Online Auctions

What are online auctions?

Through our partnership with iamsold, who pioneered the Modern Method of Auction (MMoA) and now work with over 6,000 Estate Agent branches across the United Kingdom, John D Wood & Co. can provide an alternative method of sale to our vendors that require speed and security.

The Modern Method of Auction is an alternative to the usual way of buying and selling homes in the UK through a secure online auction service. It is a quick and secure process, with a sale through our auction process taking on average 56 days compared to a national average of over 125 days with Private Treaty (the standard sale process)^, and 25% fewer fall-throughs*^.

Selling at Auction

Selling through our Modern Method of Auction service can dramatically speed up the sale process for all parties, whilst still achieving competitive prices for properties. Selling fees are paid by the buyer which additionally makes MMoA a lower-cost alternative to private treaty. Additionally, both you and the buyer are tied into the sale, giving you the confidence that the sale will go ahead.

When you choose to sell your property through our auction service, you will be assigned a dedicated Auction Specialist from iamsold who will work closely with you and your John D Wood & Co. agent to agree a best auction route for you. This is a transparent discussion which will cover your pricing strategy, an undisclosed reserve price and a starting price, all with a view to ensure your sale is successful and you achieve the optimal price.

Auction Pack Fee

If you decide to sell your property at auction you will need an Auction Pack. These packs contain important information about your property that a potential buyer needs when deciding if they wish to place a bid and are a legal requirement.

You can provide your own Auction Pack if you prefer, we will just need to receive an electronic copy of the documents before we are able to sell your property.

If your property is a Leasehold, you may also need to provide a Management Pack which can be requested from your Freeholder or Managing Agent.

Buying at Auction

Buying a property through an online auction is a secure and simple process, with sales completing in just 56 days from receipt of draft contracts. All placed bids are public, giving buyers full knowledge of what bids are being placed and when. Once an auction has finished and the reserve price has been met, both you and the seller are tied into the sale, giving both parties the confidence that the move will go ahead as planned. Importantly for buyers, with the 56 day sale time, you will be able to arrange your mortgage within that window.

If you are the successful bidder, a member of the Sales Progression team will then follow your purchase through to completion, keeping you updated until the point of handing over the keys.

Additional Information:

*Home Owners Alliance 2022

^Based on standard properties. From receipt of draft contracts

*^Data from Quick Move Now Jan 2022