Buying a Sale by Informal Tender property

Teresa_Green

Hello OP, just wondering if you proceeded with your offer and what was the outcome?


(As considering a similar property purchase).

splurtburger

If you intend to buy using this method - please be careful of the method - but also of iam sold.
I purchased a property from them and did what the TV programmes tell you "Read the Legal pack". This included a legal form stating various things and a search conducted by a professional search agency ( later turned out to have a connection to iamsold) and used a conveyancer (recommended by iamsold - and paid them a finders fee).

It turned out that much of what was in the "legal pack" was false - when i appealed to iamsold for the sale to be declared null and void as a result they turned nasty and their area manager Rob Wallace turned out to be incompetent and to have no clue about property or legal matters - the "legal pack" started to be called the "advice pack" and they wanted me to go through months of complaints procedures before they would consider giving me my money back - still not resolved many months after purchase. As previous commenters have said - they then go about marketing the property again and trying to sucker in another £6000 minimum for unwary buyers using the "Modern Method" of auction bull. They are rip off merchants - be very very wary before using them as a seller or a buyer - if you are buying they are only after your money - if you are selling they have a vested interest in your sale falling through - more money for them - they are milking you like a goat!!!!!!!!!:mad:

splurtburger

If you intend to buy using this method - please be careful of the method - but also of iam sold.
I purchased a property from them and did what the TV programmes tell you "Read the Legal pack". This included a legal form stating various things and a search conducted by a professional search agency ( later turned out to have a connection to iamsold) and used a conveyancer (recommended by iamsold - and paid them a finders fee).

It turned out that much of what was in the "legal pack" was false - when i appealed to iamsold for the sale to be declared null and void as a result they turned nasty and their area manager Rob Wallace turned out to be incompetent and to have no clue about property or legal matters - the "legal pack" started to be called the "advice pack" and they wanted me to go through months of complaints procedures before they would consider giving me my money back - still not resolved many months after purchase. As previous commenters have said - they then go about marketing the property again and trying to sucker in another £6000 minimum for unwary buyers using the "Modern Method" of auction bull. They are rip off merchants - be very very wary before using them as a seller or a buyer - if you are buying they are only after your money - if you are selling they have a vested interest in your sale falling through - more money for them - they are milking you like a goat!!!!!!!!!

splurtburger

If you intend to buy using this method - please be careful of the method - but also of iam sold.
I purchased a property from them and did what the TV programmes tell you "Read the Legal pack". This included a legal form stating various things and a search conducted by a professional search agency ( later turned out to have a connection to iamsold) and used a conveyancer (recommended by iamsold - and paid them a finders fee).

It turned out that much of what was in the "legal pack" was false - when i appealed to iamsold for the sale to be declared null and void as a result they turned nasty and their area manager Rob Wallace turned out to be incompetent and to have no clue about property or legal matters - the "legal pack" started to be called the "advice pack" and they wanted me to go through months of complaints procedures before they would consider giving me my money back - still not resolved many months after purchase. As previous commenters have said - they then go about marketing the property again and trying to sucker in another £6000 minimum for unwary buyers using the "Modern Method" of auction bull. They are rip off merchants - be very very wary before using them as a seller or a buyer - if you are buying they are only after your money - if you are selling they have a vested interest in your sale falling through - more money for them - they are milking you like a goat!!!!!!!!!

hazyjo

There will be less competition as people like me refuse to even look at a property with this. I suppose I would if I could get a substantial reduction.


I presume you are familiar with the area - make sure you visit at all times of all days and that you're not just buying there because you can afford it. Stating the obvious, I know, but I am familiar with the area and have family there.


Good luck, keep us informed.


Jx

eddddy

splurtburger wrote: »

If you intend to buy using this method - please be careful of the method...


<snip>

Iamsold are members of the Property Ombudsmn Scheme - so you could try complaining to them. See: https://www.tpos.co.uk/consumers/how-to-make-a-complaint


BUT...

According to Iamsold's T&Cs:

R1.2 Where you win a conditional auction for a property you must sign a reservation form, which is a legally binding contract between the buyer and seller reserving the property for purchase by the buyer.

Link: http://www.iamsold.co.uk/public/MMA%20Terms.pdf

So your reservation contract is with the seller - not Iamsold. (Even though the £6k you paid ultimately end's up in Iamsold's pocket.)

So you need to sue the seller for misrepresentation, and not Iamsold.



Edit to add...

It's probably better to start a new thread with a new topic, rather than reopening an 18 month old one. It saves confusing people!!!

martindow

beachieboo wrote: »

(it's multi occupancy tenancy at the moment).

So you may inherit tenants - you need to be sure what these tenancies are. Are you intending to live there or keep it rented out?

agrinnall

eddddy wrote: »

Edit to add...

It's probably better to start a new thread with a new topic, rather than reopening an 18 month old one. It saves confusing people!!!

And here's the evidence...

martindow wrote: »

So you may inherit tenants - you need to be sure what these tenancies are. Are you intending to live there or keep it rented out?

Martin, that was all 18 months ago, do keep up