Modern Method Of Auction Explained What You Need To Know
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- čas přidán 3. 05. 2022
- Modern Method Of Auction is a type of sale I am seeing more and more in the market. Estate Agents love this type of sale and in this video you will see exactly why.
Its not the same as a standard auction, you must know what you are getting yourself into. However great deals can be had, so the more you know about this property transaction the better.
What do you feel about Modern Method of Auction? Comment below.
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First time buyer here. I saw this popping up a lot while on the hunt for a home and wanted some clarity. This video was excellent for that. Thanks. I'm steering clear of these auctions.
Glad it was helpful!
I love your no nonsense approach to your videos. Full of only useful information and no faffing around. Just got a new subscriber 👍🏾
Thanks and welcome
I extremely like the video, man. Very helpful and informative. Thank you very much. It is presented so well too. Great, positive work.
Glad you enjoyed it!
Good video, well explained. I find about 1 in 10 properties here are the Modern Method of Auction and I too felt like it was a way for estate agents to make extra money. It seems to disadvantage the buyer and uses buyer fear ie. I saw one house ad that said 'this fee will take the house off the market and prevent gazumping!' The only benefit for the buyer seems to be the price but the rest of it feels stressful ie fees, deadlines and timescales all working against the buyer. I think I'm going to start putting in some lower offers for houses not using this method instead.
Thanks
For a first time investor, do you advise he go for auction property either old or new? Also what is the financial implications?
In an auction it will mostly be old property that needs work. If you have been educated on property and have someone to help then go for auction. If not Id suggest doing a simple buy to let to get started.
Thank you for your helpful videos. We have a two bedroom ground floor flat in Hull. Completely refurbished with new fitted bathroom aimed at accommodating elderly or for people with disabilities. Had two offers but when their lenders value it it comes in under value and therefore they have not been able to get a mortgage. Was recommended to us that we try modern method of auction. What are your thoughts please.
Ive never seen it work, you commit to it for a long time and buyers hate it. If you want to sell it fast I would go to a normal auction. However if you can wait for a good price just use a normal estate agent.
@@propertyaccelerator Thank you for your reply and advice.
I bid for a property which is in modern method of auction.Can I withdraw my bid before ending the auction.
Do I have to pay the reservation fee or any penalty.Still 6 days left to end of auction
I dont know how you can do that you need to speak to auction house.
Hi, I've seen a property I'm wanting to bid on. I've never done this before so nervous of fees and if there's something seriously wrong with it... So I'm thinking if putting in a silly offer and going with fate! But, can i bid below asking price?
You can still view and get a surveyor to look at the property before you bid.
@@propertyaccelerator I don't have time unless they extend the bidding. It's saying it needs a complete renovation but I'm hoping I can take time doing it
If a property doesn't sell 3 times what happens? How long is a vendor tied into the auction contract ? I want to buy the house ourside the auction without a nonsensical 6k for nothing 😩 i already made the mistake of viewing it so they know I'm interested.
Hey Claire it depends on the agent they all have different contracts. You could try sending a letter to the address direct and see if you can chat direct with owner. If they dont live there you can find out who owns it and where they live on land registry.
@@propertyaccelerator Thanks for your reply it is with iamsold. I'm really not a fan of this modern method of scamming.
Hi, I am selling my late mums house & after a buyer pulled out last minute, my estate agents have suggested this as a method of selling the house. I am not to brainy on this side of things though I’ve found a little use out of it. It seems like the estate agents would benefit more than the buyer and seller maybe!? I am still unsure what to do
Hey Billy firstly I am really sorry for your loss, I know dealing with property after something like that can be very stressful. Modern Method really favours the Estate Agent, they charge fees of around £5000 to the buyer. That saves you paying the fees, however the bigger problem is it puts the buyers. Most buyers avoid these types of deals so you will get a lot less for the house. Drop me a message on my Instagram here instagram.com/jamesnicholsonproperty/ We might be able to buy it off you for a better price.