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Auction

Modern method of auction

An innovative, convenient way to buy and sell property: quicker, more transparent and open to a wider range of buyers.

What is it?

A hybrid of auction and private treaty

Unlike a traditional auction with live bidding in a room, a modern method auction takes place online over a period of weeks.

It is sometimes called a conditional auction, because the sale is subject to conditions being met, such as a minimum price.

How it works

Modern method auctions, step by step

A typical auction follows these steps.

01

Listing

The property is listed on the auctioneer’s website with a full description, photographs and floor plans.

02

Viewings

Interested buyers register and arrange viewings.

03

Online offers

Buyers make offers online at any time during the auction period, typically 2 to 4 weeks.

04

Reservation

If an offer is accepted, the buyer pays a reservation fee and has a set period to exchange and complete (usually 28 to 56 days).

05

If the reserve is not met

The seller may negotiate with the highest bidder or relist the property.

Benefits

Why sellers and buyers choose it

Greater transparency

Buyers can see the current highest bid, and sellers can track the level of interest.

Flexibility

Bid from anywhere with an internet connection.

Quicker sales

A fixed end date keeps things moving.

Certainty

Once the reservation fee is paid, the buyer is committed to the purchase.

Competitive pricing

Buyers are encouraged to make competitive offers.

Reviews

Sold at auction with RE/MAX

Real words from real clients: sellers, buyers, landlords and tenants across Walsall.

Selling my house and auctioning my mom's maisonette has been a really easy and straightforward process with RE/MAX. Leanne has been wonderful, helpful, friendly and professional. She has kept us updated at every step of the way and is always available to answer any queries. I would not hesitate to use RE/MAX in the future.

Thank you Leanne and David.

DMDenise McAllister

Is auction right for your property?

Talk to us on 01922 322988 about the best way to sell.

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