Vendor viewings

Honesty is always the best policy but enthusiastic vendors can sometimes do more harm than good.

On a recent viewing, I arrived early to be given a guided tour by the homeowner. Shortly after the well rehearsed tour swung into gear, the buyers arrived. I remained restricted to a listening brief as the homeowner slipped into overdrive, barely pausing for breath.

The vendor believed she was being helpful. The property had been in the family’s ownership for two generations so who better to regale buyers with stories with an historical overview?

A lot of useful information about the property was disclosed. All very beneficial to the prospective buyers but the desire to be helpful extended to sharing details that could be construed as ‘optional extras.’ They included disclosure about the water table resulting in frequent low level flooding of adjacent fields, the emergence of new build development engulfing the local area, the lack of nearby amenities and an admission the access road resembled an ice rink during winter months.

Most people would applaud such honesty but did it help the vendor’s cause? Judging by the ashen looks on the buyer’s faces, the admissions only served to raise alarm bells.

Disclosing can provide buyers with compelling reasons for not taking matters forward. A balance needs to be struck when being factual and informative. Just as there is no merit in the non-disclosure of pertinent information that is either readily available or will be identified during surveys or the conveyancing process, it is also important not to deter buyers by giving them more to think about than is necessary unless, of course, the information is mainly positive.

In this instance, the guided tour was similar to being shown around an historic building owned by the National Trust. The enthusiastic vendor took the role of knowledgeable guide, awash with interesting facts and anecdotes at her fingertips. That’s all well and good but properties donated to the National Trust remain in their care forever. They can never be sold due to Acts of Parliament. The National Trust is in essence a landlord, a guardian in perpetuity with the aim of ensuring important buildings are maintained for everyone’s enjoyment.

By contrast, the aim of a property viewing that is on the open market is to achieve a sale. The buyer’s certainly enjoyed the tour but whilst the presentation was worthy of full marks, the narrative definitely remained a work in progress.