How Long Does It Take to Sell a House by Modern Auction?

Some people prioritise speed over getting the best price when it comes to selling their home. With the average estate agent sale taking 25 weeks, many homeowners are looking into speedier selling options.

So, how long does it take to sell a house by modern auction?

On average, it takes around 12-16 weeks to sell a house by modern auction if everything goes to plan. It can take even less time if you’re lucky enough to agree a pre-auction sale. However, modern auction sales can also take much longer if you fail to sell first time around or if completion deadlines slip.

In this article, we reveal how long it really takes to sell a house at modern auction (including the best and worst cases). We also explore how modern auction compares to other selling methods in terms of speed and uncover if modern auction sales really run to their deadlines!

If you want to cut to the chase and see if modern auction is right for you, we’ve created a free online quiz to help you do just that. If it is a good fit, we’ll help you get in touch with the #1 Leading Auction House in your area.

Click the button below to get started.

1. How quickly can you sell a house at modern auction?

On average, it takes around 12-16 weeks to sell a house by modern auction. This is comprised of the initial onboarding process (2 – 4 weeks), the online auction (48 hours – 30 days), and the time to complete (56 days on average). However, deadlines can, and do, slip.

Here’s a summary of the modern auction process and average timeframes:

Sometimes, properties can sell even faster by modern auction if you agree a pre-auction sale. The seller can accept an offer before the auction, or at any point during the auction process and end the auction early.

Keep in mind the timeframes above are based on the property selling at the first auction and everything going to plan. Unfortunately, this isn’t guaranteed.

In practice, many modern auction sales will end up taking longer than 12-16 weeks because they sell on their second or third attempt (or fail to sell at all).

Top tip: We’ve been told from auction insiders that some of the major modern auction houses are only selling 30-40% of the properties they take on!

Modern auction is therefore not a great option if you’re in a chain or must sell your property by a certain date.

Now we know how long it takes to sell a house by modern auction, let’s look at how it compares to the other selling methods available to homeowners…

2. Modern auction timeframes vs other selling methods

Modern auction is not the quickest selling method available to homeowners…but it’s not the slowest either!

(Remember, there will always be a compromise to make between speed and price when it comes to selling your home. A fast, certain home sale always comes at a cost.)

We’ve put together a graph showing the average time to sell for modern auction, traditional auction, house-buying companies, and estate agent sales.

As you can see from the graph, selling your home directly to a house-buying company is the fastest way to sell your house. You can complete in as little as two weeks if you sell to a genuine, well-funded company!

Traditional auction is also faster (and more certain) than modern auction, taking 10 – 12 weeks on average. If you set an aggressive price and agree a pre-auction sale, it’s possible to instruct, exchange and complete in as little as 4 weeks.

By comparison, a standard estate agent sale takes nearly 6 months on average (but you will get the best price selling this way)! If price is your number one priority, there are things you can do to speed up your estate agent sale.

Top tip: Traditional auction might actually be more suitable for you depending on your property type.

You can read more about which types of homes are best suited to modern and traditional auction here: What Types of Property Are Suitable For Auction?

3. Do modern auctions always complete within the pre-agreed deadlines?

Not all modern auction sales complete within the pre-agreed deadlines.

Modern auction has longer timescales and less rigid requirements compared with traditional auctions.

Unlike traditional auctions, there’s no penalty if a sale creeps over the average 56-day completion deadline.

As such, sales can, and often do, run over! This review of one of the biggest modern auction companies shows the seller is still waiting 80 days post-auction to complete…

This undermines some of the main benefits promised by the modern auction process – speed, convenience, and certainty.

Related: In our opinion, modern auction fails to deliver on many of its promises. You can read more in our article here: Is Modern Auction Any Good? [Find Out If It’s Right for You]

Selling your house by modern auction is not a great option if you’re working to a strict deadline.

One example would be if you’re in a house chain. Unless you’re able to break the chain, it can be impossible to sync up sales and co-ordinate your onward purchase.

For one, there’s no guarantee your property will sell first time around. Nor is it guaranteed to complete on time.

4. Is there an even faster way to sell a house?

If you want to sell your house quickly, there’s an even faster method than auction.

The fastest way to sell a house is to sell to a genuine, well-funded house-buying company. Sometimes, they can buy your house in as little as seven days!

The speed does come at a cost, though.

Genuine house-buying companies can only offer around 78-83% of your property’s market value.

To find out which selling method is better suited to your priorities, property, and timeframes, you can take our free online quiz here.

We’ll tell you the best way to sell your house and recommend the leading companies in your area. You’ll also be given the chance to book a free chat with a Home Selling Expert who can answer all your questions.

5. Is modern auction right for you?

In our opinion, modern auction is only right for a small handful of home sellers. We don’t recommend it to our readers often.

It all comes down to your unique priorities, property, and timeframes.

We would recommend doing some research before committing to modern auction.

Warning! Unfortunately, many estate agents will recommend modern auction to home sellers as a “great option”. But they rarely have your best interests at heart and are instead often focusing on their hefty referral fees.

If you want to learn more about modern auction, you can read our honest guides on this topic by clicking the links below:

• Is Modern Auction Any Good? [Find Out If It’s Right for You]
• Top 5 Reasons People Sell Their Houses by Modern Auction
• Modern Auction: The Top 15 Pros & Cons [A 2024 Seller’s Guide]
• Why Are Modern Auction Fees So High? [Seller’s Fee Guide]

You can also cut right to the chase and find out if modern auction is right for you by taking our free quiz.

If modern auction seems like a good fit, we’ll recommend our #1 Leading Auction House in your area. If not, you’ll have the chance to book a free chat with a Home Selling Expert to help you figure out your optimal selling method based on your unique circumstances.

Click below to get started…