Buying direct from the vendor/a stranger

[KievLoverTwo]

Whilst checking out the area around a house we were interested in, I accosted a neighbour who told me all about the neighbourhood and the house that’s for sale and its history and why he thinks it has sat on the market for so long.

He gave me his number to speak to his wife if I had other questions about the area. I got in touch after the viewing yesterday to explain why I thought their neighbour’s house wasn’t selling (not least of which is being overpriced by 20%, I told them what they are selling for locally - the exact price per square foot, and the actual value of their neighbours house which is the same size) and they picked the phone straight up to me within minutes of receiving my text and said they are now thinking of selling because they had quite unexpectedly come across a house they want to buy in Scotland.

I really like the street but their neighbours house does nothing for me (they have a different layout).

We are going up to see it next weekend as we already have three viewings booked, which they are aware of.

I thought I would sense check with MN the pros and cons of buying direct. I realise from reading dozens of threads that ‘estate agents hold the sale together’ - my experience with most of them in the area is that they are pretty bad and the one this particular chap seemed to think is one of the best actually communicate terribly to buyers, to the point I told the OH after the viewing ‘that is the last house we ever view through them, I don’t care how great they may be.’

So they are mortgage free and don’t need to sell their house to buy in Scotland. They are buying an air b and b to live in so it will become empty. They said they still have to unravel themselves from complicated jobs roles that are essentially the lifeblood of a local small business but have already handed their notice in, and expect to be done with the business in six months. They said they need to stay in the area for work for now, and will put their stuff in storage and rent. The seller of the air b and b has already told them she will accept their offer as long as they are able to get their heads around the difference between buying in Scotland vs England by talking to a solicitor on Tuesday. It all sounds rather unplanned on their part.

It sounds very quick and unusual and therefore a bit fishy, but bear in mind they had a week to ponder selling their own house after we met until he received my text this morning confirming I am not buying a few doors down.

They feel like straight up, genuine people, and are perfectly clear on our expectations and needs, along with what we feel about pricing in the area. Equally they have made it clear that they don’t have to sell the house in order to buy Scotland, so I am sure they have firm price expectations and good for them - as long as they are realistic.

I am also aware that vendors sometimes lie about moving into a rental but other than annoying me, that wouldn’t have an effect. We are in a decent rental with no kids or jobs to move, so could wait it out.

Thoughts? Thoughts or experiences of buying direct, I guess please folks.

Sorry the long post.

Hopeful bump for evening browsers.

I personally wouldn’t see an issue. The solicitors will make sure it is all above board. A mortgage company will also do their due diligence. Good luck 🍀

Thanks :)

Go and view it and then start thinking about whys and whens if you want to proceed.

In-laws and parents were both self employed.
In both cases it took significantly longer than 6 months to disolve/sell the businesses.
Buying direct isn't necessarily an issue - but the stability of the chain, given the sudden changes made by your potential vendors would give me cause for concern.

It’s not quite that simple. We have been looking for 2 years and 5 months and there is another house we might like to offer on we are seeing the same day. It would be a big compromise but it would be a house and this would all be over - I am near the end of my tether.

After so many disappointments and such a long time, I like to be prepared.

With all due respect, if you've been looking for specifically two years and five months, you have fairly specific requirements. Readers can't know those priorities.

If you just want the search to be over pronto, go for something uncomplicated in the procedure. If you want the house you see and prefer and it's the more complicated process, you offer based on exchange and completion in a specified timeframe and what the vendors do for their own onward accommodation is up them if they accept your offer and terms.

I don't think you can have a plan before viewing unless you don't mind about the specific property. You might look at either and decide they're not for you. You might not care which one accepts an offer, in which case you put in your best price and conditions and see what they come back with.

I think I would need some reassurance that moving to Scotland is not a flash in the pan idea that could just as easily reverse.

That said, they are in their late 50s, and perhaps less likely to act on impulse as younger folk.

It is something to mull over.

It's a long time ago now, but we bought our current house privately, and we also sold our old house privately. Everything went through very smoothly, and of course we saved on agents, though I would add that both our vendors and buyers stuck to the agreed prices, communication was good and there was no messing about from anyone.
These days, vendors need to provide the buyer with an EPC certificate.

That’s good to hear, thanks.

I have bought direct without an agent and there were no issues. It was all done through the solicitor.

We bought direct, it really made no difference at all.

I think I would need some reassurance that moving to Scotland is not a flash in the pan idea that could just as easily reverse.

That would be my concern too. Normally having appointed an EA, getting photos done etc shows some level of committment. The timeline could also drag on if they are extracting themselves from a business.

You've also no mediator if the survey throws up unexpected issues. But if the house is exactly what you want, it could be worth it.

As it turns out, it is!

So the process apparently started at the beginning of the year when they decided on a complete lifestyle change and handed in their notices. I think an inheritance possibly helped the decision.

The sudden change is now buying in a completely unexpected location from the one they had originally intended to buy in. We're talking opposite ends of the UK here.

You can tell when people have looked after a home, and I knew the minute we stepped past the front porch that this would end up being the house we would buy.

So, we sat down and talked, agreed a ££, agreed it would be extremely difficult for them to rent with a large dog, and that both parties will be as flexible as possible with one another and keep each other fully informed.

No chain!!!!

It will probably be the end of the year rather than soon, but we don't care - we've been looking for 2 years this time round, now we can just rest up and save up some more money, and spend our free time doing nice things instead of the indefinite property hunt that sucks away most of your day and all of your mental energy.

(they weren’t planning on going to market until September)