One of the main advantages of the modern method of auction is that the buyer has more time to complete the payment and arrange any finance or funding in between. Rather than the standard 28 days provided in a traditional auction, the modern method allows 56 days which is 28 days to exchange contracts and a further 28 days to complete the purchase of the property.
Traditional Property Auction vs. Modern Method (Pro’s & Cons Revealed) 1) The Traditional Property Auction (Including it’s Risks & How to Avoid them). Selling a home at auction the... 2) The Modern Method of Auction (Including it’s Risks & How to Avoid them). This guide wouldn’t be complete ...
The modern method of auction has many benefits, but there are circumstances where a traditional live public auction still remains the best option. 1. Properties not suitable for mortgage lending. On the whole “cash buyer only” properties are best sold at traditional auction, mainly because traditional auction attracts an audience of cash buyers.
7. Modern method of auction vs home buying services. While home buying services will usually deliver the fastest and most flexible possible sale, there is a cost to this convenience. Home buying services offer around 80-85% of the market value of your property, whereas a modern auction can deliver 90% or more.
Some Disadvantages of Using Modern Method of Auction to Sell Although some operators pass the fees on to buyers, the costs of using a modern auctioneer are higher relative to an estate agency sale. This is largely because of the extra work required ( see below );
What are the advantages to the modern method of auction? More time for buyers. With the modern method of auction, buyers have 56 days, rather than 28 given by a traditional auction, to complete the purchase.
Another drawback is that you’ll have to pay the estate agent who handled the auction their fees, which can chip away at the total money that you receive from a sale. If raising funds is your primary goal with selling, an auction might not be the best approach. Is an auction the right choice for selling my house?
Ombudsman says agents must tell sellers about potential disadvantage of modern method of auction. The Property Ombdusman has said that agents who sell through the modern method of auction must declare to sellers at the outset not only that purchasers pay, but that this could be a drawback. A TPO spokesperson said yesterday evening that sellers should be made aware if it is buyers who pay the fee, that “this is a potential disadvantage of that recommended method of transaction, given that a ...