Selling property rant
Discussion
I'm just venting really but this is starting to get me down now.
My late father's flat has been on the market for a few months now since we got probate. It sold quite quickly to a 'cash buyer' who later pulled out due to some BS reason. This week we had another decent offer from yet again a 'cash buyer'. Offer accepted, hopes raised, but no apparently he is not answering any calls or messages since making his offer so we are back to square one.
It's such a pain because the flat is 120 miles away and we need to go up there at least once a month for insurance purposes and to check everything is okay. It's a nice flat but it is the arse end of the property market so no doubt attracts the bottom feeders.
I feel like taking it off the market and just putting it up for auction. It would go stupidly cheap but at least we wouldn't have to keep paying bills and service charge and wasting weekends going up to check on it.
So frustrating. If only there were consequences for pulling out of a sale in the UK. If you buy a car you leave a deposit. Crazy that the same rules don't apply to property.
Rant over.
Enjoy the sunshine!
My late father's flat has been on the market for a few months now since we got probate. It sold quite quickly to a 'cash buyer' who later pulled out due to some BS reason. This week we had another decent offer from yet again a 'cash buyer'. Offer accepted, hopes raised, but no apparently he is not answering any calls or messages since making his offer so we are back to square one.
It's such a pain because the flat is 120 miles away and we need to go up there at least once a month for insurance purposes and to check everything is okay. It's a nice flat but it is the arse end of the property market so no doubt attracts the bottom feeders.
I feel like taking it off the market and just putting it up for auction. It would go stupidly cheap but at least we wouldn't have to keep paying bills and service charge and wasting weekends going up to check on it.
So frustrating. If only there were consequences for pulling out of a sale in the UK. If you buy a car you leave a deposit. Crazy that the same rules don't apply to property.
Rant over.
Enjoy the sunshine!
LooneyTunes said:
ChrisH72 said:
we need to go up there at least once a month for insurance purposes and to check everything is okay.
Get the agent to do this? A small fee might be in order but they will have people driving around the area for viewings etc.Even so I kind of feel like I need to keep an eye on things myself. Keep it clean, sort any post, make sure everything is good.
LooneyTunes said:
ChrisH72 said:
we need to go up there at least once a month for insurance purposes and to check everything is okay.
Get the agent to do this? A small fee might be in order but they will have people driving around the area for viewings etc.We also had a cleaner give it a quick check, hoover, sort the junkmail etc.
We kept a log sheet on the kitchen counter, everyone who visited the house signed it and sent us a photo by email.
If the house is only attracting BS buyers, speak to the agent, tell them you'll consider slightly lower offers from properly vetted buyers.
Also you may need to re-assess the market.
ChrisH72 said:
LooneyTunes said:
ChrisH72 said:
we need to go up there at least once a month for insurance purposes and to check everything is okay.
Get the agent to do this? A small fee might be in order but they will have people driving around the area for viewings etc.Even so I kind of feel like I need to keep an eye on things myself. Keep it clean, sort any post, make sure everything is good.
Lowering the price will just attract more bottom feeders… actually consider raising it. A good honest chat with your agent would be the first step.
The price is what it is.
It's a fairly generic flat in a large block. There's 3 for sale currently and another 4 have sold in the last year so there's not much question about its value. The main sticking points are that it's 2nd floor with no lift and the parking isn't great. Residents are expected to use the garages provided but they are not really big enough for most modern cars. These things do limit its appeal.
We have had plenty of viewings and I know it'll sell eventually. It's just very frustrating that people are happy to waste your time without a second thought. No thought that its obviously a property which belonged to a deceased relative and that the family may still be grieving. People just don't give a toss these days.
It's a fairly generic flat in a large block. There's 3 for sale currently and another 4 have sold in the last year so there's not much question about its value. The main sticking points are that it's 2nd floor with no lift and the parking isn't great. Residents are expected to use the garages provided but they are not really big enough for most modern cars. These things do limit its appeal.
We have had plenty of viewings and I know it'll sell eventually. It's just very frustrating that people are happy to waste your time without a second thought. No thought that its obviously a property which belonged to a deceased relative and that the family may still be grieving. People just don't give a toss these days.
ChrisH72 said:
The price is what it is.
It's a fairly generic flat in a large block. There's 3 for sale currently and another 4 have sold in the last year so there's not much question about its value. The main sticking points are that it's 2nd floor with no lift and the parking isn't great. Residents are expected to use the garages provided but they are not really big enough for most modern cars. These things do limit its appeal.
We have had plenty of viewings and I know it'll sell eventually. It's just very frustrating that people are happy to waste your time without a second thought. No thought that its obviously a property which belonged to a deceased relative and that the family may still be grieving. People just don't give a toss these days.
I understand how you're feeling, as we're going through similar. However, are they actually wasting any of YOUR time?It's a fairly generic flat in a large block. There's 3 for sale currently and another 4 have sold in the last year so there's not much question about its value. The main sticking points are that it's 2nd floor with no lift and the parking isn't great. Residents are expected to use the garages provided but they are not really big enough for most modern cars. These things do limit its appeal.
We have had plenty of viewings and I know it'll sell eventually. It's just very frustrating that people are happy to waste your time without a second thought. No thought that its obviously a property which belonged to a deceased relative and that the family may still be grieving. People just don't give a toss these days.
You don't live there, so you're not tidying up every time there's a viewing. You don't need to go out and amuse yourselves every time there's a viewing. In fact, all you actually need to do is wait patiently (possibly very patiently) until the Estate Agent presents you with an offer.
We've just "sold" our house after having it on the market for 15 months, and we're just about to put my Mum's house on the market. My plan is to tell the Estate Agent to arrange viewings for whenever is convenient for themselves and not to send us ANY feedback at all, apart from any repeat viewings and any offers. Then maybe a periodic review to see if anything needs to change.
It will not be helping that every other week there is a “nightmare!!” Story about leasehold flat service charges etc.
The estate agent checking the property will satisfy the insurance, but do check with them.
Put a mail divert on for the mail.
Can’t imagine an empty flat will need cleaning.
When you do find a buyer, make sure you have a good solicitor, if there is such a thing, and prepare to hound them weekly.
The estate agent checking the property will satisfy the insurance, but do check with them.
Put a mail divert on for the mail.
Can’t imagine an empty flat will need cleaning.
When you do find a buyer, make sure you have a good solicitor, if there is such a thing, and prepare to hound them weekly.
As long as you inform your Insurers' they wont mind if its you or the Ea or indeed a friend checking over the flat -its the fact that "someone " is that means you are adhering to any conditions.
It wont be until the winter that minimum heat requirements come into force or indeed need double checking.
Post redirect as stated should already have been done.
Appreciate stressful but like all house sales and in fact this should be a lot less stressful especially if you aren't holding out for that last dollar !
Best of luck in any case.
It wont be until the winter that minimum heat requirements come into force or indeed need double checking.
Post redirect as stated should already have been done.
Appreciate stressful but like all house sales and in fact this should be a lot less stressful especially if you aren't holding out for that last dollar !
Best of luck in any case.
I'm buying again for the first time in like 12 years. When I put an offer in I needed to prove that I could actually buy the property before the estate agent would even entertain it as an offer... I am surprised that you have had two buyers pull out or go quiet... but I guess we don't all follow the same honour code.
I think there are a lot of former landlord properties at the lower end of the scale that are now for sale with the new rules, I suppose at the minimum end of the market its not worth the hassle. So your dads flat maybe not attracting the same amount of potential buyers it might have 12 months ago... then there are the classic fees if you aren't freehold which I assume you aren't as its a flat.
It does sound a hassle though, guess you have to weigh up whether its worth cutting your losses and letting it go to auction or if you can afford it just keep it sitting on the market until the right buyer finally turns up. Apparently its slow during the summer?
I think there are a lot of former landlord properties at the lower end of the scale that are now for sale with the new rules, I suppose at the minimum end of the market its not worth the hassle. So your dads flat maybe not attracting the same amount of potential buyers it might have 12 months ago... then there are the classic fees if you aren't freehold which I assume you aren't as its a flat.
It does sound a hassle though, guess you have to weigh up whether its worth cutting your losses and letting it go to auction or if you can afford it just keep it sitting on the market until the right buyer finally turns up. Apparently its slow during the summer?
ChrisH72 said:
The price is what it is.
It's a fairly generic flat in a large block. There's 3 for sale currently and another 4 have sold in the last year so there's not much question about its value. The main sticking points are that it's 2nd floor with no lift and the parking isn't great. Residents are expected to use the garages provided but they are not really big enough for most modern cars. These things do limit its appeal.
We have had plenty of viewings and I know it'll sell eventually. It's just very frustrating that people are happy to waste your time without a second thought. No thought that its obviously a property which belonged to a deceased relative and that the family may still be grieving. People just don't give a toss these days.
Don’t expect people to look at things from your POV, it’s just not realistic. This is probably the biggest purchase they have made in their lives and "cash buyers" rarely are so they are also probably taking on significant debt to be able to buy; they are no more worried about your problems or priorities than you are about theirs. It's a fairly generic flat in a large block. There's 3 for sale currently and another 4 have sold in the last year so there's not much question about its value. The main sticking points are that it's 2nd floor with no lift and the parking isn't great. Residents are expected to use the garages provided but they are not really big enough for most modern cars. These things do limit its appeal.
We have had plenty of viewings and I know it'll sell eventually. It's just very frustrating that people are happy to waste your time without a second thought. No thought that its obviously a property which belonged to a deceased relative and that the family may still be grieving. People just don't give a toss these days.
If you want it to shift, make it cheaper. The price isn’t the price if it isn’t selling. If you knock 10% off you suddenly look like the best option of those for sale in that block but you could still get significantly more than you would at the auction you are considering.
I've calmed down about it now and appreciate it could be a lot worse. These things just take time I guess.
Not so long ago it would've probably made a nice BTL for landlords but not these days so that's a whole pool of buyers gone.
I'm not desperate for the money so in that sense it doesn't really matter. However my brother was hoping for a quick sale so there's a bit of pressure there. Hopefully a genuine buyer will come along in due course.
Not so long ago it would've probably made a nice BTL for landlords but not these days so that's a whole pool of buyers gone.
I'm not desperate for the money so in that sense it doesn't really matter. However my brother was hoping for a quick sale so there's a bit of pressure there. Hopefully a genuine buyer will come along in due course.
I f
king hate this "cash buyer" bullst. When we sold our last place the agent was making a big song and dance about it. Turned out they were a cash buyer, but not until another property had been sold which was going through an access dispute. 10 months from offer being accepted to us actually moving.
My mantra for buying/selling property now:
Don't consider anyone to be a cash buyer until there has been some verification that the funds are actually available.
A quick sale is virtually impossible these days unless you are phenomenally lucky.
Don't expect anyone to do their job properly and/or promptly.
Solicitors and estate agents ares.
king hate this "cash buyer" bullst. When we sold our last place the agent was making a big song and dance about it. Turned out they were a cash buyer, but not until another property had been sold which was going through an access dispute. 10 months from offer being accepted to us actually moving.My mantra for buying/selling property now:
Don't consider anyone to be a cash buyer until there has been some verification that the funds are actually available.
A quick sale is virtually impossible these days unless you are phenomenally lucky.
Don't expect anyone to do their job properly and/or promptly.
Solicitors and estate agents are
s.ChrisH72 said:
I've calmed down about it now and appreciate it could be a lot worse. These things just take time I guess.
Not so long ago it would've probably made a nice BTL for landlords but not these days so that's a whole pool of buyers gone.
I'm not desperate for the money so in that sense it doesn't really matter. However my brother was hoping for a quick sale so there's a bit of pressure there. Hopefully a genuine buyer will come along in due course.
That sounds more positive from you Not so long ago it would've probably made a nice BTL for landlords but not these days so that's a whole pool of buyers gone.
I'm not desperate for the money so in that sense it doesn't really matter. However my brother was hoping for a quick sale so there's a bit of pressure there. Hopefully a genuine buyer will come along in due course.
Obviously the trade off of price v what you are spending in it in terms of service charges and the like are simple enough to work out on a monthly basis.
Not actually spending your time going there so much would be lot less stressful too.
Different circumstance's completely but I just know that when my FIL dies my wife will have issues with her brother !
CSR Performance said:
Don't consider anyone to be a cash buyer until there has been some verification that the funds are actually available.
With all the AML checks that are in place now for Solicitors once a sale is agreed then any non cash buyers will be quickly found out but obviously that doesn't help when EA's don't really do anything it seems to actually verify tyre kickers comments.Definitions of cash buying can also be 2 different and misleading things !
CSR Performance said:
I fking hate this "cash buyer" bullst. When we sold our last place the agent was making a big song and dance about it. Turned out they were a cash buyer, but not until another property had been sold which was going through an access dispute. 10 months from offer being accepted to us actually moving.
I went through something similar a few years ago. I told the agents that I only wanted viewings from people who were actually in a position to buy (rather than just nosey tyre-kickers) - but we still had people who hadn't put their own property on the market yet. We also only wanted offers from people who were in an actual position to make an offer. Our ultimate 'cash buyer' still needed a mortgage and it took about a year as he was Australian and there were some financial wrinkles .... incredibly frustrating.king hate this "cash buyer" bullst. When we sold our last place the agent was making a big song and dance about it. Turned out they were a cash buyer, but not until another property had been sold which was going through an access dispute. 10 months from offer being accepted to us actually moving.Have you tried a different estate agent? We were cash buyers last year for a property and before our offer was accepted we had to provide bank balances showing the cash was in the account. Agent was very clear that it had to be in the bank, otherwise we were not classed as cash buyers.
Alternatively, why not go down the BTL route? Still money to be made in the long term
Alternatively, why not go down the BTL route? Still money to be made in the long term
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