Sellers won’t reduce price despite two years on the market

[EpsomSalted]

My dream home is in the market. It was put up for sale for £800k at the start of 2024, it’s now on for £750k but the reduction was a year ago.

The price is due to the location which is stunning. But the location comes with pitfalls as its on a private estate which is renouned for being badly managed and is being neglected so badly. Therefore the Trustees of the estate are the sellers and they are not acknowledging that it’s the fact they own the surrounding estate that means the house won’t sell. Its freehold but with covenants.

the house itself is in a state of disrepair and needs a complete overhaul but again they won’t acknowledge the rising cost of building works in their price.

we offered £625k and they said no. It was more than fair for what the house is. I know I have to give up on it but it’s empty and unloved and falling into further disrepair each month which breaks my heart. I just want to check whether anyone has any ideas for securing the sale beyond raising our offer which we can’t do if we are to have money to save the house. We are cash buyers not in a chain so as attractive as can be from that point of view.

Are you related to them if you grew up there? Do they know you personally?

How have the negotiations gone?
I would have a serious talk with the agent and see what the lie of the land is. Have you said “the offer is there on the table if you change your mind.” And then waited.

I would say don’t offer more because it will absolutely haunt you every day you live there knowing you paid too much.

I can understand why this is annoying you op, but actually there are 3 possible scenarios here

• the sellers think they can get what they are asking
• something about the way the house is being sold, means they have an agreement to another person or organisation to get at least that much for it.
• it would be of detriment to their future plans to get less for it.

You cannot change any of those facts. You either offer what they are asking, or hope that eventually the house not selling becomes enough of a problem to them, that they do decide to reduce the price. Given what you've said about the trust, I guess maybe, unfortunately, not selling isn't a problem right now!

Get someone else to view, act interested and offer much nearer the asking price and see if they accept. If they don’t, you know there’s a different agenda.

If they do accept get the person to play along for a while so they’re keen to sell. Once the seller is hooked, the pretend buyer pulls out.

Then you swoop in with an offer a bit above your current one and maybe - just maybe - they’ll have found the previous experience so stressful that they accept.

Caveat - this is really immoral and unpleasant and I haven’t and wouldn’t do it but, it’s an option…

I would wait until the Budget in late November. There’s a good chance that property taxes go up, especially on empty properties. That might force some movement.

Sentiment is a bad reason to buy a house.

Massive typo in my OP. I’m so embarrassed. It’s now on for £700 not £750! So we are 75k off asking.

To answer a few questions. The trustees don’t know me. They have all changed since I grew up there.

It is a charitable trust. I’ve asked for a meeting with them but got nowhere. They are so incompetent it’s a joke and I’m not talking about the house, they have mismanaged the estate and its ethos and legacy to a shocking degree.

What I’m offering is fair. I will link to the house here and you can see: https://www.rightmove.co.uk/properties/142641773#/?channel=RES_BUY

compare that to this other local house which has sold and you can see it’s a generous offer
https://www.rightmove.co.uk/properties/163307063#/?channel=RES_BUY

but I know there is no answer to my frustration. I just have to suck it up

The trustees have a fiduciary duty so if there has been a valuation they will not be able to accept anything that leads them open to personal liability to the estate for not exercising that duty. Presumably they are also in a position where they don't need to sell and perhaps believe that there will be someone willing to pay the revised price.

They obviously aren’t motivated sellers. Not desperate to move, holding out for a high price, and happy to stay put if they don’t get it.

All you can do is offer what you think it’s worth, and tell them the offer remains on the table if they change their mind.

If you really want it, you have to increase your offer.

Tbh it looks a bit delapidated. I dont know the prices for the area. But you could ask if you can go round with a builder and surveyor and assess the extent of works needing to be done. If its extensive and a rough estimate of the price and go back to them with an offer based on the cost of the works amd market value and also a written statement about how you will bring the house back to life and look aftet the area and grounds belonging to the house etc. I think that would be worth a shot.

That's a very ugly house.

But, you are comparing a four bed house to a three bed - of course the three bed will be cheaper!

If you want it you’ll need to pay more. Same as everyone else who can’t afford the house they want. If you’re cash buyers get a mortgage for the rest.

It's a beautiful house, I feel you OP. Just keep writing to them, making your case and asking for a meeting, with all the charm you can summon. You've nothing to lose.

they wont accept your offer - ask them what they would accept.

You can't afford it even if it is your dream house.
Move on.

Early arts and crafts period public toilet style....

....it's horrendous

move on OP!!

800 down to 725, they’re clearly not in a rush to sell but your offer seems cheeky and way off. I’d go in at 680 ish and see what the say

I would have my solicitor send the op letter saying I have said no and no means no, the op offered the offer was not accepted i dont think 'but I really want it' makes a difference, if somome kept at me like this i wouldn't sell to them anyway

Ohhh. Dartington. Blimey. Are you sure you want to get entangled in that? It’s been a “quirky” estate for a long time, I think?

House renovation is one thing. House renovation whilst needing permission from a recalcitrant, quite particular trust for every little thing … ach. Dartingon Arts was awesome, I had friends who did stuff there and it always sounded such fun,

All the same, I wouldn’t want to muddle free-thinking arts stuff like that up, with a major property purchase. The other house only has 3 beds, but it likely doesn’t have any restrictive covenants to observe, nor a circa £100k at least renovation bill.

Not to mention, they already reduced it by 50k than the price they earlier wanted. Who would want to sell their property almost 1/4th of the price they thought it was worth?

The roof OP the roof. That would put me off. And did they rip out cabinetry in the kitchen?

Would you really want to buy on a badly managed estate with lots of restrictive covenents and possibly easements where the sellers were so stubborn and unrealistic about economic conditions? These would be red flags to me. Even f you secured the house there might be covenents which prevented you doing some of the things you wanted to do.

I live on an estate where (in theory) boundary fences are not allowed and frontages should be open. However over the years many owners have put up fences and shup off their gardens with gates. In theory such covenants last indefinitely. In practice it is unlikely they can be enforced after a long period (say 20 years)

Would I buy this house based on the fact nothing in the area is looked after, no I wouldn't