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Madison Howard

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YamNo739

2025-02-24 19:20:09

Are people actually buying ‘Modern Auction’ properties? (sorry for long post)

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I know someone who did it because they were in a really terrible financial position and the 60 day completion is what convinced them but then it actually took longer than that to complete and was really rough. They'd never bought or sold before (property was inherited) and the estate agents did a real number of them convincing them it was the best way.

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I’m sorry that happened to them. It’s unsurprising hearing the agents push for it, as it means they pocket an extra lump sum of money for doing next to nothing extra than a traditional sale. I will be avoiding at all costs after research and discussions on here.

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Well usually bidding adverts will say cash buyers only, and when you see that it's usually due to there being an inherent issue with mortgaging the property as is... but no, they don't have to spell it out.

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The agent we spoke to knew full well we were first time buyers with a potential mortgage.. they’ve even mentioned adding the ‘reservation fee’ to the mortgage. I must say I did have a laugh to myself when I first heard that. My tail is well and truly up and I think I’ll just be avoiding this all together.

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