Selling your home via the Modern Method of Auction

Selling your home is a big decision, so it's important to consider all the options available. We bust common myths surrounding the Modern Method of Auction (MMoA) and explain why it may be a suitable option for you. 

Selling via Private Treaty is the go-to choice for most sellers, and many would never consider auction as an option. It's often associated with run-down properties or selling for less than market value. However, with the introduction of the MMoA, many of these assumptions can now be safely considered myths. 

MMoA offers sellers some significant benefits, particularly speed, security and greater certainty. It also offers more flexibility than Traditional Auction, attracting a wider pool of buyers thanks to the extended timescale of around 56 days*.  This allows time for mortgage applications to be processed.  

Here are some of the most common misconceptions about selling at auction: 

MYTH: "Auction is risky, and I won't get the amount I want" 

FACT: With auction, the seller sets a Reserve Price, which is the minimum price they are willing to accept for their property. 

Additionally, auctions offer greater certainty than Private Treaty sales. According to the Quick Move Report 2024, 95% of agreed MMoA sales successfully completed, compared with around 70% of Private Treaty sales. This gives sellers significantly greater confidence that, once a sale has been agreed, it will proceed to completion. 

MYTH: "Auction is only for run-down properties" 

FACT: All types of properties sell successfully through auction. It's more about the seller's circumstances than the condition of the property. 

Whether you're relocating, selling an inherited property, downsizing or simply looking for greater certainty, MMoA can be an excellent option. Sellers benefit from a fixed process, with 56-day completion timeframes from receipt of draft contracts on standard properties, providing both speed and security. 

MYTH: "It's only for cash buyers and I don't want to sell to an investor" 

FACT: One of the biggest misconceptions about Modern Method of Auction is that only cash buyers can participate. 

The fixed timescale gives buyers time to secure mortgage finance, making MMoA accessible to owner-occupiers, first-time buyers and investors alike. In fact, 29% of buyers purchasing through iamsold's MMoA in 2025 bought using a mortgage**, demonstrating that mortgage buyers are an established part of the auction market. 

Auction won't suit every seller's circumstances, but if you're looking for a fast, secure and transparent way to sell your property, it's certainly worth considering. Here are some useful tips if you're thinking about selling via MMoA: 

1. Gather your documentation 

Have important documentation such as proof of identity, proof of address, power of attorney or probate paperwork ready, as these are likely to be required during the sales process. 

2. Read the Terms & Conditions carefully 

Pay particular attention to any fees, reservation agreements or penalties. You may wish to seek independent legal advice before signing. 

3. Have an attractive pricing strategy 

An appealing Guide Price can help generate interest and encourage competitive bidding. Increased competition often leads to stronger final sale prices, while your undisclosed Reserve Price provides peace of mind that your property won't sell below the minimum amount you're prepared to accept. 

4. Choose a specialist conveyancer 

Due to the speedy timescales of auction, choosing a solicitor with experience in auction transactions can help keep your sale progressing smoothly. 

5. Keep an eye on progress 

Many auction providers offer online platforms where you can track the progress of your sale, view activity and stay informed throughout the process. If your property is being sold at a live auction event, you may also be able to attend. You'll be kept informed of bids throughout the marketing period. 

6. Prepare for your move 

Once your auction is over, and your winning bidder has exchanged draft contracts and signed the Reservation Agreement, you can expect your sale to be completed within 56 days* so make sure you start arranging removals, notifying providers and preparing for your moving day straight away. 

*Based on standard properties. from receipt of draft contracts. 

**iamsold sales report – January – December 2025