The modern method of auction means that upon the acceptance of an offer or at the close of the auction, the successful buyer must place a non refundable reservation fee to the agents to reserve the property.
Key points:
- Prospective buyers take part in a competitive bidding process, and can bid online or over the phone.
- The highest bid before the auction deadline wins.
- Buyer is committed to purchase the property.
- A non-refundable reservation fee (around 5%) is paid.
- Exchange of contracts within 28 days and 10% deposit paid.
There are a number of costs involved in selling using the modern auction method. These are around the same as selling using an estate agent.
Bear in mind that conveyancers may charge more for auction work though. This is because they will inevitably have to field a number of enquiries from interested parties, as opposed to only dealing with a single buyer.
You will have to pay for the following:
- Legal pack
You will not have to pay for the following:
- Auction House fee’s, sell with us for 0% fees
A mortgage with an interest rate that changes during the life of the loan according to movements in an index rate. Sometimes called AMLs (adjustable mortgage loans) or VRMs (variable-rate mortgages).