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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:
TatianaBis · 23/03/2022 16:34

Thing is I’ve had bad experiences with people who seemed fine and reliable at the start and good experiences with people who seemed flaky initially, so I don’t think you can tell.

Twiglets1 · 23/03/2022 18:17

@BookwormButNoTime

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???

That is madness! We had 30 viewings on my Dads flat in London and then accepted that because of its condition (shabby!) we weren’t going to get close to the asking price so accepted the best offer we got which was over 10% below asking
FurierTransform · 23/03/2022 18:21

Best thing to do is just say 'ok, whatever' and move on to looking at other properties.

BeanStew22 · 23/03/2022 19:29

@BernadetteRostankowskiWolowitz

I'd take the higher price off the table and leave the lower cheeky one for them to consider. They had their chance.
By leaving your offer on the table you are allowing them to pick & choose

Withdraw your offers: if they want to sell and get a better offer they may well be in touch

PollyPutTheKettleOnKettleOn · 23/03/2022 19:32

@BernadetteRostankowskiWolowitz

I'd take the higher price off the table and leave the lower cheeky one for them to consider. They had their chance.
Yes me too
TheRealistBub · 23/03/2022 19:38

I feel like they have totally wasted my time with their unrealistic expectations

Surely you knew the price when you viewed. They are not obliged to take an offer.
Increase to full asking or look elsewhere.

Original poster
BookwormButNoTime · 23/03/2022 19:40

I’m not going to mess around withdrawing offers etc. The offer will stay on the table and we’ll just wait and see. In the meantime we keep in the agents good books and show we are a serious buyer by going to see other stuff and hopefully something will come up.

OP posts:
BlackAmericanoNoSugar · 23/03/2022 19:43

I would put a date onto your offer, perhaps Friday week, and after that they can assume that the offer has been withdrawn. If it was just one seller then I would give less time but if it's a probate sale then it probably needs the agreement of several people, all getting on each others' nerves and at least one of whom is being completely unrealistic.

girlmom21 · 23/03/2022 19:47

I'd leave the offer on the table until you find something better.
That's what we did. We found a house we liked and the seller and their estate agents messed us around for ages so we started viewing other houses and fell in love with one elsewhere. It needs more work but suits our needs better and is in a nicer location so withdrew from the first property.

We got a call offering the first property for our original offer instead - which the seller originally declined - but said no thanks. There's no point wasting your time with arseholes.

Sittingonabench · 23/03/2022 20:18

It’s a funny one and I understand your frustration but like you say it works two ways. As a buyer you go in with a cheeky offer and increase to get the best deal - using time pressure and need for funds to your advantage. From a sellers perspective they want the best offer and in this case there are no time pressure or need for funds so they are able to use this to their advantage hoping to get more interest and boost the sale. Also on the positive side for you - this property is an investment and not something you need urgently so let it play out and keep options open.

LaWench · 23/03/2022 20:26

Greedy sellers but sounds like thewy would be a pita to deal with especially probate.

CecilyTheWake · 23/03/2022 20:55

Some people just won’t accept that their property is overvalued. We house-hunted for our current house in 2010 and were extremely discerning about what we looked at due to limited time available for viewings.

One of the estate agents convinced us to look at a house I’d already rejected on the basis of it being outside our price range and needing too much work. We went, and it was a dump. I asked the EA if the owners would accept an offer and he said no, and that they’d had the place on the market for over a year and refused every offer under asking.

Flowerbedflora · 23/03/2022 21:32

Do the vendors know you are investment buyers and you want it to be a holiday let? I know that this can put people off for a range of reasons and some sellers would rather sell to a family who are going to live in it full time.

Original poster
BookwormButNoTime · 24/03/2022 06:53

@Flowerbedflora This popped into my head too. The agent knows so it has probably been passed on.

Thing is, it’s not a family sized house. It’s far more cosy Cottage for a retired couple or a holiday let. The other houses on the road are all five bedroom terrace houses (also with parking). It’s a bit of an oddity in the location where it is. I think part of the price issue is they are comparing it to all the other houses on the road and not realising it’s two bedrooms and one bathroom less and has almost half the internal square footage. That’s even before factoring in it has no heating, needs a full rewire and every single one of the double glazed windows has blown……..

OP posts:
WutheringHeights66 · 24/03/2022 06:59

@Flowerbedflora

Do the vendors know you are investment buyers and you want it to be a holiday let? I know that this can put people off for a range of reasons and some sellers would rather sell to a family who are going to live in it full time.
Exactly what I thought.
gunnersgold · 24/03/2022 07:02

If you can pay 96 why not pay 100 %? If you really want it . I guess they aren't ina rush to sell and want as much as they can get . I was the same when selling my phone stents house . I believed it was worth more and waited . I actually turned down and offer from someone who wanted to turn it into a nursery . The estate agents thought it was mad but my dad would have hated it .

ivykaty44 · 24/03/2022 07:04

Sit back & wait, then lower your offer if they come back to you as obviously by then all the viewings will have died out and no one wants the house apart from you

Roselilly36 · 24/03/2022 07:17

It’s their choice, it’s a sellers market, they may have a strong emotional connection to the property especially, if owned by a parent that has died.

Perhaps they want to find a buyer that intends to live in the cottage permanently, or want a local buyer, maybe just price, who knows.

But sometimes you need to accept that you can’t buy a particular property that you love, it happens, but there is always another that comes along.

My advice would be to forget that property and don’t compare others that you see to it.

Good luck I hope you find somewhere soon.

TheTeenageYears · 24/03/2022 07:26

I would completely walk away. Even if they eventually accept your offer they are going to be a nightmare to deal with re the purchase. They will probably muck you around if the market suddenly becomes hot again and think they can get more money. Once you've paid for a survey you want as much assurance as possible that the sellers are as invested in selling as you are in buying. They have shown a blatant disregard for the EA's time with that many viewings too and aren't going to listen to reason further down the line.

JudgeRindersMinder · 24/03/2022 07:27

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

You may have just answered why they haven’t accepted your offer.

We sold our late parents house recently and we wouldn’t have sold it to an investor in your position, we wanted it to go to a family who would actually love there. When you’re the seller in this situation, you have some luxury of choice as to who you sell to

gosensk · 24/03/2022 07:30

Do the vendors know you are investment buyers and you want it to be a holiday let?

My inlaws turned down higher offers because they wanted to sell to a family.

Saltyquiche · 24/03/2022 07:35

What else is on the market?

ChiefInspectorParker · 24/03/2022 07:41

This reply has been withdrawn

Message from MNHQ: This post has been withdrawn

Nicoise · 24/03/2022 07:48

@Flowerbedflora

Do the vendors know you are investment buyers and you want it to be a holiday let? I know that this can put people off for a range of reasons and some sellers would rather sell to a family who are going to live in it full time.
My thoughts as well. Maybe they would rather not sell to the second home market.
TunaPlastic · 24/03/2022 07:56

Locally we're tired of 'investment property' buyers, who've watched too much daytime tv, doing everything on the cheap for maximum return. Perhaps they are looking for actual people, who want a chance, since it's an ideal retirement home.