Auctioneer I AM Sold, which operates through white-labelled services provided to agents, has sold a property which achieved the highest value in the company’s history.
The six-bedroom home set in an acre in Felbridge, West Sussex, was sold for £1.2m via agent Howard Cundey using the modern method of auction.
It sold within 34 days for £10,000 above the starting bid.
I AM Sold was launched in 2009 and established its southern arm last year. It now has 450 partner agents in the region, and says that for every sale agreed, the vendor’s minimum figure has been achieved.
Julian Lavender, business development director for I AM Sold’s southern and midlands regions, said: “As this Felbridge sale demonstrates, auctions are no longer just for run-down properties that are tricky to sell or focused on targeting investors picking up a bargain. Over 60% of our buyers in the southern region have been owner occupiers.”
It sold for £10,000 over the starting bid, but what did it actually sell for? Did it meet the owners idea on value? I have serious doubts on how this method works property by property, seeing many homes go unsold through auction and wondering how many that actually sell reach the original estate agents valuation.
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£30,000 commission to the agent, £30,000 to IAmSold based on a 5% + VAT non-refundable fee paid by the buyer as I understand the way these types of auction work. What would other auction houses have charged (probably for a very similar result)? Surely people bidding for houses on this scheme build the 5% in so, ultimately, the vendor will receive much less than through other auction routes?
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Fee was 2.5% plus VAT, not 5%.
I AM Sold or our Partner agents agree a minimum figure ( reserve price ) with the vendor prior to any marketing. On average we achieve 11% above this reserve price. Furthermore, around 70% of our vendors choose to sell by Auction straight from market appraisal over private treaty due to the benefits it offers in terms of speed, security, greater interest etc
For more information please don’t hesitate to contact me on Julian@iam-sold.co.uk
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I AM Sold is a great company and we are proud to be using them. It gives the customer a real choice in a ever changing market. Change is inevitable and you either embrace it or stand still.
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