Published by: Yvonne AstleyModern Method of Auction – what does it mean?
Well, I’ll tell you about it because I am very experienced in Auctions because I have worked extensively in this field and have a firm handle on how it works.
In the olden days, as far back as anyone can remember, items have been sold in Auctions, whether it was sheep and cows in Cattlemarket Street, or jewellery, pictures, houses and so on.
We would congregate in the room or on the ground, and the auctioneer would take the bids, sometimes ‘off the wall’, and when the gavel came down, that was it, the deal was done!
After the boom-and-bust cycles in the 1970’s and 80’s, Auctions were a great place to buy a bargain property or sell a difficult property, either way, it benefited both sides, the seller, and the buyer. As time went on, and with securing the borrowing, it became more difficult because it tended to be good for the cash buyers only because they have to complete by 28 days.
Since Covid, Auctions were closed, and it went online. Now it’s gone a step too far because some estate agents, namely corporates are promoting the ‘Online Modern Method of Auction’ to your property and there is only one winner, the agent!
This is because the fees are astronomical and it’s the buyer who must pay them! The buyer has to deal with the ‘buying fee’ of 4.2% or a minimum of £6000 plus Vat plus the actual purchase! Therefore, the vendor will lose out because whatever the buyer has to spend will reflect in the final offer price because their budget is eaten up in the exorbitant fees!
Keep Auctions in the Auction Room where the energy of the room can work the Magic.
Disclaimer – This is my own opinion, the author, Yvonne Astley