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East of Exe selected for pilot

24/01/12

DEVON ESTATE AGENT BACKS PIONEERING HOME SALES SERVICE

AssuredSale.com offers a unique service providing commitment at the point of verbal offer for both sellers and buyers during the sale process

A Devon estate agent has become the first in the region to pilot the innovative new scheme that could dramatically reduce the fall-through rates of house sales, a long-standing problem in the UK housing market.

Leading Exeter based estate agent, East of Exe, has become the first to trial AssuredSale, a new online service, which, launched by entrepreneur Tim Price last month, is designed to ensure the completion of house sales between buyers and sellers in England, Wales, and Northern Ireland.

Both buyers and sellers can register for free at any time to use this service, they only have to pay a small administration fee when a verbal offer has been agreed.  The scheme works when a verbal offer is agreed upon and the buyer and seller both place a financial deposit, which are held securely in a trust account with the co-operative bank.  When the buyer and seller reach exchange, their deposits are returned back to them.  However, if one party decides to withdraw from the sale of the house prior to reaching exchange, then the other party receives their deposit, compensating them for any financial expenditure and time invested.  The service is very simple to use and the agents at East of Exe will be happy to explain more [ please add a quote and contact details here].

Mr. Price decided to launch AssuredSale after the owner of a house he wanted to buy pulled out at the last minute – costing him £2000 and two months of wasted time.

He is delighted that the support of East of Exe will spread the word to home sellers and buyers of the value of the new service.

Chris Taylor from East of Exe said “It’s really exciting to be chosen to pilot this innovative new concept. Our agency ethos is to be ‘Exceptional’, and our involvement in AssuredSale is a good example of how we are different to many of our competitors.”

Mr Price said: “We’re the first to market with this, so there’s nothing else like us that can give early commitment at verbal offer to both seller and buyer.

“There are many online tools from solicitors which handle the buyers’ conveyancing (legal) progress, but our tool is for all parties to share and collaborate on from start to finish, helping to resolve issues.”

A revealing survey recently conducted by AssuredSale, found that the fall-through rate for house sales can be as high as 36 per cent in some parts of the UK, with the average rate being between 27 and 33 per cent.

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