Seller Viewing Block Booking

[mooncat69]

I've haven't been in the house buying business for 25 year, so have no recent experience with this. I'm just looking to buy a house. The estate agents seem to be clueless and have very limited viewing days.

I've now been informed by the estate agent that the first viewing I've managed to secure will actually be a block viewing, i.e. there'll be a bunch of other hopefuls with me. Is this the new normal and would explain why they prefer viewings at the weekend?

Any strategy recommendations? I expect it to become a reactive feeding frenzy.

(Interestingly, in the small amount of searches so far, quite a few are offering a 20% reduction in asking price.)

[Spiney Norman]

They do the block viewing thing to make it look like there is a lot of interest in the property. They hope you will panic and make a higher offer.

The other viewers are probably staff from the office and the EA’s friends or other stooges.

Ignore them!

[One percent]

1 minute ago, Spiney Norman said:

They do the block viewing thing to make it look like there is a lot of interest in the property. They hope you will panic and make a higher offer.

The other viewers are probably staff from the office and the EA’s friends or other stooges.

Ignore them!

Or say, because of my disability, I would not be able to view it with a lot of other people.  See how desperate they are to secure you viewing it @mooncat69

[Andersen]

I've been to plenty of viewings over the years but only 1 property since the lockdown madness started (and that was as a seller) .

Most were solo viewings hosted by the EA. A small handful of viewings were open house sessions staffed by EA, occasionally it was "meet the seller at the house and they will show you around" arrangements.

When I'm selling I always show the house myself unless I'm out of the area as it's easier for the EA and I can answer questions and gauge the buyer.

Suggestions: Explain what you can do to improve your chances as a bidder (no chain? cash buyer? dates to suit the seller? no need for the seller to clear the property - I've got junk this way also a car and lots of usable goods). Expect misleading info (lies!) from EA "another buyer said they are putting an offer in before the weekend" etc. Before you go, work out your budget and don't feel pressure to get into a bidding war. I'm very comfortable offering below asking price - especially if it's been on the market a while - always email your offer and list any work needed and your estimate for the costs as it explains your position. I often see "buyer needs to sell for £xxx to buy their next house" / "they need £xxx to repay the mortgage" etc - sorry folks that's not my problem (I'd like to sell my house for 3x what I paid so I can afford fast women & loose cars (is that right?) but that's my priority not a prospective buyers.

Easier said than done but try not to get too stressed about the whole thing. Good luck, keep us updated 

[Axeman123]

Tell them you are no longer interested unless you get a proper solo viewing IMO.

Either this house will go for strong money due to so much interest, or the block viewing is a scam to make you think that. Highly likely they will suddenly find time for a normal viewing if put on the spot.

(Ignore this if the property is incredibly rare etc, I am assuming it is just a generic property)

[mooncat69]

6 hours ago, Andersen said:

I've been to plenty of viewings over the years but only 1 property since the lockdown madness started (and that was as a seller) .

Most were solo viewings hosted by the EA. A small handful of viewings were open house sessions staffed by EA, occasionally it was "meet the seller at the house and they will show you around" arrangements.

When I'm selling I always show the house myself unless I'm out of the area as it's easier for the EA and I can answer questions and gauge the buyer.

Suggestions: Explain what you can do to improve your chances as a bidder (no chain? cash buyer? dates to suit the seller? no need for the seller to clear the property - I've got junk this way also a car and lots of usable goods). Expect misleading info (lies!) from EA "another buyer said they are putting an offer in before the weekend" etc. Before you go, work out your budget and don't feel pressure to get into a bidding war. I'm very comfortable offering below asking price - especially if it's been on the market a while - always email your offer and list any work needed and your estimate for the costs as it explains your position. I often see "buyer needs to sell for £xxx to buy their next house" / "they need £xxx to repay the mortgage" etc - sorry folks that's not my problem (I'd like to sell my house for 3x what I paid so I can afford fast women & loose cars (is that right?) but that's my priority not a prospective buyers.

Easier said than done but try not to get too stressed about the whole thing. Good luck, keep us updated 

Thanks. Was a bit bizarre. Door was literally open and the estate agent stood in the corner and said very little. There was another couple ahead of me; we even had a chat about other houses they'd seen!

The estate agent was clueless and knew nothing about the property or area.

Another generic Northern terrace. Clean and well presented, ready to move in, no chain. Probably ex rental (is that a trend?)

[onlyme]

3 minutes ago, mooncat69 said:

Thanks. Was a bit bizarre. Door was literally open and the estate agent stood in the corner and said very little. There was another couple ahead of me; we even had a chat about other houses they'd seen!

The estate agent was clueless and knew nothing about the property or area.

Another generic Northern terrace. Clean and well presented, ready to move in, no chain. Probably ex rental (is that a trend?)

Crap agent then, ex rental, yes, BTL selling in droves, or trying to.

Most stuff will be cheaper come Chiristmas and that won't be the end of it.

Edited September 14, 2023 by onlyme

[One percent]

17 minutes ago, onlyme said:

Crap agent then, ex rental, yes, BTL selling in droves, or trying to.

Most stuff will be cheaper come Chiristmas and that won't be the end of it.

Concur. We are just seeing the beginnings of a dip. Like a rollercoaster, we have shot up, balanced at the apex before starting a slow downwards trajectory, building speed with every second. 
 

mind, i could be talking complete bollox as I’ve been calling a crash for well over ten years.  

[mooncat69]

I need to be out by April, so will have to plan accordingly 

[mooncat69]

2 hours ago, One percent said:

mind, i could be talking complete bollox as I’ve been calling a crash for well over ten years.  

I've been waiting for a crash since the HPC days!

[Andersen]

Ex-rental / ex-btl / ex-landlords all selling up is a factor, there's a debate about how much this affects the market, opinions vary from insignificant through to large and increasing. Background https://www.dosbods.co.uk/topic/8888-how-does-buy-to-let-end/

Property trends - some forums have been predicting "the market is not sustainable - prices will crash in the next 6 months. Maybe the next year, or 2, maybe 3 or 4."  Expect prices to drop or stagnate unless TPTB can find more ways to prop up the current values 

 

[One percent]

1 minute ago, mooncat69 said:

I've been waiting for a crash since the HPC days!

As they say about a stopped clock….  Maybe this time we are correct.  

[onlyme]

22 minutes ago, Andersen said:

Ex-rental / ex-btl / ex-landlords all selling up is a factor, there's a debate about how much this affects the market, opinions vary from insignificant through to large and increasing. Background https://www.dosbods.co.uk/topic/8888-how-does-buy-to-let-end/

Property trends - some forums have been predicting "the market is not sustainable - prices will crash in the next 6 months. Maybe the next year, or 2, maybe 3 or 4."  Expect prices to drop or stagnate unless TPTB can find more ways to prop up the current values 

 

Balance of agents reporting falls from RICS data.

We would have had a slower fall or levelling off in 2020, silly Covd blip. but now well into negative territory. This data is fairly up to date as well, going to be some even more significant falls inthe HPI indices come winter/spring and that will set the tone for next year. Don't think there is any wriggle room to stop this, election or no election. may call one early before things get worse.

Net BTL ownership has fallen but only  a few percent of properties cleared from portfolios according to BTL mortage data - around 5% IIRC. If rents start sliding due to affordability then BTL is goign to get clobbered and the forced sales beging in earnest.

 

Edited September 14, 2023 by onlyme

[onlyme]

16 minutes ago, One percent said:

As they say about a stopped clock….  Maybe this time we are correct.  

Pretty obvious on the ground things changed last year, even before the majority of interest rate hikes and certainly before Truss putch to get Sunak in. Graph above shows quite cleary we are in 1989 / 2008 territory and crash mode.

Edited September 14, 2023 by onlyme

[onlyme]

10 hours ago, mooncat69 said:

I've haven't been in the house buying business for 25 year, so have no recent experience with this. I'm just looking to buy a house. The estate agents seem to be clueless and have very limited viewing days.

I've now been informed by the estate agent that the first viewing I've managed to secure will actually be a block viewing, i.e. there'll be a bunch of other hopefuls with me. Is this the new normal and would explain why they prefer viewings at the weekend?

Any strategy recommendations? I expect it to become a reactive feeding frenzy.

(Interestingly, in the small amount of searches so far, quite a few are offering a 20% reduction in asking price.)

Strategy, Charlie has some good tips in other videos on buying -  things like offers only in writing /  email - not heard him say why but can guess, get viewing, making best offer and that's it - best strategy maybe in this market with likelihood of more listings and better deals anyway and you get a yes / no answer and no pratting around with counter offers and wasting time.  With a timeline to work to probably don't want to be going for anything with a chain, or certainly long, high likelihood of chains fallings apart and no proceedable sale or long delays - the process is long enough as it is.

 

 

[MrXxxx]

15 hours ago, One percent said:

mind, i could be talking complete bollox as I’ve been calling a crash for well over ten years.  

You and me both!...oh well, we've waited 10 years, what's another 2-3 in the 'scheme of things'? :-)

[spunko]

Probably a bit late now but when I was looking to buy, if the EA told me they were doing block viewings I said I don't do them as I feel rushed and not interested. Usually they offered a regular viewing if they knew you were genuine, a couple of days later.

Block viewings are terrible for buyers and I would never use an EA that uses them - the larger ones don't. Tends to be IMO the smaller or cheaper ones trying to cut costs.

[Democorruptcy]

On 14/09/2023 at 11:29, mooncat69 said:

I've haven't been in the house buying business for 25 year, so have no recent experience with this. I'm just looking to buy a house. The estate agents seem to be clueless and have very limited viewing days.

I've now been informed by the estate agent that the first viewing I've managed to secure will actually be a block viewing, i.e. there'll be a bunch of other hopefuls with me. Is this the new normal and would explain why they prefer viewings at the weekend?

Any strategy recommendations? I expect it to become a reactive feeding frenzy.

(Interestingly, in the small amount of searches so far, quite a few are offering a 20% reduction in asking price.)

Tell them the BBC have been saying there is a new covid variant about and you don't want to be in a group of people.

[BWW]

19 hours ago, spunko said:

Probably a bit late now but when I was looking to buy, if the EA told me they were doing block viewings I said I don't do them as I feel rushed and not interested. Usually they offered a regular viewing if they knew you were genuine, a couple of days later.

Block viewings are terrible for buyers and I would never use an EA that uses them - the larger ones don't. Tends to be IMO the smaller or cheaper ones trying to cut costs.

The larger and more premium EAs cut costs by restricting who can view to only those provably and immediately proceedable. Those using the EA-commission-giving mortgage brokers and conveyancers go first and if an offer from one of those is lilely to be accepted, the rest will get delay, obfuscation and if needs be outright lies.

Legacy ea.s are only interested in turnover and their bottom line. They work for themselves.

Not tried it but I suspect signing up for the referred services probably get you vip treatment. Just make sure you dont sign much and drop the services the.moment your offer is accepted in writing and use quality independant ones.

Ideally get contact direct with the vendor as well before "changing your mind" about the ea recommended services. Oily world ea.s. Snake behaviour required.

[With a crooked smile]

On 21/09/2023 at 16:01, spunko said:

Block viewings are terrible for buyers and I would never use an EA that uses them - the larger ones don't. Tends to be IMO the smaller or cheaper ones trying to cut costs.

Imo no not about costs its about creating an atmosphere where fear of missing out results in higher bids.  They try and get it so people arrive or are leaving at the same time.

Whenever I was told there was an open day I'd ask for an appointment a few days later. The EAs hate it and I'd just say we'll if it's sold its sold.

Edited September 22, 2023 by With a crooked smile

[mooncat69]

So far, estate agents have been a waste of space. Getting a viewing is proving difficult. The current viewing has been rescheduled twice.

The other day, a house went under offer. The estate agent phoned me to say an offer had been submitted and wanted any other interested parties to view the next day and submit their best offer. I wasn't available, so let it go. Now SSTC.