How do property auctions work?
Property auctions are designed to create a fast, transparent and legally certain way of buying and selling property.
Unlike private treaty sales, where negotiations can take weeks or months, auctions follow a clear structure with defined timescales and immediate commitment once a bid is accepted.
At Edward Mellor Property Auctions, the process is built around three key principles: preparation before the auction, competitive bidding on the day, and a fixed timeline to completion once a sale is agreed.
What is the difference between a traditional auction and the modern method of auction?
There are two main types of property auction, each offering a slightly different approach:
Traditional auction
Contracts are exchanged as soon as the hammer falls, making the sale legally binding on the day. Completion usually follows within around 28 days, giving both buyer and seller speed and certainty. These are typically conducted in an auction house.
Modern method of auction (MMoA)
The buyer pays a reservation fee to secure the property, then has a longer period (often around 56 days) to exchange and complete. This can offer more flexibility, particularly for buyers arranging finance.
Both methods are effective, but traditional auctions are generally preferred when a faster, more certain sale is required. Modern auction sales are typically held online.
Edward Mellor Property Auctions
Edward Mellor Property Auctions are unique in that our process offers the speed and certainty of Traditional Auction sales with the accessibility of the Modern Method of Auction.
The result is a uniquely dynamic method of selling that can’t be found anywhere else.
If you’d like to learn more about the Edward Mellor auction experience, register to bid, or list a property for sale, feel free to contact our friendly team using the link below.
Contact Edward Mellor Auction Today
What happens before the auction takes place?
Preparation is a key part of the auction process.
Before the auction, the property is dynamically marketed to the most appropriate buyers, and a legal pack is made available.
The pack includes important documents such as title details, searches and any special terms the buyer should be aware of. Buyers are expected to review this information, arrange viewings and carry out their own due diligence in advance.
A guide price is published to indicate the expected sale range, while the seller sets a reserve price – the minimum they are willing to accept.
In some cases, pre-auction offers may also be considered, allowing a sale to be agreed before the auction date.
What happens on auction day?
During Edward Mellor property auctions, bidding takes place online over the course of two days.
Registered bidders compete, while our team oversees the process to ensure that everything is running smoothly. If the reserve price is met, the property is sold.
When the final bid is accepted, contracts are exchanged immediately, the buyer signs the memorandum of sale and pays a deposit, usually 10%.
At this point, the sale becomes legally binding, and the buyer is committed to complete the purchase within the agreed timeframe.
How long does a property auction last?
For sellers, a property is usually entered into auction 4–6 weeks before auction day. If it sells at auction, exchange happens at the sale, and then legal completion is usually 4 weeks later. In urgent cases, a property can be instructed, exchanged and completed in as little as 4 weeks.
Once a buyer wins a lot, contracts are exchanged immediately under auction conditions, and completion then takes place within 28 days.
During Edward Mellor property auctions, bidding takes place over two days, with the bidding window for lots closing in two-minute increments on the second day.
How quickly does completion happen after the auction?
One of the main advantages of auction is the speed of completion.
In a traditional auction, completion usually takes place within a fixed timeframe—often around 28 days. This deadline is agreed in advance, giving both buyer and seller certainty and a clear timetable.
Because the timeline is short, buyers need to have their finances and legal arrangements ready before bidding.
Contact Edward Mellor Property Auctions
If you are considering buying or selling at auction, the Edward Mellor Property Auctions team is here to help. With experience across residential and commercial property, we provide expert guidance, targeted marketing and a structured approach from listing to completion.
To see our next and upcoming property auctions, register to bid, or contact us to sell at auction, visit our main auction page using the link below.
Contact the Edward Mellor Auction Team
Related Pages
Auction FAQs | Buying a House at Auction | Selling a House at Auction | Common Auction Questions | Selling at Auction | Auctions | Edward Mellor