House on market for long time - red flag?

ProDave

If you don't post a link, at least tell us roughly where the property is

Some people think the house market has been booming everywhere. The reality is very different.

Some places, like here in the Highlands went into a house market downturn in 2008 and has never really recovered. Prices have certainly not risen here in the last 10 years, and larger properties at the higher end of the market take many years to sell, but oddly when they do eventually sell, they go for not much under the asking price.

moneyistooshorttomention

fairy_lights wrote: »

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.

It does sound that way imo.

Depends whether you have time to wait or no. If you do - then you could make an offer to the landlord/lady along the lines of "£x subject to tenant being gone and property in same condition as now BUT any damage the tenant causes will be costed out by myself - and I will knock off 1.5 times cost of putting damage right".

That way the landlord/lady has some incentive to ensure the tenant doesn't damage the place - as you've said that you'll knock off the cost of putting the damage right and 50% extra as compensation for your time/labour having to do so.

As it's been on 4 years and a lot of people couldn't wait to get their home - that puts you in a good position to say "That's my offer - take it or leave it" (assuming there's no-one else involved - like a mortgage company).

antilles

Doesn't necessarily mean there are any issues with it. If it's in a mainly rental area, it's probably just overpriced. A few years ago I sold a house in an area dominated by rentals and social housing, I had to drop the price significantly to sell it, as the only real interest was from landlords who wanted to buy cheap and rent out. I got the house quite cheap anyway (repossession) so I still made money on the sale, but it took around 9 months to sell it - most of the feedback to the estate agent was that people didn't like the area due to the large amount of run down rented houses.

Personally I'd avoid buying a house in a high rental/social housing area now given this experience.

Some people may be struggling to see past the tenant...but if the price is right, it will still sell in the end.

Buttercups2018

I’m not not posting a link to be awkward I’m a new member and I can’t because it might be spam.

It’s in Norfolk around 10 miles outside of Norwich.

Buttercups2018

To be honest it’s not in a rental area, I was surprised to learn it was rented at all!

Buttercups2018

Well I require a mortgage (no issues there and well under what I can borrow) to purchase but I’m in no particular rush!

Buttercups2018

I didn’t mean to come over as irritated there just saying if the tennant has been dragging their feet with others viewing as they are with me then it’s not going to help the sale I guess.

hazyjo

Buttercups2018 wrote: »

I’m not not posting a link to be awkward I’m a new member and I can’t because it might be spam.

It’s in Norfolk around 10 miles outside of Norwich.

Just drop the 'www' or add some spaces. Someone will link it (if you want).

Mahsroh

Personally I would steer clear. If I was buying a property that I intended to live in myself, i'd want tenants to have moved out before I exchange.

As has already been said, tenants knowing they have to move, and them actually moving is not the same thing. If I was renting a place and the LL put it on the market I know four years down the line, i'd have found somewhere else to live by now! The fact they haven't made an effort to move out after four years would leave me questioning whether they intend to do so without a fight once the property changes hands.

This, I suspect, is the main reason it's been on the market for so long!

You can't post links, but if you let us know the postcode of the property, someone else will be able to post the link. But I suspect the issue is more to do with the in-situ tenants, rather than the condition of the property.

Jane_B

I would be a bit cautious, most when selling BTL, if the tenant is not staying on, the seller will typically have got the tenants out, and prepared the home for sale before viewings. If you put an offer in, and the tenant causes issues (refuses to leave etc.) even after completion then you will be in a bad situation. I would firstly get a good survey done, I would also speak to the seller or ask your estate agent to do so, and find out exactly when the tenant will be leaving, and make sure its not a week before completion etc.