Suspicious of seller and EA

flayster

We recently viewed a house and put in an offer. The EA told us that there were other interested parties and the house hadn't been on the market for very long. The house is on the market for £109095 and we offered £97750 (refused) based on the house needed a new kitchen and cosmetic work (all rooms need redecorating). It is in a rural area and off gas grid. I have since discovered that the house has been on the market and taken back off again for 3 times over the past 7 years with prices varying between £95k to £104k with different EAs. The photos show the house looks more or less the same inside and out and no major work done since 2004. Should I be worried? I was going to increase my offer but based on this I am thinking of reducing it or withdrawing altogether. We are first time buyers so limited experience Grateful for any constructive advice please.

chunkytfg

Whenever you look at properties have a look on Zoopla. Its not 100% accurate but mostly you can find all the history of a proper regarding previous sales and listings. Very useful for finding out if the house you like has been for sale for ages or multiple times etc!

ReadingTim

You don't know if the problems which caused previous sales to fall through were related to the property, the buyers, or the vendor, or a combination thereof.

You also need to decide the extent to which the price already reflects the state of decor and any work that "needs" doing - a new kitchen is more often a "want" than a "need", and the same does for redecorating.

AnotherJoe

When you say the house "needed a new kitchen" do you mean that the units dont work, broken doors, worktop not usable? Or do you just mean its not in current fashion or looking "tired"?

Because the fact you'd like it to look different is no reason for the OP to reduce their price if the kitchen is functional and its just that you'd like (not need) a new one.

Also, you say its had no work done since 2004. But in the last 14 years house prices have changed considerably in many areas mostly significantly up. Around where i live for example they've at least doubled. No idea whats happened where you are looking but point is, its very possible that house price inflation has far more than compensated for what i suspect is just a tired kitchen. Or maybe not that's for you to investigate.

You'll need to look around at other similar houses and see what they are selling for. It is a buyers market at present but whether that holds much sway with your vendors is dependent upon a lot of different factors none of which people here, and probably you, know.

I really dont see any point you reducing your offer when its already been declined. All that might do is create bad feeling which might hurt you, should later on you revisit and decide to try to come to an agreement with them.

flayster

Shame I didn't know this before I made the offer. I am learning as I go along. I am just wondering why the same seller had it on the market various times over the past 7 years, seems to be two yearly pattern in relisting and the same time of year (Sept/Oct). I am thinking there is something not quite right here or maybe he just been unlucky? Should I dare to divulge I know this information and ask why he has put it on and off with various EAs?

flayster

thanks Joe, it isn't just tired unfortunately and the wallpaper all around the house has been badly hung and looks awful. I am very inexperienced and probably very naïve.

davidmcn

Often buyers don't want the property to be obviously on the market for too long at a time so will "rest" it and try again later. Nothing necessarily suspicious about it, especially if it's somewhere with a slow market. No harm in asking them about it.

AnotherJoe

Just ask the EA why its been on and off the market.

There's two main reasons i can think of.
1. Something nasty about the house.
2. The sellers are having difficulty finding a place to move to / have been unlucky with their ownward purchases.Say there are only particular places they want to move to, if that falls through they take it off the market and try again later.

D_M_E

Been on and off the market for 14 years and still at approximately the same price all along.

Could be a divorcing couple bickering over the proceeds with one of them continually refusing to sign papers, or could be a probabte sale where the executors are or have had difficulty with probate.

Davesnave

A couple of houses in my village have been on and off the EA's books like that.

The reason is that the owners saw a desirable house marketed nearby and failed to sell theirs quickly enough to secure it. Those involved aren't the brightest buttons in the box.

People who don't want to take the risk of marketing first, tend to over-price and be inflexible too. Back in 2006, the very first house we attempted to buy in Wales was a "we must get this price to afford the house we want" place. It was nice, but not that nice. We walked and they're still there.


The only other reason I can think of for repeatedly marketing in late autumn is that the Japanese knotweed will have almost vanished till spring!

Crashy_Time

AnotherJoe wrote: »

When you say the house "needed a new kitchen" do you mean that the units dont work, broken doors, worktop not usable? Or do you just mean its not in current fashion or looking "tired"?

Because the fact you'd like it to look different is no reason for the OP to reduce their price if the kitchen is functional and its just that you'd like (not need) a new one.

Also, you say its had no work done since 2004. But in the last 14 years house prices have changed considerably in many areas mostly significantly up. Around where i live for example they've at least doubled. No idea whats happened where you are looking but point is, its very possible that house price inflation has far more than compensated for what i suspect is just a tired kitchen. Or maybe not that's for you to investigate.

You'll need to look around at other similar houses and see what they are selling for. It is a buyers market at present but whether that holds much sway with your vendors is dependent upon a lot of different factors none of which people here, and probably you, know.

I really dont see any point you reducing your offer when its already been declined. All that might do is create bad feeling which might hurt you, should later on you revisit and decide to try to come to an agreement with them.

And in the last two we have the US raising interest rates and Brexit, people who want to sell now need to be dropping their prices considerably IMO.