Property auctions

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There’s good news for local property sellers wishing to achieve a quick sale, as independent estate agent Alasdair Morrison & Partners announces an easier way to sell via online property auctions.

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Selling via The Modern Method of Auction

Alasdair says:

Sell your property using the Modern Method of Auction with Alasdair Morrison & Partners

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“Selling property through our auction method couldn’t be easier.

“We use the Modern Method of Auction which is a client-friendly process, still based around a fixed timescale to complete the sale but also offering longer periods for exchange and completion to better suit the needs of the residential buyer and seller.”

Powered by IAM Sold, the Modern Method of Auction promotes a revolutionary new property online auction system.

It allows its vendors to sell their properties quickly, for the maximum market price. This property auction service is available online 24 hours a day, 7 days a week.

No estate agency fees to pay with the Modern Method of Auction

Alasdair continues:

“Sellers will also be interested to hear that there are no estate agency fees to pay when selling a property via the Modern Method of Auction. Instead the buyer pays a reservation fee once the auction is completed; this is calculated against the finally selling price of the property and acts as a deposit to create greater security until exchange of contracts has taken place.”

The Modern Method of Auction provides greater flexibility than Traditional Auction by allowing the buyer 28 days to exchange contracts and a further 28 days to complete the transaction while still maintaining the security of Traditional Auction through the payment of the reservation fee by the buyer.

As a result of this, the Modern Method of Auction opens the auction market, once reserved for the professional investor or cash-rich buyer, up to normal residential buyers creating a larger market place, more interest and higher prices for properties sold than those sold via Traditional Auction.

The sales process is completely transparent

Using the Modern Method of Auction, sellers are able to set a minimum reserve price which allows them to be in complete control of the process and they can log onto the site and see how many watchers and bids their property is receiving, making the sales process completely transparent.

Alasdair finishes:

“We are absolutely delighted to be able to offer this new auction service to our clients.

“The Modern Method of Auction offers a quick and cost-free option for vendors to sell their property in a fixed timescale, offering an effective alternative property sale solution and we firmly believe that our clients will benefit from using the Modern Method of Auction.”

For more information on our new auction service or how to sell your property through the Modern Method of Auction, please contact your local office on Newark 01636 700888 or Southwell 01636 813971.

Advantages of a property auction

We will take properties to auction for clients and are happy to discuss this as an option for the sale of your property, if we feel it is the best course of action to take.

More recently, the auction format has become a more popular method of buying and selling, as it has some distinct advantages:

  • Dealing with committed vendors who are sufficiently motivated to sell their property without pulling out or gazumping.
  • Dealing with committed purchasers who already have their finances in place.
  • Often securing a sale price close to, at or even higher than an asking price on the open market
  • Potentially securing a development or renovation project at a competitive price.

With a Traditional Auction, exchange takes place immediately and completion is within a set period of time (usually 28 days) and secured with a deposit laid down at the end of the auction, which gives additional security to both the vendor and the purchaser.

Which properties do well at auction?

Properties which tend to attract the most interest at auction and are therefore the most successful subjects are:

  • Renovation projects
  • Building plots
  • Period properties or properties of specific architectural interest * Parcels of amenity land, as land suitable for paddocks

Auction services for clients

As experienced Chartered Surveyors we can also offer additional bespoke auction services for clients wishing to purchase property at auction.

Whether you are a first-time buyer looking to purchase a property at a competitive price and don’t feel confident bidding on an auction lot, or an experienced property developer who can’t spare the time to attend on the day, we can offer the following auction support services:

  • Valuation
  • Advice on setting a top price for your budget
  • Telephone bidding on your behalf on specific lots
  • Attendance and bidding on your behalf at auction on specific lots

Please contact us for further details on the auction support services you require.