House back on the market 4 months after being sold

[redboxer321]

I went to see a house last summer, loved it with a couple of reservations, offered, but it sold for more than I offered. It completed in October but it's now back on the market at more than a 10% increase. No work looks to have been done, in fact they are still using some of the old pics because it looked better then (garden in bloom and furnished).
The agent told me the buyers bought it for someone else but it didn't work out so they've relisted.
I'm going to try to chat to the neighbours.
Is there anything else I should be doing at this stage?
I know things change so maybe I'm being overly suspicious.
Any advice appreciated.

a flip with not enough funds?

But a flip generally means you renovate, doesn't it? It didn't need any renovation that I could see.
It's a big % increase it's not a lot of money when the cost and hassle of buying and selling is considered.

It could be genuine, if it really was bought for someone else.

The house next door to us was bought by a bloke for his affair partner and her children. The idea was that he should move in with them but he didn't and a matter of months later the woman had moved out and the house was empty.

And the 10% increase looks like an attempt to recoup the costs of buying and selling the house.

👻👀

Yeah @Chersfrozenface it makes sense what you say. Bloody frustrating though!

Back on at 10% increase in no way means they will be able to sell it for that. Don't be fooled into paying for their mistakes.
I think you are right to be a bit suspicious though - I'd be wondering if anything majorly structural became apparent after purchase that they can't afford to fix. Or if they were trying to get planning permission to do something massive that they got rejected for.

We have 2 neighbours who did this but one was due to his posting changing -he was supposed to be here for 2 years but 2 months after moving in the army redeployed him up north. The other, her dad was ill and she moved closer to care for him but he died 2 weeks later so she wants to move home to Spain. Sadly neither are selling due to market and I imagine suspicion.

The reasons they are selling could be nothing to worry about. But I still wouldn’t be offering more than they paid.

I'd just want to be sure it isn't a problem with the neighbours. The Estate Agent isn't necessarily going to tell you the whole truth.

And yes, they are trying it on with a 10% increase.

@redboxer321 you said that you loved it with a couple of reservations. What were they and could they have been bigger issues than you thought?

I hope it works out but definitely don't pay 10% extra for the buyer's mistake!

I doubt it's planning as that would be awfully quick to get a decision and the plot is not really big enough though who knows.
Structural problems is a worry.
I actually wonder if it's the cost of heating it though. It's a small place - one bed and a small one bed, fairly modern, C rating EPC but it is electric heating with underfloor heating only downstairs.
It took 10 months, a change of agent and a 6% reduction in price to sell it too (when it completed last October) in an area where properties sell pretty quickly.
It's not looking good to be honest!

@Norhymeorreason
Main reservations were electric heating and near a train line (bottom of garden) but not a busy line.
The river is not too far away either.
Also access but that's just because of my dog (she doesn't like cats and I thought it might be a catty area).

You need to know more. It could be a totally legitimate reason but could also be a regret of buying for many reasons - structural problems, noise problems, parking problems, anything.

Do you know if they actually moved in?

The next door house sold to us approx 7 years ago but nobody ever moved in. Never knew why. It went back on the market for 75k more 10 months later and sold immediately. No improvements whatsoever. I guess their circumstances changed. It was a buoyant market then though.

What’s the market like?

My dad bought a flat near us, completed in the November. However, he was in hospital at completion finally diagnosed with dementia a week after, he went down hill so fast, he couldn’t even move in as it wasn’t safe and he ended up in a care home for respite and was never able to come out.

We had to put the flat back on the market at the beginning of the February the next year for care home fees.

So just 4 months after he bought the same agent valued it at 15k more (120k to 135k). It sold in 8 weeks for the asking price. I’m sure anyone looking would have have the same uncertainty as to why it was bought, stayed empty and was back on the market again a few months later, but it’s just how the market here was going and shit circumstances happen.

With all the flooding around I'd steer clear of anything near a river unless it's on a bloody high cliff.

Could be a dog that never stops barking.
Could be loud music in the neighbourhood or coming through the walls.
You pays your penny and you takes your chance.
Caveat Emptor. Buyer beware.

Are you sure it completed and didn't just fall through?

Regarding the river you can look at flood maps online.

I'd also cruise around the area and sit in my car outside at all times of day and night to see what's going on/listen to noise.

When you speak to the neighbours you could ask about energy costs.

The market is generally pretty terrible for vendors at the moment so expecting 10% is just chancing their arm.

Some of the more substantial homes could purely be available longer due to the money markets current sentiments post liz Truss...
Sentiments change ,improve & then those properties get snapped up flipped & the potential gains can be huge...

There are a few reasons I can think of for that being a legitimate reason but I would make sure I got a good survey done and wouldn't offer them the asking price.

Could it be that they believed they bought the house very cheaply and they now the ten 10% is nearer its true value?

Possibly they're just expecting a buyer to offer 10% off any price they list at, so they're anticipating that.