Finding a new home to buy is one of the most stressful events people experience, thus looking for a new house can be frustrating. Many people also find it frustrating while dealing with mortgage brokers, solicitors and removal companies, thus mobile apps can make things slightly easier.
A growing number of people are using smartphones to handle serious transactions. One such individual placed a £23,000 deposit on a home through a banking app. According to Alex Johnson (2014, independent.co.uk), Barclays and Savills collaborate and the first payment was made on a new home in Mitcham, South London.
Barclays Mobile Banking and Pingit Product director Darren Foulds said that this transaction shows potential for fast and secure mobile transactions that will be a trusted way to make payments either to pay person to person or person to business.
Barclays is leading the way forward in this realm by partnering with property auctioneers. Property buyers can use their app to bid on new homes through the use of QR codes. The transactions are handled almost instantly. Property auctioneers are claiming the app improves the speed at which they do business and improves the service to the customer as well, allowing for fast responses to offers.
The property market is leaning more and more on technology with the vast majority of property searches beginning online and most customers actively trying to avoid real estate agents however the risks involved are much higher when buying a property individually. Comparing properties online offers serious functionality to buyers that they aren’t willing to trade for a face to face interaction.
Buying a property is a huge investment and being able to instantly commit large sums of money to an investment could be potentially dangerous if the buyer acts too fast. For instance, if a user bids and gets the winning bid they are obligated to pay a 10% deposit within 28 days or face legal action. That user will also need to have a mortgage lined up to prevent a delay.
Fast transactions can mask the severity and commitment level of bidding on a house. Not to mention that banks can pull out of mortgages within a set time frame leaving the bidder in serious financial turmoil.
The conclusion to this new technology needs to be awareness, users need to be educated on the severity of transactions and be aware of the commitment that it entails.
If you decide to choose estate agents that would help you to buy a new property, there are many estate agents across the UK that have properties for sale such as Chancellors estate agents offer houses for sale in Oxford. It might be stressful to find the best estate agency in your area, therefore it is advisable to have a look at properties that are for sale in your area and what estate agents are in charge. You can also ask for advice from your relatives and friends who sold their property with one of the agent that sell properties in your area.
