Auction Option 2 property

[needahouseindurham]

Hi.

Soooo we've viewed and fallen in love with a house that is 'option 2 auction'. We viewed at 5pm so the estate agents is closed - we've emailed to ask for further information as to how this works.

The 'guide price' seems low but the seller is keen to move quickly (they're buying at auction).

Can anyone offer any idea of whether the guide price is a starting price or is it what a seller hopes to achieve? Any other info/advice on this type of sale? (We don't need a mortgage and should be able to proceed as quick as needed).

Thanks

The auction guide price is usually 10-20% below the reserve price. It is used to gather interest.

Is it a normal auction or one of those "modern method of auction" properties? Also why have they picked auction as the method to sell the property?

That's really useful. Thank you.

I'm not really sure - reading on good old Google option 2 sounds more like a modern auction. I guess I'll find out when the estate agent is back in the office.

They are selling via auction because they are buying via auction and need things to line up to allow their purchase to go through in a tight timescale.

Be prepared to pay a shit ton of fees (6k plus VAT) and you will have to complete with a short time span. I won't touch any of these places with a barge pole. You will end up paying a fortune.