The Modern Method of Auction is growing in popularity and it’s easy to see why. It’s a flexible buyer friendly method of purchase. In contrast to the Traditional method of Auction, it does not require the purchaser to exchange contracts immediately, but grants 28 days to achieve exchange of contracts from the date the buyers solicitor is in receipt of the draft contracts and a further 28 days thereafter to complete. Allowing the additional time to exchange on the property means interested parties can proceed with traditional residential finance.
