Traditional auction Vs modern method of auction

Why are sellers using the traditional method of the auction in almost every case?! Over the past year or so, Connect UK Auctions have received calls from thousands of clients in the UK with unsold properties using the Modern Method of Auction. 

The answer is simple

Traditional auctioneers are qualified professionals who carry out their own due diligence when it comes to valuations and marketing, therefore the client is the priority. 

Modern Method of Auction is often run by tech platforms that work with estate agents to offer this service, and in return, these estate agents receive a large chunk of the fee. The priority is the fee.

Here are the main differences

  Traditional auction

Auction Day = Exchange
Neither buyer or seller can pull out, contracts have exchanged 

  Modern method of auction

Auction Day = NO Exchange
Either party can still pull out as the exchange won’t happen for 28 days 

  Traditional auction

Exchange = On Auction Day
Completion = 28 days after exchange 

  Modern method of auction

Exchange = 28 Days after Auction Day
Completion = 56 Days after Auction Day

  Traditional auction

No fees are paid by the purchaser until exchange

  Modern method of auction

A large, non-refundable reservation fee is paid by the purchaser before exchange thus deterring them.