There are various ways you can sell or buy property. We’d like to introduce you to the Modern Method of Auction (MMoA) - another option for buyers or sellers.
Forget about the preconceived idea that auctions are only for homes that are in need of renovations. In fact, auctions, including MMoA, can also be an excellent choice to find your new home or investment, and be a good opportunity for you to sell a property. Both traditional auctions and MMoA offer a transparent buying process, as well as the option to bid remotely. Additionally, the terms of sale with the MMoA have evolved to accommodate a wider range of potential buyers. Meaning that this could also include buyers who may need more than 28 days to secure a mortgage. Where traditional auctions wrap up in a swift 28 days, the Modern Method of Auction offers an extended 56-day* completion timeframe. This means buyers now have a greater chance to complete their mortgage, bringing auctions to a whole new audience. In 2022, 40% of online auctions were sold via the Modern Method of Auction, which just goes to show the rising popularity of this method.>>how does it all work?
When you opt for the Modern Method of Auction as a seller, you're looking at a 0% commission** and no upfront costs. What's more, the Auction Packs can be produced on a no sales, no fee basis, and handed over to potential buyers before the auction starts.Once you choose to sell via the MMoA, your Auction Specialist will guide you through the whole process. From working out a pricing strategy to preparing your Auction Pack, marketing your property, setting the auction start and end date, and overseeing the bidding process. They'll even help you through to completion after your property has sold.
If you’re thinking about buying through the MMoA, and you've discovered a property you love and arranged a viewing, the real excitement begins. Following the MMoA process, you'll register as a buyer and receive a comprehensive Buyer Information Pack, that’s loaded with all the vital details you need about your potential property. From the comfort of your home, you'll join the auction and, if you win the bid, you can secure your new property with a reservation fee. From this point, a 56-day countdown begins to complete the purchase.
>>what’s in it for you?
Auctions are a fast, transparent, and secure way to sell and buy a property. Not only do you have a chance of selling your property over 50% faster than on the open market, but you also get fixed timescales. This removes the uncertainty of open market private treaty sales, which could take an average of 132 days.^^Added security is another major perk. All the property information is supplied upfront, so buyers know exactly what they're bidding on. The buyer reservation fee and the reservation agreement offer both buyers and sellers extra security. The result? A higher completion success rate of 95% compared to the average 70% rate of private treaty sales.^
So, if you’re interested in the Modern Method of Auctions, discover more about it here or get in touch with your local branch.
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Sources:*From receipt of draft contracts. Terms and conditions apply. Based on standard property types.
**0% fees, where the buyer pays the reservation fee. Please note the buyer may consider this within their total purchase amount.
^iamproperty
^^Home buying and selling data from Landmark Group Insight
MKT/CG/UKON/030124