Emoov’s new 'guaranteed offer' service means fall-thoughs and chain-related delays are effectively eliminated, the agency claims.
Emoov - now owned by a firm called Mashroom - says customers who have listings with the agency will be able to request a purchase offer from the company itself.
The specific property purchase, if it goes ahead, will be on “fair and transparent terms” it insists.
Emoov is testing this business model in undisclosed pilot locations before rolling it out across the UK.
The agency describes this as “a disruptive model [which] aims to speed up the property buying process, allowing homeowners to sell properties quicker.”
In order to finance the offers, Emoov has arranged a multi-million-pound credit facility in partnership with lender Selina Finance.
Stepan Dobrovolskiy, Mashroom chief executive, says: “Property chains are a pain for the UK housing market. Thirty per cent of transactions fall through, people waste hundreds of millions a year on fees.
“The existing solutions capitalise on the huge distress that chains are causing to customers. This is also driven by the shortsightedness of service providers and the unavailability of data.
“Emoov is the first company to offer an affordable data-driven solution to facilitate the transactions.”
The agency says that with UK housing prices averaging around £250,000 the value of what it calls “chain-doomed properties” is estimated at £68.5 billion annually.
Around seven years ago the London-focused online agency Nested also offered a service which claimed to prevent fall-throughs and reduce problems associated with chains.
It provided sellers with what was effectively an advance of up to 95 per cent of their property’s value - they received the rest when the property sold.
The seller can use the advance to buy their next home before selling their old one; meanwhile Nested markets the home they are leaving.
Nested described itself as a company that “breaks property chains and gives vendors the same market power as cash-buyers.”
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Let's see the fine print!!!
Nothing new here. Parkers used to do this a lot back in the day.
Did it at Black Horse
At half the price!
Emoov! Blimey. There's a blast from the past.
I didn't even realise it was still going in its new form, it's made such little impact.
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