The traditional method of auction is the type you will think of when you hear the word ‘auction’ with exchange happening on the fall of the hammer and completion following within 28 days.
A modern property auction works in exactly the same way as the traditional auction whereby the auction takes place online, however the property does not exchange on the fall of the hammer. Instead, the winning bidder agrees to enter into an exclusivity agreement which grants the winner 28 days in which to exchange. This method of sale opens the auction market up to properties that may not have been suitable for traditional auction as motivated mortgage buyers will have time to raise finance on the property. This means that you are not narrowing your market to predominantly ‘cash buyers’ as with traditional auctions.
At the end of both auctions, the winning bidder will be bound by our terms and the Buyers Premium will be paid.