Modern Auction method, how long is seller obligated UK
UK based. We're interested in buying a house, we found it via the seller's private FB advert, spoke with him and he directed us to view via a local agent who was offering it for Iamsold (auuction company).
We liked the house, we don't like the auction fee of £10k. Seller has already run one round of auction with no bids. We suggested we wait til auction finishes and buy it the traditional way, happy to give him his reserve number.
He likes the numbers but says that Iamsold won't let him sell to us for 12 months after auction finishes! We would still be obligated to paying the £10k reserve fees as viewed during live auction period.
I find this ridiculous, 12 months still obligated to an auctioneer who has run the auction twice without a bid? Especially when we were introduced via him directly off his private advert.
Anyone got an input here? Thks