House Block Viewing/Open Day Tips?

junebug87

Hi all,

I have a house viewing on Saturday for a property my fiance and I really like the look of - in terms of size/location and price it's almost perfect (although of course, still need to view it with a clear head before getting carried away planning furnishings!).

It turns out that it's a very popular property, as the estate agent has arranged one block viewing session on Saturday giving people 20 minute slots. They're then taking offers on the Monday.

We've never done a viewing like this before and were wondering, if the property does turn out to be the 'right one' after the viewing, if anyone had any tips on how to ensure we're in the running for it. I.e. what might sway the sellers to pick us over another viewer?

We're first time buyers, we have a 15% deposit available, excellent credit scores (according to Experian) and have had a chat with a mortgage advisor, but no AIP/DIP as yet.

Any tips on how we can make the most of those 20 minutes would be greatly appreciated!

marksoton

junebug87 wrote: »

Any tips on how we can make the most of those 20 minutes would be greatly appreciated!

Yes, make absolutely sure you want the place and assess exactly what your maximum offer will be. And then don't deviate from it.

junebug87

Great thank you. So, if we did want the place, we should go in with our maximum offer straightaway.

Assuming other buyers do the same thing - any advice on how to gain some advantage? I.e. should we get a DIP first (if possible)?

marksoton

junebug87 wrote: »

Great thank you. So, if we did want the place, we should go in with our maximum offer straightaway.

Assuming other buyers do the same thing - any advice on how to gain some advantage? I.e. should we get a DIP first (if possible)?

I didn't say that!

Just know what the max you're comfortable with is. An AIP would probably help ( But never reveal it to an EA )

junebug87

OK, thanks for your help.

alchemist.1

marksoton wrote: »

I didn't say that!

Just know what the max you're comfortable with is. An AIP would probably help ( But never reveal it to an EA )

If there are multiple offers and its a popular property the EA will be expecting a copy of the AIP as to viability of purchase.

marksoton

alchemist.1 wrote: »

If there are multiple offers and its a popular property the EA will be expecting a copy of the AIP as to viability of purchase.

Then they get confirmation from the buyers solicitor.

Showing an AIP to an EA is like showing the fat kid into a sweetshop. Especially in an open day scenario.

alchemist.1

marksoton wrote: »

Then they get confirmation from the buyers solicitor.

Showing an AIP to an EA is like showing the fat kid into a sweetshop. Especially in an open day scenario.

Another buyer comes along is happy to show AIP/DIP.

EA's like easy box ticking rather than waiting for buyers solicitor to confirm.

konark

These open days are often engineered by the EA to create a sense of competetiveness amongst buyers similar to Auction fever. Nobody is going to buy the house on the day and it isn't sold until contracts are exchanged which will be weeks away.

Take your time making a decision , don't be carried away trying to outbid the other viewers and certainly don't let the EA find out your maximum price, at the end of the day the person who offers the highest price will win.

The way that chancers proceed is to offer 10% more than asking price, knocking everyone else out of the race, then just before exchange use the survey ( whatever it says) to justify a 20% discount!.

densol_2

I disagree with not showing the AIP. Just because you can borrow MORE than your offer doesnt mean you will up your price ! Just have the maximum price in mind YOU want to pay and stick to it. If I saw someone had an AIP for say £150k and they actually needed to borrow £120k I'd feel they were better safer buyers ( who had some margin to play with ) than those scraping the barrell

Also if you like the place and want to put in an offer and the vendor is present - be complimentary of the place. They will feel you are more likely to proceed than someone who looks around like a sourpuss. It doesnt give you a disadvantage as long as you stick to the price you are willing to pay.

In your offer point out the favourables - first time buyer, 15% deposit, good AIP, named solicitors etc.

junebug87

Thanks all for the advice, really useful tips.