Is this a sales tactic ?

masjntt1977

Hi

Im viewing a property today that went live on rightmove / zoopla Monday afternoon 

I really like the property and very likely will place an offer. 

The agent has contacted me just to say that there will be other people viewing the property at the same time as me ( which is fine),  they also said that the house has been extremely popular so they are removing the listing today from rightmove and zoopla as they cannot fit anymore viewings in 

I have never known this to be done before - could it be a sales tactic??

The house is finished immaculately it has been renovated in 2019 and everything has been done from scratch - it’s beautiful. It’s up for £325k nearest comparable is £255 this  requires  a lot of modernisation 

Seller is chain free, so I am - I completed on Fri so this will be a cash purchase 

I do believe the property will be popular but suspect the level of popularity may be being slightly hyped up ( I could be wrong)

I don’t want to get into a bidding war nor pay over the odds but I would like to submit a realistic/ decent offer and would appreciate any advice.

My offer would be subject to survey ( level 3)

Thank you 

RelievedSheff

There is no advice other than view the property and if you like it offer only what your re comfortable with offering.

jojo_hall

It could be a sales tactic but it's unlikely as they would want as many people to view as possible - I would have thought they probably have just got too much interest!  View it and make an offer if you like it - don't offer more than you're prepared to pay.

DullGreyGuy

Creating urgency/fear of missing out is a 101 sales tactic

user1977

DullGreyGuy said:

Creating urgency/fear of missing out is a 101 sales tactic

Yes, I'm always surprised by the "open viewing days" which actually involve individual appointments - I thought it was much better to get all the buyers overexcited by cramming them into the property at once.

Seems odd they're taking it off the market before they have offers though. Don't really see the point in telling you that.

eddddy

masjntt1977 said:

My offer would be subject to survey ( level 3)

All offers with be subject to contract (which implies... "subject to searches", "subject to pre-contract enquiries", "subject to mortgage offer", "subject to survey",  etc, etc)...

... so there's no real need to say that. 

Depending on the seller, they might think you're hinting about reducing your offer later.

masjntt1977 said:

Seller is chain free, so I am - I completed on Fri so this will be a cash purchase 

So are you buying without a mortgage? 

It's worth mentioning that you are buying without a mortgage, and that the purchase won't be linked to a sale - as that can speed up the process.

(But clarify what 'seller is chain free' means. For example, I looked at a property that was advertised as "No Chain". What they meant was the seller was emigrating in 4 months, rather than buying another place. So still a 4 month wait!)

masjntt1977

Thank you everyone- some really good points raised. 

I thought it was strange that they are removing the listing too

They have sent a further message saying that the first set of viewings are today and the remainder first thing Sat morning and best and final offers to be submitted by Monday 

If I do offer which I think is it likely is it beater to wait until nearer to Monday or do it tonight / tomorrow? 

MultiFuelBurner

Sounds like a very popular property.

(From your other thread) Just goes to show many don't give a flying fig about EPC's still doesn't it.

You could check by getting a friend to phone up to book in for Saturday morning.

DullGreyGuy

user1977 said:

DullGreyGuy said:

Creating urgency/fear of missing out is a 101 sales tactic

Yes, I'm always surprised by the "open viewing days" which actually involve individual appointments - I thought it was much better to get all the buyers overexcited by cramming them into the property at once.

Seems odd they're taking it off the market before they have offers though. Don't really see the point in telling you that.

As said, they want you to think offers will shortly be pouring in so if you want it you need to be offering very quickly rather than waiting until the week after next after you've seen the other property you like the look of but the agent couldn't fit you in earlier. 

masjntt1977

The listing has been removed on rightmove and zoopla - 

HatsofftoYou

masjntt1977 said:

The listing has been removed on rightmove and zoopla - 

I wouldn’t say it was a tactic, we tried to view a few property’s where agents said the viewings were full and listing removed. These property’s did indeed sell. Our current rented home got taken off after 2 days as there was too many people ringing up about it. 

I agree estate agents do hype things up but if they’ve removed the listing and it’s going to best and final they must of had lots of offers already. 

Hard situation to be in, putting in a decent realistic price in these situations usually leaves you loosing out so just depends how much you want the house