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Original poster

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

88 replies

BookwormButNoTime · 01/04/2022 19:25

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?

OP posts:
tontown · 01/04/2022 22:22

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.

Perhaps some of those posters you have labelled as whinges are also disabled?

But I agree it's very self centred to make yourself the judge & jury 😆

TatianaBis · 01/04/2022 22:28

Perhaps some of those posters you have labelled as whinges are also disabled?

If so they would understand the situation OP is in.

bellac11 · 01/04/2022 22:34

The housing problem in this country is not second homes or holiday homes. its the lack of a regulated private rental market and lending multiples over the years

Easy lending (and I certainly took advantage of that) made it easier for prices to jump

The lack of regulation for private rentals and the decimation of social housing to rent means that people that dont want to own a property or cant own one,, dont have an affordable means to live. The market has been fed to private landlords (which I have nothing against) without the natural balance of a social housing option because a lot of it is all gone.

Perfectlystill · 01/04/2022 22:39

@peranaka

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'.
Quite
TatianaBis · 01/04/2022 22:40

Totally agree.

The U.K. has much easier lending against property than in Europe. And places like France and Germany have much better social housing provision.

But prices are rising there too nonetheless.

ENoeuf · 01/04/2022 22:42

Its gone to offer three times and then back on and now the seller refuses to accept without a commitment to the price?
A. Something dodgy and £££ and they want buyer to incur the cost
B. They’ve been messed around by cheeky fuckers trying to drop the price and are now putting their foot down.

blitzkoff · 01/04/2022 23:29

I think the vendor has had enough of dodgy potential purchasers and is being tough to future potential purchasers, it's a buyers market and he can afford to be tough and set his own requirements on the offer being acceptable or not , not all houses that come back on the market are dodgy , more likely the dodgy purchasers trying to knock the price down in an underhand way or dropping out for any million other reasons
You are not committed until such a time as you exchange so except legal fees until that point plus other incurred costs - searches and survey are normal buying costs anyway
I think a realistic answer is that you haven't offered enough

EmmaH2022 · 01/04/2022 23:42

OP
Hello!
Getting back on point
When you say they want a non negotiable price, how are they establishing that? In reality, if you find a problem in a survey, they can't ban you from offering less.

Are they asking for a sort of non- refundable deposit? I was told I'd be asked for that if I offered with a particular agent. You get it back if the sale goes through, or if the vendor pulls out.

I stopped looking at anything with that agent because the condition worried me.

I hope you find what you're looking for. I know it's a seller's market but there will be a more normal one out there.

bellsbuss · 01/04/2022 23:50

I don't know why people get so sniffy about landlords, there is a massive shortage of rental properties available at the moment. In my area there are 2 available, constantly seeing fb posts of friends or friends asking for other friends if anyone knows of family sized properties to rent. Yes there are some unscrupulous landlords around but without any a lot of people would be homeless.

QueenCamilla · 02/04/2022 01:58

I just bought a property as a cash buyer.

It's a doer-upper and the first time I'll see it will be on the day I get the keys (it's a long distance move and it just wasn't viable to view!)

There was a bidding war and I was not the highest bidder. To secure the house I had to:
*Pay a non-refundable fee of 3k to the agent upon the offer being accepted (I don't get it back if I pull out). If the seller pulls out, they pay me 3k out of their pocket. I basically paid 3k for some security of this going through!
*Agree to buy the property "as is". As I'm a cash buyer, I'm not even doing a survey. I know it needs work - I'll do the "survey" with my builder once I have the keys!
*Intend to live in the property (the agent said it was very important to the seller that someone makes the house their home and apparently that helped to decide in my favour vs. the higher bidder).

I just had to go for it if I was ever to own a house. And I wasn't the only one prepared to jump through those hoops (14 offers in less than a week on that property ) . So yeah, seller's market!

builtonrocks · 02/04/2022 03:55

OP are you on good terms with the estate agent? You can ask them to ask if one of the previous 'buyers' will sell you their survey for a reduced rate. Ie £500 for a £2k survey. You can't 'use' it but reading it will give you the info you need to start the purchase or not. You're not supposed to exchange surveys but it does happen and the let down 'buyer' will be happy to have some lost money reimbursed. I've lost thousands in searches, surveys and solicitors fees trying to buy in the last year. I'm really aware that for many people this would have wiped out their ability to afford to move. It's definitely a sellers market.

Original poster
BookwormButNoTime · 02/04/2022 06:55

Many thanks for the useful comments many of you have provided. I choose to ignore those who seem to think they can have a pop at me for trying to earn a stable income when most “normal” jobs are just not an option for me.

I am just amazed that the seller won’t commit to the sale either by engaging lawyers, stopping viewings temporarily or marking it under offer but expect us to incur significant costs our side by having surveys done.

Apparently two surveys have been done, I have asked if there’s any way they can be seen (and no reliance placed on them) but the answer is a resounding no!!!!

It seems like gone are the days of a straightforward sale. I’m just not sure it’s a game I want to play.

OP posts:
sweetbellyhigh · 02/04/2022 07:06

Both those vendors sound tiresome as hell.

When it comes to property I strongly believe in taking on board the signs, if you will.

I'd back away from both, the right place will come along.

Clymene · 02/04/2022 07:26

That sounds like an issue with the estate agent as much as with the vendor then. Are you making friends with them?

toomanytwinkies · 02/04/2022 07:43

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.

Yep

HomeHomeInTheRange · 02/04/2022 07:47

I would very much wonder why two buyers have pulled out after survey stage. It’s hard enough to get offers accepted so people know it won’t be easy to find somewhere else.

And LOL at the idea that these vendors are making some kind of stand wanting a local family to live their: vendor 1 is clearly holding out for the chance of the highest price possible. Which begs the question as to how all these terrible incomers get to pay high prices…sold by long established locals of course!

I would swerve on vendor 2. They know you are interested so if in due course yet another sale falls through they can always come to you with a more reasonable process and perhaps some transparency, while you keep looking.

YukoandHiro · 02/04/2022 08:10

Some sellers do care. When my DH sold his parents house after death he took a lower offer to sell to a young family when a landlord had offered more. The money didn't matter to him as much as the legacy of the home

sweetbellyhigh · 02/04/2022 08:41

@builtonrocks

OP are you on good terms with the estate agent? You can ask them to ask if one of the previous 'buyers' will sell you their survey for a reduced rate. Ie £500 for a £2k survey. You can't 'use' it but reading it will give you the info you need to start the purchase or not. You're not supposed to exchange surveys but it does happen and the let down 'buyer' will be happy to have some lost money reimbursed. I've lost thousands in searches, surveys and solicitors fees trying to buy in the last year. I'm really aware that for many people this would have wiped out their ability to afford to move. It's definitely a sellers market.
Isn't it a ridiculous system?!
Thesefeetaremadeforwalking · 02/04/2022 08:49

OP, the unpalatable fact of the matter is that EAs work for the sellers and not the buyers. So the sellers can set just about any unreasonable constraints that they like on the deal.

This is why some properties stay on the market for ages.

The short answer is that if you don't like the deal go elsewhere.

The present 'feeding frenzy' in the housing market can't be sustained indefinitely and the situation will eventually ease off.
Then these EAs will find they have a lot of unsaleable properties on their books

Twiglets1 · 02/04/2022 12:14

You’ve been very unlucky to come across 2 sellers both nutty as a fruitcake

Northernlurker · 04/04/2022 12:25

You're taking not one but TWO properties out of use for people who live and work there now? No wonder you can't secure a sale. If you want to invest for income buy a flat and rent it out to working people at a fair rent. Buying multiple homes for part time use is morally despicable.

Sapphirejane · 04/04/2022 12:39

Sellers do care. I refused to let landlords even look at my property when I was selling last despite a lot of pressure from the EA. I was steadfast in my landlord rule. Some slipped through the net but I declined any offers from them (they were all stupidly low anyway) and held out for a private buyer. In a touristy area I can imagine some sellers being even more determined to help local buyers.

I am also a bit miffed at the idea that because you are disabled OP people can’t point out that taking two houses out of the local market for your own benefit is selfish when you live in a third property elsewhere. You can be both disabled and be doing something lots of people disagree with.

TatianaBis · 04/04/2022 13:21

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Sapphirejane · 04/04/2022 13:30

@TatianaBis - yes because the only possible option for someone with a disability is to own three homes, two of which are in a popular tourist area and to rob not one, but two local families a chance to live there. A disability doesn’t make you immune from criticism for your actions whatever the intention behind them are, and to think it does would be pretty ableist.

rugbunch · 04/04/2022 13:33

The OP already has a 2nd home & is now doing renovations & looking for a 3rd home to live in whilst renovating &/or for family & paying cash. There are other things you can do with cash rather if you need income.

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