An online auction platform has launched a new instant property purchase feature as part of its expansion plans.
Under The Hammer, a website which works with estate agents across the country, has introduced 'Secure Now' in a bid to make transactions 'instant, more secure and transparent'.
Agents and private sellers will be able to list properties on the site at a fixed price. Buyers will then be able to go online and purchase the property immediately at any time.
Purchasers will then be required to pay an exclusivity deposit in order to secure the property. There is then a fixed timescale of 28 days to exchange and a further 28 days to complete.
Under The Hammer's network of agents are able to host an online platform of auction lots and 'Secure Now' properties in their own branding.
Thomas Gilday, an auction specialist at the platform, says the development of an instant purchase function is a 'natural evolution' from everything the company has learnt so far.
"In the last year, Under The Hammer has worked with hundreds of agents, property sellers, and buyers. In that time, we’ve learnt from comments, reviews, and suggestions from all three on how we can improve the service and drive forward the property revolution," he says.
"With our 'Secure Now' service, we’re able to offer immediate security of the transaction for our sellers, whilst also allowing for buyers to make an instant decision to purchase a property at any time, day or night."
"The changes to our auction platform, and the exciting introduction of our ‘Secure Now’ service, will help us improve the property buying and selling process in these areas even more," Gilday explains.
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"Buyers will then be able to go online and purchase the property immediately at any time."
Are some buyers likely to do this without having finance etc in place, and without having had the legal pack checked over by their Property Lawyer?
Wonder if the 'Exclusivity Deposit' is subtracted from the selling price or is it an add on fee split somehow between the platform and selling agent?
"Buy properties at a fixed price" and "go online and purchase at any time". This is NOT an auction! Bet the buyer's premium is high. Thank heavens Trading Standards and TPOS are now seriously looking at these online models to bring them into line.
I received a 'phone call from a call centre (or similar) a few weeks ago with the introduction asking if I wanted to increase my income stream - they then introduced themselves as an online conditional auction outfit and explained how easy it was to gain an instruction when the seller paid nothing and the massive buyer's premium would be split between me and the "auctioneer". No talk about the pitfalls for buyer and seller, simply the vision of ££££££s floating in the sky ready to be grabbed!
INTERESTING! The ability to sell properties at a fixed price at which i am guessing the sellers agree to first? This is just exactly like a traditional sale but provides buyers with a legal pack upfront and a deposit payable.
I have seen a lot of online companies recently who charge up to 5% buyers fees which is totally off putting. I can defiantly see this company and its agents going far as the deposit is somewhat reasonable at 1.75%.
As a regular seller it is defiantly a method i would prefer, as i can achieve the price i want and it would cut out a lot of time waster buyers.
After doing some research on this this company, i am glad to know this is NOT Modern Method of Auction.
I think this is a brilliant idea, I know that it goes against 33 years of agency experience to suggest that the process can be boiled down to the click of a button, but as all the pre-purchase process remains the same, the need for a property to be listed and shown, the speed of transaction for at auction some is great.
I personally am looking to buy at auction, and at least you know you have 'bought' a property, rather than waiting 16 weeks, with fingers crossed that the sale will happen.
Auction is not for everyone, typically as most sales are by private treaty and so buyers in a chain, who are not exchanged and are going to stump up 10% and complete in 4 to 6 weeks, as unlikely their chain will accommodate / auctioneer would accept them as being in a go position.
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