Seen a house I REALLY want - 20 others seen it in block viewings - tips on clinching it?

[LadyThompson]

Sorry, I keep boring you all with this saga. I am a cash buyer, not in a chain. It is on at a good price already (£50k was knocked off the asking price last week) though it needs completely gutting. I really want it so badly. We are living in a tiny flat at the moment with a small baby and have already had one house fall through. I am making an offer below the asking price first thing on Monday morn (estate agent said she wouldn't be considering any offers until then) - I am desperate for this house. How can I get it? Will I have to pay more than the asking price, I wonder? Seems crazy in this climate.

[FabBakerGirlIsBack]

Seems crazy too to offer below the asking price if you really want it.

[Disenchanted3]

If you want it so badly and 50k has already been knocked off why are you offering below?

Why not just try to get in first with the asking price? Considering you are a cash buyer without a chain I imagine you would get it for sure,

is it worth risking it to knock another small amount off an already significantly reduced property if you REALLY do want it??

[NeedaNewName]

I fyou really want it why are you leaving it until monday - there's niothing to stop you telling the agent you are very interested now - I would if I were you. I would also remind the EA that you are a cash buyer and have no chain so are in a very good position to get going on this straight away.

How much below the asking price are you planning to offer? If you really want it whu don;t you offer the full asking price?

And just because others have seen it they may not want it.

[LadyThompson]

We told the EA that we were cash buyers this morn and were about to make an offer, when she said there was no point until Monday morning when all the viewings had finished and we were to contact the office on Monday

Although I am a cash buyer, it is priced very near the limit of the pot of cash I have, and I am not in a position to take on an extra mortgage, so I need to get it as close to the asking price as possible. There were others there this morning who were clearly interested and if we go in with the asking price straight away, it may get bid up out of my reach, whereas if I start a bit lower and tell them we're cash buyers, we may stand more of a chance of getting it for the asking price or just above.

[FabBakerGirlIsBack]

You have to way up the risk.

You are assuming that others won't offer the asking price.

[nowwearefour]

offer full asking price on 9am monday or whenever agents open. any less and they will smply wait for another offer given the number of viewings they have had

[noddyholder]

It depends on if there are other cash buyers and how much it would have been worth 2003/4.Also 50k off a million isn't much but off 250 its a lot so depends on that too.Look up the street on rightmove and see what they go for.No one is paying asking atm and you are in a great position no mortgage to arrange which is scuppering a lot of deals atm.Finally it depends how much you want it and if its a home for life or an investment

[FairLadyRantALot]

tbh, if you really want it, and it is the house for you and 50K has already been knocked off the asking price, I would offer the asking price and make sure they know you are a cash buyer in no chain, but also mention that this doesn't mean that you want them out of the hosue asap, if that is an issue

[edam]

The agent has a legal duty to pass on all offers to the buyer. She can't refuse to take offers, the cheeky mare!

[oliviasmama]

You may possibly be the only cash buyers, I understand that you don't want to big up the price too quickly however my honest opinion would be to say:

1/ That you are a cash buyer
2/ That your offer is the asking price
3/ That the offer is based upon the
house being withdrawn from the market
immediately

We did this very sucessfully iwth our last house.

Be assertive, try not to get too desperate for it and good luck.

[oliviasmama]

with

[Tambajam]

You need to offer the full asking price. I would email the agent now and explain your situation and that you will be phoning on Monday. Not offering the asking price is an incredible risk.

[LadyThompson]

But if we offer below the asking price and someone else makes an offer, aren't they duty bound to come back to us to see if we want to make a counter offer?

Just to throw another idea into the mix, what do you think about offering just ABOVE the asking price? Or will this lead them to think we've got bottomless pockets (we haven't!)

[noddyholder]

If there weren't 20 other viewings what would you offer?I would go in below with a cash offer maybe 5% - 10% down and ask them to keep you informed.

[FabBakerGirlIsBack]

I wouldn't assume that, LT.

Just offer the asking price and stop making things difficult.

Would love to move..

[Heated]

What's the house on for? I would guess if they've come down by 50k, they would want near enough on the asking price. With such interest too, who's to say there isn't another cash buyer out there?

[LadyThompson]

If there weren't 20 other viewings, in all honesty we would offer 10% below the asking price - like I say, I have a fixed amount of cash, and any extra left will help us to do it up. It needs a lot doing to it and we will be on a very, very tight budget for that!

To Noddy's question - it would be a home for the forseable future - at least ten years, maybe longer - and not just some place to make a buck on.

[Tambajam]

They are not duty bound to come back to you. Only if they had accepted your offer and then received another offer would they have an obligation to you.

[LadyThompson]

There may well be other cash buyers - one fella had the air of a property developer - doubt we can compete with him

[FabBakerGirlIsBack]

Just phone the EA now, make the offer, say you want it passed on today and wait.

[LadyThompson]

We only have the office number (it is closed) and she said very clearly to phone on Monday.

[FabBakerGirlIsBack]

well phone then

[Tambajam]

I wouldn't panic about the property developer.If I were a vendor I would prefer to go with a family who would be committed and not someone without emotional attachment in an unpredictable market. Plus a property developer is likely to go in under the asking price as his concern will simply be the cash.

[Mintyy]

But if you offer below asking price and indicate in any way to the EA that you could increase the offer then the EA is duty bound to tell the vendor this. And they will. So its almost pointless to say "I'm offering £200 but please come back to me and let me know if they get any higher offers" because then the EA knows you have more in the pot and it is their job to get more out of the pot for their client.

Offer your best offer and sit tight. There will be loads of offers if there have been 20 viewings and 50k knocked off the asking price already.

[sweetfall]

I would say that in this market that estate agent has done an amazing job getting you this worried about securing a property.

Really 20 people have seen it in block viewings? I would be stunned at that.

Just offer asking price as a cash buyer to secure it