Modern day auction???

betsie

A bungalow I’ve had my eye on has just come on the market (it is empty the owner died).
It’s on with Your Move as a modern day auction. Open day on 8th March then you make bids starting from £425k. If your bid is accepted you pay a non Refundable fee of £6k and have 28 days to exchange them 28 days to complete.

Has anyone any experience of this. We will hopefully have a small complete chain sorted out by Monday but as ours is a normal sale process I wouldn’t gamble on being able to exchange so quickly. If you did win the bid but miss the exchange date do you loose the £6k but the sale still carries on?

Wondered if it was worth contacting the agent next week if our chain is sorted out to make an offer. We are in a good position as we don’t need a mortgage but do need to sell our house.

spendinglikemad

yes we did this - feel free to PM me. Our purchase went through fine but worth calling the agents to discuss.
SLM

eddddy

betsie wrote: »

If you did win the bid but miss the exchange date do you loose the £6k but the sale still carries on?

The £6k goes to the auctioneer, and is not refundable.

For 28 days, the seller can only sell to you and nobody else. After 28 days is up the seller has a choice - they can either continue with the sale to you, or sell to somebody else.

If 28 days are up and you seem serious and are close to exchange, they'd probably continue with the sale to you.

If 28 days are up and you seem lake a 'time waster', they'd probably look for somebody else to sell to.


If you wish, you can make a pre-auction offer saying that you won't pay any fees. In that case, the seller has to pay them - so they might not agree.

betsie

Ok thanks. That doesn't seem so bad. I wasn't sure if there were penalties if you didn't exchange in the time scale given.