A property auction website, ‘Under The Hammer’, has added a new option to listings that lets buyers make an ‘instant’ property purchase. 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 and administration fees to do so.
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.
We have acted for a number of clients purchasing properties at auction. It is always wise to ask your solicitor to check the auction pack over before making an offer or purchasing a property. If you are considering buying a property at auction, contact us now on 01606 74301.