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.
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