risks.
Consequently, Buyers Broker will host a ‘Training Auction’ on Saturday 27th November 2010 to get buyers ready for the two big auctions in Spring. To register to attend or for further details, please contact us on firstname.lastname@example.org