A new selling formula has been introduced here targetted at residential and commercial properties for sale around the country. Iam-sold, launched in the UK to revolutionise the sale process, has now got a footing in this country and plans to offer 29 properties for sale at a public auction at The Clayton Hotel in Galway on November 14th.

The new company offers local estate agents and vendors an opportunity to place properties on its online auction website in much the same way as eBay. Bidders can bid through the estate agents or register online and pitch for the property if they are interested. All bids are visible on the online auction system which usually runs for 45 days, and providing the reserve price has been met the highest bidder gets the property.

Alternatively, the newly formed group along with the vendor and his estate agent may opt to put a property forward for public auction where there is significant interest in it. Hence the upcoming auction in Galway later this month. Instead of exchanging contracts on the day of the auction, buyers will be asked to pay down a deposit to secure a property. They will then be given 28 days to exchange contracts and a further 28 days to complete the transaction.

Patick Folan of iam-sold said that while traditional auctions are mainly suited to cash buyers and investors because of the strict timelines involved, their auctions would be more flexible. In partnership with estate agents, iam-sold plans further auctions in Leinster, Munster and the northwest.