Should I avoid property that's been listed for 4 months?

baz8790

Things seem to be picking up here in Aberdeen for property sales within my budget and most of the houses the type that I want seem to be going under offer within a week of being advertised now.

I did want to hold off for another month or two but I will seriously start viewings from next week.

There only seems to be a handful left within my budget but the homebuyers reports have shown up some worrying things,

I'm aware all houses will require ongoing maintenance but I don't want to be doing lots of jobs as soon as I move in.

One property shows nothing major in the homebuyers report but it has been advertised For months, looks like it has been looked after in the pictures and had a new gas boiler fitted a few years ago,

The price has been reduced in the last month but still hasn't sold.

Should I be concerned as to why it hasn't sold when similar properties seem to be snapped up within weeks?

always_sunny

yes and no. Until you know the whole story (which is free but may take time) there's no way to tell!
Maybe the lease is short
Maybe it had a tenant and they didn't move out
Maybe something had to be fixed
Maybe they extended the lease

So many maybes, just ask and you shall know! Worst case you don't buy it.

kinger101

If you need to do any urgent work, you need the cash to do it. In that sense, the property becomes less affordable than one that doesn't, as you can't get any leverage on the cost of repairs (until you remortgage).

If it's just cosmetic, you can do it as money allows, but poor maintenance can lead to higher repair costs.

You need to find out if that's the sole reason it hasn't sold though. So go and view it and see if there's anything else.

davidmcn

always_sunny wrote: »

yes and no. Until you know the whole story (which is free but may take time) there's no way to tell!
Maybe the lease is short
Maybe it had a tenant and they didn't move out
Maybe something had to be fixed
Maybe they extended the lease

So many maybes, just ask and you shall know! Worst case you don't buy it.

I can eliminate some of your options as we don't have leasehold tenure in Scotland.

always_sunny

davidmcn wrote: »

I can eliminate some of your options as we don't have leasehold tenure in Scotland.

Lucky you - whatever the reason is speculative until you know, just ask no point pondering!

baz8790

It's owner occupied and the owner wants to sell up to move to where they grew up (found on Facebook)

Should I just bluntly ask why is has not sold yet during a viewing if I can't see any issues?

always_sunny

baz8790 wrote: »

It's owner occupied and the owner wants to sell up to move to where they grew up (found on Facebook)

Should I just bluntly ask why is has not sold yet during a viewing if I can't see any issues?

I would. I went to view a flat in January and when I googled the address I could see that it was on the market in September last year. I asked the EA why and they told me that some work had to be completed so the seller took it off the market.
You may get some BS but at least you asked.

In your case maybe seller is picky and is waiting for the perfect price you can simply ask "I can see the flat has been on the market x months, was there much interest on it?"

Davesnave

If it's not selling and there's nothing structural, it'll be price, location, neighbours or a combination of these.

You just have to exercise due diligence to decide which.

DaftyDuck

I love houses that haven't sold, but only when I have a clear understanding of why they haven't. Then I know if it's something I can cope with, use as a bargaining tool, or make a feature of.


.... or run like Hell from....

moneyistooshorttomention

4 months isn't that long imo.

Quite possibly it might just mean the vendor isn't desperate enough to take the first offer they get.

Just ask and see what they have to say and then judge how truthful (or otherwise) it is.

Maybe it just needs a bit of work (but not of a drastic nature) and people in that area have the expectation of doing very little work to a house. If it does need work - then it's entirely up to you what your tolerance level (or otherwise) is for doing it. A lot of people wouldn't take on a house that is basically not liveable in to start with (count me as someone that did so last time round - ie not falling down round my ears but barely anything working and needing rayburn and oil tank removed).

Others wouldn't even take on a house that needed a fairly standard amount of work (ie new kitchen and bathroom and redecorate throughout).

baz8790

From the advert it looks like all it would need is a lick of paint to suit my own taste and carpets in a couple of rooms.

The advert does not go into as much detail as other estate agents do in the area and there is only one picture of each room compared to others who show different aspects and no pictures of the halls.

As said before the reasons could be speculative or the lack of photos could be hiding something but nothing has shown on the survey that would concern me.

Other properties from the same agent seem to be similar and lack as much photos and detail.

I appreciate that 4 months might not be a short time but when similar properties are going under offer in less than a week it seems like a long time.

Some other properties have been up for months but the survey shows they require roofing work or structural work but are still within the same price range.

Might be a silly thread I have started but I keep thinking of the reasons why it is not selling each time I see the advert.

I will arrange a viewing for next week and also view a few others in the area and probably a second viewing at the weekend if I do find anything I like.