Viewings: would you skip seeing a property in person?

Our weekly scan of the property press uncovered a story that caught our eye. While the fact a young family moved miles from London to Devon in search of a slower pace of life was fascinating, it wasn’t what piqued our interest.

It was the revelation that the couple made an offer on a property without seeing it in person that struck a chord. How did they pluck up the courage? They simply asked the seller to do a walkthrough of the house.

Purchasing a property without seeing it in the flesh is known as buying blind, or sight unseen. While it may sound wild and reckless, it’s more common than you might think. Here we explore why you might find yourself buying blind, explore the associated risks and question whether the days of sight unseen are numbered.

Who might buy blind?

The most obvious contenders for buying blind are international purchasers not living in the UK. The sheer distance can make it prohibitive to physically visit properties. This aspect can also apply to native buyers who are relocating hundreds of miles – if you’re moving from Edinburgh to Exeter, for example.

Property investors are known to buy blind as, for them, it’s a business transaction and not an emotional decision. They rely on tenant demand, a survey report and yield calculations to make a judgement, often from another part of the country.

In the minority are time-pressed buyers who can’t find a slot in their busy schedules to diarise an in-person viewing. Purchasers of this nature generally have a pressing need to move and will rely on a professional network to inform their decisions. 

A foot in the door when you can’t be there

When there are more buyers than homes for sale can bring buying blind into the purchasing equation. If an agent intimates there are multiple people interested in a property and the viewing diary is full, buying blind is a way to move one step ahead of the competition, no time wasted.

Buying blind may also be an option if a particular house is seen as ultra desirable – perhaps labelled ‘first to see will buy’. If a purchaser considers it their dream home, they may want to show commitment without hesitation. 

The risks

The obvious risk to buying blind is reality not matching up to the online perception. A physical viewing allows buyers to scrutinise, touch and allow their gut instinct to kick in. Buying blind also limits the opportunity to suss out the immediate neighbours and investigate the local area.

With that said, photography, floorplans, virtual tours and videos can provide an experience almost as good as visiting in person. An agent may even be able to hold a live, real time video viewing with a potential purchaser. These visuals, together with the property description, are sometimes enough to make an offer without a visit.

The best way to reduce risks when buying blind is to commission a survey. The report will reveal faults and flaws not detectable by most people – even those on an in-person viewing. A survey isn’t a substitute for getting a ‘feel’ for a property but it will highlight areas of concern.

Buying blind but with options

The term buying blind is a little misleading, however. The practice normally describes a purchaser making an offer without seeing the property in person. They still retain the legal right to pull out up until exchange – even up to completion for those willing to suffer the heavy financial penalties.

Buying blind: what does the future hold? 

Much of the jeopardy of buying blind is removed by this ability to withdraw from a transaction but the benefit may be curtailed somewhat. 

The Government is consulting on introducing early reservation agreements into the English property buying process to mirror that already in Scotland. These would legally bind purchasers to a sale much earlier in the process, potentially ending the option to withdraw, without penalty, at a later date.

That said, the Government would also like to see more upfront information published at the point of listing. This could potentially include a survey report and searches, together with the presence of a digital property log book. If realised, this may encourage more blind buying, with extra knowledge giving greater insights and confidence than ever before.

We are following proposed reforms and continue to support purchasers who need to make fast and often remote decisions. Please get in touch if you would like our help.