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The Modern Method of Auction

You may have noticed that some of our properties are being sold by the Modern Method of Auction. How does it work and what are the advantages?

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. However, 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.

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 buyers actions, it is non-refundable.

George Pickard of Andrew Grant’s Country Homes said “A property will always sell for what it’s worth and with this method of sale a reserve price will ensure you that the property will only sell for what you are happy with. Fixed time scales for exchange and completion provide clarity, confidence and speed which is beneficial to both vendor and buyer. Buyers will gain confidence through the totally transparent bidding process which reassures them they are buying for the open market price.”

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