7. Bidding Obligations
7.1. Bidders must ensure that they have in place appropriate finances to enable them to proceed with a purchase within the designated time frames in the event that their bid is successful.
7.2. Bidders acknowledge that the purchase of the Property is at their own risk and that igomove make no representations or warranties in respect of the Property.
7.3. All bids must be made in pounds sterling and are expressed to be exclusive of VAT where VAT would be applicable. This means that if VAT is applicable you must pay this on top of your bid.
7.4. It is up to the discretion of igomove as to whether a bid is submitted in accordance with the Auction rules. igomove will provide a written explanation of its rejection or refusal if requested in writing to do so by the Bidder.
7.5. A dispute over a bid will be referred to igomove’s auction manager whose decision is final. If you have any complaints regarding this process or the adjudication of a dispute then this should be referred to the Property Ombudsman.
7.6. Unless it is expressly set out on the Site, each Property will be subject to a Reserve Price. The Reserve Price may not be disclosed as part of the Auction process and if no bid equals or exceeds the Reserve Price the Property will be withdrawn from the Auction without sale.
7.7. A Guide Price may be provided on each Property. A Guide Price is a “proposed or suggested price” for the Property based on igomove’s independent valuation. If a Seller has set a Reserve Price it is likely that the Guide Price will be at least the value of the Reserve Price. The Guide Price will not be more than 10% above the Reserve Price.
7.8. Once a bid has been deemed successful we will notify the Bidder. The Bidder must enter into an agreement with igomove which places obligations on you to proceed with the purchase of the Property.
7.9. If you are a successful Bidder you must:
- (a) supply igomove with all information reasonably necessary to enable completion of the reservation form which may include provision of supporting documentation:
- (b) complete the signed reservation form; and
- (c) pay the Reservation Fee via the Site or by bank transfer within 2 hours of being notified of the successful bid.
7.10. For the avoidance of doubt, the Reservation Fee is payable to and retained by igomove and is paid as part of the fees for providing the Services as well as to provide a period of exclusivity in relation to the sale of the Property.
7.11. The Reservation Fee is non refundable unless the Seller withdraws from the transaction. If any of the conditions set out at 7.9 are not met we reserve the right to relist the Property for sale again. Please be aware that you may incur rights and obligations due to the Seller in this event and you should take legal advice before pulling out of any proposed transaction.