iam-sold.co.uK , Is it a serious online acution for properties ?

Browntoa · 8 August 2013 at 2:46PM

oh good, they have now ppr'd the new member

Werdnal · 8 August 2013 at 2:55PM

Daninthetoom is over here too:

http://forums.moneysavingexpert.com/showthread.php?t=3923873

resurrecting a 16 month old thread just to extoll the virtues of this company again ...

Newbie's don't dig up such old threads just for the sake of it, only one reason ... No other posts to their name other than promoting the same company!

What really insults me is they think we are all ignorant enough not to notice ...

Caliandris · 16 September 2013 at 3:48PM

I've been digging for information about this "modern auction" method of selling a house. Apparently, this is a way for house sellers to transfer the estate agent's fee from themselves to their buyer. But more than that, if their buyer happens to be in a chain, they have a high likelihood of losing their non-returnable fee (which doesn't even count against the purchase of the house and is around 5% of the purchase price) and losing the opportunity they have "bought" to exchange contracts within 28 days.

It seems to be in no-one's interest except dubious estate agents - I am looking and failing to find any advantages for either buyer or seller. I think this method would put off an awful lot of potential buyers, and could cost a buyer a lot of money too. It doesn't seem to protect the interests of anyone other than the estate agent.

buggsyjim · 21 November 2013 at 5:30PM

I have had some dealings with iam sold regarding the purchase of a property and i would strongly advise people to stay well clear of this company.
I paid £6000 to secure a house and was then informed that the (deposit) i had paid did not go off the property but was retained by iam sold as their fee,they also (via the estate agent) told the seller that I attended the auction at the Etihad stadium and just got my bid in a the last minute,when in fact I was sat at my computer at home with my wife beside me, in contact with the auction company via telephone relaying my bid over the phone to them personally.
As far as I am concerned they are a company to steer well clear of.
If anyone could advise me on any course of action I may take to address this situation,Iwould be very much obliged.
buggsyjim

Angrydad_2 · 29 January 2014 at 2:23AM

Due to unfortunate circumstances my ex wife and I used this company for a quick sale through our estate agent and although the price was already heavily reduced surprise surprise mere days after the get out clause elapsed we received an email suggesting our ridiculously low reserve wasn't low enough and that 'the viewers' had suggested the house wasn't worth the reserve (which was already a third less than the original asking price) The property didn't need any work doing and was modern. (I know people buy at auction to make a profit and expect a good deal but this is ridiculous) Do not trust these people to work in anybody's best interest but their own (as most of these companies do) These types of companies prey on what they think are weak and vulnerable sellers in trouble, thankfully we were not in that position and managed to sell it for a decent price. Should you use places like this DO NOT LET THEM SCARE YOU INTO LOWERING YOUR RESERVE PRICE

Racer52 · 13 March 2014 at 9:01PM

buggsyjim wrote: »

I have had some dealings with iam sold regarding the purchase of a property and i would strongly advise people to stay well clear of this company.
I paid £6000 to secure a house and was then informed that the (deposit) i had paid did not go off the property but was retained by iam sold as their fee,they also (via the estate agent) told the seller that I attended the auction at the Etihad stadium and just got my bid in a the last minute,when in fact I was sat at my computer at home with my wife beside me, in contact with the auction company via telephone relaying my bid over the phone to them personally.
As far as I am concerned they are a company to steer well clear of.
If anyone could advise me on any course of action I may take to address this situation,Iwould be very much obliged.
buggsyjim

We were subject to similar and my first post can be found from following the 2nd link that was added on the 18th reply to this thread.
The Property Ombudsmun were a complete waste of time and took up nearly a year fobbing us off so we decided to contact the sellers directly to find out what they were told and once armed with that information, because naturally they weren't told the whole truth, we expressed in writing our wish to take them to court and fortunately for us we had a call to agree a refund, after all they would spend a bit on court defence and the hassle factor and the fact that actually IMHO if this did go to court we would win.
My main issue with the whole thing is that they benefit from the house sale falling through because they keep the £6k and then charge the new buyer another £6k so actually it is not in their interest to complete the sale.
I have noticed though that since our issue their Terms and conditions are a lot clearer but I would still think this is your best option and they then seemed to be genuinely wishing to ensure as a prospective buyer there were no hard feelings.
All the best with it and hope this helps but like I say the Ombudsman really were frustrating and not legally binding anyway so please don't put yourself through that on top of the stress you will already be under.
Cheers

grixxles · 25 September 2014 at 11:43AM

I was seriously considering using iam-sold to buy a property.

I read the company's terms and conditions.

Immediately, I became concerned about the reservation fee, which is a fee of £6000 (minimum) that the buyer must pay. I could not see any right to get the money back, if a sale fell-through.

Note - the fee goes to the company, as sheer profit. It does not go towards the purchase price at all!!

Of course, a sale may not complete, for a myriad of reasons that are not the fault of the buyer.

So I emailed the company, asking it how a buyer can get a refund.

It failed to reply.

Presumably, therefore, once a buyer wins the bidding and pays the £6000+, they'll never see that money ever again, even if they get nothing in exchange for it!

So...... BEWARE!!!! Something smells VERY dodgy to me.

grixxles · 30 September 2014 at 12:05PM

daninthetoon wrote: »

Non-refundable only after you have agreed to buy the property, this is to prevents time wasters. A good thing.

"Agreeing to buy" is not the same as "to buy".

Unless an exchange of contracts actually occurs, which is not guaranteed, the buyer gets absolutely nothing for his £6000. It simply goes to the auction's profits!

A sale may not reach a conclusion, for no fault of the buyer. In other words, the buyer has no control over wasting £6000, once its been handed-over.

In my opinion, a buyer would be nuts to use this auction!

dhep1 · 9 March 2015 at 2:47PM

No absolute rubbish, they had my property almost 3 months and no clock I might as well have just put it in an estate agents window, it costs £125 for the searches despite being told it was free and they want 21 days notice to leave or threatened with £300 bill.
It did not sell despite dropping the price by £20k

diana11 · 30 March 2015 at 8:34PM

A friend of mine is having terrible trouble with this awful company. He now wants to take his property off and they have told him that he cannot unless he jumps through hoops. He has to contact them 21 days before the end of his contract which is on day 39 of the contract! How complicated is that? He also has to pay another £300 odd and he has just found out today that they have reduced the starting bid of his property by £5K without his permission.

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iam-sold.co.uK , Is it a serious online acution for properties ?

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