Exploring Buyer Reservation Deposits
In a standard auction sale, buyers must pay a Reservation Fee upfront. In some circumstances, it creates a financial hurdle that may prevent the purchase from proceeding.
“If you’re new to Auction, iamproperty has all of the training, all of the tech and a lot of experience under their belts. They’re a really good business to partner with.”
Favsco 23 trades as Reeds Rains, with branches across the UK. We caught up with John Wetherell, Director of Favsco 23, to find out more about how Auction helps to achieve standout results for their customers.
“We have a great working relationship with the iamproperty team. They know us, they know our business and they know our colleagues who work across the branches.
“We’ve had many standout successes from working with iamproperty. Ones that stick in your mind are the ones where we see a property that’s going on sale online and we can watch that Auction live as it approaches the closing hours. These go like wildfire through the network when one is achieving more than expected, with competitive bidding helping to drive up sale prices to higher than the guide prices. We’ve seen properties guided at £120k with bidding going on and on to exceed £200k.
“This is really exciting to me because it’s all about the customer, and there’s no better feeling than seeing them realise they’ve achieved a sale price of £50k-£60k more than they expected to, and more than we expected to if we put the property in an open market Private Treaty sale.
“If you’re new to Auction, iamproperty has all of the training, all of the tech and a lot of experience under their belts. They’re a really good business to partner with.”
In a standard auction sale, buyers must pay a Reservation Fee upfront. In some circumstances, it creates a financial hurdle that may prevent the purchase from proceeding.
Conditional Auction, also known as The Modern Method of Auction (MMoA) offers a flexible, transparent, and secure alternative to Private Treaty, MMoA is growing in popularity.
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