Under The Hammer's new service allows sellers to buy a home instantly

May 13, 2019
Share this Post: 

Under The Hammer, a property auction platform, now offers more options to listings that allows buyers to make an property purchase as quickly as a 'click'.

The ‘secure now’ function will let buyers bypass the auction process on any listings that have been added by agents on the portal.

Sellers and agents are now also able to list properties for a fixed price, and rather than bidding, buyers can ‘purchase’ the property immediately at any time, and pay an exclusivity deposit to secure it.

The buyer will have to pay a deposit of 1.75% plus VAT, subject to a minimum of £2,250, plus an administration fee of £1,000 plus VAT.

Buyers can arrange to view the property first and must complete anti-money laundering checks before making an offer.

There are then fixed timescales to exchange and complete on the property transaction, with 28 days to exchange and a further 28 days to complete. If they do not, then they lose their exclusivity, but it is not clear whether they also forfeit their deposit money.

Thomas Gilday, an auction specialist at Under The Hammer, said: “In the past year, Under The Hammer has worked with hundreds of agents, property sellers, and buyers.

Read more here

Join us in Miami Beach, June 5-7 for the Global Online Marketplaces Summit.

Miabannermay12

May 13, 2019

Subscribe to our mailing list to get the famous, free Friday newsletter!

News and analysis to help build better online marketplace businesses, in your inbox, every Friday

Related News

Prod Roundup 3Jan25
Product and Services Roundup: Idealista, Cian, SeLoger, Boligsiden, Lifull, Bayut

Welcome to the new year. Our first Product Roundup of 2025 starts with a new search filter in Spain...  ...

Read More
Nestaway Complaint 1
Nestaway Co-founder Files Fraud Compliant Against Investors Including Goldman Sachs

Amarendra Sahu, the co-founder of the home rental platform NestAway, has filed a First Information Report (FIR) against his fellow...

Read More
Shutterstock 181374380 2
Nasdaq Once Again Sends FangDD Non-compliance Warning

The Chinese real estate marketplace operator FangDD has once again been warned about its continued non-compliance regarding share prices. FangDD...

Read More
Jpmorgzedited 3
JP Morgan Global Online Classifieds Report 2024: Key Highlights Include REA, Scout24 and Rightmove

JP Morgan released its Global Online Classifieds report in November 2024, with marketplace giants REA Group and Scout24 SE both...

Read More

Editor's Pick