Buyers, are you experiencing unmotivated sellers or offers turned down?

[Fuckedoffat48b]

DH and I are in the process of buying our first property. I am five months pregnant and we are now four months into attempting to purchase a small two bed in London, and things have ground to a complete halt, because of the sellers.

They are not owner occupiers, having rented out the house since they bought it seven years ago, and live in Sri Lanka, They have been uncooperative since we had our offer accepted in April by not answering our questions, having no certificates to share (they haven't had the gas safety certificates done since they bought it which is illegal) and are now keeping us waiting regarding a decision to fix a problem of their own making which has been clear from the outset. This is plan c to fix this problem.

When we put in the offer, they refused our initial offer, and apparently only accepted our offer grudgingly. They had already turned down other offers 5 per cent under asking price. We were told if they couldn't get a higher offer they would take it off the market and continue to rent it out.

We are now in a position where we have had to consider the possibility our sellers will pull out and have tried to arrange a couple of viewings in the same block of houses.

We have been told that one seller is considering taking off the market 'because the offers they are getting are not high enough'. So same old story.

All these houses went on the market around the New Year or just before for around £325,000, were relisted for £300,000 a couple of months later. The last one to sell on this block was in February for £290,000 (an amount we had rejected as an offer).

Has anyone else experienced this? So many home owners suggest we should have our hands bitten off as motivated, no-chain buyers with a mortgage sorted, but this isn't our experience at all and we are wondering what the hell to do tbh.

I would get tough with them, and tell them politely you will pull out and look elsewhere unless they show more cooperation and pull their finger out. And maybe have a look on RM at what else might be available not in that block, in case you need to follow through with that threat.

Fabuloussophie that is what we are doing, looking at booking two viewings for other houses on the market in that block for tomorrow. One with the estate agent who is handling the sale that has stagnated. Just waiting to hear back with confirmation.

Thing is, what if those sellers are similarly unmotivated and unrealistic? It all feels so utterly pointless when the level of entitlement of these sellers is so bonkers.

Look elsewhere

It is a buyers' market, but it looks like your sellers may be trying to bluff you that it is not. It is interesting that they are landlords, and are therefore probably under financial pressure to sell because of the new tax changes on landlords, which are rapidly ramping up. I think you are probably in a much stronger position than they would like you to believe.

LuvMyBubbles look at different sellers or different areas?

Fabuloussophie but bluff us about what? We have had our offer accepted, and could have exchanged at any point over the past month if only our sellers would get our fingers out. They haven't asked us for anything, they have just gone dark/only been in contact via solicitors to not really answer our questions.

I don't know. They could still be hoping for a better offer, or preparing the ground to ask you for more. Anything is possible. And if they are in Sri Lanka they may not be aware of how bad the market is in London, still thinking they can get more.

Or perhaps they know something negative that they are trying not to reveal to you.

Fabuloussophie people have suggested both those things i.e. they are abroad and have no clue about the UK housing market/economy at present, and also that they know something negative they are trying not to reveal to us. What sort of negative thing could it be? Surely they would want to sell as quickly as possible if there was something bad?

I've read everywhere best position is no chain, 20% deposit and flexible on completion date... we have put ourselves in this position having sold then moved in with parents for a no notice move.

However my experience has been it's not worth anything to sellers. We offered 5% under asking on 180k house (over priced for its area) and been flat out refused, they also refused a 179 offer cause the person was in a chain. So they see the advantage but expect both full asking price and chain free 🙄

Look elsewhere, I think some sellers are a little deluded. Of course not all will have to sell but some will want to & some will regret they didn’t accept your offer this time next year.

If you get full and satisfactory answers to all your questions, and your solicitor is doing their job properly, you can eliminate the fear of hidden negatives. Some sellers think that if they drag their feet about answering awkward questions, which reveal problems, a buyer will just give up asking and go ahead anyway with the purchase. They may know you are pregnant and think that they can sqeeze you into a corner.

Maybe not eliminate the fear, but definitely minimize it.

Lilmisskittykat good to hear it is not just us. That is exactly our situation, 25 per cent deposit, chain free, flexible on moving dates as we are on a rolling tenancy agreement. Offers have been very nearly at asking price.

Sellers still seem to feel aggrieved.

We've just sold. Towards the end I was getting nervy because it feels all very toppy and like it could topple any moment but we got through and I'm relieved.

I think the market will stagnate in London until more is known about Brexit which I think trickles out to other areas.

Tbh I'd start looking elsewhere as they don't sound like motivated sellers.

Sellers in my area are completely deluded as to what they can get. Many houses are overpriced and I can count 4 that have been on the market well over a year.

I've been torn between they are deluded to then doubting myself and wondering if I need to adjust my expectations as once house comes on at a price all others in that area do.

I wish all the greed and games was out of it.

Not everyone is desperate to sell, so may not accept a lower offers. With low interest rates and high employment there aren’t many distressed sales. Even the BTL landlords who may see a reduction in their mortgage expense relief have pushed their rent up to compensate in my area.
Plenty of sellers ( and buyers) seem to be holding out till the Brexit deal is made known and the uncertainty is removed.
I think yours is an unmotivated seller. I think you are right to be looking elsewhere.