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The Modern Auction

This bungalow sold in just 2 weeks, at £30K over the starting price! It was sold using the Modern Auction method. The vendor will pay no agency fees. How does this method work?

We have just sold this property in Pershore using the Modern Auction Method. It sold for £30K over the starting price with 0% agency fees.

A modern auction is live for a set period of time, normally 30 days, and at any point during this period a prospective buyer can place a bid. At the end of the auction the successful bidder pays a reservation fee.

The vendor can opt to pay no fees and whatever the property sells for the vendor keeps. There is a small cost to sellers for the preparation of an EPC and Auction Pack. On the acceptance of an offer or at the close of the auction, the buyer places a non-refundable reservation fee and we charge the buyer a percentage of the purchase price to cover our costs. The buyer is then given 56 days to exchange contracts and complete the purchase.

It offers a transparent bidding process, fixed time scales for exchange and completion and a set reserve price ensure that the property will only sell for what the vendor is happy with. If the sale falls through due to an act of the vendor, the reservation fee will be refunded to the buyer in full. If the sale falls through because of the buyer’s actions, it is non-refundable.

If you would like to know more about the Modern Auction method please contact:- Amy Lewis, Office Manager – 01386 554031 or email amy.lewis@andrew-grant.co.uk

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