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The modern method of auction is an online process that has simplified property auctions. The system makes auctions more accessible to a wider range of buyers, while delivering a reassuring level of certainty for the seller. In this article, we will explain what the modern method of auction is, how it compares to selling in a traditional auction ...
Modern auction fees are much higher than estate agent and traditional auction fees. On average, modern auction fees tend to be around 3-4% plus VAT and are usually subject to a minimum fee of around £5,000 + VAT. Modern auction can initially seem appealing to sellers because the buyer is usually responsible for the fees.
Auctions using the modern method take place entirely online using technology. As this is the case, bidders can make use of tools such as automatic, incremental, and maximum bids. Modern method auctions do not operate in the same way that traditional property auctions do. When a modern method auction finishes, the highest bidder is obligated to ...
People also ask
What is a modern auction?
What is a modern method of auction?
What is the difference between traditional auction and modern auction?
How much does a modern auction cost?
What are the benefits of a modern Auction Method?
What is a modern method of auction (MMOA)?
Traditional property auctions offer a fast sale, with high certainty because contracts are exchanged on the day – but sale prices tend to be lower. Modern auctions usually take longer but can get you a higher price, if the property is in good condition. However, the sale is less certain, and completion takes longer.
- The modern method of auction is an online version of the traditional property auction. It has longer timescales, allowing for mortgage buyers as we...
- Traditional auctions take place over the span of a few minutes on a set date. The highest bidder wins the property. The sale exchanges immediately...
- With the modern method of auction, winning bidders pay a reservation fee of around 5% at the end of the auction. They then have 28 days to exchange...
- Auctions are a good alternative for lots of home sellers. They offer a faster, easier, and more certain home sale versus an estate agent. This is e...
- Selling your house by auction can be a great option if you value speed, certainty, and convenience over getting the best price. Auction gives you a...
- Traditional property auctions involve real-time bidding, either in-person or remotely. The auction starts at a guide price, and properties are sold...
Also known as a ‘conditional’ auction, selling a house via Modern Method of Auction lengthens the amount of time between the close of the auction (exchange of contracts) and completion of the sale. In most cases, as with traditional auctions, much of the conveyancing process is undertaken before the modern auction bidding starts.
An Online Conditional Auction, also known as the Modern Method of Auction (MMoA), is a process of buying and selling property that allows a longer timescale for the exchange and completion of contracts than is allocated to purchases made at a Traditional Auction (also called Unconditional Auction). Many properties are sold chain-free, and most ...
A Modern Method of Auction is an innovative way to sell a property that combines elements of both traditional auctions and traditional estate agency. It is a fast-paced and highly competitive method that aims to achieve a quick sale at a fair price.
