Selling a property through modern method of auction
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Selling a property through modern method of auction is a relatively new approach to selling property. It combines the traditional auction process with modern technology and marketing techniques.
The seller pays an upfront fee to the auctioneer and sets a reserve price for the property. Interested buyers can then bid online over a set period of time, typically 30-45 days. Once the auction has ended, the highest bidder pays a non-refundable deposit and exchanges contracts, with completion taking place within a set timeframe. This method can provide a quick and transparent sale, but it’s important to carefully consider the fees and potential risks before deciding whether to use it.