Modern Method of Auction Tiverton
Modern Method of Auction: Busting the Myths
Could the Modern Method of Auction be the right way to sell your home?
Selling your home is a big decision, and choosing the right method of sale can make a real difference. While Private Treaty remains the traditional route for most sellers, the Modern Method of Auction (MMoA) is becoming an increasingly popular alternative. At Diamond Estate Agents, we work in partnership with Pattinsons Auctions to offer sellers another way to achieve a successful sale, combining our local property knowledge and marketing expertise with the benefits of a specialist auction process. Auction isn't just for properties that need work, cash buyers or sellers who need to accept less than market value. Modern Method of Auction can provide speed, security and greater certainty, while still allowing a wider range of buyers to participate.
Let's bust some of the most common myths.
MYTH: "Auction is risky, and I won't get the price I want."
FACT: You remain in control of the minimum price you're prepared to accept. With the Modern Method of Auction, you set a Reserve Price, which is the minimum amount you are willing to accept for your property. The Guide Price is used to attract interest and encourage buyers to engage with the auction, while the Reserve Price gives you protection by ensuring your property isn't sold below the level you've agreed. Auction can also provide greater certainty once a sale has been agreed. According to the Quick Move Report 2024, **95%** of agreed Modern Method of Auction sales successfully completed, compared with around **70%** of Private Treaty sales. For sellers, that can mean greater confidence that an agreed sale will actually make it through to completion.
MYTH: "Auction is only for run-down or unusual properties."
FACT: A wide range of properties can be successfully sold by auction. Modern Method of Auction isn't simply about selling properties that need work. We've seen auction work for a variety of circumstances, including: Relocation Probate and inherited properties Investment properties Properties requiring refurbishment Downsizing Sellers looking for greater certainty Properties where a traditional sale may take longer The condition of the property isn't necessarily the deciding factor. Often, it's the seller's circumstances and what they want to achieve from the sale that make auction worth considering.
MYTH: "Only cash buyers can buy at auction."
FACT: Mortgage buyers can participate too. Traditional auction is often associated with cash buyers because of its shorter timescales. The Modern Method of Auction is different. The extended timescale gives buyers more opportunity to arrange mortgage finance, meaning MMoA can attract owner-occupiers, first-time buyers and investors, as well as cash buyers. In fact, **29%** of buyers purchasing through iamsold's Modern Method of Auction in **2025** used a mortgage, demonstrating that mortgage-funded buyers are already an established part of the auction market. That can open your property up to a much wider pool of potential purchasers.
MYTH: "I'll have to accept a bargain price."
FACT: The aim is to create competition around an attractive Guide Price. Pricing is important with any method of sale, and auction is no different. An attractive Guide Price can encourage more buyers to register their interest and potentially create competition between bidders. As bidding progresses, buyers compete against each other, with the successful bidder ultimately securing the property subject to the auction terms and the seller's Reserve Price. The result can be a transparent process where you can see buyer interest developing rather than simply waiting for individual offers through a traditional negotiation.
MYTH: "Auction means I have to move immediately."
FACT: Modern Method of Auction provides a defined process and timescale. One of the key differences between MMoA and traditional auction is the extended timeframe available to the buyer. On standard properties, completion is typically expected within 56 days from receipt of draft contracts, giving buyers time to progress their mortgage and legal work while still providing the seller with a clearly defined route towards completion. For sellers who want more certainty over their moving plans, having a structured timeframe can be a major advantage.
Thinking about selling by Modern Method of Auction?
If you're considering MMoA, there are a few things worth doing before putting your property on the market.
1. Get your paperwork ready Having important documents ready can help avoid unnecessary delays. Depending on your circumstances, this could include identification, proof of address, title information, planning documents, guarantees, Power of Attorney or probate paperwork.
2. Understand the terms and fees Before proceeding, make sure you understand exactly how the auction process works. Pay particular attention to the Terms & Conditions, fees, Reservation Agreement and any potential penalties or costs that may apply. If you're unsure about any aspect of the legal process, independent legal advice is always recommended.
3. Get your pricing strategy right The Guide Price plays an important role in attracting buyers. The aim is to create enough interest to encourage competition, while your Reserve Price provides protection over the minimum figure you're prepared to accept. At Diamond, we'll use our knowledge of the local market to help you understand where your property sits and how it could be positioned for auction.
4. Choose the right legal representative Auction sales work to defined timescales, so having a solicitor or conveyancer who understands auction transactions can help keep everything moving. It's worth choosing someone who is familiar with the process before your property goes live.
5. Keep track of buyer interest One of the advantages of an online auction process is the visibility it can provide. You can follow activity throughout the marketing and bidding period, while we keep you updated on the progress of your sale.
6. Start planning your move Once the auction has concluded and the successful bidder has completed the required contractual and reservation steps, the sale progresses towards completion within the agreed timeframe. That means it's sensible to start thinking about your move early, including removals, utilities and your onward purchase.
Could Modern Method of Auction work for you?
MMoA won't be the right choice for every seller. Private Treaty remains the preferred route for many properties and circumstances. However, if speed, security, transparency and greater certainty are important to you, Modern Method of Auction could provide an alternative worth exploring. At Diamond Estate Agents, we can talk you through the different options and explain how the process works before you make a decision. Through our partnership with Pattinsons Auctions, we can offer the Modern Method of Auction alongside our traditional sales service, giving you another route to market without losing the benefit of local knowledge, professional marketing and personal service.