Open Day

Tony_R

Hello,

I am currently in the process of looking to buy our first house. Last weekend we went and viewed a couple of houses but they both weren't right.

I've just seen one which is the perfect location. However, it is for sale in an Open Day on the 9th January.

Do these work the same way as a normal house sale? Would we be able to arrange a 2nd viewing or would everyone need to make their bid that day?

not_loaded

Most ‘open days’ only last for one hour, it's just a way for the agent to try and get people through the door. Desperate times! I suspect the idea is that as only two or three people turn up, they will bump into each other and thus feel that they are in a competitive situation.

In the past (long past) I've heard of open days where they go to sealed bids. I don't think you'll find that happens much nowadays, if at all.

There’s a programme on BBC2 at the moment called Open House. (might be on iPlayer) I suggest you try and see that a couple of times, and you'll realise how futile the whole exercise is. Typically, the EA begins by mentioning ‘ a good dozen people are interested’ then, immediately prior to the open session, ‘we are expecting six people to come’ and guess what, at the end of the programme, maybe one or two actually turned up. Sometimes nobody comes.

Maybe you've just discovered the next EA invention for 2010, namely, the threat of an open day. In other words, ‘You'd better buy this quick as a queue will be forming! Honest!’

Radsteral

it s exactly as the guy above says, couldnt describe it any better.
I went on 2 of these open days, 2 different estate agents. one was man countrywide, and the other..dont remember exact name
On the second one i joked by saying to the estate agent '' did you work for man countrywide?'' to which she said, '' no. i always worked for my own estate agency''

bassically they said, and employed the same tactics... 4 more couples, are comming, the guys looking upstairs are first time buyers with 30 percent deposit, we got 1 offer but feel obliged to let every one see the house and put an offer if they wish''

2 days latter they likely to ring you back.

if you like the house you go to watch, just hide your excitement as much as you can

bramble1

You might be able to get a viewing before the open day call the agents and ask, if you're in a good position you might be able to get a viewing earlier (no chain or cash). Sometimes they do the open day to generate a sense of urgency, get people through the door and encourage you to offer.

Usually you wouldn't be able to have a 2nd viewing you'd need put any offers forward by a set time on the monday.

I'd call the agent and see if you can get in there before then if you really liek the sound of it.

Tony_R

Thanks for the feedback. We are first time buyers with somewhere between a 20% and 25% deposit. We both live at home still so we've not got to give notice on a rental etc.

The reason I ask about the 2nd viewing is because my sisters husband is a builder/roofer/electrician/plumber/corgi registered gas fitter. Quite a useful person to know really, and I'd probably want him to take a brief look before making an offer.

Plans if we find a house we like and then we'll drag him along to any 2nd viewings.

not_loaded

Sorry bramble, I have to say I think you’re living in the past there. I’m sure it’s just a tactic.

Tony, don’t be put off by the Open Day date. If you like the look of it tonight, phone tomorrow to say you want to view it immediately. (and don’t play the underdog…)

I’d be extremely surprised if they turn you down.

CloudCuckooLand

There have been hoards of Open Days in recent weeks, with lots of old dross being pushed hard.

Abbotts did swathes of them, last week, I think it was. Lots of price reductions to go with them.

Its a good time to be a buyer.

bramble1

CloudCuckooLand wrote: »

There have been hoards of Open Days in recent weeks, with lots of old dross being pushed hard.

Abbotts did swathes of them, last week, I think it was. Lots of price reductions to go with them.

Its a good time to be a buyer.

Christmas time - viewings are few and far between, an open day is a good way to generate interest and because you don't have to commit to actually turning up more people are likely to show - if that makes sence.

bramble1

not_loaded wrote: »

Sorry bramble, I have to say I think you’re living in the past there. I’m sure it’s just a tactic.

Tony, don’t be put off by the Open Day date. If you like the look of it tonight, phone tomorrow to say you want to view it immediately. (and don’t play the underdog…)

I’d be extremely surprised if they turn you down.

How do you mean? That is exactly what an open is designed to do, if you like the look of somewhere and you see other people looking around looking interested you don't want someone else to get your dream home before you do. It's a good way to generate offers on a property.

adg1

An Open Day is simply a method of getting as many people through the door of a property in the shortest possible time. Its based on the want of the agent to sell the house for the best possible price in the shortest possible time.

I would be very surprised if they allowed you entry before the open day - its the whole point of this type of marketing as it holds it back something that lots of people want, and just dangles the odd picture to entice people to book to see it. Its normally (and best reserved to) a new property to market that is special in some way (unique style/amazing location/stunning garden in a central location etc).

Lets say that the agent books an hour at a house and every person is either let in at once at the start to mill about (like on the Telly show mentioned above) or he allows each person 5/10 minutes inside then next, like a conveyor belt. Witnessing other people interested in something you want brings out the green eyed monster and leads to offers for the EA and their client.

Its designed to instill urgency in the buyers and more often than not is successful as people are very often influenced by visual cues (ie other people looking at the same time) rather than the usual EA patter of 'I've got another 3 after you and had 6 before! Wow you'd better make a good bid'.

I'd go on the open day but don't allow yourself to be swayed by promises of more viewings (if there aren't any other people there of course) and simply treat the viewing as any other - is the house right for you, can you afford it, can you add value etc as you normally would looking at any other house. Don't be influenced by other people looking interested in the house.

I suppose its kind of like an auction held in the property, but where no one shouts out prices. Offers tend to only be accepted up until a certain point on the next working day. You'll never know if any other bids were made if you are the successful party, or what level they are - the house may be on the market at £250k, every one else offers £200k, £210k etc and 'Mr I want it now and I'm inflenced by EA patter' goes as high as he is able to on his first bid to give himself the best chance of 'victory'.

People like a competition and this, I suppose, is a sort of competition.

poppysarah

Put an offer in before if you want.
There's no reason not to.

The idea is to drum up interest ... they've had some on a TV show on BBC1 previously and they've all been poorly attended