Buying a house from a separated couple

murt101

House for sale for at least 6 months, at high end of prices for its location...no price drop at all in that time, estate agent says they're actually looking for offers over the asking...would you bother pursuing it?
Looks like maybe one or both of them are not really keen on selling and their price expectation is too high. Would you put in an offer with a time limit or run a mile?

limnam

murt101 wrote: »

House for sale for at least 6 months, at high end of prices for its location...no price drop at all in that time, estate agent says they're actually looking for offers over the asking...would you bother pursuing it?
Looks like maybe one or both of them are not really keen on selling and their price expectation is too high. Would you put in an offer with a time limit or run a mile?

If they're looking for offers over the asking, and it's been on 6 months.


How many offers over the asking have they had and what's the current offer?

murt101

No current offers.
I 'think' there was a sale agreed early on but no idea what happened there.

limnam

murt101 wrote: »

No current offers.
I 'think' there was a sale agreed early on but no idea what happened there.

So why are they expecting offers above it?


Doesn't make any sense.


On 6 months, no offers. Sounds like its over priced.


The EA must have missed the "price to sell" training class.


I don't see any reason not to put a bid in at what you think it's worth, can afford and would be willing to purchase at.


The worst that can happen is they decline it and you're no worse off.

Why would you run a mile? Are you intersted in the house? Put a bid in if you are. Ignore what the estate agent says. Any legal issues on the sale will be sorted out by yours and their solicitor if a sale goes through. Keep your options open and look at other places too.

murt101

Julia Lazy Overlap wrote: »

Why would you run a mile?

I guess it's in case it's turns into a long drawn out affair with the vendors in disagreement with each other. Colleagues who've been in a similar situation said it was a nightmare with delays & holdup...

limnam

murt101 wrote: »

I guess it's in case it's turns into a long drawn out affair with the vendors in disagreement with each other. Colleagues who've been in a similar situation said it was a nightmare with delays & holdup...

House purchasing can turn into long drawn out affairs regardless.


It's difficult enough to buy a house if you feel it's going to be a problem then walk away. We're not really going to be able to figure that part out.

murt101

murt101 wrote: »

I guess it's in case it's turns into a long drawn out affair with the vendors in disagreement with each other. Colleagues who've been in a similar situation said it was a nightmare with delays & holdup...

True enough, that can happen, but it doesnt necessarily mean it will in this case.

Put in an offer if you are genuinely interested and see what occurs.

murt101

Will give it a go & see what happens.

Yeah give it a go, you have nothing to lose. I've had some real yarns told to me by auctioneers/estate agents over the years.

If it were me, I'd put in a bid a good bit below the asking and well below your max, if that lines up. Then tell the EA/auctioner to keep you informed as and when other bids come in. Dont feel pressurised to put in high bids that you're not comfortable with.

alibab

I sold a house as a separated person now divorced. I set the price with he estate agent of what I needed in order to break even and instructed him that I would sell once this was achieved but needed a certain number . There was no dispute the House was being sold . I sold it in a week once I got the right offer and closed in 4 to a cash buyer with no problem at all . Things are not always complicated this couple may just have a minimum they can accept to walk away for a new start .

Sleepy

alibab wrote: »

Things are not always complicated this couple may just have a minimum they can accept to walk away for a new start .

And sadly for them, that minimum may be well above the market value of the property. A property on the market for 6 months in this climate that hasn't had an "acceptable" offer yet, is a property owned by someone with an unrealistic expectation of it's value.

Samuel T. Cogley

murt101 wrote: »

House for sale for at least 6 months, at high end of prices for its location...no price drop at all in that time, estate agent says they're actually looking for offers over the asking...would you bother pursuing it?
Looks like maybe one or both of them are not really keen on selling and their price expectation is too high. Would you put in an offer with a time limit or run a mile?

No harm in putting an offer in, time limits don't work so don't bother. Where ever you end up plonking down a booking deposit make sure you keep looking. IIRC it's something like even odds that the sale will fall through regardless of who's selling.

@Murt101

@Murt101. How did you get on? Did you put a bid in?

murt101

Put in a low offer which was declined straight away and they've upped their asking price! We've walked away as we genuinely don't think they're motivated to sell.

Good on you. Thanks for the update. You might well have been right from the start. Well at the very least the auctioneer now knows you are interested.

Best wishes with the home search.

Darthvadar

Seems to be happening a bit.

Friend was looking at a newly built bungalow in Kildare.

For sale a few weeks, same circumstances, a marriage break up. Went 'Sale Agreed'. That fell through. The vendors then upped the price by €10,000!. My friends made an offer of €415,000, on condition that they get a couple of months to sell their own house. The vendors didn't accept. It's still on the market at €405. Beautiful, modern house, but beside warehouses/industrial units, and right at a bus terminus.

Personally don't believe they'll get the asking price.

Good luck to anyone buying a house. Appears to be getting crazy again!.

Darth...

Indeed so. We bought again just at the end of the tiger (LOL! My bank manager reminds me often enough!).

Back then, one house we put in bids on was ignored. Couple getting divorced, the house went for about €60K less than we had offered. Sold to a family member. Must be a lot of that goes on in such circumstances.

standardg60

could well be that they're arguing over how much one needs to pay the other to buy them out and the house isn't for sale at all.

Leave them at it and look elsewhere