Property sale - Offer without viewing

[Ham_and_Jam]

Just want to get a feel for this.

We have a one bed property for sale through a respected Agent. £70k.

An offer has been received in the first week of £60k. The offer has been made without a viewing.

The agent has said they always try and insist on viewings, but the person lives between the UK and Thailand so cannot view and wants to purchase as an investment.

We wont accept the offer based on the price as we believe its worth the £70k and its only been a week on the market. However my spider senses say something is off, so not sure if to go back with a better counter offer or just to move on.

Am I being over cautious based on someone not viewing and purchasing, is it possibly a scam or time wasting exercise?

[98elise]

Its not unusual when investing. I've bought two properties without viewing. One of them I bought, and sold a few years later without ever setting foot in it.

I view quite a few auction properties and often I'm the only person at the viewing.

[hidetheelephants]

I'd ignore it if you're confident in your valuation, as you say it's only just been advertised so buyers who have an actual life may not look more than once or twice a week. How many viewings?

[Panamax]

Ham_and_Jam said:

We wont accept the offer based on the price as we believe its worth the £70k.

So long as they come up with your £70k you're away and laughing, so there's not much point even thinking about it. Shouldn't take many minutes to find out whether they want it at that price. It's not as if you're going to hand over the keys until you've been paid.

[cliffords]

I bought a house in 1984 !! Without viewing. It was 200 miles away, I was 19 and there wasn't really internet, like now . I got a paper details pack in the post to my parents house .

[thetapeworm]

I've watched enough "Homes Under the Hammer" to know many people will happily spend £500k on a property without even visiting to see the big cracks in the wall, I wouldn't worry

[2and3and4]

What area of the country is it in?

[Geertsen]

thetapeworm said:

I've watched enough "Homes Under the Hammer" to know many people will happily spend £500k on a property without even visiting to see the big cracks in the wall, I wouldn't worry

Exactly!

I’d buy a £70k property without seeing it but I’m not sure about £500k...but people do, regularly.

[bennno]

Brought a 130k flat without viewing 5 years back….

[bennno]

Bought even ….

[Shnozz]

I bought a UK place from another country. I did know the area and have a mate just do a quick video walk around to make sure it wasn’t completely fooked.

At the £70k end of property I’d say even easier to take a punt on somewhere unseen.

[Ham_and_Jam]

I get people do buy unseen , just a little apprehensive that something may go wrong down the line.

Our agent has expressed caution as they see more issues with this type of sale, especially buyers reducing offers nearer completion or when they decide to view later on.

Is there anything I can say or do when I go back to the agent at this stage if we do accept the offer to mitigate any issues regarding the price. I just dont want to waste any time with a seller who has a game plan of reducing the price once we have spent time and money on the sale.

My feeling is to go back at £67500 with a statement that is our lowest price.

[FlyVintage]

Investment purchase = going to use every trick in the book to chip you on price throughout the purchase. OK, that’s a generalisation, but….

I appreciate buyers are thin on the ground, but this will likely be painful as he has very little skin in the game.

[FrankAbagnale]

I sold houses for around 8 years and every now and then you'd get an offer without a viewing. From memory, i'd estimate around 10-20% proceeded to a completion. That said, the property values were higher than being discussed here.

[twokcc]

Is it a cash offe?- could be someone who lives abroad but needs an occasional use of a home in UK. Your agent should have asked him and if it is and estate agent has proof of funds could be an easy deal.

[Ham_and_Jam]

FlyVintage said:

Investment purchase = going to use every trick in the book to chip you on price throughout the purchase. OK, that s a generalisation, but .

I appreciate buyers are thin on the ground, but this will likely be painful as he has very little skin in the game.

That is my feeling.

[Ham_and_Jam]

twokcc said:

Is it a cash offe?- could be someone who lives abroad but needs an occasional use of a home in UK. Your agent should have asked him and if it is and estate agent has proof of funds could be an easy deal.

Yes, cash sale. They already have property in the UK. This is purely for investment.

Apparently they live in the same area in the UK when they travel back.

The agent has been fairly good, and proof of funds would be requested if we accept. They have just said these types of saie are notorious for being difficult for the vendor.

[Ham_and_Jam]

FrankAbagnale said:

I sold houses for around 8 years and every now and then you'd get an offer without a viewing. From memory, i'd estimate around 10-20% proceeded to a completion. That said, the property values were higher than being discussed here.

Interesting insight. Thankyou.

This is one of our BTLs, as we are exiting the game. No real pressure to take the first offer and have viewings lined up. I am however all for an easy / quick sale. Just need to be careful not to jump before we look.