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Will it work? Auction house launches ‘buy it now’ Ebay-style service

Property site set to revolutionise private treaty sales with new instant property purchase ‘Secure Now’ platform launch.

Sheila Manchester

underthehammer

A property platform best known for online property auctions has moved to offer instant property purchases as part of their service expansion.

UnderTheHammer, a property sales website with a nationwide network of estate agents, property buyers, and sellers, has introduced ‘Secure Now’ to its platform, which they say is aimed at making property transactions instant, more secure, and transparent.

Sellers and agents are able to list properties for a fixed price at their discretion. Buyers are then able to go online and purchase the property immediately at any time, and pay an exclusivity deposit in order to secure the property.

There are then fixed time scales to exchange and complete on the property transaction, with 28 days to exchange and a further 28 days to complete – providing clarity, speed, and time for buyers to secure financing and avoid issues in the transaction process.

Sales revolution

The platform has introduced ‘Secure Now’ alongside changes to their auction process to provide a quicker, fairer, and more transparent property auction transaction as UnderTheHammer looks to revolutionise the culture of buying and selling properties both at auction and online.

Thomas Gilday, an Auction Specialist at UnderTheHammer, says that the advancements come as a natural evolution, using what 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.”

“At our core is speed, security, and transparency. 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.”

“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.”

June 14, 2019

One comment

  1. Hang on…”Instant Property Purchase” 56 days from agreeing a sale? I presume said sale is still subject to contract and survey in the normal way then? Is that what they call instant? Sounds like Purplebricks and their Commisery again! So, in which case no greater transparency than any other traditional method of sale. The only difference is an organised end date and frankly not much quicker than the current traditional method. Anyone can fix an on or before closing date, some corporate agents have been doing that since God was a boy…and that’s not rocket science or a property revolutuion. So, who is this fantastic new system actually meant to benefit? Does the bidder have to be chain free? can they secure a proposed purchase before selling their own home ? Do their finances need to be in place before bidding, to prove they are not wasting everyone’s time ? would be great to know …more info please

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