For sale by modern auction?

[GetUps]

What does it mean? Obviously I'll ask the agent, but any tips or pertinent questions to ask?

It's a new way of estate agents making more money basically. They take the highest bid, and you normally have to pay 5% to the estate agent (note, this does NOT come off your mortgage and is NOT part of your deposit, it's an additional cost to you). If you can afford to pay the extra 5% and the house is a bargain it can be worth your while, but do your sums! Hope this helps.

Thank you, so at what point do you have a survey done? It looks like if you "win" the auction you're committed?

It's shit

The burden of paying the agents transfers to the buyer, not the seller, adding more costs

www.fosters-solicitors.co.uk/insights/modern-method-of-auction/

And if the sale falls through the agent resells and gets paid again, and if it falls through again…

I wonder if it even benefits the owner when it’s in the agents interest for the sale to fall through!!!

I thought it was usually done for repossessed houses or houses in a state that can't be mortgaged.

I'm selling a rental and want a quick sale. My agent suggested modern auction method. I said no as it's pretty rubbish for the buyer and not great for the seller as they generally sell for less than market value. The only winner is the estate agent.

Not sure to be honest, I avoided properties sold by this method as there was usually something not quite right about them!

There are a lot of posts about this on MSE House Buying, Renting and Selling forum. General advice seems to be avoid.