The modern method of auction is an online version of the traditional property auction. It has longer timescales, allowing for mortgage buyers as well as cash buyers.
Properties are actively marketed ahead of, and during, the auction. Buyers can bid online any time, just like eBay, with the highest bid at the end of the auction winning.
With the modern method, the auction takes place online over a period of 30 days or longer. Properties are listed on the leading portals, such as Zoopla and Rightmove. They’re also sometimes actively marketed by estate agents too.
In these online auctions, bids can be placed without any of the stress of attending a live auction. Prospective buyers have much longer to make a considered decision and place their bid too. Just like eBay, you can bid incrementally, or place a maximum bid and allow the system to bid on your behalf up to this figure. The longer auction time usually increases the sale price.
