John D Wood & Co. provides a reliable online property auction service across London and the South East, through our partnership with iamsold.
What Are Online Auctions?
Having partnered with iamsold, the home of the MMoA (Modern Method of Auction), who now work with in excess of 6,000 Estate Agent branches throughout the UK, we are able to offer our vendors an alternative route to sale that provides both speed and security.
The Modern Method of Auction is a different way for seller and buyer to buy or sell a property, through a secure online auction service. It is a fast and secure process, a sale through our auction process is, on average, 56 days compared to over 125 days nationwide using Private Treaty (the normal sales process) and 25% fewer fall-throughs.
Selling at Auction
Selling via our Modern Method of Auction service can significantly accelerate the speed of sale for all parties whilst still delivering competitive prices for properties. Selling fees are paid by the buyer which also makes MMoA a lower-cost option than private treaty. Both you and the buyer are committed to the sale so you can be confident that the sale will proceed.
When deciding to sell via our auction service you will be given your own dedicated Auction Specialist from iamsold who will work with you and your John D Wood & Co. agent to determine the best auction route for you. This is a clear discussion of your pricing strategy, undisclosed reserve price and opening price to ensure your sale is a success and you achieve the best price.
To understand what your property could achieve at auction, request a property valuation.
Auction Pack Fee
Should you choose to auction your property, an Auction Pack will be required. Auction Packs contain relevant information that a prospective purchaser will need to evaluate before submitting a bid and are a legal requirement. Alternatively, should you wish to provide your own Auction Pack, we will need to be in receipt of electronic copies of these documents prior to the sale.
If you are selling a Leasehold property a Management Pack may also need to be provided, which can be requested from your Freeholder or Managing Agent.
Buying at Auction
Purchasing via online auction is safe and straightforward with sales completing after an average of 56 days from receipt of draft contracts. Buyers will know exactly what other bids are placed and when, as all bids are visible to all. Both seller and buyer are committed after the auction has finished and the reserve price is reached, providing reassurance and confidence that the move will go ahead as planned. With the 56 day sale time, you will be able to arrange your mortgage within that window.
If you are the successful purchaser, one of the Sales Progression team will co-ordinate your purchase through to completion, advising you of progress up until the keys are ready to hand over. You can also browse our properties for sale.
Frequently Asked Questions
What fees do auction houses charge?
With John D Wood & Co.'s auction service, selling fees are paid by the buyer rather than the seller. Sellers cover the cost of an Auction Pack, which is a legal requirement containing key information for bidders.
How long does an online property auction take?
A sale through our auction process completes in 56 days on average from receipt of draft contracts, compared with over 125 days through private treaty.
Home Owners Alliance 2022. Based on standard properties, from receipt of draft contracts. Data from Quick Move Now Jan 2022.
