We work in partnership with over 2,000 estate agent branches who bring their local knowledge and expertise, and together we offer an award-winning service offering both the Traditional and Modern Method of Auction as well as live and online auction events nationwide.
THE TRADITIONAL METHOD OF AUCTION (unconditional)
This is a tried and tested method associated mainly with selling and buying investment stock due to the more restrictive timeframes to exchange contracts and complete the sale. With these transactions, exchange of contracts take place as soon as the auction ends.
The buyer is required to make payment of a 10% deposit at the point of exchange and complete the transaction within 28 days of exchange taking place.
This method gives complete security, although it does limit interest to those purchasing with cash such as property professionals and investors.
THE MODERN METHOD OF AUCTION (conditional)
This more accessible route creates a transparent platform for buyers and sellers combining the best aspects of traditional auction and private treaty sales. This method offers more realistic, fixed timescales, opening up the marketplace for buyers and sellers looking to arrange mortgages as their method of payment.
The transaction has 56 days in which to complete with parties aiming to exchange contracts within 28 days of the Draft Contract being received by the buyer's solicitors. In traditional auctions, the exchange of contracts will usually take place as soon as the buyer has won the bid.
The Modern Method of Auction opens the auction market to residential buyers, creating a larger marketplace and more interest and activity than traditional auction. It is the preferred route for buying and selling via auction and is changing the perception of auction.
*Please note this property is subject to an undisclosed reserve price which is generally no more than 10% in excess of the starting bid, both the starting bid and reserve price can be subject to change. Terms and conditions apply to the Modern Method of Auction, which is powered by IAM Sold.