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RE: Buying a House at Auction (Modern Method of Auction)

PierremontQuaker03 · 2017-08-11 08:04:36

Hi, I have seen a house that I am potentially interested in, been to view and the auctioneer is going to ring me today. Of course I am only interested if the price is right, then I read this bit on the advert..... "The property is for sale by the Modern Method of Auction which is not to be confused with traditional…

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eddddy Posts: 18,039 Forumite

11 August 2017 at 4:13PM

NaughtiusMaximus wrote: »

......and quite possibly have to either accept a lower price in the first place

If that's correct, and the properties really do sell for less - I guess it would be a good place to buy, in that case.

(As long as you understand the risks of losing the deposit.)

NaughtiusMaximus wrote: »

or have the house on the market for much longer because a lot of buyers won't go anywhere near a modern auction.

The auction happens on specific date. If the property reaches it's reserve price, it sells.

If it doesn't sell, the vendor can then consider different approaches to selling.

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