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Original poster

Help us with this offer on a house please?!

56 replies

Frevera · 07/09/2020 12:42

Had another thread going but can’t seem to find it?!

Current situation on a property is: asking price 300. Last week they had two offers from cash buyers. We called up to make the asking price offer today. Asked where that offer stood compared to the others. Agent said basically the same offer of asking price, but they are cash buyers.

Do we give up now? What happens next?! Not heard anything yet and confused as to why they would have even had us view when they had already had two cash buyers offer asking price... I also didn’t think cash buyers even went in at asking price. But I’m new to all this.

OP posts:
Sanch1 · 07/09/2020 12:48

They will have had you look in case you offered over asking price. I'm surprised they told you all offers were asking price. What do you do now? If you want it you offer more, basically! and hope the vendor isnt in a rush if you arent a cash buyer.

Original poster
Frevera · 07/09/2020 12:49

We only asked where our offer stood after we made it. Will they come back and let us offer again if it isn’t accepted?

OP posts:
Original poster
Frevera · 07/09/2020 12:50

Or should we call back now? That would seem to put all our cards on the table though...

OP posts:
Sanch1 · 07/09/2020 12:51

If they are all the same they normally ask each party for 'best and final offer' then you have to put in a better offer and hope its the highest! Why not call the agent and ask what the next step is? They dont seem to have been very helpful so far............

Redglitter · 07/09/2020 12:52

What you do now is up to you. Offer more if you can afford it and the house is worth it. As pp said they'll have more viewers to try and get the best price possible.

The market here just now is crazy. Houses going for 15/20% over the asking price

2beautifulbabs · 07/09/2020 12:52

Hi Op we are going through the stressful stages ourselves of trying to make offer on a house and hoping and praying no cash buyers come along or bidding wars.
I really wish the government hadn't scrapped the stamp duty it certainly would have put an end to stuff like this happening. 😡

The only comforting thing is when vendors get greedy it has come to bite them on the arse I know a few people who lost out on sale of their own property because they thought it was a better idea to go with cash buyers so it all depends they could also be rather greedy and hoping it will kick off a bidding war between the three of you

Original poster
Frevera · 07/09/2020 12:53

I don’t know whether to call back now or wait? How long does it take to decide to take a cash buyer or ask for sealed bids?!

I thought maybe call up and offer another 5k but is that a mistake before they’ve even responded?

OP posts:
Original poster
Frevera · 07/09/2020 12:54

I find is suspicious that you would have a cash buyer offer asking price and then carry on with viewings?

OP posts:
2beautifulbabs · 07/09/2020 12:54

Phone them ask what decisions have been made don't offer more yet until you know whether they've gone with you or not also is the house worth that extra more to you?

2beautifulbabs · 07/09/2020 12:55

It's because vendors and state agents alike are taking full advantage of the current market they are trying to get as much as they can it's bidding wars everywhere

Notsurewhatsgoingon · 07/09/2020 12:55

Honestly... Be prepared that you won't get the house and move on now.
Nearly all the time vendors go with cash buyers. Even if a non cash buyer offers more unfortunately (I'm speaking from recent experience). Also in this market houses are selling for asking price or over so yes cash buyers do offer asking price.
Its a blow when you love a house but cash buyers or even first time buyers always 'win' sorry.

Redglitter · 07/09/2020 12:56

@Frevera

I find is suspicious that you would have a cash buyer offer asking price and then carry on with viewings?
Why? Another cash buyer might come along with an even better offer or they might not be in a rush to move and are waiting to see what other offers they get
Original poster
Frevera · 07/09/2020 12:56

The problem is it’s a nice area and not many come up that size and price.

We can afford to pay a bit more but the house is probably worth 300 max. So we’d be paying far over the odds.

I am confused by the cash buyer situation and also why the decision isn’t a simple one now if they really do have three asking price offers?

OP posts:
2beautifulbabs · 07/09/2020 12:57

Op I would look for another property with a bit of luck the housing market will crash and all the greedy twats will reap they're just deserts for it

Original poster
Frevera · 07/09/2020 12:57

Thanks for the voices of experience!

I think we have to let this one go don’t we.

OP posts:
2beautifulbabs · 07/09/2020 12:58

It's not op it's a bidding war they want you all to offer over the asking price get you all into a frenzy to pay way over the value of the house best to walk away and see if you can find something similar that isn't in the popular nice area sorry op 🥺

FaffingForEngland · 07/09/2020 12:59

What's confusing you about the cash buyer situation?

They are allowing more viewings because if they have already had 3 offers at the asking price, it's very likely they can get more for the house.

Original poster
Frevera · 07/09/2020 13:01

faffing because they will only get more if they ask for sealed bids won’t they?

OP posts:
Original poster
Frevera · 07/09/2020 13:01

And if they are transparent about the current bottom line minimum... otherwise how would people know how to bid?

OP posts:
Original poster
Frevera · 07/09/2020 13:02

If we can up our offer should we do it now or wait to hear?

OP posts:
2beautifulbabs · 07/09/2020 13:03

Estate agents aren't meant to actively tell you they are encouraging bidding on the house for its vendor that's down to you to work that out sorry op it's illegal as such for them to encourage it but not illegal to offer the vendor all offers regardless if it's way above asking price

FaffingForEngland · 07/09/2020 13:04

They won't necessarily have to go to sealed bid to get more. I've bought and sold at more than the asking price several times. It was all done by negotiation rather than sealed bid.

wowfudge · 07/09/2020 13:05

Something like a third of all house purchased fall through in England and Wales. The EA works for the vendor and aside from encouraging a bidding war, having a back up plan for the vendor, i.e. generating interest from other potential buyers they can go back to, is prudent.

Original poster
Frevera · 07/09/2020 13:05

I just don’t know whether we throw in our 5k extra now or wait to hear. 5k probably not enough anyway I guess

OP posts:
2beautifulbabs · 07/09/2020 13:07

Op @wowfudge is correct and offers good advice there not all house sales go through

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