I bought a 'modern method of auction' property

london21

RHemmings said:

london21 said:

The fees are like been scammed.

Read the T&C carefully.

Also the one i saw no identifiction or deposit requested so anyone can bid even tyo bump the price. 

What do you mean by 'The fees are like been scammed'? They don't have access to my cards or accounts. EDIT: Do you mean 'The fees are like being scammed.'? 

For the MMoA auction platforms I'm familiar with, you have to have a card registered to bid, and the fees are taken automatically when someone wins an auction. Bidding to bump up the price would be a dangerous game. And, among the small numbers of auctions that actually result in a sale, many sell having only had one bid. I don't think there is much shill bidding. 

No fees were taken from me. Only cash through my solicitors, which was the expected amount.

NB: I have read the T&Cs carefully, for a number of the auction sites. There are often ... interesting things, and a recommendation to read them very carefully is good advice. But, in my case, I did. Note, by 'interesting things' I don't mean just the non-refundable reservation fee. 

There was a property i saw listed with a popular estate agent but the auction is through modern method the property went for 480k and the company fees were like 20k or so. This particular property had a lot of bids.

Was 4.2% fees 

Can check their reviews online your choice all the best. 

RHemmings

london21 said:

RHemmings said:

london21 said:

The fees are like been scammed.

Read the T&C carefully.

Also the one i saw no identifiction or deposit requested so anyone can bid even tyo bump the price. 

What do you mean by 'The fees are like been scammed'? They don't have access to my cards or accounts. EDIT: Do you mean 'The fees are like being scammed.'? 

For the MMoA auction platforms I'm familiar with, you have to have a card registered to bid, and the fees are taken automatically when someone wins an auction. Bidding to bump up the price would be a dangerous game. And, among the small numbers of auctions that actually result in a sale, many sell having only had one bid. I don't think there is much shill bidding. 

No fees were taken from me. Only cash through my solicitors, which was the expected amount.

NB: I have read the T&Cs carefully, for a number of the auction sites. There are often ... interesting things, and a recommendation to read them very carefully is good advice. But, in my case, I did. Note, by 'interesting things' I don't mean just the non-refundable reservation fee. 

There was a property i saw listed with a popular estate agent but the auction is through modern method the property went for 480k and the company fees were like 20k or so. This particular property had a lot of bids.

Was 4.2% fees 

Can check their reviews online your choice all the best. 

Do many MMoA properties sell around your way, particularly with lots of bids? As that certainly isn't common around here. In fact, I'm not sure I've seen any auction that had lots of bids. Even the few that sell seem to only get one bid. 

Was £500k less than market value? 

Given your username, and the price, I'm guessing this was in London. Things may well be different there. 

If anyone was interested in doing what I did, my first advice to them would be to watch every MMoA auction in their area, even properties they aren't interested in, to see how things are going. That's what got me interested in doing what I did, seeing these houses I would like selling for prices (including fees) that I could afford. And, it still seems to be like that where I am as I'm now looking again. But, not necessarily everywhere in time and space. 

EDIT: If I search on the MMoA auction site I used, I find there seem to be comparatively (based on population) few properties for sale in London. I've bookmarked those currently for auction so that I can see what happens with them. 

But, off-topic, a studio apartment in W6 that costs more than my entire house. I know London prices are high, but ...

missimaxo

I'm curious in that there appears to have been an actual online auction. There's a property ive seen which was supposed to finish on 17 jan but is still listed on rm and other sites. The date hasn't been updated. i ignored it as it was mmoa but im now wondering if its worth contacting the agent to see if they would consider a traditional sale. I do need a mortgage and have one to sell. Does anyone know what happens with mmoa properties that don't get bids, do they then go into traditional auctions or get relisted with a new date?

missimaxo

Aah I tell a lie  having just looked it's been listed with a new end date of 13 Feb. Might still be worth an enquiry email though 

RHemmings

missimaxo said:

I'm curious in that there appears to have been an actual online auction. There's a property ive seen which was supposed to finish on 17 jan but is still listed on rm and other sites. The date hasn't been updated. i ignored it as it was mmoa but im now wondering if its worth contacting the agent to see if they would consider a traditional sale. I do need a mortgage and have one to sell. Does anyone know what happens with mmoa properties that don't get bids, do they then go into traditional auctions or get relisted with a new date?

For the site I used, if they fail to sell with no bids then they seem to disappear completely. So, I bookmarked so that I could see that the house was gone. But, they often then come back again later on as being marketed before an auction. In my case, I watched the auction count down with my email sitting on gmail waiting for me to click the send button. You can always send an enquiry email now if you wanted to.  But, I suspect that the more auctions that happen with no bids, the higher the chance a bid is accepted.

If it's the company that I bought from (ish, local agents involved too), or others I suppose, then there may be a very hard sell to get you to go properly MMoA. 

horsewithnoname

RHemmings said:

(clickbait title) ... but I didn't buy it by modern method of auction. I bought it as a standard private treaty sale. 

A well-known person on this thread suggested before that I share my experience with others, but I didn't want to until the whole process had completed. Which it did today. 

I'll post more if others are interested... 

why title it incorrectly? So no, not interested thanks

eddddy

missimaxo said:

i ignored it as it was mmoa but im now wondering if its worth contacting the agent to see if they would consider a traditional sale. I do need a mortgage and have one to sell. 

You're free to make an offer on any property on any terms you choose.

It's up to the seller whether they accept your offer and your terms.

In terms of asking the agent if they would consider a traditional sale - the agent will much prefer a MMoA sale, because they get an almost guaranteed fee up front. So you might have to ignore the agent's protests, and push ahead with an offer anyway.

missimaxo said:

Does anyone know what happens with mmoa properties that don't get bids, do they then go into traditional auctions or get relisted with a new date?

It's up to the seller what they do next.  I guess the agent would advise the seller to drop the starting price and try again.

A traditional auction wouldn't work well for most home owners - who need to buy a new home at the same time as selling their current one. It would be very difficult to align buying and selling, if you're selling through a traditional auction.

RHemmings

eddddy said:

missimaxo said:

i ignored it as it was mmoa but im now wondering if its worth contacting the agent to see if they would consider a traditional sale. I do need a mortgage and have one to sell. 

You're free to make an offer on any property on any terms you choose.

It's up to the seller whether they accept your offer and your terms.

In terms of asking the agent if they would consider a traditional sale - the agent will much prefer a MMoA sale, because they get an almost guaranteed fee up front. So you might have to ignore the agent's protests, and push ahead with an offer anyway.

missimaxo said:

Does anyone know what happens with mmoa properties that don't get bids, do they then go into traditional auctions or get relisted with a new date?

It's up to the seller what they do next.  I guess the agent would advise the seller to drop the starting price and try again.

A traditional auction wouldn't work well for most home owners - who need to buy a new home at the same time as selling their current one. It would be very difficult to align buying and selling, if you're selling through a traditional auction.

In the many auctions I saw both before and after I made my offer, they typically came back on the auction site at exactly the same starting bid. Of course I have no idea if any hidden reserves have been changed. 

In my case, I had to ignore a hard sell and then pushed on regardless. In terms of them wanting me to proceed via MMoA.