I was in the process of buying a house through modern auction, from a company called Iamsold via Douglas Allen estate agent. The property was advertised for £550,000 + the reservation fee, totalling £574,750 The estate agent told me it had been valued at £600,000 by 7 different estate agents, I secured the property for £501,600 just before Christmas, and was ruched to make the reservation fee, with the auctioneer Daniel repeating telling me my money is safe if problems occur with the morgage, survey, or my buyer pulling out I would get my money straight back. He repeated told me I would get my money back.The survey was completed by Halifax stating it was only worth £400,000 which ment I didn’t have the funds to proceed, I sent the survey document to Iamsold and told them it was out my hand, They asked if I would still proceed if the seller dropped the price to the survey, and I was still happy to proceed. Unfortunately the buyer didn’t want to drop the price, so i couldn’t proceed, it was out of my hands which Daniel clearly stated if this occurred I would get all my money back. They have since made me wait nearly a month for them to return my money saying it has to go through certain procedures. I received a email yesterday stating they are not returning my money.I have requested the copy’s of the telephone conversation which they have confirmed that they have via email, but my requests have been ignored. A member of their staff Rachel stated that Daniel should never have taken the money before the survey. And part of there terms state they are legally required to ensure a buyer has the funds before taking reservations fees, The sum payment of £21,600 was made on the agreement I would get it back if any problems occurred out of my control.Avoid at all costs
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