We offer two different types of online property auction, traditional and modern method. Outlined below are the two types and how they differ.
Our traditional auctions enable a property to be sold through our online platform in a way that is consistent with auctions you may have come across before: namely that exchange of contracts happens on the fall of the hammer to the winning bid over the reserve price, with completion taking place 28 days later. We have now given this a modern twist by putting the whole process online.
Modern Method Auction
This concept is a little different. The process works in exactly the same way as the traditional auction, however at the end of the auction, the winning bidder (over the reserve price) enters into an exclusivity agreement wherein they have 28 days to exchange contracts, otherwise they lose their deposit. This approach allows more time for buyers to arrange such things as finance that are often tricky with traditional auctions.