Neighbours selling - would it make you nervous?

ele_91

I am selling my end terrace, back to back house. It was sold STC since last October, my buyer has been very patient waiting for the chain. In the last few weeks, my neighbours house has also gone up for sale - they are tenants and their landlord is selling, due to her business no longer being viable. As far as I know the tenants are staying. Now my neighbour behind has approached me and said they are also thinking of selling as they bought the house as a renovation project which is finished (this is true, the house has been totally gutted and rebuilt). This has made me panic that my buyer will wonder why we are all selling. Is this a huge jump to conclusions or would it make you nervous? 

Redwino222

I am sale agreed on a house at the moment.  If next door when’s on the market I would just think it was a coincidence.  If a few more popped up I would ask questions.  But wouldn’t spook me that much, these things tend to go on cycles.

Loza2016

I’ve recently been in the situation. Just as I was preparing my house for sale both the houses behind me went on the market within weeks of each other. I panicked a bit thinking people would think something was going on but it was honestly fine and my house sold within days. It’s was just pure coincidence. 

ele_91

The people behind approached me to ask how fast my house sold (four offers the day it went on the market) to gauge the interest they might have in theirs! At least both scenarios have a reason that doesn’t relate to anything wrong with the property, if the buyer does ask.

moneysavinghero

Your biggest problem might be that your buyers see the other house that is presumably being sold with no chain and wonder why they are being so patient waiting for your chain to complete. Maybe they will consider making an offer on your neighbours house instead.

ele_91

The neighbours house is bigger and has a large garden so will be a fair bit more expensive (and will have a chain, they do live there now). The house next door is still tenanted until the end of the year. To be honest we would move out now to allow the sale to happen but it will probably only be a few more weeks until we are ready. My concern is they think there is another issue causing us all to sell.

[Deleted User]

ele_91 said:

The neighbours house is bigger and has a large garden so will be a fair bit more expensive (and will have a chain, they do live there now). The house next door is still tenanted until the end of the year. To be honest we would move out now to allow the sale to happen but it will probably only be a few more weeks until we are ready. My concern is they think there is another issue causing us all to sell.

As a buyer, I don't think I would assume something is wrong causing three houses to be on the market at once. It's a good time to sell, and a lot of people are taking the opportunity. If the question does arise, you can be honest but don't give yourself more worrying by anticipating it. I hope things go smoothly for you!

Owleyes00

A relative of mine is selling her maisonette...4 other maisonettes in the same (small, low rise building) have all gone up for sale as well. Nothing wrong with the building, they are just all single women coming towards retirement age and assessing their finances/situations. I imagine it does look a bit odd to prospective buyers but I think most buyers would be fine if they asked the question and got a genuine answer.

Hebblethwaite

As a buyer, I am a bit suspicious of neighbouring properties being sold by the same EA. It usually means they have been bought as wrecks, renovated on the cheap to look good rather than to function well as a home, then stuck back on the market. Not what I am looking for!

Neighbouring properties being sold by different EAs or where each house was clearly a lived-in home, would not be too concerning, though I would be checking local planning applications to make sure people aren't selling because a new road is about to be built through the gardens or something.

Crashy_Time

moneysavinghero said:

Your biggest problem might be that your buyers see the other house that is presumably being sold with no chain and wonder why they are being so patient waiting for your chain to complete. Maybe they will consider making an offer on your neighbours house instead.

A bigger problem would be the landlord cutting their price to get rid?

ele_91

Crashy_Time said:

moneysavinghero said:

Your biggest problem might be that your buyers see the other house that is presumably being sold with no chain and wonder why they are being so patient waiting for your chain to complete. Maybe they will consider making an offer on your neighbours house instead.

A bigger problem would be the landlord cutting their price to get rid?

True although the house is smaller, in poor condition and actually on for £10k more - the market has moved since I sold in October. I could probably get a higher price now but don’t want the hassle of starting again.