Modern Method Auction advice

Inquisitive62

Hello, I am a first time buyer and looking on Rightmove etc, there seems to be an increasing amount of properties being sold by this modern method auction. I always think of auctioned properties as being those difficult to sell. however, there are some lovely houses available. I understand the fees for the vendor are quite pricey, however, for a purchaser there is a reservation fee and the need to exchange within 28 days then complete within 28 days. Can anyone please give me some advice, as to the pros and cons? What happens if there is a delay due to problems arising from the survey or a delay in conveyancing? Am I liable to extra costs if the time span exceeds that aforementioned period?

Thank you for taking the time to help me, I am very grateful.:rotfl:

D_M_E

As a first time buyer - or any sort of buyer - I would steer clear of this.

See

https://forums.moneysavingexpert.com/discussion/3090250

and

https://forums.moneysavingexpert.com/discussion/3923873

Inquisitive62

D_M_E wrote: »

As a first time buyer - or any sort of buyer - I would steer clear of this.

See

https://forums.moneysavingexpert.com/discussion/3090250

and

https://forums.moneysavingexpert.com/discussion/3923873

Thank you for your considerations, I never realised the risks involved, so the links have been very helpful and informative. I am so disappointed because i have found the absolutely perfect house, however, it is being sold under this method. Never mind, again thank you and have a good evening.

eddddy

Inquisitive62 wrote: »

Thank you for your considerations, I never realised the risks involved, so the links have been very helpful and informative. I am so disappointed because i have found the absolutely perfect house, however, it is being sold under this method. Never mind, again thank you and have a good evening.

You can make an offer on the property if you want - on whatever terms you choose.

Obviously, the seller is free to accept or reject your offer and your terms.

If they accept, the seller will then have to pay the 5% or £6000 fee.