A one-bedroom mid-terraced house in Potternewton, Leeds, is going to auction with a starting bid fixed at just £1. The auction, hosted by outsourced auction management provider, IAM Sold, will take place at the Best Western Cedar Court Hotel in Bradford on 29th November, and bids can also be placed via the Modern Method of Auction[1] online.

The stone built mid terrace house dates back to the 1730s and has been in the same ownership since 1973, when it was purchased for £4,000. It maintains many original features and now requires full modernisation with the potential for a second bedroom. The property benefits from a cellar which could be converted to make a modern dining/kitchen room, as well as a private rear courtyard/garden.

Jamie Cooke, Managing Director of IAM Sold, comments: “This property presents a great opportunity for someone who wants a renovation project and could provide an excellent return on investment – the house next door recently sold for £200,000.  The vendor is very keen for a speedy sale on the property, hence deciding to start the bidding at £1.  We anticipate a lot of interest and competitive bidding for this house, particularly with it being marketed online as well. This approach allows buyers to view, bid and buy online. The fact that it provides nationwide exposure 24 hours a day, 7 days a week allows the best opportunity to sell a property for maximum value, and offers the same guarantees that a live auction provides.”

For further information on the property or to place a bid, visit: www.westyorkshirepropertyauction.co.uk or contact IAM Sold on 0845 519 3126.

ENDS

Editor's Notes:

[1] The modern method is also known as a conditional auction: After the acceptance of an offer or at the close of the auction, the buyer must place a non-refundable reservation fee to reserve or deposit to secure the property. This can vary from property to property depending on the method of instruction from the vendor - this will be clearly stated in the terms and conditions attached to each property. The buyer is then given 28 days to exchange contracts and a further 28 days to complete the purchase. Most buyers prefer to buy through the Modern Method of Auction as the extra time provides greater flexibility.

About IAM Sold

IAM Sold, part of the Intelligent Services Group (ISG), was founded in 2009 and provides estate agents across the UK and Ireland with outsourced auction management services. The company started out as a provider of outsourced white label auction services with a vision to modernise the auction marketplace and utilise the latest technology and online platforms.

In 2016, IAM Sold helped clients to sell more than 2,400 properties, making the company the largest provider of outsourced auction services in the UK. Today, it works with 1,900 estate agent branches and is host to the largest selection of auction properties in the whole country. IAM Sold was recently named in the FTSE 1000 fastest growing companies in Europe.

For IAM Sold press information or requests, please contact Emma Horton at Foundation PR on emma@foundation-pr.co.uk or call +44 (0) 7989 979693.

[1] The modern method is also known as a conditional auction: After the acceptance of an offer or at the close of the auction, the buyer must place a non-refundable reservation fee to reserve or deposit to secure the property. This can vary from property to property depending on the method of instruction from the vendor - this will be clearly stated in the terms and conditions attached to each property. The buyer is then given 28 days to exchange contracts and a further 28 days to complete the purchase. Most buyers prefer to buy through the Modern Method of Auction as the extra time provides greater flexibility.