Offering during/immediately after viewing - anyone else reluctant to do this or am I too cautious?

ss2020jd

lookstraightahead said:

 seriously you can walk right up to exchange. There's nothing to worry about - put in an offer and withdraw if you need to. Sellers are quite happy to push push push, so go with it and then if you don't want it, withdraw your offer later.
it's a greedy, unethical time out there so go along with the game.

It’s a really dog eat dog time out there. It does feel like that. I would hope I wouldn’t need to do that - I don’t want to be that buyer. That’s what I was trying to avoid here. However, the estate agent and buyer wanted ‘job done’ (EA’s words) as quickly as possible. No time to reflect on a Bank holiday weekend where of course things might be discovered (and luckily for me they were). I will be interested to see if it goes through but really I had a lucky escape on this occasion. 

Hebblethwaite

I asked for a second viewing, but it was looking like having to be a week after my first viewing due to the hours I was working over the following days. In the current market, I thought it was likely that someone else would put an offer in before I could get a second viewing, so I just went for it. I was expecting it to go to best and final like everything else around here, but wanted to get my foot in the door and have a second viewing in before the best and final deadline. And then my offer was accepted!

I'm still hoping to view again, but I think I'll wait until my mortgage offer has come back and I've done my survey. That way, it can be a visit for looking at the areas highlighted in the survey and doing some measuring up so I can start planning a new kitchen. It would take a lot for the survey to make me change my mind now, and I factored quite a few issues in with the offer I made so it would take something major to make me want to lower my offer. There is definitely that slight worry about hating it on a repeat viewing, but I don't think I will!

Gavin83

lookstraightahead said:

I did exactly that on a very old property we've just completed on. I spent 15 mins in there. When we came out the agent said there had been lots of interest and a 'potential' second offer. So we offered immediately. 

I knew I could pull out any time up to exchange, so even if I had spent ten hours looking round there might have been something following surveys etc (which indeed there was though we still bought).
Normally I would obviously advise second and even third viewings, but if the estate agent/vendor puts buyers under this pressure, they only have themselves to blame if it goes wrong (like when properties are 'undervalued' when buyers are forced into fighting for them by offering ridiculous prices).
We were ready though, had nothing to sell as had broken the chain, and had a low LTV so we also got it almost 10% under asking.

Out of interest what would you suggest the EAs do instead? Do you think it’s better if they put no pressure on only to tell you the house is gone when you ask for a second viewing in a weeks time?

I’m also not sure how the vendor is putting pressure on either. They don’t even talk to you for the most part. They’re just doing the same thing they’ve always done, which is to receive a number of offers and pick the one they want.

Honestly the group most to blame for the current market is buyers. I don’t think suggesting what is quite immoral methods of conducting yourself helps the situation either.

ss2020jd

Hebblethwaite said:

I asked for a second viewing, but it was looking like having to be a week after my first viewing due to the hours I was working over the following days. In the current market, I thought it was likely that someone else would put an offer in before I could get a second viewing, so I just went for it. I was expecting it to go to best and final like everything else around here, but wanted to get my foot in the door and have a second viewing in before the best and final deadline. And then my offer was accepted!

I'm still hoping to view again, but I think I'll wait until my mortgage offer has come back and I've done my survey. That way, it can be a visit for looking at the areas highlighted in the survey and doing some measuring up so I can start planning a new kitchen. It would take a lot for the survey to make me change my mind now, and I factored quite a few issues in with the offer I made so it would take something major to make me want to lower my offer. There is definitely that slight worry about hating it on a repeat viewing, but I don't think I will!

It sounds like you made the right move congratulations on getting your offer accepted and for not getting drawn into all the bidding madness. I’m sure you will love it just as much or hopefully even more! 

lookstraightahead

Gavin83 said:

lookstraightahead said:

I did exactly that on a very old property we've just completed on. I spent 15 mins in there. When we came out the agent said there had been lots of interest and a 'potential' second offer. So we offered immediately. 

I knew I could pull out any time up to exchange, so even if I had spent ten hours looking round there might have been something following surveys etc (which indeed there was though we still bought).
Normally I would obviously advise second and even third viewings, but if the estate agent/vendor puts buyers under this pressure, they only have themselves to blame if it goes wrong (like when properties are 'undervalued' when buyers are forced into fighting for them by offering ridiculous prices).
We were ready though, had nothing to sell as had broken the chain, and had a low LTV so we also got it almost 10% under asking.

Out of interest what would you suggest the EAs do instead? Do you think it’s better if they put no pressure on only to tell you the house is gone when you ask for a second viewing in a weeks time?

I’m also not sure how the vendor is putting pressure on either. They don’t even talk to you for the most part. They’re just doing the same thing they’ve always done, which is to receive a number of offers and pick the one they want.

Honestly the group most to blame for the current market is buyers. I don’t think suggesting what is quite immoral methods of conducting yourself helps the situation either.

Because the whole process is a sales pitch and full of untruths. Every single time I viewed a property this time round I was told someone else was about to put in an offer, and none of those properties except one have sold yet.
if the agent is going to say that every time, the only way of securing something is to make a quick decision, because you have to take it at face value. Then you can take your time after that to ensure you're not buying something you don't want to buy.
its a horrible way of doing things, I agree. 

The hardest part for all concerned is when a property comes back with a lower value based on a vendor thinking their house is a money tree. A waste of time for everyone.
Vendors don't always and have not always had a pool of people to choose from, that's just the current bizarre climate and lots of those can't afford them anyway. 

Sistergold

I have always offered during the first viewing and it seems many other people have. This is after getting to know the area I want to live in before hand. Being sure of my must haves before hand. In most cases on viewing the EA pictures, seeing the road and location, viewing will then easily confirm if the house is right for me or not. So viewing for me is normally just a formality as before this I would have formed an opinion already. Every house I have bought I made the offer there and then by the end of the first viewing. When I have to go away and then think about it , it has seemed to be not the right house. 

Once you know what you want it’s almost inevitable you will put an offer on first viewing as you don’t even want to loose it once you have found it. 

There is really nothing wrong in making an offer in the first 15 minutes if visually, location and all is right. If later a nasty comes up which is a deal breaker then you pull out. In most cases one should be able to proceed as most things raised by surveys are normal.  Good luck.

Gavin83

lookstraightahead said:

Gavin83 said:

lookstraightahead said:

I did exactly that on a very old property we've just completed on. I spent 15 mins in there. When we came out the agent said there had been lots of interest and a 'potential' second offer. So we offered immediately. 

I knew I could pull out any time up to exchange, so even if I had spent ten hours looking round there might have been something following surveys etc (which indeed there was though we still bought).
Normally I would obviously advise second and even third viewings, but if the estate agent/vendor puts buyers under this pressure, they only have themselves to blame if it goes wrong (like when properties are 'undervalued' when buyers are forced into fighting for them by offering ridiculous prices).
We were ready though, had nothing to sell as had broken the chain, and had a low LTV so we also got it almost 10% under asking.

Out of interest what would you suggest the EAs do instead? Do you think it’s better if they put no pressure on only to tell you the house is gone when you ask for a second viewing in a weeks time?

I’m also not sure how the vendor is putting pressure on either. They don’t even talk to you for the most part. They’re just doing the same thing they’ve always done, which is to receive a number of offers and pick the one they want.

Honestly the group most to blame for the current market is buyers. I don’t think suggesting what is quite immoral methods of conducting yourself helps the situation either.

Because the whole process is a sales pitch and full of untruths. Every single time I viewed a property this time round I was told someone else was about to put in an offer, and none of those properties except one have sold yet.
if the agent is going to say that every time, the only way of securing something is to make a quick decision, because you have to take it at face value. Then you can take your time after that to ensure you're not buying something you don't want to buy.
its a horrible way of doing things, I agree. 

The hardest part for all concerned is when a property comes back with a lower value based on a vendor thinking their house is a money tree. A waste of time for everyone.
Vendors don't always and have not always had a pool of people to choose from, that's just the current bizarre climate and lots of those can't afford them anyway. 

OK. I’ve had a different experience where I am. Everything around here is selling within days with over asking offers and the houses that aren’t are either massively overpriced to start with or have something seriously wrong with them.

I can’t say I agree with your second part. Vendors don’t set the price, buyers do. It’s buyers offering silly money and it’s them you should be directing your frustrations at. You can’t really blame a vendor for accepting the best offer. It’s also the buyers problem if it gets down valued and they shouldn’t expect the vendor to drop the price to accommodate it. If they can’t afford the offer they’re making then don’t make it and buy a cheaper house.

The current market is frustrating. As a FTB currently looking I’m feeling that as much as everyone. However I don’t think it’s the fault of the EAs or vendors. 

lookstraightahead

Gavin83 said:

lookstraightahead said:

Gavin83 said:

lookstraightahead said:

I did exactly that on a very old property we've just completed on. I spent 15 mins in there. When we came out the agent said there had been lots of interest and a 'potential' second offer. So we offered immediately. 

I knew I could pull out any time up to exchange, so even if I had spent ten hours looking round there might have been something following surveys etc (which indeed there was though we still bought).
Normally I would obviously advise second and even third viewings, but if the estate agent/vendor puts buyers under this pressure, they only have themselves to blame if it goes wrong (like when properties are 'undervalued' when buyers are forced into fighting for them by offering ridiculous prices).
We were ready though, had nothing to sell as had broken the chain, and had a low LTV so we also got it almost 10% under asking.

Out of interest what would you suggest the EAs do instead? Do you think it’s better if they put no pressure on only to tell you the house is gone when you ask for a second viewing in a weeks time?

I’m also not sure how the vendor is putting pressure on either. They don’t even talk to you for the most part. They’re just doing the same thing they’ve always done, which is to receive a number of offers and pick the one they want.

Honestly the group most to blame for the current market is buyers. I don’t think suggesting what is quite immoral methods of conducting yourself helps the situation either.

Because the whole process is a sales pitch and full of untruths. Every single time I viewed a property this time round I was told someone else was about to put in an offer, and none of those properties except one have sold yet.
if the agent is going to say that every time, the only way of securing something is to make a quick decision, because you have to take it at face value. Then you can take your time after that to ensure you're not buying something you don't want to buy.
its a horrible way of doing things, I agree. 

The hardest part for all concerned is when a property comes back with a lower value based on a vendor thinking their house is a money tree. A waste of time for everyone.
Vendors don't always and have not always had a pool of people to choose from, that's just the current bizarre climate and lots of those can't afford them anyway. 

OK. I’ve had a different experience where I am. Everything around here is selling within days with over asking offers and the houses that aren’t are either massively overpriced to start with or have something seriously wrong with them.

I can’t say I agree with your second part. Vendors don’t set the price, buyers do. It’s buyers offering silly money and it’s them you should be directing your frustrations at. You can’t really blame a vendor for accepting the best offer. It’s also the buyers problem if it gets down valued and they shouldn’t expect the vendor to drop the price to accommodate it. If they can’t afford the offer they’re making then don’t make it and buy a cheaper house.

The current market is frustrating. As a FTB currently looking I’m feeling that as much as everyone. However I don’t think it’s the fault of the EAs or vendors. 

Have you had a look at how many of those that sell go on to complete? 

As a FTB you are in a good position I would have thought. Maybe you're just being too nice 😀

ss2020jd

Sistergold said:p

I have always offered during the first viewing and it seems many other people have. This is after getting to know the area I want to live in before hand. Being sure of my must haves before hand. In most cases on viewing the EA pictures, seeing the road and location, viewing will then easily confirm if the house is right for me or not. So viewing for me is normally just a formality as before this I would have formed an opinion already. Every house I have bought I made the offer there and then by the end of the first viewing. When I have to go away and then think about it , it has seemed to be not the right house. 

Once you know what you want it’s almost inevitable you will put an offer on first viewing as you don’t even want to loose it once you have found it. 

There is really nothing wrong in making an offer in the first 15 minutes if visually, location and all is right. If later a nasty comes up which is a deal breaker then you pull out. In most cases one should be able to proceed as most things raised by surveys are normal.  Good luck.

Thank you. I think that’s exactly it. I also think that having to think too much is probably a sign that it’s not the right one. 

Gavin83

lookstraightahead said:

Gavin83 said:

lookstraightahead said:

Gavin83 said:

lookstraightahead said:

I did exactly that on a very old property we've just completed on. I spent 15 mins in there. When we came out the agent said there had been lots of interest and a 'potential' second offer. So we offered immediately. 

I knew I could pull out any time up to exchange, so even if I had spent ten hours looking round there might have been something following surveys etc (which indeed there was though we still bought).
Normally I would obviously advise second and even third viewings, but if the estate agent/vendor puts buyers under this pressure, they only have themselves to blame if it goes wrong (like when properties are 'undervalued' when buyers are forced into fighting for them by offering ridiculous prices).
We were ready though, had nothing to sell as had broken the chain, and had a low LTV so we also got it almost 10% under asking.

Out of interest what would you suggest the EAs do instead? Do you think it’s better if they put no pressure on only to tell you the house is gone when you ask for a second viewing in a weeks time?

I’m also not sure how the vendor is putting pressure on either. They don’t even talk to you for the most part. They’re just doing the same thing they’ve always done, which is to receive a number of offers and pick the one they want.

Honestly the group most to blame for the current market is buyers. I don’t think suggesting what is quite immoral methods of conducting yourself helps the situation either.

Because the whole process is a sales pitch and full of untruths. Every single time I viewed a property this time round I was told someone else was about to put in an offer, and none of those properties except one have sold yet.
if the agent is going to say that every time, the only way of securing something is to make a quick decision, because you have to take it at face value. Then you can take your time after that to ensure you're not buying something you don't want to buy.
its a horrible way of doing things, I agree. 

The hardest part for all concerned is when a property comes back with a lower value based on a vendor thinking their house is a money tree. A waste of time for everyone.
Vendors don't always and have not always had a pool of people to choose from, that's just the current bizarre climate and lots of those can't afford them anyway. 

OK. I’ve had a different experience where I am. Everything around here is selling within days with over asking offers and the houses that aren’t are either massively overpriced to start with or have something seriously wrong with them.

I can’t say I agree with your second part. Vendors don’t set the price, buyers do. It’s buyers offering silly money and it’s them you should be directing your frustrations at. You can’t really blame a vendor for accepting the best offer. It’s also the buyers problem if it gets down valued and they shouldn’t expect the vendor to drop the price to accommodate it. If they can’t afford the offer they’re making then don’t make it and buy a cheaper house.

The current market is frustrating. As a FTB currently looking I’m feeling that as much as everyone. However I don’t think it’s the fault of the EAs or vendors. 

Have you had a look at how many of those that sell go on to complete? 

As a FTB you are in a good position I would have thought. Maybe you're just being too nice 😀

Both the houses we’ve actually bothered to offer on, both of which went way over asking price (around 10% over) have completed. I can’t speak for every house however.