Buyers
09/07/2025
We know that modern auctions might feel like a mystery to many buyers and sellers, so we’ve put together this helpful guide to tell you everything you need to know about the process!
Still have questions once you’ve read our guide? Don’t forget you can get in touch with us any time by calling or emailing your local branch, or popping in to visit us in person.
What is the Modern Method of Auction, and how is it different from traditional auctions?
Starting with one of our most asked questions – what is the difference between auction types? The modern method offers a longer timeframe with 56 days between a successful bid and legal completion, compared to a traditional auction, which is typically a maximum of 28 days.
If you are the successful bidder under the Modern Method, you would then pay a reservation fee over and above what you have agreed to pay for the property, this would usually be 4.5% of the purchase price, subject to a minimum fee of £6,600.
With a traditional auction, the successful bidder would need to pay the full 10% deposit and would usually exchange contracts at the same point.
Can I bid or buy for a property through the Modern Method of Auction even though I’m using a mortgage to purchase?
Absolutely! This is one of the main benefits of the extended timeframe, as it allows sufficient time for a mortgage application. Our auction partners, iamsold, completed on over 10,000 properties last year, and more than half of them were sold to buyers who needed a mortgage.
Can I bid or buy a property through the Modern Method of auction even though I’m a first-time buyer and only have my 10% mortgage deposit?
Using a system known as part-paid deposit (PPD) it is possible to view, bid and buy a property via the Modern Method. Initially, some of your mortgage deposit funds would be used to pay the reservation fee, with the balance going towards your deposit.
Do I need to attend the auction in person?
No, all auctions are now online! You’d need to pre-register to bid once the auction is made live, however, registration is free of charge and straightforward to complete.
Does my property need to be rundown and in need of renovation to sell via the Modern Method of Auction?
No. You have the option to sell your property via Modern Auction, whether your property is in great condition (or otherwise!).
Whilst it is fair to say the majority of properties sold via the Modern Method of Auction do require varying degrees of work, this is most certainly not all of them.
The speed and added security of the transaction (when compared to the traditional open market) are two of the main benefits. In reality, whether a property is suitable to be sold via the Modern Method of Auction largely depends on the vendor’s own circumstances rather than the condition of the property.
Will selling via Modern Method mean I will get less for my property than I could through the traditional open market?
An attractive starting bid increases interest and encourages competitive bidding between prospective buyers, which can help to drive up the final selling price of your property.
Auction is for those sellers who are looking for the additional benefits of speed and security, so pricing strategies are designed to help your property sell quickly. However, you always have control with your undisclosed reserve price (the minimum amount you are prepared to sell for), which means if no bids meet this, your property does not sell.
Still have unanswered questions?
Get in touch with your local Robert Watts branch today, or visit our auctions page to find out more.
Buyers
Buyers
