The Modern Method of Auction brings the practicality of traditional auctions into the digital age, offering a reliable and flexible alternative to the usual way people buy and sell homes.
Unlike traditional auctions, where you’ve got a 28-day completion deadline, MMoA gives you a more accommodating 56-day* completion timescale, allowing buyers more time to finalise their financing, such as a mortgage.
How does the Modern Methods of Auction work?
The MMoA process is clear and easy to follow, making it appealing to both seasoned investors and first-time buyers. Here is how it works:
- Putting your home on the market: Sellers list their properties online for 30 days, giving plenty of time for potential buyers to take a look.
- The bidding phase: Buyers can bid at their own pace during this period, with time to do their research and sort out their finances.
- Securing the sale: Once the auction ends, the highest bidder secures the home by paying a reservation fee.
Completion timeline: The buyer has up to 56 days to finish the purchase, offering flexibility and helping avoid delays or failed transactions.
What are the benefits of Modern Methods of Auction?
MMoA offers unique advantages that make it a game-changer for everyone involved:
- For buyers: The extended timeframe, when compared to traditional auctions, gives a greater chance to sort your finances, do any additional research, and make well-informed choices. The transparent nature of the process ensures there are no hidden surprises, with all necessary property details disclosed upfront.
- For sellers: MMoA sets clearer timelines that may provide you with more confidence.
Overall, the digital platform makes the entire process accessible from anywhere, bringing a new level of convenience to property transactions. With its transparent and secure setup, this method has an impressive 95% completion rate, exceeding the 70% success rate of private sales.
How to get started
If you're thinking about buying your dream home or selling yours quickly and securely, the Modern Method of Auction might just be the perfect fit for you. Here’s how to begin:
- For sellers: The first step is reaching out to an auction specialist at your local estate agent – we can help. They’ll be your guide from start to finish, helping you set a realistic reserve price, expertly marketing your home, and overseeing the bidding process.
- For buyers: The process is just as straightforward. Once you find a home that catches your eye, simply register and access the comprehensive Buyer Information Pack. It’s filled with all the essential details you need to make a confident, informed decision before placing your bid.
A bright future for new opportunities
The Modern Method of Auction is more than just another way to buy or sell a home. It’s a new and different approach that is here to stay. Recent data shows its rising popularity with a 9.7%** year-on-year increase in properties sold via auction. This figure highlights the increasing demand and confidence in this method as an effective way to buy and sell properties.
It's worth noting that while this method offers numerous benefits, it's important to understand the process fully before taking part. For example, buyers should be aware of the reservation fee and ensure their finances are sorted before bidding. Sellers, on the other hand, should consider their reserve price carefully to attract potential buyers while ensuring a fair return.
It’s clear that the demand for MMoA continues to grow. With stock levels at their highest ever* and a busy start to the year, it's no secret that this method is becoming an increasingly popular choice for both buyers and sellers.
If you'd like to learn more about the Modern Method of Auction, reach out to your local branch today.