A Transparent, Secure and Fast Way to Sell

A Transparent, Secure and Fast Way to Sell

At Prime Estates, we’re proud to offer the Modern Method of Auction in partnership with iamsold - giving you another way to sell your property that’s secure, chain-free and designed to get real results without unnecessary delays.

Modern Auction blends the speed of traditional auction with the flexibility of private treaty; making it suitable for residential homes, investors, and sellers looking for commitment from buyers up-front.

What is the Modern Method of Auction?

What is the Modern Method of Auction?

Unlike traditional in-room auctions, this is an online process. Buyers have more time to complete their due diligence and can often use a mortgage; sellers gain faster, more committed transactions without giving their property away.

  • Buyers place bids online over a fixed timeframe
  • The winning bidder pays a non-refundable reservation fee - giving you the security to proceed
  • You receive a legally binding agreement to sell; the buyer is committed
  • Completion usually takes place within 56 days - no lengthy chains or delays

Tenant Fees and What They Cover

Tenant Fees and What They Cover

We keep our fees simple, transparent and fully in line with the Tenant Fees Act 2019. Here's what you might be charged and when:

  • Holding Deposit: Equivalent to one week’s rent; this secures the property while references are completed and forms part of your first month’s rent
  • Tenancy Deposit: Usually equivalent to five weeks’ rent, held securely in a government-approved scheme
  • Late Rent Charges: Interest may be applied if rent is more than 14 days overdue (capped at 3% above the Bank of England base rate)
  • Lost Keys or Security Devices: You may be charged the cost of replacement if needed
  • Tenancy Changes or Amendments (by request): £50 including VAT
  • Early Termination (if agreed): You may be responsible for the landlord’s costs for re-letting

We’ll always explain fees clearly and provide all required documentation before you sign.

If you have any questions at any stage - just ask.

Why Sellers Choose Auction

Why Sellers Choose Auction

Modern Auction offers more than just speed. Here’s what makes it attractive:

  • Serious Buyers Only - the reservation fee means no timewasters
  • Complete Transparency - real-time online bidding
  • Zero Selling Fees - buyers pay the costs, meaning more money in your pocket
  • Flexible Timescales - completion in 28 to 56 days
  • No Risk of Underselling - set your reserve price and you stay in control

It’s particularly suited to:

  • Unique or unusual properties
  • Homes that have struggled on the open market
  • Probate or vacant properties
  • Sellers who want extra peace of mind

What is the Committed Buyer Service?

What is the Committed Buyer Service?

The Committed Buyer Service is exclusive to the Modern Auction route. It gives both sides protection:

  • Buyers register via the iamsold platform
  • They accept clear terms and conditions
  • A reservation fee is paid to secure the sale
  • Anti-money laundering checks and ID verification are completed before bidding
  • Sellers receive peace of mind and a real commitment to exchange

This ensures that once a bid is accepted, the buyer cannot simply back out - giving you certainty, structure and speed.

A Step-by-Step Process

A Step-by-Step Process

  1. Free valuation and property review
    We’ll confirm whether your home is suitable for auction and discuss reserve pricing

  2. Launch your auction listing
    Your property is listed on Rightmove, Zoopla and the iamsold platform with professional marketing

  3. Watch the bids come in
    Bidding takes place online over a set timeframe - usually 14 - 21 days

  4. Reserve met; buyer secures sale
    Once bidding ends, the winning buyer pays the reservation fee and commits to proceeding

  5. Complete with confidence
    Exchange and completion follow within 28 - 56 days

What Our Clients Say

What Our Clients Say

“From valuation through to completion, the team at Prime Estates were fantastic - the auction gave me a quick, confident sale without all the stress.” - Mrs S, Yardley

“I was sceptical at first, but Modern Auction helped me secure a committed buyer quickly and I didn’t pay any selling fees. Win-win.” - Mr L, Castle Bromwich

Ready to Explore the Auction Option?

Ready to Explore the Auction Option?

If you’re curious about whether your property is right for auction - or want to understand the pros and cons for your specific situation - just ask.

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