My Auction launches with promises of being a fairer auction service

There's a recently launched online auction service that claims it offers a fairer service for agent partners, buyers and sellers

My Auction is distancing itself from the Modern Method of Auction (MMA), which has been controversial due to a perceived lack of transparency and high buyers' fees.

The service has been launched by Stuart Collar-Brown and Todd Harrison-Moore, two property professionals with 25 years of combined industry experience.

Collar-Brown previously worked for Pattinson Auctions, while Harrison-Moore has worked for a number of property investment firms.

The new service claims to address a number of issues raised in both traditional and online conditional auctions.

It says it will only charge property buyers a fee of 1% + VAT (set at a minimum of £2,000 + VAT), compared to the 6% fees faced by some buyers using MMA.

Winning bidders will be expected to pay a 5% non-refundable deposit and then the remaining 95% of the purchase price 20 working days after contracts have exchanged.

The firm says that purchasing a £250,000 property through one of its auctions would cost the buyer £3,000 including VAT for the security of exchanging contracts immediately, compared to up to £15,000 with other online conditional auction services.

Read more here

Join us November 12-15 for the Property Portal Watch Conference Madrid 2019.