Property purchase with IAMSOLD

DippyDiva

Hello all,

I have just successfully bid on a 3 bedroom bungalow with IAMSOLD and paid the auction fees. I have a mortgage in principle with Bluestone and am currently waiting to submit my documents for a mortgage offer. I just wanted to share my journey with others, and will be hoping for advice and support as I am so nervous something will go wrong !

I am cautiously excited as this will be a new start for me and my children.

Please let me know if you have had any positive experiences with Bluestone.

Thank you

eddddy

I really hope this all works out well for you and your children.

Perhaps some good advice is to get everything done as quickly as possible, as your reservation period probably only lasts 56 days. (But if there are delays, the seller might still sell to you beyond the 56 day limit.)

But I'm not sure that people here would advise other people who read this to do the same. The Modern Method of Auction introduces risks which don't exist with "standard" house buying. And having a sub-prime mortgage lender might increase those risks a bit further.

DippyDiva

Thank you for your kind words @eddddy . I am excited yet nervous !

Myci85

Good luck with your purchase.

I believe you are referring to a modern method auction, in which case I really hope everything runs smoothly for you. I know a lot of people on here (myself included) wouldn't touch those auctions with a bargepole, and had you posted on here before bidding, would probably have warned you against it, but if you've already won the auction and paid fees, you'll be bound to complete or lose your money I expect.

Please update us with your progress, and I'll hope yours will be a story of success!

DippyDiva

Hi @Myci85 . Iamsold has reassured me that if the purchase runs slightly over 56 days it won't be an issue. I have just submitted all my documents to my mortgage broker so hopefully i will get a mortgage offer soon.

It is a bungalow that comes with planning permission, and for a very good price, so i thought it was worth the risk.

Fingers crossed !

user1977

Iamsold has reassured me that if the purchase runs slightly over 56 days it won't be an issue

Great, as long as they put that in the contract. They did, didn't they? Didn't they?

DippyDiva

I have it in an email. Hopefully it will be straightforward process, let's see.

eddddy

Iamsold has reassured me that if the purchase runs slightly over 56 days it won't be an issue

I have it in an email.

I suspect that what they mean is … if the seller has waited 56 days for you to be ready, and you seem to be nearly ready, hopefully the seller will wait another 5 or 10 days - rather than 'drop you' and start again from scratch with another buyer. (But that's likely to be a 'hope' rather than a 'guarantee'.)

Maybe you could keep the seller informed of your progress, to demonstrate that you are working hard to hit the deadline - then they might be a bit more understanding if you miss it.

Shadyocuk

Like others I hope everything works out fine for you.

I would not touch a modern method of auction especially with a mortgage.

One thing I would advise is that having personaly seen a legal pack prepared by IAMSOLD V a real searches pack, deeds etc for the same property then lets just say there were discrepancies, so double check everything!!

DippyDiva

Hi all, thanks for your comments.

My partner is a solicitor and has check the legal pack - hopefully we will be ok.

I'll update my progress here.

silvercar

Have you already had a survey? Or a valuation at least.

The risk here is that you have already paid out fees that you probably won’t be able to get back if it all goes wrong.

The upside is that a lot of people (as you can see from comments) won’t look at these type of sales, so your competition is reduced. If you know what you are doing, see an opportunity and are prepared for the risk, then you can get a good deal. If however, something goes wrong with the mortgage application, the legals or survey, then you can lose out. Couple that with people go to auction when they can’t sell by conventional methods or are time pressured, yet still don’t want to go for a traditional auction, you can see that there is often an issue with these type of properties. If you are prepared for these issues then you may have a great deal on your hands. Or there will be a hassle that you will struggle to get through.

Either way we are here for the journey. Good luck!