Modern auction

[tostaky]

We ae looking at a house for sale using the modern au tion method.
Anyone had any experience with that?
We are not cash biyers but our broker has started the process in order to soeed things up in case we win.
Any recommendations?

www.estateagenttoday.co.uk/breaking-news/2019/2/law-firm-warns-over-reservation-fees-in-the-modern-method-of-auction

It's dodgy for buyers. There's a hella fee to be paid by the buyer on top of the price of the house and all other fees.

It forces the buyer to carry on with the purchase, even if something comes up in a survey which would ordinarily have buyers running for the hills.

It's of benefit only to the seller and the estate agent. The buyer pays the EA fees and loses the reservation fee if they pull out. Imho it's used for difficult to sell properties where the sellers are desperate to extract as much money as possible.