Why auction
Why Auction Your Home With Petty Real?
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A Speedy Sale
The Modern Method of Auction (MMoA) takes just 56-days from receipt of draft contracts. Alternatively, a Traditional Auction completes in just 28-days, giving you a faster route to sale.
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Secure Transactions
Once the sale is agreed, the buyer pays a non-refundable Reservation Fee, providing peace of mind that they are fully committed, and reducing the risk of renegotiation or fall-throughs.
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Competitive Offers
Transparent bidding lets buyers see each other's bids, encouraging competitive offers that can help boost your final sale price.
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No Selling Fee
With auction, selling fees are typically paid by the buyer, making it a lower-cost alternative to Private Treaty (or 'open market').
Our results speak for themselves
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180+
Auction Sales
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+£18.7m
Value of property sold in 2024/25
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95%
Completion Rate
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56
Days To Completion
Current & upcoming auctions
Our next live auction is run via our partner iamsold. Live lots, legal packs, registration to bid and auction calendar are all maintained there.
Two routes to sale
Modern Method vs Traditional Auction
Both routes provide a secure and fast sale, but they suit different sellers and properties. Here's how they compare.
| Feature | Modern Method (MMoA) | Traditional Auction |
|---|---|---|
| Marketing period | 4 weeks | 3–4 weeks |
| Time to exchange | 28 days from acceptance | On the fall of the hammer |
| Time to complete | Up to 56 days | Within 28 days |
| Buyer pays reservation fee | ||
| Buyer pays 10% deposit on day | ||
| Suitable for mortgage buyers | Cash / bridging only | |
| Reserve price protection | ||
| Seller pays commission | 0% — buyer pays fee | Negotiable |
The journey
Selling by auction
We're here for you and we'll help in any way we can.
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Step 1
Book a valuation
Make an appointment for our professional valuer to inspect your property. Our property specialists can help you decide whether your property should be sold at auction or via our traditional methods to maximise the value of your property.
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Step 2
Preparing for auction
One of Petty Real's valuation team will visit the property and work with you to prepare your property's brochure. This will include photographs, floor and site plans and an EPC.
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Step 3
Property Marketing
Once the auction date is set a marketing period of approximately 4 weeks will be undertaken, quoting your agreed guide price. The Petty Real sales team in Burnley and Pendle will ensure your property gains maximum exposure across the property portals.
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Step 4
Legal pack
Petty Real work closely with Medway Law who will prepare your auction pack, including all the legal conveyancing documentation to ensure speed of sale. Your legal pack will be available for prospective buyers to read leading up to the auction date.
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Step 5
The Auction
Now the excitement starts on selling your property. Buyers can place bids from the moment your property hits the market. Our clients have often experienced bidding up until the last minute on their properties, and in some cases surpassing their expected value.
Questions
Auction FAQs
Some of the most common questions we receive from buyers and sellers.
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What is a Guide Price?
A Guide Price is provided as an indication of the seller's minimum expectation. It is not necessarily the figure at which the property will sell for and may change at any time prior to the auction. Each property is sold subject to a Reserve Price, which will be within +10% of the published Guide Price. -
What is a Buyer's Reservation Fee?
Under the Modern Method of Auction, the successful bidder pays a non-refundable Reservation Fee in addition to the purchase price. This typically equates to 4.5% (subject to a minimum) of the final bid price including VAT. The fee secures the property and is considered as part of stamp duty calculations. -
How long does it take to complete?
Modern Method of Auction allows up to 28 days to exchange contracts and a further 28 days to complete — 56 days in total. A Traditional Auction exchanges immediately on the fall of the hammer, with completion typically within 28 days. -
Can I view a property before bidding?
Yes — we encourage all interested buyers to view properties in person before placing a bid. Open viewings are held during the marketing period and individual appointments can be arranged via the branch handling the lot. -
Do I need a mortgage in place to bid?
For the Modern Method of Auction, mortgage buyers are welcome and the 56-day completion timeline allows time for your finance to be arranged. Traditional Auctions typically require cash or bridging finance, as completion is required within 28 days of the hammer falling. -
What is a legal pack?
The legal pack is a collection of documents prepared by the seller's solicitor (we work closely with Medway Law). It includes the title, searches, special conditions of sale and any other relevant documentation. We strongly recommend reviewing the legal pack — and having your solicitor review it — before placing a bid. -
Are there fees for the seller?
Under our Modern Method of Auction, sellers pay 0% commission — the buyer pays a Reservation Fee instead. Traditional Auction terms can vary; speak to our team for a tailored quote.
All of the benefits
All of the benefits of a traditional auction but with the potential to market the property to a wider audience. Some of our online auction options have no fees at all for the seller, offering a fast and free service without ever having to leave your sofa.
The buyer pays a Reservation Fee, so you pay no commission or auction fee. The buyer will consider this as part of their total budget for the property.
