Block Viewings - making an offer

milkn2sugars

Hi,
We are viewing houses to buy at the moment, and are going to see one over the weekend. However, the estate agent has said that there will be the only the one block viewing for all interested parties. After this, they are open to offers.

The house itself is pretty cheap (considering location and size etc), i am assuming this is to drive interest, and that the final sale price may be well over the £100k asking price. It also needs some refurbishment. I haven't viewed it yet, but hope that is finally the one. Especially as its in school catchment!

Most other houses we have viewed have been individual viewings, with room for negotiation. We have been to a block viewing (with the same estate agent) before, which was basically an open house where the estate agent passed around 'bidding' offer forms to the millions of people that turned up.

Any way, my question is whether there are any different 'tactics' or approach to take with regards to offering, when it comes to these types of 'one day block viewing' properties. probably cant be too cheeky with the offer, but dont want to pay over the odds.

Apologies for rambling on, any advice would be appreciated. Thanks.

Grimbal

We bought our house after viewing during an "open hour". The problem with these types of viewings is that not only do you get the one look around before submitting your offer but that you also get a hyped up sense of expectation due to all the other people in the place at the same time as you.

Keep a level head, look at everything you can. I would, perhaps, make a list of the things that you need to investigate and take it with you as an aide memoire. Do your research and look at the sold prices in the area, and submit your offer after taking this into consideration.

When we submitted our offer, we went through our position with the EA (e.g. in a chain? AIP? etc) to allow the vendors to make as informed a decision as possible (turned out that they didn't initially, but that's another story!).

good luck !

Thefunkygibbons

The EA can try what they want, however, 70% of the houses placed on the market this year have not sold, so buyers are in the box seat right now

and don't let the EA process convince you otherwise

LadyBrunello

don't let yourself get caught up with the excitement of it all. it's a bit like when you are bidding for something at an auction - the desire to 'win' takes over. Make sure the property is worth what you offer. It's a buyers' market so you are in control. Many of the veiwers there will not be serious. It's easier to go just for a nosey round at an open day. So don't feel pressurized