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I WANT TO AUCTION MY PROPERTY
For those looking for a quick sale with no estate agents commission, backed up by the security of a buyer reservation fee - auction is the answer
iamsold was founded in 2011 and has proved to be an enormous success, with over 12,000 properties sold in 2025 alone, across a wide range of property types and price ranges.
Auction is an ideal way to get a quick, secure sale. If a property is priced correctly for auction, it will attract lots of interest and should achieve its best price. And this is underpinned by a non refundable buyer Reservation Fee and a commitment to complete in 56 days*.
AUCTION IS NOT JUST FOR CHEAP PROPERTIES
Some sellers believe that auction is just for cheap properties or bank repossessions. This is not the case.
Click below to see the wide range of properties we have sold at auction.
If you have a high demand property, where many buyers are expected to be interested, auction is one of the best ways to get you the highest price.
Think of those people selling in-demand pieces of art, furniture, jewellery or classic cars. They generally use auction, because they expect they will get the best price.
Entering your property into iamsold Auction is easy. Your first step is to simply contact your nearest Dowen branch.
HERE'S WHAT WE WILL DO
- Our valuer will call at your property and discuss how our auction works and whether your property fits the criteria to make it a good fit for auction
- If it does fit the criteria, we will agree with you a minimum sale price. The Reserve Price
This is the price below which we will never sell the property without your authorisation
- Many people will have an idea of a reserve price themselves. Where would you set it for your property? If not, we’re happy to discuss this with you.
- Once a reserve price is agreed and you are happy to go ahead, a 60-day sole agency auction contract is prepared and signed by you and us, on behalf of iamsold Auction
- You can then choose to use iamsold specialist Auction Conveyancers, Medway Law, to commission an Auction Pack, or you can supply your own if you wish. This provides key legal information, searches and other property information, for people who want to make a bid.
- They'll also send you a “fixtures and fittings form” to complete. This will be added to the Auction Pack
- Thereafter your property is ready for marketing and auction
MARKETING
We will market your property by contacting registered buyers + investors whilst advertising it in branch and online 24/7 via numerous property websites.
INDIVIDUAL ON-LINE INTERNET AUCTION
We take your property to auction, on the internet, via the iamsold website - www.iamsold.co.uk.
It works just like eBay. A countdown clock is set and your individual on-line internet auction commences. Buyers make bids online, just like eBay. However, to make sure you get the best price, if a bid is placed in the last minute of the auction, the end time is increased to ensure other bidders have time to increase their bid.
During the marketing period, before the countdown clock is started, buyers can make bids direct to our branches or via iamsold Auctions.
We will keep in touch with you throughout the process and advise you of all bids we receive in the marketing period.
Once the auction clock is started, you will be able to watch auction progress, live, on-line.
NON REFUNDABLE RESERVATION FEE SECURES THE SALE
When the on-line auction ends, the buyer who has the highest bid above the reserve price, signs an Auction Reservation Agreement and pays a Reservation Fee (sometimes called a Buyers Premium).
If the reserve price hasn't been achieved, we will refer to you with bids received and give you the option to accept a bid or instruct us to negotiate with a bidder on your behalf. If a bid is then accepted by you, once again, the buyer signs an auction Reservation Agreement and pays the Reservation Fee. The fee, usually 4.5% or a minimum of £6,600 including VAT. This is paid over and above the price bid. Unless agreed otherwise the fee is non refundable.
56 DAYS TO COMPLETE*
The buyer is expected to complete within 56 days of sale contracts being received by their solicitor. You have the security of knowing the buyer is unlikely to pull out of the sale as they will lose their Reservation Fee. If you accept a bid during marketing, before the on-line auction commences, the buyer is subject to the same, reservation agreement, fee and completion terms.
WHAT PROPERTIES ARE BEST SOLD AT AUCTION
In-demand properties where lots of buyer interest is expected
This type of property is perfect and should achieve the highest price when offered in an auction room environment. Better still, when sold at auction, that price is underpinned by a non-refundable Reservation Fee reducing the possibility of a sale fall through to virtually zero. Selling such a property via the traditional estate agency route usually ends in buyers making sealed bids, where often the highest price a buyer is ultimately willing to pay is not necessarily achieved. Plus, the successful sealed bid buyer could pull out at any time with virtually no financial penalty.
Properties where the owner wants a quick secure sale
If a property is priced correctly for auction, it will attract lots of interest and should then achieve its best price, underpinned by a non-refundable Reservation Fee and a commitment to complete in 56 days of contracts being received by their solicitor.
Properties which require upgrade
This type of property is ideal for auction because they attract a lot of interest from builders, investors, buy to let buyers and people looking for a project. So, they will benefit from the competitive bidding in Auction sales. They are usually cash buyers and they are often willing to bid more to get the property they want. Best of all, the highest bidder pays a non-refundable Reservation Fee and commits to complete in 56 days of contracts being received by their solicitor, making it a more secure route to sell.
Building Land
Land in desirable areas is always in demand and benefits from competitive bidding at auction.
HOW MUCH DOES IT COST TO SELL AT AUCTION
You have no estate agency commission to pay because the Reservation Fee, paid by the buyer, covers the services of iamsold Auction and Dowen Estate Agents. You will however, have to pay your own legal fees plus £495 for the preparation of the Auction Pack.
WHAT IF MY PROPERTY DOESN'T SELL
Within the first 60 days of listing, if you have NOT RECEIVED AN ACCEPTABLE BID and you wish to withdraw your property from the market, you must give 21 days’ written notice and pay £360
After the first 60 days of listings, if you have NOT RECEIVED AN ACCEPTABLE BID and you wish to withdraw your property from the market, you must give 14 days’ written notice. You will have nothing to pay Dowen or iamsold Auction. However, you will remain liable for any legal costs you have privately agreed to with your solicitor.
HOW DO I GO AHEAD
If you want to go proceed, you can request a visit from one of our valuers. We will visit you at your property on a no obligation basis to discuss the merits of auction and how it can help your sale.
Either call your local branch or click below to book online. We will also be able to assist in choosing a reserve price – remember your property will not be sold below this figure without your authorisation. After that, it’s up to you to choose the right route for your circumstances.
*from receipt of draft contract
