House on market for long time - red flag?

Buttercups2018

Hello,

I’m currently looking for my first property. I have found a property that needs from the photos what appears to be a bit of work. Potentially a new kitchen up the road but mainly aesthetic.

This house however has been on the market for FOUR years, the price has dropped from approx £200 to around £170-180.

The property is currently rented and the agent has mentioned the person inside is “messy” and has used the rooms in an odd layout (using the main family room as a bedroom at the moment etc) and suggested that people have struggled to see past the decor and messiness of the tennant.

Nothing in the listing makes me suspicious and the agent hasn’t revealed any major red flags thus far. Properties in the area usually go for a lot more but are in better condition.

Am I wrong to be cautious? Could it just have been overpriced for the level of work?

HampshireH

Common then let's have a look. Do you have a link?

Are the photos 4 years old?

AvocadosBeforeMortgages

If the LL was that motivated to sell the house he would have evicted the tenant by now and tidied it up.

Do be aware that if you're buying the property to live in (not BTL) you will need to take the property with vacant possession - that is, the current tenant will need to be evicted as otherwise you will become his LL with all the responsibilities that entails.

aliby21

Buttercups2018 wrote: »

Hello,

I’m currently looking for my first property. I have found a property that needs from the photos what appears to be a bit of work. Potentially a new kitchen up the road but mainly aesthetic.

This house however has been on the market for FOUR years, the price has dropped from approx £200 to around £170-180.

The property is currently rented and the agent has mentioned the person inside is “messy” and has used the rooms in an odd layout (using the main family room as a bedroom at the moment etc) and suggested that people have struggled to see past the decor and messiness of the tennant.

Nothing in the listing makes me suspicious and the agent hasn’t revealed any major red flags thus far. Properties in the area usually go for a lot more but are in better condition.

Am I wrong to be cautious? Could it just have been overpriced for the level of work?

Think more likely that people are struggling to get past it having a tenant

Crashy_Time

Most likely well over-priced, the tenant camping on his mattress in front of the telly is just irrelevant really.

lilyp

Does the tenant expect to have to leave? Are they likely to cause any problems?

Has their been any offers? If any were accepted why did it fall through?

Have a really good look around the outside - any cracks or wonky chimneys etc?

Is it close to any development that might affect it?

Is it freehold?

If you can answer all those then maybe it is the tenant and a cheeky offer could work. The seller doesn’t sound very motivated, it’s daft to have a house on for so long.

No matter what get a decent survey done - not with who your bank send but a proper surveyor.

Good luck

Buttercups2018

Well I thought as much. I think to be honest the tennant is being a bit awkward, I’m pushing for a viewing but their diary is hard to work around. The agent has confirmed that the property is being sold not BTL so the tennant is aware they need to vacate. It’s a beautiful character property in a great area with improving transport links so I can see why they would be reluctant to assist in the sale in any way.

Buttercups2018

I’m unaware if there have been previous offers, I will ask.

Yes I will of course have a surveyor come out. It’s a character property so will need a good eye over it anyway.

Buttercups2018

Spoke to agent. Said originally was advertised as a BTL house but the area it!!!8217;s in isn!!!8217;t really a rental area and so didn!!!8217;t generate a lot of interest along with the property!!!8217;s decor being a little !!!8216;odd!!!8217; but they!!!8217;ve dropped the price and are removing tennant so want it sold now.

fairy_lights

Buttercups2018 wrote: »

I think to be honest the tennant is being a bit awkward, I’m pushing for a viewing but their diary is hard to work around. The agent has confirmed that the property is being sold not BTL so the tennant is aware they need to vacate.

I'm not surprised they're being awkward, it's their home and if it's sold they're going to have to leave. If it's been on the market for so long god knows how many viewings they've already had to allow.
Sounds like the owner is trying to have his cake and eat it by keeping them in the property until the last possible moment so he doesn't lose out on rental income.

hazyjo

Just because the tenant is aware they will need to vacate does not mean they will. Could take months to get them out. In the meantime, you will have spent lots of money and your mortgage offer may run out.


Seller doesn't sound particularly motivated if you ask me.