What really happens when you buy or sell at Auction? A step-by-step guide
Selling or buying a property at auction can feel unfamiliar if you’ve only experienced the traditional Private Treaty route. But in reality, the Modern Method of Auction is designed to be clear, structured and transparent from start to finish.
Here’s exactly what happens at each stage of the journey.
1. Instruction and preparation
Everything begins with your Estate Agent.
Before your property goes live, they’ll work with you to prepare all the key details. This includes writing the property description, arranging photography and making sure everything is presented in the best possible way to attract buyers.
At the same time, a number of important steps happen behind the scenes:
- Compliance checks are completed
- An auction price is set to generate interest and encourage competition
- A Reserve Price is agreed – this acts as a safety net, ensuring your property won’t sell below a minimum level
This early preparation sets the foundation for a smoother, more secure sale.
2. Creating the Auction Pack
One of the biggest differences with auction is that the legal work is done upfront.
An Auction Pack is prepared before marketing begins, giving buyers access to essential information from the start. This typically includes:
- Title documents
- Local authority searches
- Water and drainage searches
- Energy Performance Certificate (EPC)
By making this information available early, buyers can make informed decisions and move forward with confidence.
3. Marketing and pre-auction period
Once everything is ready, your property is launched to market.
It will be listed on the iamsold website and major property portals, reaching a wide audience of motivated buyers. At the same time, it enters a pre-auction period.
This stage is crucial. It gives buyers time to:
- Arrange viewings
- Review the Legal Pack
- Carry out their research
- Prepare finances ahead of bidding
By the time the auction opens, buyers are informed, engaged and ready to act.
4. The live bidding window
When the auction goes live, bidding takes place online over a set period.
Buyers place competitive bids in real time, creating transparency.
At the end of the bidding window:
- The highest bidder is confirmed
- They sign a Reservation Agreement
- They pay a Reservation Fee
This step is key. It secures the buyer’s commitment and significantly reduces the risk of the sale falling through.
5. A more secure sale
Because buyers commit financially at the end of the auction, transactions are far more likely to reach completion compared to standard Private Treaty sales.
This added certainty is one of the main reasons many sellers choose auction.
6. Timescales to completion
After the auction ends, the sale moves forward on a set timeline.
With the Modern Method of Auction, completion typically takes around 56-days¹, compared to 125 days or more through Private Treaty.
Importantly, buyers still have time during this period to arrange their finances, including applying for a mortgage. This makes the process more flexible than traditional auctions, while still maintaining structure and speed.
7. Exchange and completion
With legal work already underway and clear deadlines in place, the transaction progresses efficiently through:
- Final legal checks
- Exchange of contracts
- Completion
Everything happens within the agreed timeframe, giving both buyer and seller clarity from the outset.
8. Support every step of the way
Throughout the entire process, a team of Auction Specialists supports the sale.
They help manage timelines, keep communication flowing and ensure the transaction stays on track from instruction through to completion.
A clearer way to move
The Modern Method of Auction offers a straightforward, structured route to buying and selling property.
With upfront information, committed buyers and set timelines, it provides greater transparency, speed and certainty compared to traditional methods.
If you’re looking for a more controlled and reliable way to move, auction could be the right choice.