Not allowed a viewing on a house

LEJC

joirish wrote: »

Hi, a house appeared on Rightmove last night that fits all my requirements.

Dont just rely on looking at properties via rightmove..it can take a while for the site to be updated...its also a good idea to register directly with local estate agents as its those potential buyers who are contacted first should suitable property come on the market..


I have just purchased ...we viewed and offered with an offer acceptance before the property got to RM purely because the EA advised us of it about to come on the market..


Rightmove can be 24 hours behind the individual estate agents.

mandi

joirish wrote: »

Surely, it's in the vendor's interest to have more viewings and therefore a bit of competition in the bidding process rather than accepting the 1st offer that comes

Once an acceptable offer is received it is then up to the vendor if they wish to continue to market their property or not .

By not taking any further viewings they are allowing the purchaser an opportunity to proceed . .

Mallotum_X

Agents sometimes have a preferred purchaser and will keep others away.

My parents were looking to buy a flat and one came up (as a repo) in the same development they own one already. Agent kept claiming they hadn't got keys, despite my parents knowing they had as the chair of the residents association had provided new keys to the car park and block its in, and went in the flat with them.

Agent kept the story of no keys going for about 10 days or so when the flat then was listed as having received an offer, a heavy discount on recent sales and less than my parents would have paid as cash purchasers.

Likely explanation was it was sold to a mate of the agent, presumably with the discount providing a nice back hander.

Don't trust the agents!

moneyistooshorttomention

Mallotum_X wrote: »

Agents sometimes have a preferred purchaser and will keep others away.

My parents were looking to buy a flat and one came up (as a repo) in the same development they own one already. Agent kept claiming they hadn't got keys, despite my parents knowing they had as the chair of the residents association had provided new keys to the car park and block its in, and went in the flat with them.

Agent kept the story of no keys going for about 10 days or so when the flat then was listed as having received an offer, a heavy discount on recent sales and less than my parents would have paid as cash purchasers.

Likely explanation was it was sold to a mate of the agent, presumably with the discount providing a nice back hander.

Don't trust the agents!

I would be interested to hear the rest of the story on that one..

As, in your parents position, I would have gone off to the Chair of Residents Association (as free to do so, with no offer having been accepted yet) and requested them to show me round and then put in any offer I decided to make and safeguarded the "presence of another offer on the table" by going direct (in writing) to whoever it was that had just repossessed the place and given them my written offer and a copy would be forwarded to the EA for their "information".:rotfl:

Did they do that? What happened?

The only thing that would have prevented me doing that is if I had known that the "person waiting in wings" was a home-owner (ie intended to use it as a home for themselves), in which case they would have had higher priority because they didn't intend to rent it out. Been there, done that, got the teeshirt - as my EA had been told my preference was for a home-owner buyer and buy-to-letters came second. They knew the order of priority was:

1. local home-owner
2. other home-owner
3. anyone else.

So its possible that that the EA may have been given a buyer priority list (the same as I did to my own last EA and it was duly sold to a local home-owner).

InsideInsurance

A friend put their home on the market and before lunch they had 4 bidders all above the asking price without a single person viewing the property.

Unfortunately in some areas of the country its a sellers market and why have the hassle of viewings when you can get more than you want without ever having to tidy up etc?

Mallotum_X

moneyistooshorttomention wrote: »

I would be interested to hear the rest of the story on that one..

As, in your parents position, I would have gone off to the Chair of Residents Association (as free to do so, with no offer having been accepted yet) and requested them to show me round and then put in any offer I decided to make and safeguarded the "presence of another offer on the table" by going direct (in writing) to whoever it was that had just repossessed the place and given them my written offer and a copy would be forwarded to the EA for their "information".:rotfl:

Did they do that? What happened?

The only thing that would have prevented me doing that is if I had known that the "person waiting in wings" was a home-owner (ie intended to use it as a home for themselves), in which case they would have had higher priority because they didn't intend to rent it out. Been there, done that, got the teeshirt - as my EA had been told my preference was for a home-owner buyer and buy-to-letters came second. They knew the order of priority was:

1. local home-owner
2. other home-owner
3. anyone else.

So its possible that that the EA may have been given a buyer priority list (the same as I did to my own last EA and it was duly sold to a local home-owner).

Would a mortgage a mortgage company have been interested in whether it was a BTL or owner-occupier. I'd assume they would want to maximise proceeds quickly and with minimum of fuss.

In the end they decided not to force the issue and accepted that somethings are probably someone elses battle.

The previous owner is probably the real loser in this as they miss out on the benefit of the higher proceeds, either via my parents or someone else. The real value was probably at least 10-15% over the initial asking price. It sold for about 10% under that.

As far as I know it was an investor that bought it.

For my parents it worked out well as they bought a 1 bed house instead - agreed before the property even went on rightmove/zoopla. Committed seller, fast legals and quick sale process.