At Foster & Edwards we offer our sellers the opportunity to list their property with us via the modern method
The Modern Method of Auction
Unlike the traditional property auction, The Modern Method of Auction extends the auction market, traditionally reserved for experienced property investors or cash buyers, to all residential buyers. Many leading property experts predict a 10-fold growth in the auction sector over the coming years due to its transparency and widespread appeal through the modern method of auction which is now the becoming the preferred method for many leading UK Auctioneers.
Why choose the modern method of auction?
Operating as a traditional estate agent, our buyers can view auction properties before committing and our online platform allows buyers and sellers to agree a sale price. Following this, we remove the property from the platform and a reservation fee is requested which ensures commitment and holds the property off the market for at least 28 days – this timescale affords the buyer adequate time to obtain their mortgage and exchange contracts.
We are responsible for ensuring buyers have completed their due diligence before we accept any reservation fees. Following exchange, the reservation fee is deducted from the agreed sale price so unlike other online providers we do not charge buyers any fees. We are involved every step of the way offering advice to both sellers and buyers to ensure the whole customer journey is managed in the right way.
At Foster & Edwards we offer our sellers the opportunity to list their property with a market leading online auction which is only available through selected estate agents throughout the UK using the modern method of auction. We aim to achieve a quick sale to a committed buyer without the hassle or fees of a traditional auction house.
Now, with the modern method of auction, buying an auction property couldn’t be simpler. Private buyers are now able to take the necessary time to secure a mortgage and exchange contracts. Buyers are able to make bids either online, or through the LetsBid mobile app. As a buyer you will receive the same professional support we have always offered to buyers on traditional sales.