Price-Fix.com FAQ's

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Vendor FAQ's

What is Price-Fix.com?

Quite simply Price–Fix.com is an online property website which provides a realistic additional selling option to professional Estate Agents as well as giving vendors an effective alternative to traditional property auctions.

Why is it needed?

For most people who either need to, or wish to sell their property quickly the only way they can do so is through a conventional auction scenario.

By using auctions the vendor and Estate Agent lose a certain degree of control over the sales process with the auction house dictating to the agent and vendor viewing days, asking prices, property details etc.

Auction costs can be quite prohibitive, with auction houses charging large listing fees (eg £500) plus higher than normal commissions of up to 3%. Buyers also can be intimidated by conventional auctions – with the hammer drop, comes total commitment often with a Buyers Premium of 10% + VAT on top of the final offer price, and very short completion deadlines – in fact a number of all auction buyers lose their deposit and leave themselves open to legal action.

Vendors normally have to take their solicitor along with them to the auction thus incurring additional costs (eg £1000 or more)

Most auction houses don’t have many offices around the country, and the logistics of attending auctions can also put off all but the hardy and experienced developers & investors, meaning that a large proportion of the buying public never realistically get a chance to benefit from a property auction.

Some auction houses will not accept all types of residential property.

How does Price-Fix work?

Price-Fix.com allows vendors to put their properties up for sale via the internet with the support and help of their agent. This relationship is an important part of the sales process.

Unlike a conventional auction where the relationship between vendor and agent is severed, Price-fix allows both vendor and Estate Agent to work together to achieve a successful end result.

Price-Fix.com allows the Estate Agent to use their property particulars and any other sales tools such as floor plans and virtual tours they may have to maximise the saleability of their properties.

A property can only be placed onto Price-Fix.com through an Estate Agent or property professional, thus maintaining the crucial link between Estate Agent and vendor.

What is the Price-Fix process?

It’s simple. The Estate Agent and vendor agree to put the property on Price-Fix.com – this could be for any reason – a quick sale, pending repossession, portfolio realisation etc

Once the property is loaded onto Price-Fix.com the property stays on the site for a period of 21 days. Anyone can search, review, book viewings via the Estate Agent etc. during this period.

During the 21 day bidding period anyone can make an offer on the property. To ensure that buyers are genuine, they have to confirm that they have the finances in place prior to placing offers, and they have to provide certain personal information to Price-Fix.com in order to obtain log in details.

At the end of the 21 day period it is up to the vendor to decide whether or not the final offer is acceptable.

Once you have accepted the offer, both parties will be required to place a commitment deposit via Price Fix within 48 hours. All commitment deposits are lodged with a NATIONWIDE FIRM OF SOLICITORS for your protection and security. Full details of which will be notified to you prior to placing the deposit. The nominated solicitor will ensure that all monies are checked under the money laundering regulations

Both parties then aim towards a period of 14 days to exchange contracts. It’s as simple as that!

What is the Commitment Fee and how does it work?

It’s simple – once a price has been agreed between buyer and seller, both parties provide Price-Fix with a commitment deposit to seal the deal. The size of deposit will depend upon the sale price of the property. If either side pulls out prior to exchange or no exchange has taken place within 60 days of the offer being accepted by the Vendor (unless extended by both parties in writing) then the aggrieved party will receive the deposit of the other party (less a small administration charge).

There is a fee of £40 + VAT, payable at the time of paying the commitment deposit. This fee is for money laundering checks, (which is a legal requirement) and dealing with the administration of the commitment fee. Please note this fee is ONLY payable once a sale has been agreed.

However, with buyers getting property at a great price and sellers achieving a sale, the instances of either party pulling out will be small.

Are there any instances where either party can pull out of an agreed sale without losing their Commitment Deposit?

Yes there are a few occasions and these are:

Unresolved defect in title

Insufficient equity in the subject property to allow the sale to proceed

Mortgage retention equalling 7.5 % or more of the final accepted offer price, following a survey by a surveyor who is a member of the Royal Institution of Chartered Surveyors, of at least 5 years standing.

If the purchaser is a Cash buyer (i.e. 100% cash purchase); an equivalent to a Mortgage retention equalling 7.5 % or more of the final accepted offer price following a survey by a surveyor qualified as above.

Can a property be re listed if it doesn’t sell the first time?

Absolutely!

Just ask your Estate Agent for more details.

What do I do if I want to use Price-Fix.com but don’t have an agent?

Let us know and we will find one for you in your local area.

Does the Price-Fix Property system apply to all types of property?

Yes, freehold, leasehold, commercial, residential & development land in England and Wales. Property may be vacant or subject to occupation.

Is there any further obligation on a vendor if the highest bid is not enough?

No, none whatsoever and don’t forget that the property can be re listed.

Do I need to tell my mortgage lender first?

No. However, where your property may be subject to negative equity it would be in your interests to tell them.

Can I register as a prospective buyer as well as a seller?

Yes, most definitely.

What does the service cost?

Your estate agent will price the service for you.

Buyers FAQ's

What is Price-Fix.com?

Quite simply Price–Fix.com is an online property website which provides buyers with a realistic and effective alternative to traditional property auctions, but with all the benefits of buying through a traditional Estate Agency.

Why is it needed?

Many buyers can be intimidated by conventional auctions – with the hammer drop comes total commitment with a deposit of 10% of the accepted bid price immediately payable and often with an additional Buyers Premium of 10% + VAT on top of the final bid price, and very short completion deadlines. In fact a number of all auction buyers lose their deposit and leave themselves open to legal action.

Most auction houses don’t have many offices around the country, and the logistics of attending auctions can put off all but the hardy and experienced developers & investors, meaning that a large proportion of the buying public never realistically get a chance to benefit from a property auction.

Some auction houses will not accept all types of residential property which means that buyers can lose out on properties that never come to auction.

How does Price-Fix work?

Price-Fix.com allows vendors to put their properties up for sale via the internet with the support and help of their agent. This relationship is an important part of the sales process.

Price-Fix.com allows the Estate Agent to use their property particulars and any other sales tools such as floor plans and virtual tours they may have to maximise the saleability of their properties.

Buyers are not restricted to limited viewing opportunities.

Buyers can use the Estate Agent’s knowledge of the property to obtain any information they require to make an informed decision on whether or not to place a bid – most auction houses only have limited information on the properties they list.

A property can only be placed onto Price-Fix.com through an Estate Agent or property professional.

What is the Price-fix process?

It’s simple. The Estate Agent and vendor agree to put the property on Price-Fix.com – this could be for any reason – a quick sale, pending repossession, portfolio realisation etc

Once the property is loaded onto Price-Fix.com the property stays on the site and is available for bidding for 21 days. Anyone can search for properties free of charge and without registering, as well as book viewings via the Estate Agent etc.

During the 21 day bidding period anyone can make an offer on the property. To ensure that buyers are genuine, they have to confirm that they have the finances in place prior to placing offers. It is only at this stage do they have to provide certain information to Price-Fix.com in order to obtain log in details.

At the end of the 21 day period it is up to the vendor to decide whether or not the final offer is acceptable.

If your offer is accepted, both parties will be required to place a commitment deposit via Price Fix within 48 hours. All commitment deposits are lodged with a NATIONWIDE FIRM OF SOLICITORS for your protection and security. Full details of which will be notified to you prior to placing the deposit. The nominated solicitor will ensure that all monies are checked under the money laundering regulations

Both parties then aim towards a period of 14 days to exchange contracts. It’s as simple as that!

What is the Commitment Fee and how does it work?

It’s simple – once a price has been agreed between buyer and seller, both parties provide Price-Fix with a commitment deposit to seal the deal. The size of deposit will depend upon the sale price of the property. If either side pulls out prior to exchange or no exchange has taken place within 60 days of the offer being accepted by the Vendor (unless extended by both parties in writing) then the aggrieved party will receive the deposit of the other party (less a small administration charge).

There is a fee of £40 + VAT, payable at the time of paying the commitment deposit. This fee is for money laundering checks, (which is a legal requirement) and dealing with the administration of the commitment fee. Please note this fee is ONLY payable once a sale has been agreed.

However, with buyers getting property at a great price and sellers achieving a sale, the instances of either party pulling out will be small.

Are there any instances where either party can pull out of an agreed sale without losing their Commitment Deposit?

Yes there are a few occasions and these are:

Unresolved defect in title

Insufficient equity in the subject property to allow the sale to proceed

Mortgage retention equalling 7.5 % or more of the final accepted offer price, following a survey by a surveyor who is a member of the Royal Institution of Chartered Surveyors, of at least 5 years standing.

If the purchaser is a Cash buyer (i.e. 100% cash purchase); an equivalent to a Mortgage retention equalling 7.5 % or more of the final accepted offer price following a survey by a surveyor qualified as above.

Is there any further obligation on a vendor if the highest bid is not enough?

No, none whatsoever and don’t forget that the property may be re-listed.

Does the Price-Fix Property system apply to all types of property?

Yes, freehold, leasehold, commercial, residential & development land in England and Wales. Property may be vacant or subject to occupation.

Can I register as a vendor as well as a prospective buyer?

Yes, most definitely, just ask your Estate Agent, or if you don’t have one just let us know and we will find a Price-Fix agent in your area.

What do I do if I have a problem placing a bid?

In the first instance, and for a potentially quicker response, contact the Estate Agent who is dealing with the property – they may be able to assist you in placing your bid. Or alternatively click here Contact form

Agents FAQ's

What is Price-Fix.com?

Quite simply Price–Fix.com is an online property website which provides a realistic additional selling option to professional Estate Agents as well as giving vendors an effective alternative to traditional property auctions.

What benefits does Price-Fix offer to an Estate Agent?

• It helps to sell properties
• Totally unique & only available through participating Estate Agencies
• Competitor advantage
• Something different and positive to talk to your vendors and buyers about
• Simple for all parties to use
• You retain control of the whole process
• Commitment deposits mean there is greater certainty of the sale progressing
• Choice of marketing material to use as you wish
• Chain breaking
• Chain repairer
• Finally ….IF YOU DON’T DO IT …..YOUR COMPETITORS WILL

Why is it needed?

For most people who either need to, or wish to sell their property quickly the only way they can do so is through a conventional auction scenario.

By using auctions the vendor and Estate Agent lose a certain degree of control over the sales process with the auction house dictating to the agent and vendor viewing days, asking prices, property details etc.

Auction costs can be quite prohibitive, with auction houses charging vendors large listing fees (eg £500) plus higher than normal commissions of up to 3%. Buyers also can be intimidated by conventional auctions – with the hammer drop, comes total commitment often with a Buyers Premium of 10% + VAT on top of the final offer price, and very short completion deadlines – in fact a number of all auction buyers lose their deposit and leave themselves open to legal action.

Vendors normally have to take their solicitor along with them to the auction thus incurring additional costs (eg £1000 or more).

Most auction houses don’t have many offices around the country, and the logistics of attending auctions can also put off all but the hardy and experienced developers & investors, meaning that a large proportion of the buying public never realistically get a chance to benefit from a property auction.

Some auction house will not accept all types of residential property.

How does Price-Fix work?

Price-fix.com allows vendors to put their properties up for sale via the internet with the support and help of their agent. This relationship is an important part of the sales process.

Unlike a conventional auction where the relationship between vendor and agent is severed, Price-Fix.com allows both vendor and agent work together to achieve a successful end result, and puts the control of the process back into the hands of the agent.

Price-Fix.com allows the agent to use their property particulars and any other sales tools such as floor plans and virtual tours they may have to maximise the saleability of their properties.

The Estate Agent and vendor also has complete control over viewings, and when the final bid is accepted, that control stays with the Estate Agent and vendor all the way through to completion.

A property can only be placed onto Price-Fix.com through an Estate Agent or property professional, thus maintaining the crucial link between agent and vendor.

What is the Price-fix process?

It’s simple. The Estate Agent and vendor agree to put the property on Price-Fix.com – this could be for any reason – a quick sale, pending repossession, portfolio realisation etc

Once the property is loaded onto Price-Fix.com the property stays on the site for a period of 21 days.

NOTE: PROPERTIES UPLOADED ONTO PRICE-FIX WILL GO LIVE ON THE SITE AT 1100am MONDAY – THURSDAYS. (This is to allow the Estate Agent time to contact the winning buyer at the end of the bidding period and to finalise the acceptance process within the normal working week).

During the 21 day bidding period anyone can make an offer on the property. To ensure that buyers are genuine, they have to confirm that they have the finances in place prior to placing offers, and they have to provide certain personal information to Price-Fix.com in order to obtain log in details.

At the end of the 21 day period it is up to the vendor to decide whether or not the final offer is acceptable.

If the offer is accepted, both parties will be required to place a commitment deposit via Price Fix within 48 hours. All commitment deposits are lodged with a NATIONWIDE FIRM OF SOLICITORS for your protection and security. Full details of which will be notified to you prior to placing the deposit. The nominated solicitor will ensure that all monies are checked under the money laundering regulations

Both parties then aim towards a period of 14 days to exchange contracts. It’s as simple as that!

Can we load properties onto the Price-Fix.com system at any time?

Yes you can however please note: PROPERTIES UPLOADED ONTO PRICE-FIX WILL GO LIVE ON THE SITE AT 1100am MONDAY – THURSDAYS.

(This is to allow the Estate Agent time to contact the winning buyer at the end of the bidding period and to finalise the acceptance process within the normal working week thus avoiding unnecessary delays).

Who should we be talking to about Price-Fix.com?

Anybody with a property to sell!

In particular those vendors who need to sell quickly, those facing possible repossession and investors with overstretched portfolios.

Anybody who wants to buy a property!

In particular cash buyers, those who have sold but not yet found anything, investors who wish to increase their portfolios, property developers – in fact EVERYONE on your mailing list! Don’t forget the more people who know about Price-Fix.com the more offers your clients are likely to get.

You may not think that Price-Fix.com is suitable for some of your properties, however you may well be surprised by the reaction of your vendors when you tell them of all the benefits of Price-Fix.com.

What is the best way to start using Price-Fix.com?

To find out exactly how much your company could earn from a typical Price–Fix.com campaign ask us for our Agency Income Calculator and see how much your company can earn.

What is the Commitment Deposit and how does it work?

It’s simple – once a price has been agreed between buyer and seller and within 48 hrs of the final bid being accepted and agreed, both parties lodge their commitment deposit via credit/debit card with a nationally appointed solicitor to cement the deal. The size of fee will depend upon the sale price of the property (see table below). If either side pulls out prior to exchange or no exchange has taken place within 60 days of the offer being accepted by the Vendor (unless extended by both parties in writing) then the aggrieved party will receive the deposit of the other party (less a small administration charge).

However, with buyers getting property at a great price and sellers finally achieving a sale, the instances of either party pulling out will be small.

How do we know that the Commitment Deposits will be safe?

All commitment deposits are lodged with a NATIONALLY BASED SOLICITOR for protection and security. The solicitor will ensure that all monies are checked under the money laundering regulations etc. as laid down by the Law Society.

Are there any instances where the either party can pull out without losing their Commitment Deposit?

There are a few exceptions when either party can pull out without financial loss, and these are:

Unresolved defect in title

Insufficient equity in the subject property to allow the sale to proceed

Mortgage retention equaling 7.5 % or more of the final accepted offer price following a survey by a qualified surveyor.

If the purchaser is a Cash buyer (i.e. 100% cash purchase); an equivalent to a Mortgage retention equaling 7.5 % or more of the final accepted offer price following a survey by a qualified surveyor.

We therefore recommend that if a buyer is serious about buying a property, that they consider having a survey conducted prior to the end of the 21 day bidding period.

How do we become a Price-Fix.com agent?

Our simple, straightforward contract lays out the terms and conditions.

Once you have completed the formalities we will provide simple and effective training for you and your staff which will enable you to maximize the benefits that Price-Fix.com has to offer your vendors and your business.

Once the training is completed, you and your staff are ready to contact your vendors whom you think Price-Fix.com may be suitable, along with all the registered investors and buyers, and off you go!

A help desk will be available to your staff should any problems or queries arise thereafter.

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