Stubborn, Greedy, Deluded "Sellers"

[sall74]

Just a rant really... a house that I'm interested in, been on the market for 3 years now with an asking price 20% higher than any other house on the street has ever sold for, its very dated and needs everything doing internally.

It's a holiday home bought by the current owners in the 1970's but they don't even use it as a holiday home now, it's just sat empty falling into disrepair with knee high grass, crumbling render and several slipped roof tiles.

I've made 2 offers on it now, my highest offer being 10% below their asking price, so that still makes it 10% higher than any other sold price on the street, each offer I've made I've had to wait over a week for their response which has always been a flat no without out any attempt to negotiate or counter offer, despite my strong position of being a cash buyer willing to forgo surveys and searches.

The vendors are not poor people by any standards, the parents and their kids all have very well paid jobs and live in large houses in expensive areas... so why are they being so greedy, stubborn and deluded about not wanting to sell this unused, unloved and uncared for property for a fair market value?

I suspect there's more going on here than you know - they don't really want to sell it but are under some obligation to look like they are.

It's none of your business if the vendors are "not poor".

If they don't want to sell for that price they don't want to sell. They'll realise one day that they will need to drop the price. You aren't entitled to the house....

Thanks for the reply Ifailed, yes I suspect there may be something a little more to this.
I'm sure if they genuinely wanted to sell they would have realised after 3 years on the market that their asking price is completely unachievable and they would have reduced it, or at least attempted to negotiate when someone makes a fair and realistic offer.
I get the impression that even the EA has given up on this property and these vendors and feels it's a waste of time and resources trying to achieve a sale.
Such a shame seeing what could be a lovely house just sat empty and rotting.

Are the vendors not the sole owners? I wonder if they are canvassing opinion before responding. If you make an offer under asking price, it all depends how you frame that offer and how the estate agent conveys it.

If you really want the house, could you write to the vendors and tell them how you would like to turn it back into a family home (or whatever)?

I agree with others too, there's something more going on, maybe sentimental reasons, family holiday home memories.
I'd advice you not to forgo surveys and searches though.

There's a house very like that near me, I went to view it when I was house hunting, even though it was out of my price range. It has potential but needs a lot of work and is overpriced.

The EA told me the sale of the house formed part of a legacy, and the house had to make a certain amount to fulfil that legacy so the price couldn't be reduced. The house has now been on the market three years as no one is going to pay the asking price, and it's becoming increasingly dilapidated. It had a damp problem when I saw it eighteen months ago, god knows what it's like now.

I wonder if there is family politics here - someone wants to sell, someone else doesn't, so is being obstructive.

I would choose another house! Chances are this one could be tied up for a while - and may be in such a state by the time they resolve things that you wouldn't want to take it on anyway.

Sometimes it's family arguments at the back of it - one person just wants to get shot, the other refuses to 'give it away'.

There was a house like this next door to a colleague - it was on the market for ages before the one who wouldn't 'give it away' finally saw sense.

Some people do have a very inflated idea of what a house is 'worth', without apparently realising that it's only worth what someone is prepared to pay.
Also, some estate agents do give very 'optimistic' valuations, in order to get the business in the first place. One particular chain was notorious for this - whether they're more realistic now I don't know.

Agree that its none of your business what the situation with the vendors is. A house is worth what someone will pay for it. If you want it, then pay a figure that the vendors will accept. If you're not prepared to pay that, then walk away. You have no idea whether they're "greedy, stubborn, deluded" vendors - as others have said, it may be that their hands are tied.

It sounds like you're taking it personally and have become 'invested' in this house. Detach yourself and move on. Give up on this one. There is clearly some obstacle to selling it. It won't sell any time soon. Forget about it.

"Stubborn, greedy, deluded" you almost sound as if you feel you're entitled to this house, at the price you want to pay?

You've already proved to them that there's someone (your) willing to pay 10% above what you consider market value, so it's not a huge stretch to think that someone might lay asking price.

There's a bum for every seat, if the vendors are prepared to wait it out.

If the house is really falling into disrepair, you may be able to get the council to step in and say that they either need to keep up repairs or sell it on. If they don't they can get a compulsory purchase order.*

*I saw this on a tv programme & am in no way an expert!

It’s been on at the same price for 3 years? Have prices not gone up since then, so the asking price doesn’t seem so extreme compare to 3 years ago?

Has no other property you like as much come up that would mean you forget about this one?

We had this with two houses we viewed, and I never learnt why they didn't sell. One has now been on for three years - this is in Zone 2 of London, where things tend to shift, particularly in spring.

Very simply, life will be a lot easier for you if you go with another house.

if it's owned jointly by a family, it may be that if they live in another area (you mention it being a holiday home), they're out of touch with what prices in that area are. People round my way (SE England) were horrified at the price my DPs house (4 bed, triple garage, half an acre of mature gardens) was on the market for - in the wealthier part of my county you could have added a million on to the selling price and it'd've been snapped up. As it turned out, it was priced correctly for the area, but took two years to sell as it needed incomers with more equity than locals.

Greedy sellers? They don't want to sell to you, at the price you want to buy at. That is their call. You don't have a right to buy this house! Move on and find one with motivated sellers.

Just because they are "not poor" does not give you the right to feel entitled to pay less than they want for their property. They own the property. They do not have to accept a low offer from you if they don't want to.
For all you know they could just not like you and so don't want to have to go through a selling process with you.

When you say it's 20% higher than anything else sold on the road... when was the last sale of another property on the road? If it was years ago then 20% could very well be a fair price now. Furthermore, have you seen the inside of all of those previously sold houses on the road .., do you know for sure their condition, their square footage, garden size etc ... lots of other unknown factors that could cause a property to sell at a cheaper rate after surveys for which you would have no knowledge of. You are being irrational.

An offer I made on a house was not accepted because I was single and they wanted to sell to a family. Hey-ho... didn't take it personally.

Could also be that the EA aren't putting the offer through to the vendors. Have you made the offer in writing?

The fact that they aren't poor may mean that they can wait to get the price they want.

Do you know how much it was purchased for originally and whether there is a mortgage on it. You don't even know if needs that amount to get out of "negative equity"!

It must be frustrating for you being unable to get the house you want. If you want it that badly you'll pay the asking price. As mentioned above a house is worth what someone will pay for it and it seems the seller has the luxury of being able to wait for that buyer that will pay the asking price (or closer than 10%).

Pick another property. They may be fixed on an unrealistic price for the property but that's their business and to call them greedy is a bit

Are you actually for real???

You're coming across as very entitled

Thanks for the replies, I admit I was possibly getting close to being 'emotionally invested' in this particular house, but I have now mentally dismissed it as an option, it's condition has deteriorated to the extent that I don't even feel it's now worth my first and lowest offer.

I just wanted to open a discussion as I found it so puzzling that the vendors are prepared to leave the property empty and unused, gradually falling into disrepair (whilst still costing them around £1,700 a year in council tax.)
Even if there is some kind of family dispute you would think they'd still want to at least use it occasionally and maintain it to a basic standard.

As I mentioned the parents bought it as a holiday home in the 1970's so I think it's safe to say negative equity would be very unlikely!

There have been 3 sales on this road in the last 2 years... all the same size or bigger, all in better condition than this one and all at least 20% lower than this asking price.

It does seem to be a ''thing'' in this particular area, there are numerous examples of houses just left empty and unoccupied despite it being a popular, desirable location for both Owner Occupiers and holiday homes... any houses that are reasonably priced usually sell within a couple of weeks of coming to market.

One local guy owns 4 houses in one village, all sat empty and falling into disrepair... and refuses point blank to sell or even rent out any of them despite requests from several people! Quite bizarre.

As MaximumVolume pointed out, the councils do actually have powers to act on empty houses, in fact I think they have they power to take possession of it if the owner refuses to bring it back into use.

Our council website says they consider an 'empty property' to have been unoccupied for six months, although we are in an area of high housing pressure so your council may be slacker.

Definitely worth encouraging them to take action, it's not fair to have houses sitting empty while people are homeless.

OP it sounds like the vendors don't really want (or need) to sell the house, especially if it's been on the market for 3 years!

Definitely do not leave out the survey & searches!

It's completely up to them what price they wish to sell for, but I completely understand your frustration. If it is becoming run down & dilapidated, it does sound like the local council might get involved or need to become aware.

FWIW we are FTBs trying to buy in SE London.

So much has been on the market for months, with price reductions but a lot of sellers are simply not open to offers (I think anything from 10% below asking price is pretty reasonable).

It's so annoying, especially when you find somewhere that might be a potential purchase. Often, according to the EA, the sellers want to achieve x price, or else they will put it back up for rental again.

Decided we need to find sellers who NEED to sell, for whatever reason e.g. pregnancy, divorce etc- just a question of trying to work out who these ones are!