What Is the Modern Method of Auction? How MMoA Works in the UK

What Is a Modern Method of Auction?

The modern method of auction (MMoA) is an online auction format that gives buyers more breathing room than the traditional version. In short, a traditional property auction binds the sale the moment the hammer falls and requires completion within 28 days, but the modern auction format takes a different approach.

The winning bidder pays a non-refundable reservation fee (usually 4 to 5 per cent of the purchase price) to secure the property, then has around 56 days to exchange and complete. The longer window is the whole point. It opens the door to mortgage buyers who cannot move at traditional auction speed, thereby widening the pool considerably. 

The reservation fee, meanwhile, weeds out anyone bidding for sport. The format is run by specialist providers (most prominently iamsold), usually paired with high-street estate agents. These modern methods of auction houses operate the bidding platform, hold the fee, and manage the conditional period.

The Certainty of MMoA: Without the Fee That Costs You

Sellers drawn to MMoA usually want one thing above all: a buyer they can rely on, who has put real money down and cannot simply walk away. Alternatively, Springbok Fixed Price™ delivers exactly that, without the buyer fee that erodes your price.

• A committed buyer secured by a reservation deposit.
• A backup cash offer from Springbok if that buyer falls away.
• Near-market value at 95 to 99 per cent, with no buyer fee dragging bids down.
• Zero fees to you, and completion in 28 to 42 days on a date you choose.

And if you need to move even faster, Springbok Cash Sale™ completes in seven to 21 days using Springbok's own funds.