Page 4 | Anyone have experience with iamsold.co.uk?

spaghettiwest · 2021-02-24T21:50:16+00:00

We're looking to sell our house and the agent suggested using a service called iamsold.co.uk, which — as far as I can gather — is effectively a bidding website. The pro is that we wouldn't have to pay any fees to the agent, and the service should create a bidding war. A potential con is that the (successful) buyer would need to make a "payment of a non-refundable reservation fee of 4.2% to a minimum of £6,000.00 including VAT". Is that going to be off-putting to a lot of potential buyers? Would love to hear from anyone with experience using iamsold.co.uk.

Titanic777 · 21/09/2025 05:56

They do invest a lot in appearances. That's what makes it so extremely scammy when they become unresponsive, misrepresenting property, or in our case actively lying. It's so important to read the disclaimers and to take them very seriously. There are more lawyers in that place than there are real estate professionals.

Wot23 · 21/09/2025 17:38

allfives · 28/05/2024 16:08

It is auction site, and a disgusting way to buy property. It can have a multitude wrong with it, I think there should be a law to sellers and auctioneers of properties, That they should supply along with the legal pack which the buyer has to pay for! That they must also supply a full RICS survey report class 2 or class 3 structual survey. It is suggested that you buy with your own dilegence, the legal pack has searches included but no survey! So you as a buyer might be interested but need to pay at least £500 on top of the price before making a bid the buyer is expected to possibly pay for every property survey amounting to many of£1000s Just for looking when the survey will probably prevent your wish to bid. Yet the seller who is selling rubbish property pays nothing!!! it could have subsidence or need roofing or have rot everywhere!!! This would also stop over bidding and estate agents causing inflated prices to property when inflation doesn't exist, as many houses on their books are also in need of repair but advertised supposedly valued which most do not do instead they just give an area price expectancy causing a market of poor maintained property over priced. Agents recommend auction as its easy money for them they have no selling to do or they can't sell a property in such bad condition so put it to auction, The guide prices are often exceeded on a half decent property but when the buyer realises the cost of repairs are making it a very expensive way to buy You add £6,600 to your winning bid or more? then you pay for the legal pack £300 plus your legal representative around £6,000 only to find you now have a substandard property that 1/is probably not mortgageable 2/is not accepted by building insurance if its been reported with subsidence and to put it in order can cost you over £50,000 on top. You have no come back on the seller, the agent gets paid from your £6,600 for doing nothing but photos and viewings which they've probably had for over a year as it's not sold, So really auctions are places for the idiot that wants to pay more than the last bidder, A bit sick really isn't it! and the seller gets the money from the biggest idiot, There should be a law preventing this way of sale unless all costs are brought back to the seller for not being openly up front and providing truthful report of property condition at no cost to the unsuspecting buyer

Edited

valid points, but all they do is reinforce the fact that buying property at auction should be left to the professionals. It is no place for anyone who cannot do their own survey and make a reasonable assessment what their range of previously used trades would charge for any work needed.

There is a reason property went to auction and it very rare for that to be because it is a perfect property that the seller is solely in a rush to get rid of.

Hairshare · 21/09/2025 22:09

I wouldn’t consider buying in this way but it might work in a popular area.

mike2606 · 13/01/2026 20:41

I've been looking at buying a property through i am stupid sorry sold and it's a none standard construction so cash sale but im not prepared to pat the extra 7k on top of sale price for a pre fab needing a lot of modernisation it's already quite expensive for what it is and after reading all the comments here im definitely going to give it a miss
I also noticed that they have finamply as a preferred mortgage broker and dont even get me started on them... promising me they've got me a mortgage and paying £500 to get the ball rolling only to be told sorry they turned you down but that's another story

Bythoughtful · 20/04/2026 05:35

I think that every seller of property in any auction, should be forced by law to have a building survey. There is so much rubbish for sale that would not pass a survey if you had to borrow the money to buy it.

Bythoughtful · 20/04/2026 05:44

mike2606 · 13/01/2026 20:41

I've been looking at buying a property through i am stupid sorry sold and it's a none standard construction so cash sale but im not prepared to pat the extra 7k on top of sale price for a pre fab needing a lot of modernisation it's already quite expensive for what it is and after reading all the comments here im definitely going to give it a miss
I also noticed that they have finamply as a preferred mortgage broker and dont even get me started on them... promising me they've got me a mortgage and paying £500 to get the ball rolling only to be told sorry they turned you down but that's another story

Even the guide o start prices of property in Iamsold auctions are more than the propertys worth, they all have lots of defects requiring £20,000 to 50,000 to put them near average street /area value. Yet your own diligence would meea having each one you take interest in, you would need surveyed costing you £500plus a throw to be disappointed as the seller doesn't pay any sale fees they should provide an upto date building survey before being allowed in the auction

Wot23 · 20/04/2026 08:47

Bythoughtful · 20/04/2026 05:44

Even the guide o start prices of property in Iamsold auctions are more than the propertys worth, they all have lots of defects requiring £20,000 to 50,000 to put them near average street /area value. Yet your own diligence would meea having each one you take interest in, you would need surveyed costing you £500plus a throw to be disappointed as the seller doesn't pay any sale fees they should provide an upto date building survey before being allowed in the auction

Show quote history

"they should provide an up to date building survey before being allowed in the auction"
why? Auction properties are there because they cannot sell, and thus the properties are best left to those who know what they are doing and can, if a viewing is available, appraise a property themselves