Buyer FAQ's

How long does the auction last for each property?

Most auction properties on the site are live for 30 days, and at any point during this time you can place a bid on a property. To see how much time is remaining on a specific auction, click on the search section or on the property details where the time remaining will be displayed in the top left hand corner. 

How do we get paid?

All auction sales are subject to a reservation fee which covers our costs (unlike traditional property transactions where the seller pays the fee). This is a percentage of the final sale price, and is in addition to it. The resveration fee reserves the property for the buyer and must be paid at the end of the auction. If the sale falls through due to an act of the vendor the reservation fee will be refunded to the buyer in full. If it falls through because of the buyer it is not refundable.

Why would someone pay a fee to purchase a property?

When looking to buy a property most people will look at a total purchase price, and all of the lots available through our online auction are priced realistically and to sell. 

Is the bid binding?

In the modern method of auction, the bid obliges you to pay a reservation fee and sign the reservation form. It does not bind you to buy the property but reserves you the right to exchange contracts on the property at an agreed price within 28 days of the bid being accepted. 

How quickly do I have to buy the property?

With the modern method of auction, when the auction closes the winning bidder has 28 days to exchange contracts and a further 28 days to complete the purchase. This additional time makes it more appealing to those buying with finance or a mortgage because there is more time to get the necessary paperwork completed.

How do I place bids?

Firstly you will have to register with us. A link to the registration form can be found on the top bar of the home page. Once you have completed the registration form, you will be sent a welcome email confirming that you are registered to bid. Alternatively you can call and speak to one of our auction coordinators and they will place a bid on your behalf.

Can I place bids outside the auction process?

If you would like to place a bid on a property before the auction has finished it will be dealt with on an individual basis. By law we must put any offer that is made forward to the seller. It is then up to the seller to decide if they want to consider the offer and take the property out of the auction early. In this scenario the reservation fee is still payable and the terms and conditions of the auction still apply.

What if the reserve price is not met?

If the reserve price is not met during the auction, we will communicate with the seller and any interested parties to see if a sale can still be achieved. If you are interested in an unsold lot please contact a member of the auction team.

Further Information

If you still have any unanswered questions or wish to talk to someone further, please don't hesitate to contact a member of our auction department. They are approachable, friendly and able to offer honest and sensible advice about selling via the modern method of auction.

If you would like to discuss the auction route further please don't hesitate to contact a member of the Auction Department on 0845 5193 126 to discuss in greater detail.

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IAM Sold Ltd is rated 4.65 stars by Reviews.co.uk based on 162 merchant reviews

4.65 / 5 Rating
162 Reviews
I would thoroughly recommend I AM SOLD, they were very responsive, they followed up with me and kept me informed at all stages. They liaised with my solicitors with ease and made the process stress free. Stefan was my main contact and was a pleasure to work with, constantly helpful. I would definitely use I AM SOLD again.
Good customer service and advice. Honest and efficient. Thanks.
Very good service, kept in touch regularly via telephone and email to update us of the progress. Highly recommend and very happy with service. Thanks.