A property portal is claiming to slash sales times with a ‘modern method of selling’ feature.
Auction website Under The Hammer says that its new Secure Now feature has facilitated the sale of a house in South Wales just one hour after agent Peter Alan listed it.
The portal says that properties marketed through Secure Now, which was launched in May, take on average just 14.5 days to find a buyer.
Despite the name of the website itself, the portal says that Secure Now is not an auction.
Instead, it says it’s a “modern process for private treaty sales where the property is sold to the first person who wishes to secure it at the listed price”.
Sales director Jasmine Hadley said: “The concept of Secure Now is to make buying and selling properties as simple as buying anything online.
“We have the technology to do so in a manner that is secure, so why should it be any more complicated?
“Our estate agents love it as well.
“The freedom to put the true price you want to sell the property for online, and that on any given morning you can go to the office and find that you’ve got a secure sale ready to be confirmed, are real advantages that they appreciate.”
“We’re looking forward to seeing this service grow in popularity among vendors, agents and buyers to become a popular and desired strategy to buy and sell properties.
“We’re already seeing an increase in take-up of the service, with a wide variety of properties now available to Secure Now.”
Buyers who want to reserve properties through Secure Now have to pay a 1.75% ‘exclusivity’ deposit plus VAT, or a minimum of £2,250 plus VAT, and an admin fee of £1,000 plus VAT. Sellers are charged nothing with this method.
Buyers whose ‘Secure Now’ offer is accepted then have 28 days to exchange and a further 28 to complete.
The property is normally marketed at the price at which it is hoped the buyer will simply reserve it, but there is a facility for negotiation.
The legal pack is downloaded after registration and before the buyer can reserve the property.
Comments (8)
As an Agent that has used this services I highly approve this method of selling as it allows us as agents to list a property at the value a seller wishes to achieve (not below market value). It provides the seller with a committed buyer and the 8 weeks completion also allows buyers to arrange finance. We have found that buyers are not put off by paying a 1.75% deposit as they are guaranteed the property.
Secure Now has been an all around success for us, we have secured properties whilst our offices have been closed for business and would therefore suggest people try this platform.
Paid actor?
‘We have found that buyers are not put off by paying a 1.75% deposit as they have already factored it into their offer‘.
There, fixed it for you.
Put on the market, sold in 1 hour. Did you get the most you possibly could for your vendor? I’d be worried that I had undervalued…
14 days to secure a buyer, 28 days to exchange and a further 28 to complete?
Hardly rocket science – but wait – you also part with a whole chunk of money!
On what terms? No buyer in their right mind will part with this sort of dosh before they have all their finances sorted and legals looked into. Anyone told the search providers?
And if they have cash and all the legals in the ‘legal pack’ before they press the ‘buy now’ button then surely they don’t need 28 days to exchange and a further 28 to complete?
Maybe it’s really a HIP in sheeps clothing? lol..
This whole thing about massive buyers’ premiums is becoming hot news with more and more complaints to the authorities and on social media. One of the tabloids will be doing major piece on the “modern” method of sale and its spin offs shortly exposing the unfairness and pressures this system puts on buyers and how sellers are conned into thinking they’ll gain by paying little or nothing. Wait for the s..t to hit the fan!
So someone can simply register on this site, stick a deposit down on a property, thus securing it and therefore excluding it from the market…what if this buyer is in a chain or hasn’t finance in place etc…how does the instant bit work ?
I think they have a 30 day option to exchange contract or lose the 1.75% plus VAT. Then complete 30 days thereafter.