Book a Property Valuation
logo

Selling your home via the Modern Method of Auction

Posted on: Wednesday, August 12, 2020

Selling your home is a big decision, so it's important to consider all the options available. We bust common myths surrounding the Modern Method of Auction and explain why it may be a suitable option for you.

Selling via Private Treaty is the go-to for most sellers and many would never consider auction as an option, as it can often be associated with run down properties, or underselling. But with the introduction of Modern Method of Auction (MMoA), many assumptions around selling at auction can now be safely considered myths.

MMoA offers movers some great benefits, namely speed and security. It also offers more flexibility than Traditional Auction and attracts a wider pool of buyers due to the extended 56-day timeframe. Here are some of the most common misconceptions about selling at aution:

MYTH: "Auction is risky, and I won't get the amount I want"

FACT: With auction, the seller sets a Reserve Price. This is the minimum amount you will receive for your property. In 2019, 83% of properties that sold at auction, sold for or above the set Reserve Price*. With MMoA there is also less chance of a sale falling through, with a 95% success rate**. 

MYTH: "Auction is only for run down properties"

FACT: All types of houses sell at auction. It's more about the seller's personal circumstances, not the property itself. If you need to sell quickly due to relocation or perhaps want to sell a property you have inherited to avoid expensive running costs, then MMoA can offer security and completion within 56 days.

MYTH: "It's only for cash buyers and I don't want to sell to an investor"

FACT: MMoA allows time for mortgages to be arranged due to a fixed 56-day timescale, opening auction up to residential buyers as well as investors. 35% of the properties sold at auction in 2019 were purchased with a mortgage.

Auction will not suit everyone's circumstances, but if you are looking for a fast, secure and transparent way to sell your property, it is certainly worth considering. Here are some useful tips to help you when selling via MMoA:

1. Gather documentation

Have important documentation such as ID, proof of address, power of attorney or probate ready, as it is likely you will need to provide these.

2. Read Terms & Conditions carefully

This is especially important regarding any fees or penalties. You may wish to seek independent legal advice before signing. 

3. Have an attractive pricing strategy

This is to help drive interest and viewings for your property. The more interest, the higher the chance of competitive bidding, which can help to drive up the final selling price. Don't forget, you always have the safety net of an undisclosed Reserve Price!

4. Choose a specialist conveyancer

Due to the speedy timescales of auction, it is important to choose a solicitor experienced in auction so they can progress quickly once a sale is agreed.

5. Keep an eye on progress

Some auctioneers provide an online platform so you can watch the progress of your sale from the comfort of your own home, or if your property is being auctioned in a live event, you can attend. Legally, you should be made aware of all bids made.

6. Prepare your move

Once a sale is agreed, you will have 56 days to complete the transcation. With an agreed completion date in mind you can easily arrange removals, inform energy suppliers and so on.

 

 

*iamsold internal sales data - 52 w/e 31st Dec 2019

** iamsold internal data 52 w/e 31st Dec 2019 of <5% fall through vs. Private Treaty Fall through rate of 30%. Source: Quickmove Report 2019

What Our
Clients Say

"

I would highly recommend Hardings. Their knowledge of the local area is outstanding, and they give honest and reliable advice. They have always been my partner of choice when buying and selling.

Rhiannon Prothero

"

Have used Hardings for many year on both personal and commercial property deals. Have always found them to be transparent, honest, authentic, and a pleasure to work with. Will continue to use in the future.

TB

"

I would highly recommend Hardings Estate Agents. They have excellent knowledge of Windsor and the surrounding areas, and are extremely professional, responsive and courteous. I would not hesitate to using them again the future. I recently dealt with Milica who was instrumental in securing us our new home in Windsor as well as the sale of our existing property. She was a fab negotiator and a real pleasure to work with from beginning to end. Thank you!

Jonathon Beresford

"

Hardings of Windsor managed our purchase with complete professionalism and went over and above in my opinion to manage the transaction and chain, resulting in a really smooth purchase. Milica at Hardings constantly provided timely updates and managed respective solicitors and the chain effectively, always responding quickly to queries. The whole transaction would not have happened without Milicas' focus on making all parties comfortable and satisfying all queries, not only professional but a delightful and welcoming personal approach that was a constant throughout. Thanks Hardings! Thanks Milica!

Stuart Blatch

"

I would recommend using Hardings estate agents when buying or selling your property. Dominic (Scully) was always available, helpful and genuinely interested in my purchase and always calm and compassionate. If I ever move again my first choice will be Hardings.

Cath Powell

"

Dom and the team at Hardings were so helpful and efficient when I purchased my flat - friendly and professional service and kept us up-to-date the whole way through the process. It was my first time buying and so was very nervous but they helped me feel at ease.

Freppell

"

We bought and sold through Hardings and can't recommend their professional service enough. The whole Team are really lovely, we were kept informed throughout the process and never had to chase anything.

Natalie Quint

"

I used Hardings when I bought my property as well as when I sold it and the service has been fantastic both times. I very much recommend Hardings!

Therese Jouini

"

We recently purchased our new home with Hardings Estate Agents. The whole team there were very helpful and flexible with us, arranging viewings quickly on the same day. They were always quick to respond and if ever our point of contact was not there, the service did not change as they work well together as a team. We received a personalised service, which allowed the sale to proceed quickly. Thank you all and we recommend Hardings Estate Agents without hesitation.

Mike B

"

What a pleasure it was to deal with Milica from Hardings. She sourced the perfect property for me and my family (while we were still abroad) and worked endlessly to put the deal together. I would give more than 5 stars if at all possible!

C D

"

Fantastic customer service and made what could have been stressful a total breeze. Dominic and Louisa were brilliant in helping me and my parents buy and sell our houses - reliable, helpful and thoughtful. Thank you!

Eloise Harris

"

Thank you, Dominic and Louisa - having not moved for over 30 years you helped me all the way, step by step. You were always polite, communicative, reassuring and very supportive. Would recommend Hardings wholeheartedly.

Anna Bowen
How Much is Your Property Worth?

How Much is Your Property Worth?

A senior member of our sales team will visit your property to discuss current market trends and how your home; based on size, condition and location should be pitched to achieve the best possible price and buyer. Coupled with an excellent understanding of the local market we do a detailed analysis of what else has sold and what is coming onto the market so we can give you the best chance to capitalise on your biggest asset.

Book a Valuation