IAM property auctions
IAM Human
• IAM Sold know and understands the people IAM Sold works with, their situations and their service needs.
• It is important to IAM Sold that they provide exceptional levels of customer care.
• IAM Sold is warm and approachable and strives to ensure a comfortable customer experience.
• IAM Sold builds strong relationships to ensure they make the right decisions for their customers.
IAM Effective
• IAM Sold Property Auction promises to exceed expectations by constantly evaluating and improving its processes.
• IAM Sold Property Auction builds trust by consistently delivering excellent service to its customers and associates.
• IAM Sold Property Auction works collaboratively to improve themselves and embrace a culture of learning and development.
• IAM Sold Property Auction strongly believes in their abilities and the spirit to succeed.
IAM Forward-thinking
• IAM Sold Property Auction are inspired by innovation and embraces new ideas and technologies.
• IAM Sold Property Auction position ourselves at the forefront of change to ensure they are leaders in their industry.
• IAM Sold Property Auction has built a first-class service ethos by offering its partners additional services in Marketing, IT Development and after-sales.
A Guide to Buying at IAM Auctions
Details of the IAM Sold property auctions and land to be sold are set out in the IAM Sold property auctions online catalogue and are usually available online or on request online to be posted to you.
All lots are sold subject to general conditions of sale.
It is most important that purchasers satisfy themselves regarding the availability, location, boundaries, conditions and state of all lots before the auction.
Viewing lots with IAM
You must view the properties which interest you as soon as possible. Viewing arrangements for each lot are contained in this catalogue.
Legal Documentation
There are special conditions and general conditions that apply to all lots being offered at auction.
A copy of these should be available within the legal pack for each lot, a copy of which will be posted to the relevant auctioneer’s website as soon as possible.
Instructing a Solicitor
Before bidding at the auction, it is advisable to consult a solicitor/licensed conveyancer to advise you on the general and special conditions of sale, any searches that may be necessary, the Land Registry office copy entries and any other information provided.
IAM Guide Prices
Most are quoted in the catalogue available from the agency/office concerned nearer the time of the auction.
A guide price may change at any time. Lots may be sold at above or below the guide price, and we cannot accept responsibility for their accuracy.
IAM Reserve Auction Prices
All lots, unless stated in the catalogue, are subject to a Reserve price.
This is the minimum price at which the seller has authorised the auctioneer to sell. The bidding must reach or exceed the reserve price for the auctioneer to be able to sell. The reserve price is confidential.
It is set by the seller in consultation with the auctioneer before the auction and may be subject to change right up to the start of the auction.
The auctioneer reserves the right to accept bids from the vendor up to and including the reserve value.
IAM Pre-Auction Offers
Offers must be in writing and only be considered if the lot has been viewed and the legal documentation is inspected.
Pre-auction bids are based on an immediate exchange of auction contracts upon acceptance by the seller.
Any offer will be assumed to be your best and final offer, and the auction house cannot guarantee that you will be invited to increase your bid in the event of an alternative; the satisfactory offer is received before exchange.
Finance & Mortgages
It is essential to arrange finance before the auction and for all surveys, valuations and inspections to take place before the bidding.
Unable to Attend IAM auction
If you can’t attend the auction, there are two ways in which you can bid (each auction house has its own rules & methods).
Firstly, you can appoint a representative or solicitor to bid for you, and writing and informing the auctioneer is always advisable.
Also, give your representative a letter confirming they are bidding on your behalf.
Making a Proxy Bid at IAM auction
If you want to bid by proxy on the day of the auction the auctioneer may be happy for you to do so, check in advance with the relevant auction house.
The Auctioneer usually holds a signed contract and deposit cheque at least 48 hours before the auction.
Therefore, please contact the auction house as soon as possible to avoid disappointment.
Don’t hesitate to contact the relevant Auction house for a proxy bid registration form or use the one shown on the relevant auction house website (the link for this auction house is below) or the one in the auction brochure.
Registering at Auction & Means of Identification
You must register before the auction starts at the registration desk at the auction venue (each auction house has its own rules check in advance what they are).
The successful bidder must provide two identification forms (see registration form).
Please note that it is a requirement that you also provide documentation to confirm your name and residential address.
Bidding at Auction
If you have not bid at an auction before, it is advisable to be present when the Auction starts, listen to the Auctioneer’s opening remarks and follow the bidding in the early lots.
The Auctioneer will indicate from whom the bid has been taken, but it is helpful to the Auctioneer for you to raise your hand or bidding card number clearly when you bid.
If the Auctioneer doubts whether the movement of a head or hand was, in fact, a bid, he will usually inquire, “Was that a bid, Sir/Madam?”
If you are the successful bidder, a binding contract is entered into between the seller and the bidder on the fall of the Auctioneer’s gavel.
You will then be approached by a auction staff member who will escort you to the sales desk.
At this point, a deposit payment is required; the sum of 10% of the sale price is handed to the seller’s solicitor.
Click Here for the IAM Sold property auctions property Auction website.
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Disclaimer:
This post is for general use only and is not intended to offer legal, tax, or investment advice; it may be out of date, incorrect, or maybe a guest post. You are required to seek legal advice from a solicitor before acting on anything written hereinabove.
