Modern method of auction....

[Bemyclementine]

Does anyone know how this works when buying a house? The website doesn't give full info.

If your bid is accepted you pay X amount non refundable deposit then have to complete in 56 days.

No time scale for bids though. Is there an end date or do you just make an offer and they accept it ir not?

I think they usually set a date for the auction once there is enough interest

But yes, you have to complete within the timeframe otherwise you lose your deposit. I think most buyers are therefore cash buyers, but I sold via MMA and my buyer did actually have a mortgage. I have no idea how they managed to get it through so quickly!

Could you ask the agents?

I could....I didn't want to look stupid 😆

Why would you look stupid?!

If the info's not on the website, then ask!

Thank you, yes I will but I assumed it was the sort of thing people know. I'm divorcing, selling the family home and it's all a bit overwhelming.

Hmmm, that's a lot to contend with. Hopefully someone will come along who can answer your question.

Will you be buying outright? I have no idea how it works getting a mortgage in place for an auction.

The commenters on this previous thread were scathing about it: www.mumsnet.com/talk/property/5047692-modern-method-of-auction