Buying a property by 'Modern Method of Auction'

[IsabellaMozzarella]

Hi, does anyone have any experience of this? My DP and I are dismayed at the fees due if successful in the auction bid - 4.2% of the house price! Does anyone know if this is likely to be negotiable, if we can try and buy it the 'usual way'? The house is currently pre-auction and would consider offers before going to auction but I assume the fees still apply. Any wise words greatly appreciated.

My advice is don't. This "method" means the sellers don't pay much, or anything, in the way of fees. You have to pay a fee upfront before survey too iirc. The houses which are sold, or advertised for sale like this, have often sat on the market for a long time (sometimes a sign of being overpriced) and, I think, seem to be a sign of a desperate seller who needs to get their money out.

OK! Thanks very much. We're going to email the estate agent and see what the wriggle room is. I certainly won't proceed as it is, doesn't work for us.

I agree, don't do it! The fees are insane.

The fees are insane, agreed. Shame, cause the house is lush. The situation seems a bit odd, with pricing etc so will watch and see what happens.