The auction date, or in an online auction, the close of bidding, is now confirmed. This is the point everything else has been building towards: a winning bidder gets identified and the reservation process begins in earnest.
What actually happens at the close of bidding?
In the Modern Method of Auction, the auction date is the deadline by which all online bids must be placed. Unlike a physical auction room, MMoA bidding usually runs over an extended online window, sometimes several weeks, that closes at a specified date and time. If bids reach or exceed your reserve by that point, the highest bidder becomes the winning bidder. They're then contacted by the auctioneer, required to pay the non-refundable reservation fee, and given 28 days to exchange followed by a further 28 to complete.
Why does having a confirmed date matter so much?
It gives everyone, sellers, buyers, and their legal teams, a clear target to work towards. The legal pack needs to be ready before or immediately after marketing launches specifically so prospective buyers have adequate time to review it, instruct their solicitors, and arrange finance before bidding closes. Knowing the date also lets you plan practically for what comes after the auction itself.
What happens behind the scenes?
Your auctioneer monitors bidding activity as the date approaches. Many online auction systems automatically extend the closing time by a short period if a bid lands in the final minutes, which stops last-second bidding from unfairly disadvantaging buyers who were genuinely active earlier. Your conveyancer should have the legal pack complete and published well before the auction date, not scrambling to finish it as the clock runs down.
What should you actually do at this stage?
Confirm with your conveyancer that the legal pack is genuinely complete, published, and accessible to bidders. Make sure you're available on the close date so you can be contacted quickly once a winning bidder is identified, this isn't a good day to be unreachable. Talk to your auctioneer in advance about what happens if reserve isn't met, including whether you'd consider negotiating with the highest bidder if things fall just short. If you're also buying, factor the auction timeline, up to 56 days from reservation fee payment, into your own planning.
| Before the auction closes | Why it matters |
|---|---|
| Legal pack complete and published | Buyers need time to review before bidding closes |
| You're reachable on the close date | The winning bidder needs contacting quickly |
| A plan for reserve-not-met scenarios | Decide your approach before it's a live decision under pressure |
| Your own onward timeline factored in | Up to 56 days from reservation fee payment |
Frequently asked questions
- What happens at the close of an online auction?
- The highest bidder above reserve becomes the winning bidder and is asked to pay the reservation fee.
- Why do online auctions sometimes extend automatically near the close?
- To stop last-second bidding from disadvantaging buyers who were active earlier in the process.
- What happens if the reserve price isn't met?
- Worth discussing with your auctioneer in advance, including whether you'd negotiate with the highest bidder.
- How long should I allow if I'm also buying after an auction sale?
- Up to 56 days from reservation fee payment, the combined exchange and completion window.
This guide is general information for home sellers in England and Wales. Auction mechanics and extension rules vary by auctioneer.