Modern auction

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    Modern auction

    A family member is interested in a flat being sold by iamsold auctions. Has anyone dealt with them ? Anything to watch out for?

    #2
    No experience of iamsold but local estate agents gave up on the modern method of auction because no one bought them. Biggest problem I see is that you hand over a wadge of money before you find out something that means you don't want to buy it anyway (or lender won't lend etc). Ordinary auction is dodgy enough but at least you have a legal pack before bidding.

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      #3
      The big fee (£6k min.) is non-refundable; if you don't complete in 56 days then they can cancel the sale and keep the money. Even if you are waiting for searches etc., the seller is not obliged to extend this period.
      In their t&cs - if your solicitor doesn't reply to the draft contract within 5 working days, then you are in breach and they can keep the money. etc.

      It's not an auction in any real sense - it's just a way for the seller to push the commission costs etc. onto the buyer.

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        #4
        Thanks for the response. So it would only make sense if you are a cash buyer and its very cheap!

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          #5
          Originally posted by Codger View Post
          Thanks for the response. So it would only make sense if you are a cash buyer and its very cheap!
          Disagree, cheap doesn't mean there isn't a property willing to become the next money pit. Will any type of property/ Investment, you need to do your homework, with Auctions you have limited time to get all the information you need to make an informed decision. You need to factor this into your bidding.

          The major issue I find is not usually the with the property, as you can throw as much money at the problem to resolve it, what is out of your control is usually the management company, if they are bad or non-responsive.

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