Selling a property through modern method of auction

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.

If you would like more information and to discuss your legal matter, contact our Property team by calling on 0330 175 5655 or emailing at info@bglaw.co.uk