When it comes to selling your home, the traditional route might not always be the best fit for your needs. In recent years, the Modern Method of Auction (MMoA) has revolutionized property sales, offering sellers a transparent, secure, and expedient solution. For those looking to change lanes and venture into the world of property auctions, here's what you need to know.
The Rise of the Modern Method of Auction (MMoA)
Transitioning to a new home is a significant milestone. However, the process leading up to that joyful moment of handing over the keys can be daunting, often filled with paperwork, negotiations, and waiting periods. Enter MMoA. iamsold's innovative approach not only caters to a variety of property types—from the rustic charm of countryside barn conversions to modern urban flats—but has also assisted over 5,000 buyers in 2021 alone. MMoA eliminates many traditional transactional challenges, ensuring a smoother journey for both the seller and buyer.
Why Property Auction is the Talk of the Town
Transparency: Unlike the Private Treaty method where hidden "best and final offers" can disrupt your sale, auctions provide complete visibility into all bids, ensuring a fair and open process.
Speed: Traditional sales methods can drag on, but with MMoA, sellers can expect a completion time of just 56 days, allowing them to move forward faster.
Digital Ease: The world has moved online, and property sales are no exception. With iamsold, sellers can navigate the auction process 24/7, enjoying the convenience of digital transactions.
Understanding Auction Types
While property auction is a term you might be familiar with, it's essential to know that there are two primary methods: MMoA and Traditional Auction.
MMoA: Here, both parties sign a binding Reservation Agreement. There's no immediate contract exchange, but a Reservation Fee or Deposit is essential. This method guarantees commitment, ensuring the seller doesn't withdraw suddenly.
Traditional Auction: This is a quicker process, requiring an immediate contract exchange, deposit, and Reservation Fee. There's a set 28-day completion time, offering even faster results.
The Seller’s Journey in Property Auction
Listing the Property: The property is listed on platforms such as Rightmove and Zoopla or directly through iamsold’s platform.
Property Viewing: While the online details give a glimpse, a physical viewing is always recommended for potential buyers. This step ensures that the property matches the buyer's expectations, making the sale smoother.
Providing Essential Information: Every property listed for auction comes with a Buyer Information Pack, detailing everything a potential buyer needs to know. This transparency accelerates the decision-making process for buyers.
Bidding and Sale: Once a bid is placed, the seller can watch the auction live, ensuring complete transparency. After the auction concludes, the winning bid is finalized, and the necessary fees are settled.
Getting Started with Property Auction
The process might seem daunting at first, but with platforms like iamsold, it's simplified. From registering to bid to understanding fees and concluding the sale, the platform provides guidance at every step, ensuring sellers have all the resources they need.
Take the Leap with Property Auction
If you're contemplating a faster, more transparent method to sell your property, consider the world of property auctions. With the benefits of MMoA and the expertise of platforms like iamsold, you're poised for a seamless sale.
Ready to discuss the potential of property auctions for your home? Call today to embark on a transformative selling journey.