Timewasting Vendors?

stratford_2

Just a bit of a moan, but interested in anyone’s comments...

I’m in the process of selling my flat in East London to a FTB and want to buy a 2 bed terrace. After viewing several overvalued properties that came on late last year (still at last year’s prices) and also some that came on recently with similar unrealistic asking prices, I think I’ve now found a good property.

It has a reasonable asking price with hopefully a little room for negotiation. It’s no surprise then that a couple of other parties are also interested with one already making an offer, alebit below the asking price. However, the agent has not been able to get hold of the vendor in the last couple of days to mention the offer and find out the reaction to this and other feedback from viewings. The agent had previously said that the vendor had been ‘umming and aahing’ as to whether to sell or rent out the property and so it is starting to look like they are wasting everyone’s time. I'd like to put an offer in when I can see how the land lies, so this is a little frustrating...

So, what are peoples' experiences with people who can’t decide whether to sell or not? Sharing the misery might help me feel a little better!

frugal_dougal_3

There could be a million reasons why these vendors are "not available", but reading between the lines it would seem that they cannot make up their minds whether or not they really want to sell.

If you are really keen it might be best to go ahead and make your offer. The estate agent is legally obliged to pass it on when they finally make contact with the vendor.
Go ahead on the principle that you will not be told what the result of the other persons offer is. It is every man for himself.

deemy2004

You should find two maybe three houses and put offers in, let the estate agent know that you have put offers on other houses and the clock is ticking...

theGrinch

some "vendors" like some "buyers" are timewasters. i wasted over £1000 on costs. i was told a property was chain free and the vendor was moving. this later became "she is looking". I finally spoke to her and she maintained she was selling. after 3-months I went elsewhere. after 6-months I received a letter from her solicitor saying she is pulling out. yeah thanks.

she was using my offer to strengthen her buying position, but this is pointless if she isnt even looking seriously.

dougk_2

I disagee with Deemy... if you put offers in on more than one property you are then becoming a timewaster yourself!

I would like to see offers become leagally binding subject to a survey/valuation.

However you need to get it clarified that the vendor will sell and is commited, otherwise you could be wasting lots of time and money.

rchddap1

Once we put an offer on a house for it to be rejected. Fair enough we thought...so we put in another offer. A few days later we got a phone call saying that the house has been rented out and so is not for sale. The seller hadn't even bothered to tell the estate agent that they were attempting to rent it out. And yes these sorts of people are highly annoying.

Not a lot we could do except to move on and keep looking.

elona

A few years ago I was helping my dad look for a flat near us.

We visited one that had just come on the market and the vendor was "keen for a quick sale " as he kept saying to the estate agent.

We offered the asking price and said we hoped for dad to be in in six weeks as he was selling his flat.

The next day the vendor called estate agent to say the flat was off the market!!!! He had decided not to sell.

Only good thing was that the estate agent was so furious on our behalf - and also because he felt he had been made to look a fool - we ended up with a better flat in the same block - that was over £3K dearer so out of our budget - but estate agent got it cheaper for us for a quick sale.

Result - dad happy in other flat and still there after six years and original vendor still there also!:j

KrazyFool

hence the reason why having offers on several houses *is* a good idea. As is only taking down the for sale sign till the new owners actually move in!

dougk_2

It is a good idea for you as a buyer but a bad news for the seller. Selling a house we would ask if the buyer has any other offers on the table if so we say no thanks or maybe yes but the house would stay available... Messing about the seller is not a good thing as at any stage through the process they can tell you where to go, even after shelling out for surveys and searches.

The best way is to be more personal a strike up a good rapor with the seller. It is after all like a working relationship.

KrazyFool

only if the buyer is at the stage of signed agreement then nothing is garenteed im afraid. ive had several buying dropping out even after surveys. from my experience it has wasted my time putting it back on the market & having to do the whole process again ive learned & did this with my last house sale with no problems - so no it works both ways.

stratford_2

Thanks for your replies. To comment on a couple of them, I can't really put offers on other properties as there aren't many around at them moment in the area I want, and if there were, I probably would not since the EAs in the area might think I'm a timewaster! I have good relationships with a number of them, and the one that's involved in this particular property is not exactly happy with the vendor either!

I guess they are just testing the market as there still is no news. I'll be telling the agent that if the property was becomes definately for sale, any offer that I make will be conditional on the vendor paying my costs if they were to pull out later.

Timewasters obviously exist on both sides as mentioned above - I think there should be some kind of financial bond that pays out if either party pulls out for a spurious reason.

Do people think that the home sellers' packs next year (with obvious problems) would help to reduce timewasting vendors?

Finally, striking up a rapport with the owner is a good one, but the property is vacant and they are also not returning calls...