Positive stories about buying through modern method of auction

[mollysmummyx]

Just that really... is there any POSITIVE stories out there with this method of buying a property?

What are the negative stories? I thought the ‘issue’ was the 6k or more fees for the buyer? Otherwise it’s just an auction?

I looked into it and it's expensive.

You won't find many positive stories as there aren't many. The buyer gets stiffed for the fees even if they don't complete.

Thanks everyone :) was just looking for anyone who had purchased through this method and they found it ok or at least worth it in the long run (one way or another).
we're aware of the fees which are a put off but the house is absolutely perfect for us so would be a shame to let it go!

I see the same houses coming up again and again. So they're getting the fee then the buyer is pulling out and it's getting relisted.

If you do a survey and ensure you have the mortgage in place before bidding it's no different to buying normally other than the fees and that you can't get gazumped.

we're aware of the fees which are a put off but the house is absolutely perfect for us so would be a shame to let it go!
If it's so perfect why are they using MMA?
You don't have to play by their rules: just make an offer as usual, prior to auction, and they can bite or not. If SuperQuickDraw is right then it's not going to sell by MMA anyway.

We really love the house, we're not sure why they're using that method, maybe we should steer clear of MMA 🤔 we feel like every house that comes on the market just lately is via this method 😂

Is it a probate sale? Or an ex rental? Or repossession? Sometimes MMA gets used then to get the purchase through quickly rather than taking months for a chain to go through.

In which case, you could try making an offer and demonstrate how quickly you could buy it (assuming you have everything in place).

I just don't see any positives with this method.

OP, if you don’t bid on it, please provide a link for entertainment purposes.

As PP have said, get everything lined up (survey, finance, conveyancer) and put in an offer

Look at results from local auctioneers and note how many properties are listed as "sold prior". Even some of the "withdrawn" ones may have been sold prior to the auction.

Thanks for asking this as I've noticed more and more properties are doing it this way near me. I couldn't see many positives for the buyer but plenty of ways to screw them over.

The MMA is just a way for the agent to pocket more fees. Reduce your bid price by this discrepancy.