Difference between Traditional and Non-Conditional Auction?
How do they differ?
Asked on Jan 26 2016,
Selling in Norfolk |
Hi Property Owl,
A traditional auction is one where an ordinary bid process occurs and the successful bidder then pays 10% of the price immediately after the auction. Contracts are exchanged straight away, and there are two to four weeks to finalise the buy. A non-traditional, or modern auction is close to the same, except a reservation fee is paid within 2 hours of the auctions ending, instead of the 10% from a traditional auction. There are also 28 days for the exchange of contracts, and 28 days for the finalising of contracts. It can be said that a traditional auction is more geared up to commercial investments, as a non-traditional gives more time to the buyer.
Answered on Jun 7 2016,
Didn't find what you were looking for? Ask a question
More Selling in Norfolk questions on AskMe
See more AskMe Q&A about Selling