You may have heard the term Modern Method of Auction and wondered what it actually means and, most importantly, whether it’s right for your property.
Put simply, it’s a modern, secure way to sell a home that combines the best parts of traditional auctions but with the flexibility of a normal private sale. At Rush Witt & Wilson, we work with Iam sold, the UK’s largest provider of the Modern Method of Auction, to offer this option to our clients where it is suitable.
How does the Modern Method of Auction work?
When a property is listed using the Modern Method of Auction, it is marketed in much the same way as any other home. It appears online, is promoted by our team, and viewings take place as normal.
However, instead of offers being negotiated via the agent, buyers place their bids online through the iam sold auction platform over a set period of time. Like many online auctions, the auction remains open for bidding until the closing date.
Think of it like eBay, for property!
Once the auction ends:
The highest bidder secures the property
The buyer pays a reservation fee immediately
Both parties then have 56 days to complete the sale
This timescale is one of the key differences from a traditional auction and makes the process far more accessible to buyers who need a mortgage.
Why sellers choose the Modern Method of Auction
One of the biggest advantages is speed and certainty.
When the auction ends and the buyer pays a reservation fee, they make a commitment to the property. This greatly reduces the risk of the sale falling through, which is something many sellers worry about with traditional sales.
Other key benefits include:
Competitive bidding
Because the property is openly marketed and bidders can see interest building, it can often lead to bidders competing to win.
More buyers can take part
Unlike many traditional auctions, buyers can still use a mortgage. This makes the property available to many more people than a traditional auction.
Clear timescales
The process follows a set structure, helping everyone know where they stand and when the sale should complete.
Reserve Price
You can set a reserve price, meaning if it doesn’t reach this, you don’t sell.
Is it only for certain types of property?
The Modern Method of Auction is available for almost any type of property.
While popular choices are ones such as investment properties or those needing significant modernisation, many standard properties can sell very successfully at auction, and it gives sellers peace of mind on the speed of sale.
The key is, as always, choosing the right method for the right property, and that’s where professional advice matters.
Why we work with iam sold
We partner with iam sold because they are the UK’s largest and most experienced provider of the Modern Method of Auction. Their platform is secure, transparent, and designed to protect both buyers and sellers throughout the process.
By combining their auction expertise with our local market knowledge and hands-on support, we’re able to guide clients confidently from start to finish.
Is the Modern Method of Auction right for you?
It won’t suit every seller, but for the right property and circumstances, it can be an excellent option. The best place to start is a conversation.
At Rush Witt & Wilson, we’ll talk you through all your options, explain the pros and cons clearly, and help you decide on the approach that gives you the best chance of a successful sale.
If you’d like to know more about the Modern Method of Auction, or want to explore whether it’s right for your property, our team is always happy to help.
