All of our properties are offered for sale via The Modern Method of Auction. This is not to be confused with the traditional method whereby a legal exchange of contracts is required immediately after the auction ends.
Our auction is still based around a fixed timescale but allows longer periods for exchange and completion to further accommodate the residential buyer and seller. The properties advertised through our property auction are offered by committed sellers at realistic prices. Many of the properties are vacant with no onward chain and auction provides buyers with the opportunity to purchase realistically-priced properties quickly and easily.
The auction method of sale also gives transparency for both the buyer and the seller as the sale is in the public domain so the fear of gazumping or re-negotiation is completely removed.
When thinking about selling your property there are many options out there, but not many methods of sale can offer the following key benefits:
❶ Choose to pay 0% commission on your sale, or choose no sale no fee. Which ever way you look at it we can’t be beaten on price! You can pay no fees whatsoever to sell your property. So whatever your property sells for you will keep the full amount! Under the buyer’s premium entry we charge the buyer a reservation fee which covers our costs. The only thing you will need to consider is the costs for your solicitor. If you don’t have a solicitor don’t worry, we can provide a range of quotes to help you find the right one! Our second more traditional option is where the seller pays a sales fee to sell the property on a no sale no fee basis at the end of the transaction to cover the auctions costs. We provide both options so that you can choose an option that suits your individual needs but through either option if your property doesn’t sell it won’t cost you a penny, reducing the risks to selling through auction considerably.
❷ A fixed date to move and sell! Upon the close of the auction your property will be tied in to a fixed timescale for exchange and completion. This provides complete clarity for both parties. A fixed timescale is not often set when selling a property through the normal estate agency route with many sales taking much longer than anticipated. This added security is a big benefit to any vendor looking to move forward with confidence!
❸ The benefit of a non-refundable reservation fee or deposit paid up front from the buyer. Upon the close of the auction the buyer of your property will pay a non-refundable reservation fee or deposit calculated against the final selling price. As the fee is paid on a non-refundable basis, you know that your buyer is serious and in a proceedable position. This cuts out any time wasters and provides security so you can move forward in confidence.
❹ The best price in the current market Think about how an owner of a piece of fine art maximises its value? They sell at auction! Due to the increased marketing and unique pricing strategy that we operate, we guarantee to get you the best price in the current market for your property. A property will always sell for what it’s worth, plus you have a reserve price so you know it won’t sell for anything less than that chosen figure.
Is my property going to sell?
There are two components needed to maximise the chances of a sale through auction: firstly, a motivated and realistic seller, and secondly, great marketing exposure. Our marketing and unique pricing strategy will guarantee you the best price in the current market for your property. If you decide to explore the auction route further, a member of our auction department will discuss with you the best pricing strategy to maximise interest on your property.
What’s the difference between the online auction and the auction event?
We hold auction events at specific times throughout the year. We also offer online auctions which run in tandem with the auction events. Simply we want to be able to offer our clients an auction service 24/7! The online auction system works like ebay. Properties are usually listed on the site for 30 days, and at any point during this time you can place a bid on a property. You can tell how much time is remaining on a specific auction as it is clearly stated in the auction countdown displayed against each property. All properties will start out life on the online auction system and many will sell long before the auction event date. However, our aim is to obtain the best possible purchase price in shortest space of time.
How do you get paid if I choose to sell my house for free?
If you choose to pay no fees, we charge the buyer a fee when a transaction is completed; this is called a reservation fee. It is calculated against the final selling price of the property once an auction is completed and the reserve is met. The reservation fee acts as a deposit to create greater security until exchange of contracts takes place.
Do I have to accept the highest bid?
No, all properties are sold with an “undisclosed” minimum reserve price (agreed with the seller). The only prices the public see are the starting and actual bids. The reserve price remains confidential. Once the reserve price has been met and the auction is closed, the sale will go through. A reservation fee or deposit is then taken. If you choose to pay no fees the reservation that we take will not form part payment of the purchase price.
Can I accept bids outside the auction process?
Yes, if you want to accept a bid to sell the property before the online auction has finished or before the auction event that’s fine. By law we are duty bound to put any offer for the property forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early. However in a scenario where this happens the reservation fee or deposit will still be payable by the buyer and the terms and conditions of the auction still apply.
Is the bid binding?
This is the Modern Method of Auction, the bid binds the buyer to pay a reservation fee or deposit and sign the reservation form. If they are the highest bidder It does not bind the buyer to buy the property but instead allows them to reserve the right to exclusively exchange contracts on the property at an agreed price within 28 days of the bid being accepted.
How quickly will I have to move out?
We use the Modern Method of Auction, which means that when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time over the traditional method makes it more appealing to purchasers buying with finance or a mortgage because there is more time to get the necessary paper work in place and completed.
This is the most historic method of auction that most people will know. Under this method buyers and sellers are required to exchange contracts immediately after the auction. This provides complete security and is a very useful method of sale for certain properties. We will discuss this method of sale with you if we feel it appropriate for your property however something to bear in mind for more traditional residential properties, this method of sale can alienate certain buyers which can have an effect on the price you achieve!
The Modern Method of Auction
This is what’s known as a conditional auction and means that upon acceptance of an offer or at the fall of the hammer the buyer must place a non-refundable reservation fee or part-payment deposit to reserve the property. The buyer is then given 28 days to exchange contracts and a further 28 days to complete the purchase thereafter. Most buyers prefer to buy through The Modern Method of Auction as it provides greater flexibility.
What is the difference between the online auction and the auction event?
We hold auction events at specific times throughout the year. We also offer online auctions which run in tandem with the auction events. Simply we want to be able to offer our clients an auction service 24/7!
The online auction system works like ebay. Properties are usually listed on the site for 30 days, and at any point during this time you can place a bid on a property. You can tell how much time is remaining on a specific auction as it is clearly stated in the auction countdown displayed against each property.
All properties will start out life on the online auction system and many will sell long before the auction event date. However, subject to the correct level of interest and timing we will offer the auction event to you as an option to achieving a sale.
Reservation Fees & Deposits Explained
Reservation Fees: Under this method of auction all sales are subject to a reservation fee which covers our costs (unlike traditional property transactions where the seller pays the fee). This is a percentage of the final sale price, and is in addition to it. The reservation fee reserves the property for the buyer and must be paid at the end of the auction. If the sale falls through due to an act of the vendor the reservation fee will be refunded to the buyer in full. If it falls through due to an act of the buyer the reservation fee is deemed non-refundable.
Deposits: Under this method of sale, a deposit is required as security from the buyer. This is paid at the end of the auction and is held in a secure client account until exchange of contracts takes place. The deposit forms part-payment of the purchase price and comes off the balance owed on completion of contracts.
Why would someone pay a reservation fee to purchase a property?
When looking to buy a property, most people will look at the total purchase price, and all of the lots available through our auction are priced realistically and to sell.
Is the bid binding?
This is the Modern Method of Auction, the bid binds the buyer to pay a reservation fee or deposit and sign the reservation form. It does not bind the buyer to buy the property but instead allows them to reserve the right to exclusively exchange contracts on the property at an agreed price within 28 days of the bid being accepted.
How quickly do I have to buy the property?
With the Modern Method of Auction, when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time makes it more appealing to those buying with finance or a mortgage because there is more time to get the necessary paperwork completed.
How do I place bids?
We can take bids in a number of different methods. If the property is going to be offered at an auction event, you can: Bid in Person: Come along to the auction, register for a bidding paddle and start bidding. Remember to take into consideration whether or not there is a reservation fee payable as it will be paid in addition to the final sale price. All properties that are subject to a reservation fee will be clearly marked as such.
Bid by Proxy or Telephone: To enable a auction staff member to bid on your behalf to with you on the telephone, you will be required to fill out a simple form which will grant them permission to do so. If you wish to discuss the method of remote bidding just give the auction department a call where we will only be too happy to talk you through the option that will best suit you.
Bidding online: Firstly you will have to register with us. A link to the registration form can be found on the top bar of the home page. Once you have completed the registration form you will be sent a welcome email confirming that you are registered to bid. The auction software provides every bidder the chance to have one last bid as for every bid made in the last hour, 2 minutes is added to the auction end time making sure the highest bid wins the auction.
Can I place bids outside the auction process?
If you would like to place a bid on a property before the auction has finished it will be dealt with on an individual basis. By law we must put any offer that is made forward to the seller. It is then up to the seller to decide if they want to consider the offer and take the property out of the auction early. In this scenario the reservation fee or part-payment deposit is still payable and the terms and conditions of the auction still apply.
What if the reserve price is not met?
If the reserve price is not met during the auction, we will communicate with the seller and any interested parties to see if a sale can still be achieved. If you are interested in an unsold lot please contact the auction team.
- 0% commission on
all auction sales
- Generate more
viewings & enquiries
- Achieve current
- A fixed date
to sell & move
- Money up front to
secure your buyer