Selling House and Organising Viewings
Discussion
My Dad died in January and we put his house on the market yesterday. It's been a difficult few months and I wasn't looking forward to clearing the house and readying it for sale, in particular going through all of his tools that he used to teach me when I when I was little. We sorted the house and organising it was actually a bit cathartic. The house looks like Mum and Dad's house always did now the hospital type stuff has gone and it's back to normal.
It's a nice house in a popular village and priced to suit small families and first time buyers/downsizers so It's been quite popular which is reassuring. There's been lots of interest from buyers who don't have their house on the market and do need a mortgage. It feels a little bit like a waste of time to me to bother going ahead with viewings for these folk if they've not marketed their house and do need to sell before they can proceed. It's been a while since I've done this but what's the consensus here?
I've also had a low offer already from someone who viewed today who's a cash buyer. It turns out though that they'll need the cash from their house sale before they're actually a cash buyer and whilst their house has sold STC it's in a chain of 4 meaning I'll be at the top of that chain. That doesn't seem like a position I'd willingly accept a low offer to put myself in. Am I missing something here?
It's a nice house in a popular village and priced to suit small families and first time buyers/downsizers so It's been quite popular which is reassuring. There's been lots of interest from buyers who don't have their house on the market and do need a mortgage. It feels a little bit like a waste of time to me to bother going ahead with viewings for these folk if they've not marketed their house and do need to sell before they can proceed. It's been a while since I've done this but what's the consensus here?
I've also had a low offer already from someone who viewed today who's a cash buyer. It turns out though that they'll need the cash from their house sale before they're actually a cash buyer and whilst their house has sold STC it's in a chain of 4 meaning I'll be at the top of that chain. That doesn't seem like a position I'd willingly accept a low offer to put myself in. Am I missing something here?
Not missing anything. I found, on my one house sale, the person who was a "cash" buyer was not in fact a cash buyer, but was using a mortgage. They just lie.
Next time round I'll demand to see the cash in statement form if giving a significant discount.
Your buyer is in a chain. End of story. Sold STC appears on for sale signs as soon as an offer is accepted. That's a loooong way from completion usually.
I'm currently buying and I'm a cash buyer. I have the cash, in several accounts and could withdraw it all tomorrow and wave wads about saying "loadsa money!" - that to me is a cash buyer - I have unfettered access to it immediately. I suppose your buyer "will" be a cash buyer, i.e. no mortgage, but he hasn't got the cash yet..... I honestly can't see why someone with cash vs someone with a (approved) mortgage is any better - its all the same money.
If you feel the price is fair and you don't need the hassle of viewings form people who have not even started the process of selling thiers, then don't It's up to you.
Next time round I'll demand to see the cash in statement form if giving a significant discount.
Your buyer is in a chain. End of story. Sold STC appears on for sale signs as soon as an offer is accepted. That's a loooong way from completion usually.
I'm currently buying and I'm a cash buyer. I have the cash, in several accounts and could withdraw it all tomorrow and wave wads about saying "loadsa money!" - that to me is a cash buyer - I have unfettered access to it immediately. I suppose your buyer "will" be a cash buyer, i.e. no mortgage, but he hasn't got the cash yet..... I honestly can't see why someone with cash vs someone with a (approved) mortgage is any better - its all the same money.
If you feel the price is fair and you don't need the hassle of viewings form people who have not even started the process of selling thiers, then don't It's up to you.
Edited by Griffith4ever on Tuesday 14th May 12:17
Definitely not missing anything
Cash buyer = no chain. If you're in a chain, you're just a regular buyer without a mortgage so therefore the only benefit over someone who isn't a cash buyer is that you know there'll be no issue with a mortgage being refused (unlikely, unless they're a complete moron)
My in-laws are looking to downsize but are quite specific about the property they want and they haven't even marketed their current house yet.
They found a property they liked the look of, but were not allowed to even view it unless they were proceedable - i.e at least SSTC.
I would fully expect you to insist on the same - there's nothing worse than being in an open-ended chain.
Cash buyer = no chain. If you're in a chain, you're just a regular buyer without a mortgage so therefore the only benefit over someone who isn't a cash buyer is that you know there'll be no issue with a mortgage being refused (unlikely, unless they're a complete moron)
My in-laws are looking to downsize but are quite specific about the property they want and they haven't even marketed their current house yet.
They found a property they liked the look of, but were not allowed to even view it unless they were proceedable - i.e at least SSTC.
I would fully expect you to insist on the same - there's nothing worse than being in an open-ended chain.
Your lowball offer isn’t a cash buyer. I’d almost reject them as a buyer for any future offers; they’ve already put their cards on the table for the kind of buyer they are likely to be.
It’s been a slow start to the year. Debate about direction of interest rates has put a lot of people on hold - not wanting to lock in to a rate today that might be less tomorrow.
The better weather has apparently brought a lot of people fresh to the market, so if your property is a good prospect then I’d just wait for the right buyer. It’s not a fast moving market just yet.
Sorry for you loss btw.
It’s been a slow start to the year. Debate about direction of interest rates has put a lot of people on hold - not wanting to lock in to a rate today that might be less tomorrow.
The better weather has apparently brought a lot of people fresh to the market, so if your property is a good prospect then I’d just wait for the right buyer. It’s not a fast moving market just yet.
Sorry for you loss btw.
It would be good to find an agent which is willing to do an open day on a Saturday or Sunday. The agent would collect interested party details and book them in for that day and do all the viewing in one go.
You can also stipulate that you only want second viewings from those who are in a position to proceed with short chain.
I did this with a local agent when I sold my last house. I gave them a date a few weeks away to organise and get photos and ad sorted. The agent love this because then they have a property exclusive to them and they can say to buyers "well, actually I've got one which is perfect for you but it's not on the market yet, I can give the vendor a call to see if they are willing to let you see it before it comes on the market".
This gives the agent the marketing edge so that they can get more business i.e. they are effectively using my property as a marketing ploy to get more clients on their book.
I ended up with four viewings which I reluctantly agreed to before the open day and a deal was struck at asking price before the open day. Yes there were six interested parties who were booked for the open day later that week and I could have sold for above asking price but the couple who viewed my property fell in love with it at first sight so I knew they were the right buyers (I had the same emotion when I originally bought it but it's a slightly quirky house so you either get it or you don't).
Finding the right buyer is more important that outright price to increase the chance of completion and less headache in the conveyancing process.
You can also stipulate that you only want second viewings from those who are in a position to proceed with short chain.
I did this with a local agent when I sold my last house. I gave them a date a few weeks away to organise and get photos and ad sorted. The agent love this because then they have a property exclusive to them and they can say to buyers "well, actually I've got one which is perfect for you but it's not on the market yet, I can give the vendor a call to see if they are willing to let you see it before it comes on the market".
This gives the agent the marketing edge so that they can get more business i.e. they are effectively using my property as a marketing ploy to get more clients on their book.
I ended up with four viewings which I reluctantly agreed to before the open day and a deal was struck at asking price before the open day. Yes there were six interested parties who were booked for the open day later that week and I could have sold for above asking price but the couple who viewed my property fell in love with it at first sight so I knew they were the right buyers (I had the same emotion when I originally bought it but it's a slightly quirky house so you either get it or you don't).
Finding the right buyer is more important that outright price to increase the chance of completion and less headache in the conveyancing process.
thisnameistaken said:
I've also had a low offer already from someone who viewed today who's a cash buyer. It turns out though that they'll need the cash from their house sale before they're actually a cash buyer and whilst their house has sold STC it's in a chain of 4 meaning I'll be at the top of that chain. That doesn't seem like a position I'd willingly accept a low offer to put myself in. Am I missing something here?
They’re not yet a cash buyer if they can’t simply transfer the money!I wouldn’t necessarily rule out viewings from someone who needed to sell, provided that they didn’t need to achieve top dollar from the sale of theirs to move but I wouldn’t agree that the house was theirs sstc until they were in a position much closer to exchange. I.e. if they want it enough, and move quickly enough to beat other prospective purchasers, let them buy it but don’t close down your own options too soon.
If you're not living in the property, i don't see why having a rule on who views is necessary if the agent is doing the viewings? Ultimately you're not really in a chain if you don't live there and are not moving, and the more viewings will result in a higher chance of offers.
Cash buyers are not always the panacea people make them out to be. Last time we moved we had a cash buyer that pulled out after a month because they were still looking (we found out) - cash buyers often have more financial flexibility than someone needing secure a DIP and finance.
Cash buyers are not always the panacea people make them out to be. Last time we moved we had a cash buyer that pulled out after a month because they were still looking (we found out) - cash buyers often have more financial flexibility than someone needing secure a DIP and finance.
Edited by TimmyMallett on Tuesday 14th May 13:46
I think the only thing you can be certain about is that unless someone is actually proceedable now, all offers are simply wishes for the future.
Assuming the EA is doing all the legwork and viewings I’d let anyone view but only entertain offers from people who are ready to proceed. You/the EA can certainly tell people who are not proceedable that the house remains on the market until a proceedable buyer makes an offer. That way you may get lucky with a buyer turning up who is ready to go but, if not, you just wait for one of the other interested parties to become ready to go.
Thats what I would do and have done many times but each to their own.
Assuming the EA is doing all the legwork and viewings I’d let anyone view but only entertain offers from people who are ready to proceed. You/the EA can certainly tell people who are not proceedable that the house remains on the market until a proceedable buyer makes an offer. That way you may get lucky with a buyer turning up who is ready to go but, if not, you just wait for one of the other interested parties to become ready to go.
Thats what I would do and have done many times but each to their own.
TimmyMallett said:
If you're not living in the property, i don't see why having a rule on who views is necessary if the agent is doing the viewings? Ultimately you're not really in a chain if you don't live there and are not moving, and the more viewings will result in a higher chance of offers.
Having offers is great but if you get offers from someone who isn't proceedable, it's a waste of time.Granted, it's a waste of the agent's time and not the OP's (who can just say no to said offers) but I still wouldn't bother with the faff.
I just sold a property in Reading. The agent was really good at vetting out the people who were in chains (I wasn't interested in being reliant on a chain).
The agent got all 8 people who had passed the initial vetting (able to proceed and funds available) to view at the same time, and asked for final offers by midday the following day.
We ended up with the asking price, from a couple who were renting, had the deposit and a mortgage in principle. They were very serious buyers and had all their ducks in a row. It sold within 5 days of going on the market. Perfect.
Get the agent to be tough on the vetting.
The agent got all 8 people who had passed the initial vetting (able to proceed and funds available) to view at the same time, and asked for final offers by midday the following day.
We ended up with the asking price, from a couple who were renting, had the deposit and a mortgage in principle. They were very serious buyers and had all their ducks in a row. It sold within 5 days of going on the market. Perfect.
Get the agent to be tough on the vetting.
Muzzer79 said:
Having offers is great but if you get offers from someone who isn't proceedable, it's a waste of time.
Granted, it's a waste of the agent's time and not the OP's (who can just say no to said offers) but I still wouldn't bother with the faff.
That bit is easy - you just instruct no offers from people who are not proceedable - they can still view - its not skin of anyone's nose if the agents have a lot of viewings. It's different ifg you have 3 dogs and 2 young kids in the house to clear out for every viewing. Meanwhile you carry on with viewings. It only takes 24 hours to put your house on the market, get a DIP and viewings in nowadays.Granted, it's a waste of the agent's time and not the OP's (who can just say no to said offers) but I still wouldn't bother with the faff.
PhilboSE said:
Your lowball offer isn’t a cash buyer. I’d almost reject them as a buyer for any future offers; they’ve already put their cards on the table for the kind of buyer they are likely to be.
Yep. Can see them putting in a lower bid 5 minutes before it finally goes through. Or the grass isn't as green as I would like, £10k reduction.PhilboSE said:
Sorry for you loss btw.
Thankyou.We're doing the viewings ourselves simply for the fact that we've had poor experiences in the past from estate agents who claim to do viewings but who actually just contract it out to someone who opens doors and relays questions back to the vendor via the estate agent. I'm in the position to be able to answer questions around warranties and works that were done directly so decided to do viewings between my family and I who live locally.
I don't think I'll rule out viewing from those who need to sell. But I have declined the viewer I originally mentioned upthread who does need to sell but hasn't got their house on the market yet. Even if they love the house and make an offer I wouldn't be accepting it until they're sold and then we'd be potentially entering a lengthy chain, it just seems like many things have to come together for that to lead to anywhere plus I've just had the estate agent mention they've requested viewings over the past 3 months too. Ultimately if they're interested they can list their house within 24 hours very easily and get a decision in principle online.
TimmyMallett said:
Cash buyers are not always the panacea people make them out to be. Last time we moved we had a cash buyer that pulled out after a month because they were still looking (we found out) - cash buyers often have more financial flexibility than someone needing secure a DIP and finance.
Whilst I'm not enamoured by people claiming to be cash buyers when they don't actually have the cash, I also hadn't thought of this aspect of cash buyers. Their ease flexibility around some decisions is something to consider. Edited by TimmyMallett on Tuesday 14th May 13:46
It's been an interesting first 24 hours with an (albeit daft) offer and now 5 viewings booked in. It's an affordable house in a nice village which almost certainly has a queue of people waiting for the right house to come to market. There's a very similar albeit un-extended and shabby house only around the corner which I think was optimistically priced too so that makes ours look better value marketed at the same price. Hopefully it comes good. Thanks for the sounding board and advice.
The only real benefit of a cash buyer is that in theory, if truly a cash buyer, they can move quickly - but then some cash buyers may be in rented accommodation contracts for 6 months so it's worth checking. Mortgaged and in a chain and you're a bit more emotionally invested IMHO, but I'm tinged by cash offers in the past. Including ones that the agents didn't do proper due diligence on.
Just to add my experience here - we put our house on the market just as Covid hit in 2020 and the market then went pretty dead, particularly as we were looking for something specific to move up to. Over the next 3 years we had the house on and off the market twice, each time with more than one offer on the table but we were unable to find the right property to buy.
This time last year (2023) a house came on the market that piqued our interest so we viewed it as 'non procedable' viewers, and on the basis of this being the one we wanted we put our back on the market and had multiple offers within a couple of weeks. So I would say don't discount everyone from viewing your house just for not being on the market or procedable as they might have a desirable or easy to sell house ready to go.
To add - we bypassed the agent after the 2nd viewing and made it clear in a letter direct the vendors that we were serious buyers even before we were procedable, and eventually moved in in October. I'd normally suggest you are mad for wanting to do the viewings (or at least the first round), but the benefit of you doing the viewings is that you can hopefully scope out serious buyers from the dreamers right at the start.
This time last year (2023) a house came on the market that piqued our interest so we viewed it as 'non procedable' viewers, and on the basis of this being the one we wanted we put our back on the market and had multiple offers within a couple of weeks. So I would say don't discount everyone from viewing your house just for not being on the market or procedable as they might have a desirable or easy to sell house ready to go.
To add - we bypassed the agent after the 2nd viewing and made it clear in a letter direct the vendors that we were serious buyers even before we were procedable, and eventually moved in in October. I'd normally suggest you are mad for wanting to do the viewings (or at least the first round), but the benefit of you doing the viewings is that you can hopefully scope out serious buyers from the dreamers right at the start.
lizardbrain said:
Unproceedable offers are not worthless, as they can signal competition and can drive the final price up?
THis is true.Also, unproceedable offers can sometimes quite quickly turn into the real deal.
If I'm looking to move, then let's say I'm able to put £100k on top if whatever I sell my place for.
If I can get what I want for 'x', then I can sell mine for x-100, so I see the market is maybe lower than I thought and accept a redcution on mine.
I think sometimes you just have to understand what buyers are out there.
If your house is worth more to a particular buyer, you may need to wait for that buyer.
e.g. a family house near good schools, you might want a young buyer who's moving up, while a seaside place that's nice to retire to will find more cash buyers.and a batchelor pad will find first timers.
chrisch77 said:
Just to add my experience here - we put our house on the market just as Covid hit in 2020 and the market then went pretty dead, particularly as we were looking for something specific to move up to. Over the next 3 years we had the house on and off the market twice, each time with more than one offer on the table but we were unable to find the right property to buy.
This time last year (2023) a house came on the market that piqued our interest so we viewed it as 'non procedable' viewers, and on the basis of this being the one we wanted we put our back on the market and had multiple offers within a couple of weeks. So I would say don't discount everyone from viewing your house just for not being on the market or procedable as they might have a desirable or easy to sell house ready to go.
To add - we bypassed the agent after the 2nd viewing and made it clear in a letter direct the vendors that we were serious buyers even before we were procedable, and eventually moved in in October. I'd normally suggest you are mad for wanting to do the viewings (or at least the first round), but the benefit of you doing the viewings is that you can hopefully scope out serious buyers from the dreamers right at the start.
Actually meeting the viewers is another plus point for doing the viewings and being able to have that conversation and find out what position they're in directly from them is a real benefit. Buying a house can be challenging and in the past I've worked to have a really good relationship with people I'm buying from and selling to as we're far less likely to blame the solicitor/estate agent etc for any holdups and I find you get an early warning of impending issues. You're absolutely right that I'll inevitably also discount some good buyers by excluding people who need to sell but haven't marketed their property and I'm under no illusion to that but I think the vast majority of people who just want to have a nose around and open cupboards will also be excluded. It's just a sad fact that some good people will also be caught up in that but if they're really interested then they'll do what you did and appeal directly to us or get theirs on the market. This time last year (2023) a house came on the market that piqued our interest so we viewed it as 'non procedable' viewers, and on the basis of this being the one we wanted we put our back on the market and had multiple offers within a couple of weeks. So I would say don't discount everyone from viewing your house just for not being on the market or procedable as they might have a desirable or easy to sell house ready to go.
To add - we bypassed the agent after the 2nd viewing and made it clear in a letter direct the vendors that we were serious buyers even before we were procedable, and eventually moved in in October. I'd normally suggest you are mad for wanting to do the viewings (or at least the first round), but the benefit of you doing the viewings is that you can hopefully scope out serious buyers from the dreamers right at the start.
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