x

COVID-19: We're still open and operating safely

Selling your house fast

Through the modern method of auction, Reeds Rains can sell your property quickly and securely at a price that's right for you, with 0% fees.

Auction is becoming an increasingly popular way to sell property, with Modern Method of Auction potential buyers can bid on your property 24/7 and with extended but fixed timescales of 56 days, Modern Method also attracts residential buyers, increasing the chances of selling your home and at the right price.

Sold in just 2 days, for £33,000 over the Reserve Price after 47 bids.

Kingsmere, Chester-le-Street, County Durham

  • 18 Viewings
  • 47 Bids
  • Sold for £133,000
  • 2 Days to Sell

Find out more

Sell by the modern method of auction

Why sell your house online using the modern method of auction?

0% Commission

Increased Exposure

The pricing strategy that we employ encourages increased levels of interest and viewings that heighten the chances of selling your property fast. Due to the increased marketing and unique pricing strategy that we operate, we strive to get you the fairest price in the current market.

Security

No Selling Fees

With Modern Method of Auction, the buyer pays the fees, so you can sell your house at 0% commission. There is only a small fee for an EPC (if required) and Auction Pack when your house is sold.

Speed

Fast sale

With Modern Method of Auction, completion takes place within a fixed timescale of 56 days, providing clarity for both parties.

RR Auction   security

Security

The buyer signs a reservation agreement and pays a reservation fee which secures the property and commits them financially to the purchase, giving you greater security of a successful sale.

A step by step guide to how it works

Step 1

Let’s start at home

We’ll discuss and agree an undisclosed Reserve Price (the price your property will not sell for any less than) and a Starting Bid (the price that the property is marketed to generate interest).

Step 2

Preparation

We prepare all property details, take photographs and arrange the EPC, if required.

Step 3

The Auction Pack

Our experienced legal partner will prepare an Auction Pack, this provides property information to potential buyers and includes legal documentation; it is required to sell a property at auction. You only pay if your property sells (£445).

Step 4

Pre-Auction Marketing

We begin to advertise your property whilst the Auction Pack is being prepared, to generate as much exposure, interest and viewings as possible.

Step 5

Ready, set, go!

When the auction pack has been completed, which can take between 14-21 days, an end date and time is set on your bespoke auction and your property goes ‘live’, meaning bids can be made via the online or room auction.

Step 6

Bidding

All prospective bidders must download the Auction Pack and accept the terms before bidding. Bids can be viewed and made in real time, 24/7. Before the end of the Auction, if you choose to, you can accept an offer rather than it going to the highest bidder.

Step 7

Once the auction ends...

Your property will sell to the bidder you want to accept (on or above reserve) and they must pay their reservation fee to meet the terms of the sale and secure the property.

Step 4

Completion

This will take on average 28-56 days depending on the method of Auction. You keep the full price achieved on your property with no estate agency fees to pay apart from the cost of the Auction pack upon sale success.

Selling your house

To get started with selling your property, book a valuation and we will then advise you on the best option to take to sell your home.

Whether that is selling online by the modern method of auction at 0% agency fees or the more traditional in house auction process at variable fees, Reeds Rains will be with you every step of the way to get you the best possible price for your property.

Check our frequently asked questions to find out more about the process of selling online through auction. 

Talk to us about the best option for you

Start by entering your postcode now...

Your Property
Your Details
On
Off

Your data will be used for the purposes of your enquiry. For more information please visit our Privacy Notice.

All Agents

Frequently Asked Questions about selling property by auction

Is my property going to sell?

There are two components needed to maximise the chances of selling through auction; a motivated and realistic seller, and secondly, great marketing exposure. Our marketing strategy will guarantee you the fairest price in the current market for your property. If you decide to explore the auction route further, a member of our Auction Department will discuss the most effective pricing strategy to maximise interest on your property.

Do I have to accept the highest bid?

No, all properties are sold with an undisclosed minimum reserve price (agreed with the seller). The only price the public sees is the starting and actual bids; the reserve price remains confidential. Once the reserve price has been met and the auction is closed the sale will proceed. A Reservation Fee/Deposit is then taken. If you choose to pay no sales fees, the Reservation Fee will not form part payment of the purchase price but will be paid in addition to cover the costs of the process.

Can I accept bids outside the auction process?

Yes. You can accept a bid to sell the property before the auction has finished. By law we are duty bound to put any offer forward to you. It will then be up to you to decide if you want to consider the offer and take the property out of the auction early.

How quickly will I have to move out?

Depending on which auction option you select this can be decided by you but will generally be between 28 – 56 days.

If the prospective buyer does not agree to pay the fee, will I lose my offer?

The law requires that any offer made to purchase your property must be passed on by the agent unless you have said that offers of a particular type are not to be advised to you. If the prospective buyer does not agree to pay the fee, the agent should advise you accordingly and seek your instructions.

If the buyer then refuses to pay, will I have to meet the agent’s fee?

This will depend on the specifics of your individual contract(s) with the agent. The agent should explain this clearly to you before you sign anything. The buyer has entered into an agreement to pay the fee so it is for the agent to pursue the buyer, but the agent must make clear to you what will happen in such circumstances

Is auction right for me?

Perhaps your personal circumstances have recently changed, you’ve experienced a disappointing fall-through with Private Treaty or it could be that your property has been on the market for some time with little interest. Auction can be a good alternative to Private Treaty if you are a motivated seller as it offers speed, security and the achievement of a fair selling price.

How does auction improve the chance of selling my property?

To maximise the chances of selling through auction it’s important that you’re motivated to sell and that your property has great marketing exposure. Our marketing strategy will help you achieve a fair price in the current market for your property. We will discuss the most effective pricing strategy to maximise interest on your property.

Will I achieve the right price for my property?

With auction the seller sets a Reserve Price, this is the minimum amount you will receive for your property. Our pricing strategy is designed to drive interest, which in turn can help encourage competitive bidding which is more likely to drive up the purchase price.

Can I accept bids before the Auction has started, or before the auction is due to end?

Yes, you can accept a bid before the auction has finished. We are legally obliged to put all bids forward to you. It will then be up to you to decide if you wish to accept it and conclude the auction early.

What are the identification checks for?

By law, Estate Agents and Auctioneers are required to complete identification checks on all parties involved in a property transaction. The process is nothing to worry about and will involve us carrying out an electronic search through LexisNexis® and asking you some identification authentication questions. We may also require you to provide identification documents such as a driver’s license, passport or utility bills for proof of address.