Modern method of auction pros and cons Of course, as with any type of property sale, there are pros and cons to the process. We’re always honest with clients about these, about the risks and about the requirements, so you can be confident that we’re able to provide you with the advice you need to make a decision.
Traditional Property Auction vs. Modern Method (Pro’s & Cons Revealed) Choosing the wrong one for your property could leave you at a big loss or paying extra fee’s that could have been avoided. The 2 different methods to sell at auction are the traditional property auction & the modern method of selling at auction ( also known as online ...
The modern method is different; there’s an estate agent involved in the sale to reassure prospective buyers, to “hold their hand” and relieve any doubts. With the modern method of auction, the audience of buyers is more or less the same as with a normal estate agency sale. 4. Higher reserve price.
The modern method of auction is an online process that has simplified property auctions. The system makes auctions more accessible to a wider range of buyers, while delivering a reassuring level of certainty for the seller. In this article, we will explain what the modern method of auction is, how it compares to selling in a traditional auction or via an estate agent, and how to sell your home ...
However, the agent who does offer the modern method of auction yesterday said he could find nothing in the new code that specifically relates to this type of auction where buyers, rather than sellers, pay commission. Nor could he find in TPO’s codes what relevant pros and cons he should warn sellers about.
The slight variation with modern method auctions is that auctioneers will typically propose moving forward with slightly higher guides and reserves. This is because modern method auction buyers are less time-pressed relative to traditional auctions (where the winning buyer must exchange at the end of the bidding process).
With this method of auction, the buyer is given a more realistic time frame in order to source funding and complete the purchase. With a traditional auction, the buyer is given 28 days, with a modern auction, the buyer has 56 days – 28 days from the day of the auction to exchange contracts, then a further 28 days to complete the purchase in full.
If so, the modern method of auction could be something that works well for you – even though it will still involve some work with estate agents who will collect bids ahead of a sale. There are several important factors to consider about modern property auctions, and depending on your needs auctioning might not always be the best choice.
Evaluating Estate Sale vs Auction: Pros and Cons. Choosing between hosting an estate sale and an estate auction can be tricky. If you can’t decide between an estate sale or estate auction, view the pros and cons of each estate liquidation method below. It’s easier to make an informed decision when you have all the details at your fingertips.