Why are all the sellers nutty (for properties I want to buy!!)

[BookwormButNoTime]

I posted recently about a property we have offered on but the seller refuses to consider any offers until viewings have “dried up”. At the last count there had been 74 viewings and only one offer (from us).

We have kept this offer on the table but carried on looking as a result. Another house has come on the market we are interested in. Seller is refusing to take it off the market unless the price is binding and won’t be open to negotiation following any searches or surveys. So literally, they expect you to incur legal fees and pay for surveys to ensure there’s no major issues before they will commit to selling it to you and take it off the market. In the meantime, whilst you are spending money, they still want viewings to take place.

I mean, I know some vendors have daft ideas but isn’t it down to the agent to tell them that this just isn’t the way you do things?????

To clarify, I am a full cash buyer, want it done quickly and easily, not looking to price chip, just doing what normal people do and get a survey done to ensure no hidden major issues.

Am I being realistic and come across two nutty sellers (and one dodgy agent) or am I out of touch with it being “a sellers market” and they can literally just do what they want?

That’s ridiculous. But it’s a sellers market unfortunately!

if I remember you correctly from an earlier thread OP, you are looking to buy an investment property in a holiday area. I would imagine lots and lots of buyers - if they have the choice - would rather sell to a local who is planning on living in the actual house.

Interestingly we've just had an offer accepted on a property and as part of our bid we stipulated that whilst we wanted a survey we would not use it as a tool to try and renegotiate. I think that's fair (and am also cash buyers).

Vendors! I meant vendors not buyers.

@Daisydoesnt But if you found £50k of hidden works / subsidence / extension that doesn’t meet building regs then would just just pull out? For us we would still commit to the sale but would expect a price reduction - probably splitting the difference.

I might be an investment buyer but there’s not oodles of cash sat here. I can’t afford to buy something and then have a massive bill just to put things right. I’m not talking a couple of grand here or there. I’m on about checking the house that is over 100 years old and has at least three extensions over the years being structurally safe.

I also can’t afford to be dropping a grand here and there on surveys where the seller isn’t prepared to take the property off the market and commit to the sale.

It suggests to me they don't want to sell to you.... sorry. Presumably they are not suggesting that their solicitor won't engage with yours? They would at least in that case be incurring costs, which shows willing.

I know it's not what you asked but is it really a good time to be buying an investment property?? Surely we must be at or new the peak of the market?

In a former life I had holiday lets and it's much, much tighter margins than you'd think. Certainly not much to be made if you're shelling a lot out initially on the property (we made money but the lets were on the site of our home so didn't cost us anything IYSWIM).

Wish you luck.

No, they won’t even let solicitors engage until a non negotiable price has been agreed. No commitment at all on their side.

I don’t think this seller is at all fussed about us being investment buyers. It’s the third time it’s back on the market after going under offer. Makes me think there is something cropping up in the survey every time and the seller just won’t budge on price.

There is another element to the purchase. We bought our own property up there two years ago. It’s a huge project and we only just got planning. It’s our forever home where we will be retiring to but until then it’s a second home. This other property is a holiday let / somewhere to put the extended family up when they visit, plus somewhere we can stay when the work is being done on our house.

I might be an investment buyer but there’s not oodles of cash sat here. I can’t afford to buy something and then have a massive bill just to put things right. I’m not talking a couple of grand here or there. I’m on about checking the house that is over 100 years old and has at least three extensions over the years being structurally safe.

Don't buy it then. This country doesn't need any more landlords, and tourist areas don't need any more 'holiday lets' pricing young first time buyers out of their hometowns.

Do people make these 'investments' not knowing that they're contributing to the utter hopelessness of the younger generation - or do you know, and just don't care?

@cloudyrainbow A rather judgemental post when you know nothing about me.

I am unable to work after being largely confined to a wheelchair after major surgery - I have limited mobility and only for short periods of time. I received some inheritance that will enable me to generate a small income and a pension when I retire through investing it.

I am retraining but for now my future work life is uncertain. So are you saying I shouldn’t be able to generate an income for myself in the meantime and I am selfish?

If you have nothing of merit to add to my genuine question then I suggest you go and troll someone else.

*@cloudyrainbow A rather judgemental post when you know nothing about me.

I am unable to work after being largely confined to a wheelchair after major surgery - I have limited mobility and only for short periods of time. I received some inheritance that will enable me to generate a small income and a pension when I retire through investing it.

I am retraining but for now my future work life is uncertain. So are you saying I shouldn’t be able to generate an income for myself in the meantime and I am selfish?

If you have nothing of merit to add to my genuine question then I suggest you go and troll someone else.*

I'm not trolling; I'm just a young person being priced out of the 'tourist area' that I was born in, where all my friends and family are, due to these 'holiday lets' (former family homes) being snapped up by investment buyers.

This country is set up to favour landlords, so I guess it's easy to ignore the impact of your choices on others. I'm glad to hear the sellers in your preferred area are not so blind to it though.

@Daisydoesnt

if I remember you correctly from an earlier thread OP, you are looking to buy an investment property in a holiday area. I would imagine lots and lots of buyers - if they have the choice - would rather sell to a local who is planning on living in the actual house.

Interestingly we've just had an offer accepted on a property and as part of our bid we stipulated that whilst we wanted a survey we would not use it as a tool to try and renegotiate. I think that's fair (and am also cash buyers).

I wouldnt have thought sellers could care less who they sell to, they want to make the most money.

So are you saying I shouldn’t be able to generate an income for myself in the meantime and I am selfish?

Being a landlord isn't the only way though

The sellers aren’t selling as they don’t like the price.

Yes some sellers/buyers are nuts. And some agents are crap.

I'm not trolling; I'm just a young person being priced out of the 'tourist area' that I was born in, where all my friends and family are, due to these 'holiday lets' (former family homes) being snapped up by investment buyers.

People across the country are priced out of the area they were born in it’s not particular to holiday lets, it’s just rising prices. Cornwall isn’t any different to London.

@TatianaBis

I'm not trolling; I'm just a young person being priced out of the 'tourist area' that I was born in, where all my friends and family are, due to these 'holiday lets' (former family homes) being snapped up by investment buyers.

People across the country are priced out of the area they were born in it’s not particular to holiday lets, it’s just rising prices. Cornwall isn’t any different to London.

My OH and I were priced out of London, both born and bred, its our home town, moved out in middle age

All those countrysiders from Cornwall, Manchester, Liverpool, Birmingham, blah blah blah priced us out of our home.

I am sorry but you do sound rather entitled. If you don’t like the deal and the terms then move on. I would be fussy who I sold my house to. My neighbours are brilliant and an investor would be the last in the queue especially in this market.

Sorry.

People across the country are priced out of the area they were born in it’s not particular to holiday lets, it’s just rising prices. Cornwall isn’t any different to London.

Couldn't agree more! Landlords and landlordism is sadly rife across the country - meaning most of my generation have to give 2/3rds of our monthly wages to them to pay off their 'investment' (plus additional profit, plus another bit more in my case, to help them manage the cost of living crisis ), instead of being able to spend half the monthly cost of rent paying off a home that we actually own.

It's not morally neutral or ethical to exploit the human need for housing.

The property board is a supportive place, cmon, don't have a go at the OP.

OP, the property market is a bit crazy right now. Your sellers sound bonkers, but I think it just reflects that it's a seller's market

I don’t think someone who is not well enough to work is exploiting housing with a second home. Effectively that is her job.

There is definitely an ethical issue with housing being used as a "job" though. What about those who don't have the luck to receive an inheritance & therefore have higher housing costs.

This type of whataboutery is not helpful. What about the poor Ukrainians fleeing their homes? You end up having to agree to all be homeless and penniless, so that no-one can point at you and wail 'what about meeeee'.

What about those who don’t have the luck to have their health? Or those who do - who can work FT in a company without having to resort to OP’s plan.

Yep it's definitely whatsboutery to talk about the damage that 2nd home/foreign ownership can have, inter generational inequality when it comes to housing & the general depreciation of wages caused by economic policy. Totally irrelevant on a property board when there is a war in Ukraine 🤔

MN is full of self-centred women whingeing, but I do think that whingeing about your own issues on a thread of someone who is disabled by illness is something else.

@cloudyrainbow

I might be an investment buyer but there’s not oodles of cash sat here. I can’t afford to buy something and then have a massive bill just to put things right. I’m not talking a couple of grand here or there. I’m on about checking the house that is over 100 years old and has at least three extensions over the years being structurally safe.

Don't buy it then. This country doesn't need any more landlords, and tourist areas don't need any more 'holiday lets' pricing young first time buyers out of their hometowns.

Do people make these 'investments' not knowing that they're contributing to the utter hopelessness of the younger generation - or do you know, and just don't care?

The country literally does need more landlords and rental properties as there’s a huge rental demand and no property to rent.