- Location
- Devon
Could someone please explain this for me please?....
I've been being nosey and looking at properties for sale and noticed several that are well priced offered "For Sale by modern method of auction".
Here's what it says....
"For Sale by modern method of auction starting bid price £190,000 plus reservation fee. (contd...)
......Subject to undisclosed reserve
Reservation fee applicable
A modern method of auction
The property is for sale by the modern method of auction which is not to be confused with a traditional auction. The modern method is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, but grant 28 days to achieve exchange of contracts from the date the buyer's solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing additional time to exchange on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable Reservation Fee of 3.5% subject to a minimum of £5000 plus VAT which secures the transaction and takes the property off the market. The buyer will be required to sign an Acknowledgment of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation Form and all terms and conditions can be found in the Legal Pack which can be downloaded for free from the auction section or requested from our Auction Department.
Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid. Both the starting bid and reserve price can be subject to change."
It seems a bit strange to me
I've been being nosey and looking at properties for sale and noticed several that are well priced offered "For Sale by modern method of auction".
Here's what it says....
"For Sale by modern method of auction starting bid price £190,000 plus reservation fee. (contd...)
......Subject to undisclosed reserve
Reservation fee applicable
A modern method of auction
The property is for sale by the modern method of auction which is not to be confused with a traditional auction. The modern method is a flexible buyer friendly method of purchase. We do not require the purchaser to exchange contracts immediately, but grant 28 days to achieve exchange of contracts from the date the buyer's solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing additional time to exchange on the property means interested parties can proceed with traditional residential finance. Upon close of a successful auction or if the vendor accepts an offer during the auction, the buyer will be required to put down a non-refundable Reservation Fee of 3.5% subject to a minimum of £5000 plus VAT which secures the transaction and takes the property off the market. The buyer will be required to sign an Acknowledgment of Reservation form to confirm acceptance of terms prior to solicitors being instructed. Copies of the Reservation Form and all terms and conditions can be found in the Legal Pack which can be downloaded for free from the auction section or requested from our Auction Department.
Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid. Both the starting bid and reserve price can be subject to change."
It seems a bit strange to me
