Buying through Modern Method of Auction

We are really excited to be able to offer a quick, easy alterlative means of purchasing property via the Modern Method of Auction. Traditionally a market limited to cash ready investors, the Modern Method has evolved auctions to be inclusive to a wider variety of buyers and sellers. Namely, it offers fixed yet realistic timescales (an average 28-56 days) to accommodate the typical residential buyer looking to arrange a mortgage. With the Modern Method, the successful buyer can reserve their property until exchange of contracts. This allows buyers and sellers alike the time to arrange their finances and carry out due diligence.

Step 1 - Property Search

You can search for all of our auction properties here

If searching through all of our properties, look out for the auctioners gavel in the top left corner of our listings. 

All of our property listings are also available on all the major UK property portals:

Step 1 - Property Search
Step 2 - View

Step 2 - View

Once you’ve found a property you are interested in, contact the team with the information provided in the listing to arrange a viewing. Because of the level of interest in the properties and often shorter timeframe for marketing, block viewings at set times are more common with this method of selling.

Following a viewing, you can expect to be contacted by the auction team at IAMSOLD to discuss your feedback, interest in bidding and answer any queries relating to the process.

Step 3 - Register

To place a bid, you will need to register by creating an account online or by speaking with a member of the auction team at IAMSOLD. An active account allows you access to further important information including watch lists, legal packs and the bidding platform.

Step 3 - Register
Step 4- Buyer Due Diligence

Step 4- Buyer Due Diligence

Once you have registered, we recommend you carry out your own due diligence on the property and your own affordability before proceeding with an offer. To help you, each property has a Buyers Information Pack and we highly recommend that as well as viewing the property, you also review the information contained within this pack fully, before bidding.

It’s also advisable to review the Buyers Information Pack with your solicitor where possible. If you do not ask them to review it, we suggest you make them aware of your intended purchase and obtain a quote to put you in a position to proceed quickly once the auction ends. This pack typically consists of the Legal Title Documents, Local Authority Search, fixtures & fittings form, Water and Drainage Search and the Energy Performance Certificate (EPC). EPCs contain information on the properties energy use and typical energy costs. They also recommend how to reduce energy use and save money. Once the property is sold, the pack is forwarded to the acting solicitors. The successful purchaser may also be required to pay £200 (inc.VAT) for the preparation of the Buyer Information Pack where provided.

When calculating your affordability, please remember to take into account that the reservation fee is paid in addition to the agreed purchase price. The same applies for Stamp Duty Land Tax (SDLT).

Step 5 - Bidding

You can bid online or over the phone with IAMSOLD. Our online system allows you to view the current bid, the amount of bidders and a live countdown to the end of the auction. You can enter your bids manually or use the ‘Maximum Bidding’ function to do this for you. This allows you to set the minimum and maximum price you’re willing to spend and they will bid on your behalf.

If the reserve price is not met during the auction, IAMSOLD 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 IAMSOLD Auction Department.

 

Please note, unlike other online auctions we are familiar with such as eBay, there needs to be a clear 2 minutes with no bids at the end of the auction before it is closed. E.g. if you were to place a bid in the last minute of the auction, 2 minutes would be added to the clock and that keeps going until there is a full 2 minute period with no further bids. Therefore, if you leave it until the last minute to bid it won't necessarily play to your advantage.

Step 5 - Bidding
Step 6 - Reservation process at the end of the auction

Step 6 - Reservation process at the end of the auction

Modern Method - If you are the successful buyer, you will be required to pay a Reservation Fee/Deposit and sign a Reservation Agreement. The property is then reserved exclusively to you. You are then required to unconditionally exchange contracts and complete the transaction within 56 days.

Traditional Method - Contracts are exchanged immediately, with completion taking place within the next 28 days. Complete security is provided but this method is more suited to the property professional. IAMSOLD will require a 10% deposit paid on a non refundable basis and in some cases a reservation fee as well.

You will need to instruct a solicitor to act on your behalf. The sales file will be passed to IAMSOLD's Sales Progression Team who will keep all parties up to speed and help your sale progress within the required timescales.

Please note, the reservation fee is non-refundable and paid in addition to the agreed purchase price. The payment is later used to cover the seller’s fees. The Reservation Deposit is paid in the instances that the seller agrees to pay the fees. It is non-refundable and forms part of the agreed purchase price.

Please click here for full terms & conditions of the "Conditional" or 'Modern Method of Auction"