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.