Has any one got any experience with buying a property via modern auction?

[VenelopeVonSweetz]

We have seen a property we like but it’s being sold via modern auction.

We have no idea what this entails, the process or what we need in place to do this.

Could anyone talk me through it or offer any pointers?

You will pay the EA's fees, not the vendor as is the norm. You'll also have to pay a non-refundable reservation fee iirc so if your survey shows up something serious you can't just walk away without losing a considerable amount of money. I think it's the biggest con going. I'd be tempted to stick a note through the vendor's door stating you are interested, but not on that basis. Tell the EA too.

All the houses I have seen being sold like this have been on the market for ages and you could almost smell the desperation to sell!

Totally agree with @wowfudge. They're so dodgy.

My brother was looking at one but it had a minimum "reservation fee" of £6k which is not deducted from the sale price like a deposit would be, so basically just £6k in the EA's pocket for nothing, regardless of whether you buy it or whether your survey throws up something dreadful making you pull out Luckily he listened to my warnings and didn't go for it in the end.

Read the fine print very carefully!