Myth Busting: The Modern Method of Auction (MMoA)
The Modern Method of Auction (MMoA) isn’t a new way of buying and selling homes, it’s the modern way. It’s well-established, widely used and trusted across the UK property market for thousands of transactions.
As the UKs biggest online auctioneer, we’re here to bust the myths and shed some light on how online auction works and how it makes buying and selling more accessible, transparent, faster and more secure.
Myth 1: “Auction is only for cash buyers and property investors”
Busted.
This might have been true for Traditional Auctions, but not anymore.
MMoA is specifically designed to open the door to everyday buyers, including those using a mortgage. Thanks to a 56-day¹ completion window, buyers have time to finish the arrangements for their finances after winning the auction.
Modern auctions allow more people to take part. It’s not just investors and developers, first-time buyers, home movers, downsizers and mortgage buyers are very much in the game.
Myth 2: “Auctions are rushed and stressful”
Busted.
Forget split-second decisions, MMoA is very different to Traditional Auction, bidding is typically done online, so no crowded rooms or fast-talking auctioneers.
Modern online auctions typically run over several days or even weeks, giving buyers time to research, view and bid at their own pace. You can even bid from your sofa – no paddle required.
Myth 3: “It’s not transparent”
Busted.
Transparency is actually one of the biggest advantages of MMoA.
With the Modern Method of Auction:
- All bids are visible
- Buyers can see real-time activity
- There’s a clear process from start to finish
- There are no sealed bids or last-minute surprises
This creates a level playing field that you don’t get with Private Treaty, removing the guesswork. What you see is what you get, no hidden negotiations behind closed doors.
Myth 4: “Deals fall through all the time”
Busted (mostly).
No property sale is ever 100% risk-free but one of the reasons MMoA is so established is because it offers greater security and commitment from both sides.
When a buyer wins:
- They pay a non-refundable Reservation Fee
- They enter into a legally binding Reservation Agreement
- The property is secured for a fixed period
This reduces fall-through rates and gives both parties confidence to move forward.
Auction can achieve around a 95% completion rate, as opposed to a 70% completion rate in Private Treaty.
Myth 5: “There are hidden costs”
Busted – but worth understanding.
Yes, there is a Reservation Fee, but here’s the key:
- It’s clearly explained upfront
- It secures the property for the buyer
- It covers the cost of the auction service
Unlike traditional estate agency, where sellers typically pay fees, with MMoA it’s the buyer who pays. often shifts this cost to the buyer.
It’s not hidden, but it is different to Private Treaty and it’s important to understand the entire process before bidding.
Read Reservation Fee v Deposit blog.
Myth 6: “Auction is only for ‘problem’ properties”
Busted.
That’s a very outdated stereotype – check out some of our latest property sales, from 3 bed detached houses in Manchester, to million-pound mansions.
While auctions were once associated with fixer-uppers and repossessions, today’s Modern Method of Auction is used for:
- All types of residential homes
- Investment properties
- First-time buyer opportunities
Because buyers have more time to arrange mortgages, a wide range of properties suit auction. It’s not about the property; it’s about the seller’s circumstances and the process.
Myth 7: “It’s not actually faster than selling normally”
Busted.
It’s a lot faster. A typical Private Treaty sale can take upwards of 200 days².
With MMoA:
- The timeline is fixed
- Completion typically happens within 56-days¹ from receipt of draft contracts
That means:
- More certainty
- Fewer delays
- More security
The modern way to move
MMoA isn’t about replacing traditional sales, it’s about offering a modern alternative to moving home. Simple, fast and secure, it gives sellers confidence, buyers full transparency and peace of mind to everyone involved.
It brings:
- Speed – with fixed 56-day* timelines and more information upfront so buyers can make more informed decisions
- Transparency – with all offers visible, making the whole process fair and transparent from start to finish
- Security – giving buyers and sellers more confidence, with everyone committed to the sale
It’s time to explore a different way of buying and selling homes, because the property market has moved on and it’s a lot more modern than you think.