Need Advice - Sellers With Multiple Sale Attempts

Herzlos

incus432 said:

Does sound plausible.  Do they have a clear idea of what they are looking for and where? Are they still looking for a special school placement or was that the child that moved out in 2020 (sounds too soon)?

It's probably 2 different kids, but a kid starting primary school in 2016 would be leaving this year and they may want to move for a specialist high school. If they have an ASN kid, then the logistics around viewings and moving may be a bit harder so that may put a few people off.

The justification seems pretty reasonable, so I wouldn't worry about it. You'll be doing your due dilligence about surveys, etc. anyway.

martindow

What do the agents say?  I know that they work for the vendor, but it is a reasonable question to ask.  I would ask them for their explanations for each event so I could assess if they are serious sellers.  If the response tallies with what you've been told I would be reassured.  If I got conflicting explanations I would think twice before seriously going for this house, spending money on surveys, etc.

adamjoanahome2

user1977 said:

You said there was a more recent attempt at marketing which did result in an accepted offer? Are they saying it never actually "sold" during the previous attempts?

That’s correct. It has been marketed but never had been sold. The most recent attempt, the buyers pulled out because they found another house they liked more 

ReadySteadyPop

adamjoanahome2 said:

I’m after some advice. My wife and I are about to put an offer down on a property we really like. But we are hesitating after looking at the listing history on Zoopla. 

This is the 4th time the same owners have tried to sell this property on Zoopla and Rightmove since 2016 and they still haven’t sold it. The first listing was in 2016, second in 2021, third time in 2022 and now it’s the fourth time this year. In fact the last buyers withdrew recently so it came back on the market and we were the first viewers since then.

Should we be cautious about buying this property given this history? We have asked the sellers the reason it has been put on and taken off the market so often. Their response was bad timing but quite frankly I don’t 100% trust their word (nor the word of real estate agents).

The crime rate in the area is very low, it’s in a very good and quiet neighbourhood. Good school catchment etc. The home isn’t modernized but it seems very liveable (had two viewings already)

What might he the reason this property hasn’t been selling? Could they be hiding something?

Use PropertyLog to track price movements in the area, Zoopla doesn`t get good reviews on here in general.

BikingBud

I feel it is entirely appropriate to assess the asking price and see how it has progressed in comparison to others in the locale. Even to the extent of seeing what might have sold during the 3 periods that they were unsuccessful. If other houses sold then it might be a property specific issue rather than a general problem

If they are holding out for the same price as similar houses nearby it might be they are above board but if there is some lag or difference it might be that they are aware of issues and are pricing it (to their mind) accordingly. 

@adamjoanahome2 you have not mentioned if you consider the price to be fair.

Are other parties interested and likely to bid?

Are you under bidding given the previous sales have fallen through? This sort of ends up in a downward spiral for no logical reason and stalls any possible progress when in fact the property may have minor issues but is certainly not unsellable. 

NameUnavailable

The only part of that story that doesn't ring true is their having to come off the market during covid. The property market boomed during covid especially with people moving to get more space or outside space. The Govt. allowed estate agents to continue working and allowed people to view, move etc. during lockdown.

TripleH

2016 - believable, we almost got screwed over by the brexit vote as we were buying at that time.

I'd check the 'for sale' prices for recent sales. We offered on a house where one of the owners faffed about trying to get more money on the purchase price in a rising market (this may not apply now).

I'd look and try to separate the couple in a viewing. We looked at 2 houses (including one above) where 1 partner wanted to sell but the other didn't and they hadn't told each other.

If you get the seller pack and its half filled in then might be worth cutting your losses as that's another red flag.

ReadySteadyPop

TripleH said:

2016 - believable, we almost got screwed over by the brexit vote as we were buying at that time.

I'd check the 'for sale' prices for recent sales. We offered on a house where one of the owners faffed about trying to get more money on the purchase price in a rising market (this may not apply now).

I'd look and try to separate the couple in a viewing. We looked at 2 houses (including one above) where 1 partner wanted to sell but the other didn't and they hadn't told each other.

If you get the seller pack and its half filled in then might be worth cutting your losses as that's another red flag.

Interesting. I think we are now in a market of rising inflation leading to higher borrowing costs so also be aware of price history to see if sellers are chancing their arm.

whizzywoo

Our house actually sold and completed yesterday after having been sold 4 times in the last 12 months, with the first three falling through.

Just a bad luck run I think.

1st buyer pulled out after 2 weeks because he decided that he didn't want to do the modernisation needed.

2nd buyers - first time buyers who took ages to do everything!  Eventually got to almost exchange date and they had cold feet and decided to stay in their rental property.  I think they actually split up because one wanted to buy and the other didn't.

3rd buyer - a developer who was going to do the modernisation and sell it on.  We were due to exchange and complete on the same day in early December.  He never signed the documents or transferred the funds to his solicitor.  No one could contact him, not even his own solicitor.  Turns out he had suffered a heart attack and was in hospital.  Decided not to proceed because of his health scare.

4th buyer who actually completed - very eager and wanted to proceed quickly.  Cash buyer with money in the bank.  In temporary rented accommodation after selling previous property.  Had been given notice to quit.  Took 3 weeks from offer accepted to exchange & complete on same day, yesterday.  He decided not to have the searches done and so it went extremely quickly in the end.

Sometimes it's not the house or the seller, just bad luck! 

ReadySteadyPop

adamjoanahome2 said:

I’m after some advice. My wife and I are about to put an offer down on a property we really like. But we are hesitating after looking at the listing history on Zoopla. 

This is the 4th time the same owners have tried to sell this property on Zoopla and Rightmove since 2016 and they still haven’t sold it. The first listing was in 2016, second in 2021, third time in 2022 and now it’s the fourth time this year. In fact the last buyers withdrew recently so it came back on the market and we were the first viewers since then.

Should we be cautious about buying this property given this history? We have asked the sellers the reason it has been put on and taken off the market so often. Their response was bad timing but quite frankly I don’t 100% trust their word (nor the word of real estate agents).

The crime rate in the area is very low, it’s in a very good and quiet neighbourhood. Good school catchment etc. The home isn’t modernized but it seems very liveable (had two viewings already)

What might he the reason this property hasn’t been selling? Could they be hiding something?

Ultimately it will come down to price, they are probably just over-pricing, maybe trying to make a small profit or something. If you really like the house it would be wise to view and keep on good terms with them but to be firm about how much you feel the real market value to be.