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Property auctions have evolved significantly in recent years. Gone are the days when these types of auctions were only confined to a physical location. Today, the shift is towards online auctions, offering you the convenience of participating from your home - whether you are a seller or a buyer.

The Modern Method of Auction (MMoA) has made buying or selling a property through an auction more accessible than ever before, providing an attractive 0% commission** option for sellers and opening up to a wider range of buyers.

The selling terms have also become more flexible, as the MMoA offers an extended 56-day* completion timeframe, allowing buyers enough time to arrange a mortgage...

Why choose the Modern Method of Auction?

With the MMoA, you, as a seller, pay 0% commission** and incur no upfront costs. Auction Packs are available on a ‘no sale, no fee’ basis, so you only pay once your sale is complete. 

As a buyer, the MMoA offers you a more realistic time frame to complete your property purchase, especially if you’re applying for a mortgage.

Here are some more benefits:

Auctions are quick, transparent, and secure. They enable you to sell your property or buy your new home over 50% faster than on the open market.^

They provide fixed timescales, eliminating the uncertainty of open market private treaty sales.

They offer added security with property information supplied upfront and a buyer reservation fee.

How does the auction process work?

If you are a seller, your auction specialist will guide you through the entire process, from developing a pricing strategy to preparing the Auction Pack and marketing your property. They will also help set the auction start and end date, manage the bidding process, and take you through to completion.

If you are a buyer, your property search for the MMoA begins like any other: 

Finding a property
You search and find a property you like and arrange a viewing. 

Getting ready for the auction
After finding, viewing and deciding on a property that you would like to buy, you register as a buyer and enter the bidding process. You’ll receive a Buyer Information Pack that provides you with all the necessary information about the property.^ 

At this point, you may want to instruct a property solicitor, in case you are the winning bidder.

The auction
You can then join the auction from the comfort of your own home and, if you win the bid, pay a reservation fee to secure the property.  Following this, you are obligated to exchange contracts without conditions and finalise the purchase within a span of 56 days*.

Who should consider auctions?

Modern Method of Auctions are ideal for those taking out a mortgage, as well as cash buyers. The MMoA offers a clear and transparent process with peace of mind, as the property is exclusively reserved for you, once the sale is agreed and the reservation fee is paid.

It is also ideal for sellers seeking a quick sale with no estate agency fees, more security, and a transparent process. However, if you are likely to be in a chain, auctions might not be the best fit for you. Talk to us for more information on whether this could be the right route for your property sale.

Ready to explore selling your property at auction? 
Speak to us today

*From receipt of draft contracts. Terms and conditions apply. Based on standard property types.
**0% fees, where the buyer pays the reservation fee. Please note the buyer may consider this within their total purchase amount.