I have seen a perfect cottage for sale by 'modern method of
auction'. I've not heard of this before. Can you
explain?
The 'modern method of auction' (MMoA) is designed to
help achieve a quick sale and it differs from the normal auction
process.
With an MMoA, exchange of contracts and completion must take
place within a fixed 56 day period, but with the buyer paying a
non-refundable reservation fee within two hours of the auction
closing. The reservation fee is substantial, and you must be very
sure you are comfortable with losing this non-refundable deposit,
if for any reason you decide you don't wish to continue with
the purchase. This deposit covers the legal fees and auctioneers
fees and this sum is payable over and above the purchase price and
must be added to your costings when considering the deal.
