Should I Offer Asking Price Before Viewing?

ReubenjM

Hi everyone,

Regularly view the forum but rarely post. Thought I’d ask you all a question (which has probably been asked many times before)!

So my family and I are hoping to move soon to a specific area soon. We’ve spent around six weeks looking and haven’t had much luck so far. Properties are either snapped up or are just outside of our price range. 

Today we found a perfect family house just a few thousand below our budget. It went live on Rightmove today. Viewings begin on Tuesday and we have a slot in the morning. Basically, apart from not having a front drive, it really does feel like a dream house. With everything we’ve experienced so far, we wondered whether it would be wise to jump in there with a bid at asking price and see what they say? Or is it wiser to hold on and view first? We were told by the EA that they have a good number of viewings on Tuesday and based on other properties in the area, I expect this one to be sold very quickly (it could even rise if lots of people put offers in). 

Hope I don’t sound too naive, hearing your thoughts would be extremely helpful!

Alter_ego

If it was my house I wouldn't treat an offer before viewing as serious. A sale is never certain until exchange of contracts so what's the point?

justworriedabit

Alter_ego said:

If it was my house I wouldn't treat an offer before viewing as serious. A sale is never certain until exchange of contracts so what's the point?

Ditto - you beat me to it.

ReubenjM

makes sense - thank you. I guess patience is best. 

dj1471

Alter_ego said:

If it was my house I wouldn't treat an offer before viewing as serious. A sale is never certain until exchange of contracts so what's the point?

Likewise, I had an offer on my property last week from someone who hadn't viewed - no point entertaining it at all.

If anything such an early offer is more likely to persuade the vendors that they should hold out for above asking.

justworriedabit

dj1471 said:

Alter_ego said:

If it was my house I wouldn't treat an offer before viewing as serious. A sale is never certain until exchange of contracts so what's the point?

Likewise, I had an offer on my property last week from someone who hadn't viewed - no point entertaining it at all.

If anything such an early offer is more likely to persuade the vendors that they should hold out for above asking.

Actually, I'll share an experience with you that is just as bad as the no view and it happend to use about 12 years ago.
The man and his daughter i think aged about 3/4 came to view the house on a sunny day, it was a hot day and they had the EA with them.
A quick look around and a phone call about 30 mins later, wanted to offer full price. He was ready to gom, had mortgae in place and sold their previous home so living with family - we accepted and a few days later they backed out.  Warning signs, he did not have his otherhlaf no second views or other questions. Having said that we've bought a house on first viewing but usally both of us and then as children got older we'd take them on a second views and once we've made an offer and accepted the only time we have pulled out was when we saw what next door was like when we went for quote on a drive/etc before completion.

ReubenjM

Thanks everyone - all makes a lot of sense. I can understand why a quick offer may be depended upon, rejected and even unwise from our side of things.

Here’s one more question. If we like the property and we know lots of others will too - when we go to put an offer in, should we offer asking price or should we offer a little higher? 

justworriedabit

ReubenjM said:

Thanks everyone - all makes a lot of sense. I can understand why a quick offer may be depended upon, rejected and even unwise from our side of things.

Here’s one more question. If we like the property and we know lots of others will too - when we go to put an offer in, should we offer asking price or should we offer a little higher? 

Put in offer lower than asking if you are in a ready to go position and see what they say
Once an offer is accepted demand the property gets the sign up saying "under offer" on websites and NO MORE VIEWINGS"

EA will rightly so only accept the above once you have proven your metal ie, cahs ready, sols in place, mortgage ready to go

If you have a property for sale considerations are, is your on sale going on sale, had offers on it - but test the water the EA will indicate if somone else is chain free ready to go as that is what an EA likes as only a sale makes them money.


We have sold to someone for a bit less years ago when they were cash ready, local, knew the area desperte to move.

See how it goes and nothing stopping you from making a higher offer as EA's are duty bound to relay your offer/s but as always down to the owner.

Good luck.

justworriedabit

Btw - any offer you make, EA must provide in writing to you, ie every offer you make and then again if accepted. This way you will know the EA is passing on offers and not letting it go a bit cheaper to someone ready to move in next day and not make the seller aware of a higher offer,

Thrugelmir

If a similar house with a front drive comes on the market over the weekend. Presumably you'd lose interest in the one you've yet to view. 

RoisinDove

justworriedabit said:

dj1471 said:

Alter_ego said:

If it was my house I wouldn't treat an offer before viewing as serious. A sale is never certain until exchange of contracts so what's the point?

Likewise, I had an offer on my property last week from someone who hadn't viewed - no point entertaining it at all.

If anything such an early offer is more likely to persuade the vendors that they should hold out for above asking.

Actually, I'll share an experience with you that is just as bad as the no view and it happend to use about 12 years ago.
The man and his daughter i think aged about 3/4 came to view the house on a sunny day, it was a hot day and they had the EA with them.
A quick look around and a phone call about 30 mins later, wanted to offer full price. He was ready to gom, had mortgae in place and sold their previous home so living with family - we accepted and a few days later they backed out.  Warning signs, he did not have his otherhlaf no second views or other questions. Having said that we've bought a house on first viewing but usally both of us and then as children got older we'd take them on a second views and once we've made an offer and accepted the only time we have pulled out was when we saw what next door was like when we went for quote on a drive/etc before completion.

Dying of curiosity now - what were next door like?