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Original poster

Unrealistic seller expectations

62 replies

BookwormButNoTime · 22/03/2022 21:38

Feeling slightly confused by the methodology being applied by the seller of a house we would like to buy.

House needs a LOT of work. You couldn’t move into it in the current condition. Great location, huge amounts of potential etc etc. It has been on the market two months. We were the first people to see it and made an offer there and then. It was a cheeky offer but not an unjustifiable one based on other properties in the area. It was rejected as we expected.

After six weeks on the market we are the ONLY people to have offered. We really want it so raised our offer to 96% of the asking price. We are a full cash buyer from inheritance. The house is on for way more than it’s worth compared to other properties on the market in the same area so we would definitely paying more than it’s worth at that price.

Again, they have turned it down. Their rationale being that until viewings dry up then they’re not going to accept anything. Apparently the market is so buoyant they don’t need to. The house has had 74 viewings. And one offer (from us). So they just want to keep having viewings until there aren’t any more before even considering an offer.

It’s obviously totally down to them as to what they want to sell it for but I feel like they have totally wasted my time with their unrealistic expectations. I mean, it goes both ways? Why list your property if you will only sell for an unrealistic (and probably unachievable) price?

We are going to keep the offer on the table and hope in another few weeks they see sense but it’s so frustrating. FYI the agents are totally on our side and don’t understand why the vendors are going with a chain free cash offer at almost asking price after two months on the market.

Anyone else feel like they are dealing with bonkers sellers???

OP posts:
Original poster
BookwormButNoTime · 22/03/2022 21:40

That should say vendors aren’t going

OP posts:
roastednut · 22/03/2022 21:51

That does sound ridiculous. Surely they've 'peaked' any opportunity for further offers now. Do you think they really want to sell? Sounds like a similar position to us a couple of months ago. We've just moved in this week but our seller kept threatening to pull out (despite it being empty). I'm also convinced that most people wouldn't move in - it does need a lot of work and is borderline inhabitable. We've had to as financially we can't afford to rent until the work actually starts and that will be months off. I'm seriously questioning what we've done!

user1471538283 · 22/03/2022 22:08

Look about for something else and let their EA know this. It sounds overpriced to only have one offer out of so many viewings. If they come back to you drop your offer again.

They have only one house to sell but there are hundreds available and as a cash buyer you can have your pick! I wish I had listened to my gut before I bought our last house and dropped it when the seller was an arse.

Kite22 · 22/03/2022 22:17

Can't be that overpriced, if you are willing to pay 96% of what they were asking.

However, in terms of the number of viewing and the fact there is one offer, I agree, it does sound bonkers.
Just look at other properties and they risk losing your offer if you see something else in the meantime.

Tryingtokeepgoing · 22/03/2022 22:35

While it seems a little odd, perhaps they’re not completely stupid. It depends on their reason for selling doesn’t it? Maybe they hadn't considered selling, but were tempted to list it by the strong prices properties go for. They might have a price they’d sell for (the price they listed it at?) and if they can sell at that price they’d move. If not, they’ll stay put. And from their perspective, it seems as if you really like the place, you haven’t found anywhere else you like in the last 6 weeks and you’ve increased your offer to 96% of asking. So why move on price? They don’t have to sell, and you don’t have to buy. But, if you really want it what’s 4% in the long run?

Original poster
BookwormButNoTime · 22/03/2022 22:38

We are absolutely still looking. I always think a property is worth what someone is prepared to pay for it. @Kite22 it is overpriced. A five bedroom house opposite which needed no work sold six months ago for £80k more than we offered. This is a two and a half bedroom (third bedroom is a box room) which needs totally gutting. For us it’s worth it as it totally fits our needs and has parking (unheard of in the area).

Honestly, the only thing wrong with it is the price.

I just can’t understand the mentality of so many viewings and only one offer. Surely that tells you something?

It’s a probate sale and they are obviously in no rush. But at what point do they think there’s been enough viewings and they will consider an offer? Is 74 viewings not enough????

OP posts:
Original poster
BookwormButNoTime · 22/03/2022 22:49

I’m not even that bothered by the price to be honest. It’s this mentality that they won’t even consider offers until viewings have dried up. It’s like a never ending situation. Apparently they will only consider offers way in excess of asking price at this time I.e. more than the five bedroom already done up one opposite.

We offered what we did as we thought it might kick start them into considering serious offers, but no.

In the meantime it’s sitting there empty and they aren’t maintaining it or mowing the lawn etc. I can only assume they are struggling with grief and can’t let go because of an emotional connection.

OP posts:
BernadetteRostankowskiWolowitz · 22/03/2022 22:51

I'd take the higher price off the table and leave the lower cheeky one for them to consider. They had their chance.

5zeds · 22/03/2022 22:53

Perhaps it has to be on the market for a reasonable amount of time before they drop the price?

AreWeThereYetMummy · 22/03/2022 22:53

You are probably right about the grief. We and our next door neighbours at a previous house got an offer to buy both, each house making 350k above market asking price for the area.

The property was empty and owned by someone who turned it down as she couldn't face parting with the property as she'd inherited it and was attached to it.

MrsJamin · 23/03/2022 08:29

Oh man I bet the estate agents are pulling their hair out! 74 viewings is a LOT for them to do with no return yet. I think hold your nerve but keep looking for others?

Lampan · 23/03/2022 08:41

You sound to be very invested in it already but it seems you have reached a stalemate and there’s nothing you can do. Are you sure you can’t stretch to the full asking price? Would it be worth it to you? Otherwise you just have to walk away, you can’t understand their thinking or make them change their minds. Maybe the house has sentimental value and they’re dragging their heels as they don’t really want to part with it?

barbrahunter · 23/03/2022 08:43

perhaps they don't really want to sell it. People can be very odd. I would continue to look elsewhere if I were you OP.

barbrahunter · 23/03/2022 08:44

Sorry, I see others have already said what I said :)

TatianaBis · 23/03/2022 08:50

This is in no way untypical OP. There are many totally unrealistic sellers out there who let great offers fall through their fingers.

May not be grief, just executors trying to get the most out of an inheritance.

Where are they with probate? Has it been granted?

Branleuse · 23/03/2022 08:53

I think tbh they arent motivated to sell. I would think theyre doing this out of curiosity and you havw high risk of them pulling out

TatianaBis · 23/03/2022 09:03

Probate is not curiosity - there will be inheritees waiting for their their cash. But there’s no pressure to sell ASAP because the executor’s remit is to do the best for the estate. If the executor is the offspring - they may want to get the most they can.

Some people are just naive about what a property is likely to achieve.

senua · 23/03/2022 09:49

But there’s no pressure to sell ASAP because the executor’s remit is to do the best for the estate.
Agreed. They may also be waiting for Easter, a traditionally busy time in househunting.

A five bedroom house opposite which needed no work sold six months ago for £80k more than we offered. This is a two and a half bedroom (third bedroom is a box room) which needs totally gutting.
I don't understand why you are so desperate to buy it.Confused

Original poster
BookwormButNoTime · 23/03/2022 15:39

Probate has been granted and it’s the children of the deceased selling it.

We want to buy it as an investment property that pays its way for the next 20 years and then forms part of my pension. It’s not a quick buck do it up and sell at profit kind of place. I guess I’m lucky in that there is therefore no real emotional attachment to the property for me. Our offer will remain on the table until either someone else comes along with a higher one, they get to whatever number of viewings they think is “enough” and then take stock, or they accept.

The property itself, once done up, is the perfect holiday rental property due to location and parking. It’s the sort of place which if it was all done up and had an extension on it, people would be falling over themselves to buy. But the price it’s on at means it’s too expensive to take on because of the amount of work it needs. Builders and developers aren’t interested in it as a result. People looking for second homes are put off by the sheer scale of work needed. I want to buy it because it would give us a sensible return on the investment and will give me a nice income when I retire. I believe the term is it will form part of a “balanced portfolio”.

I am just still struggling with this idea of “when viewings dry up”. Is it when they haven’t had any for a week? A month? Three months?

OP posts:
Sunnyday321 · 23/03/2022 15:45

We kept our offer on the table when we were cash buyers inspite of the ea saying they had another offer.
It sat there awhile , then they came back to us with an acceptance . We agreed and had another viewing. The house was empty due to the seller already moving on . In the 6 weeks or so if it being empty the property had a small flood , so we knocked another £5k off the price for a new ceiling which was going to be coming down anyway for the new bathroom ! Hang on there.

Daisydoesnt · 23/03/2022 15:55

OP I assume as others that they are waiting for Easter - it really is quite early in the year still and being probate, they'll be in no rush. Or maybe one legatee (is that the word?) thinks it's worth more than the other, or is deliberately playing silly buggers.

I notice that you said it has parking which is unheard of in the area - for a holiday area that puts a premium on the price right there and then, irrespective of the condition of the house.

Avocadobacardi · 23/03/2022 16:05

How do you know it has dad 74 viewings? I doubt it has

Shehasadiamondinthesky · 23/03/2022 16:13

Everytime I go and see a house it needs new kitchens, bathrooms, plastering, hasn't been redecorated in forever, is a filthy mess, garden a mess and they want top dollar for it. Ff's. I've spent the last week redecorating my entire house and putting down stair carpet. Most of my stuff is in storage so the house can be seen in its best light. Yet the houses I want to buy are shitholes, artex everywhere. I'm fed up with it. I dont want to do a full renovation again at my age. A house is a huge investment yet people don't treat it like one.

TatianaBis · 23/03/2022 16:23

Just play the long game and wait out.

I bought a property last year that my first offer was turned down flat after it just went on. Needed complete renovation. Seller was totally unrealistic about what they would get given the amount of work needed - she’d made a bit of a mess of the layout so there no option but to move walls. She dropped the price twice and 9 months later I got it at my original offer which was 120k under ask.

Sometimes people just need time to realise what is a realistic price.

Natfemale · 23/03/2022 16:30

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