In a market where buyers are not required to make any commitment to a property purchase and the fall-through rate & average conveyancing time is ever increasing, we saw an opening to offer sellers alternative methods of sale designed to increase the security of the transaction and drastically reduce the time taken to get our sellers through to completion.
0% SALES COMMISSION
Fees are paid by the buyer. Not by you.
QUICKER SALE
Reach completion within 28 days of exchange.
SECURITY OF SALE
Buyer’s make a fees represent a significant financial commitment, greatly reducing fall- through rates
SIMPLIFY THE PROCESS
Much of the legal work will be done prior to the auction taking place.
SET A RESERVE
A minimum sale price guarantees the property will not sell below your agreed figure.
MAXIMISE INTEREST
Using a proven marketing strategy to drive up competition between buyers to push the price up.
HOW THE AUCTION PROCESS WORKS
WHAT OUR SELLERS SAY
AUCTION SUCCESS STORIES
THE AUCTION METHOD
Here at Whoobid we have two different methods of auction the Traditional Method and the Modern Method. Both methods are an innovative alternative to the standard private treaty method looking to make property sales faster, more secure and more transparent for both buyer and seller.
WHAT IS THE STANDARD PRIVATE TREATY METHOD?
If you’ve ever bought or sold a property before then you’re probably familiar with the private treaty method. You’ll list your property with an estate agent, they’ll conduct viewings and eventually you’ll find a buyer who makes you a great offer.
Unfortunately, it’s not always as simple as marking your property sold and being done. Your sale will go through the conveyancing process. This is where solicitors go through all the legal aspects and conduct searches on your property. On average this takes between 12 and 16 weeks and at the end of it your buyer is under no obligation to even go through with the sale putting you back to square one.
HOW DOES PRIVATE TREATY COMPARE TO AUCTION?
The key difference between our auction methods and private treaty sales lies in how the legal process is handled. In an auction, a legal pack is prepared in advance, giving buyers immediate transparency about exactly what they are bidding on. In contrast, a private treaty offer is typically made “subject to conditions”, meaning further legal checks and negotiations are required after the offer is accepted. With an auction, however, bids are made subject to the legal pack, making each offer far more secure. As much of the conveyancing work is completed upfront, the process is faster, more efficient, and less prone to fall-throughs.
Estate & Auction Timelines
Swipe to see How Long it Takes to Sell a Property
From launching your property to reaching that ever illusive completion date. We take a look at how whoobid's auction method compares to astandard estate agency (private treaty) sale.
Swipe through the weeks and click on the events to learn more.
Swipe
Standard Estate Agency Sale
Marketing Period
Getting to Exchange
Reaching Completion
The Modern Method of Auction
Marketing Period
Getting to Exchange
Reaching Completion
The Traditional Method of Auction
Marketing Period
Reaching Completion
Tip: Drag or swipe → to see later weeks and click events for more info.
THE TRADITIONAL METHOD
This is the method of auction you will think of when you hear the word ‘auction’ with exchange happening on the fall of the hammer and completion following within 28 days.
We have taken the outdated method of sale and modernised it by bringing the process online allowing people to bid from the comfort of their own homes, taking away the anxiety and pressure that often comes with auction room sales. By taking the process online we are opening the market up to a wider range of buyers who may have otherwise not been able to make it to an auction room.
At the end of the auction the winning bidder will be bound by our terms and the Reservation Fee will be paid.
BENEFITS OF TRADITIONAL AUCTION
0% Sales Commission as our fees are paid by the buyer of the property
Proceedable Buyers only as bidders need to have funds in place prior to auction and are often cash buyers
Quick Sale with a tailored, fixed marketing period to generate interest with exchange taking place immediately after the auction and completion will be within 28 days
Security as the buyer is legally bound to exchange and they will have made a significant financial commitment upon completion of the auction. Over 99% of sales using this method reach completion
Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up
Simplify the Legal Process as much of the work will be done prior to the auction taking place
Set a Reserve which guarantees the property will not sell below your agreed figure
THE MODERN METHOD
This works in exactly the same way as the traditional auction whereby the auction takes place online, however the property does not exchange on the fall of the hammer. Instead, the winning bidder agrees to enter into an exclusivity agreement which grants the winner 28 days in which to exchange.
This opens the auction market up to properties that may not have been suitable for traditional auction as motivated mortgage buyers will have time to raise finance on the property. This means that you are not narrowing your market to predominantly ‘cash buyers’ as with traditional auctions.
At the end of the auction the winning bidder will be bound by our terms and the Reservation Fee will be paid.
BENEFITS OF MODERN METHOD
0% Sales Commission as our fees are paid by the buyer upon them winning the auction
Mortgage Buyers are also able to bid on your property as they have sufficient time to arrange finance which opens up your potential market
Quick Sale with a tailored, fixed marketing period to generate interest, the winning bidder has 28 days to exchange following the completion of the auction – if they fail to do so you are free to remarket the property
Security as the buyer will have made a significant financial commitment upon completion of the auction by way of the Reservation Fees. Over 95% of sales using this method reach completion
Maximise Interest by using a proven marketing strategy to drive competition between potential buyers to push the price up
Simplify the Legal Process as much of the work will be done prior to the auction taking place
Set a Reserve which guarantees the property will not sell below your agreed figure.
Frequently Asked Questions
How quickly can I sell my property at auction?
The auction process works to fast and fixed timescales, depending on the method of auction used.
Traditional auction: contracts exchange immediately when the hammer falls, with completion set within 28 days.
Modern method of auction: exchange takes place within 28 days of the hammer falling, with completion within a further 28 days.
At Whoobid, we typically run a 6-week marketing cycle before the auction date to build interest in your property. However, buyers can also submit pre-auction offers. If you choose to accept one, the sale proceeds under the same legally binding timescales as if it had sold on auction day.
In fact, 59.1% of the properties that sell, do so before their scheduled auction date. Meaning you could secure a buyer in as little as one day.
Which is better: Auction or Private Treaty Estate Agent Sale?
It depends on your priorities. Selling through a private treaty estate agent can sometimes achieve a higher asking price, but it often takes longer and there is always the risk of sales falling through.
Auction, on the other hand, offers speed, certainty and transparency. Once the hammer falls, the sale is legally binding, which means there is far less chance of delays or complications. Many sellers choose auction because they value the security of a guaranteed buyer and a fixed timescale, rather than waiting months for a private sale to progress.
At Whoobid, we guide you through both the advantages and considerations of auction, helping you decide if it’s the right route for yourself and your property.
What are the costs of selling by auction?
With Whoobid Property Auctions buyers pay the fees. The only upfront cost to a seller is our auction administration fee of £299 (inc. VAT).
You’ll also need a solicitor to produce the auction legal pack. If you use your own solicitor, they may charge for the preparation of this pack. However, if you choose our affiliated solicitor, the auction pack is produced free of charge.
As with any property sale, there will also be solicitor’s fees for handling the conveyancing process. These are comparable to the costs of a standard sale and are usually paid upon completion rather than in advance.
Can I set a minimum price for my property?
Yes. When selling at auction with Whoobid, you set a reserve price before the property is listed. This is the minimum figure you are willing to accept, and your property will not sell for less than this amount.
The reserve price gives you full control and peace of mind, while still allowing competitive bidding to drive the final sale price higher.
Can I sell a tenanted property at auction?
Yes. Selling a tenanted property at auction is often a smart option, as many investors are actively looking for buy-to-let opportunities. A property with reliable tenants already in place can be highly attractive to buyers who want immediate rental income from day one.
At Whoobid, we regularly sell tenanted flats, houses and commercial properties, giving landlords a fast and secure route to sale while ensuring the tenancy continues smoothly under the new owner.
Can I sell an inherited or probate property at auction?
Yes. Selling an inherited or probate property at auction is often one of the quickest and most straightforward ways to achieve a secure sale. Auctions provide full transparency for all parties involved in the probate process and help avoid the lengthy delays that are common with private treaty sales.
What many sellers do not realise is that property trader buyers can benefit from Stamp Duty Land Tax (SDLT) relief when purchasing probate properties. This makes probate homes particularly attractive at auction, often leading to stronger competition between buyers and higher final sale prices.
Are auctions only for run down or repossessed properties?
Not at all. While auctions can be a good route for selling repossessed or renovation properties, they are also widely used by homeowners looking for a faster and more secure way to sell.
Auctions attract a wide range of motivated buyers, which means you don’t need to have a “problem property” to benefit from the process.
Do properties always sell below market value at auction?
No, there is a common misconception that selling at auction means letting your property go cheaply.
In reality, auctions are often chosen because the process is much quicker, more transparent and more secure than selling via private treaty. This makes them an excellent option for sellers who want speed and certainty, over achieving the best price but not exclusively so.
The competitive nature of the bidding can push the final sale price higher than expected, with many properties achieving strong market values.
What's the difference between the Modern Method and Traditional Method of Auction?
The main difference is in the timescales for exchange and completion.
Traditional Auction
Exchange of contracts happens immediately when the hammer falls.
Completion takes place within 28 days.
Best suited to cash buyers and those ready to move quickly.
Modern Method of Auction
The winning bidder pays a reservation fee when the hammer falls.
They then have up to 28 days to exchange contracts, and a further 28 days to complete.
This gives mortgage buyers more time to arrange finance, widening the pool of potential buyers.
At Whoobid, we’ll advise on the best method for your property and circumstances. Both provide speed, transparency and security compared to private treaty sales, with the Modern Method offering more flexibility for buyers and the Traditional Method delivering a faster, fixed turnaround.
SOLD PROPERTIES
Sold
ONLINE AUCTION
GUIDE PRICE*
£330,000.00
Reservation Fee Applies
Freehold Property
29 Pine Crescent
Highcliffe
HOUSE
Sold
ONLINE AUCTION
GUIDE PRICE*
£130,000.00
Reservation Fee Applies
Freehold Property
The Old Bridge Post Office
Watchet
HOUSE
Sold
ONLINE AUCTION
GUIDE PRICE*
£95,000.00
Reservation Fee Applies
Leasehold Property
Flat 2, 16 East Street
Weymouth
FLAT
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