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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:
wowfudge · 07/09/2020 13:08

If you are prepared to pay £5k more and put something in writing about making it your family home for years to come, stating you have an agreement in principle and solicitor lined up you may sway the vendors in your favour. There are lots of people, especially when they have an emotional attachment to a house, who would rather sell to someone who wants to make the house their home than an investor. Obviously the cash buyers are not necessarily investors.

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

Would you make that call now then even though they’ve not called back?

OP posts:
2beautifulbabs · 07/09/2020 13:10

Yes chase them at least then you know where you stand and can then move on

Original poster
Frevera · 07/09/2020 13:11

It’s horrible! Didn’t think we’d feel like this

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

I know exactly how you feel op as explained we are going through the same ourselves trying to find our next family home and they are going quickly as soon as they are on they are gone it's horrible I've never been so stressed out we've got viewings for our house this week lined up and I'm hoping someone makes an offer on ours so I don't have to keep having random people coming to the house not because I mind people coming I appreciate they have to but it's the deep cleaning with two toddlers to keep control of is driving me insane 🤣

Viviennemary · 07/09/2020 13:15

I don't think I would necessarily believe the estate agents. I'd leave it but it's up to you.

Original poster
Frevera · 07/09/2020 13:16

Aw I really feel for you. It’s so difficult. We just spoke to the agent and reiterated how much we loved it and I feel that’s all we can do now!

I hope you find somewhere lovely for you 2beautiful

OP posts:
TokyoSushi · 07/09/2020 13:21

I'd be surprised if the cash buyers had offered full asking price. We had 2x cash buyer offers when ours was for sale, they were £20K & £25K below asking price, stating that they'd expect us to accept a low offer, simply because they were cash buyers!

If you love it and really want it, I'd offer your extra £5K, but be prepared to accept that you might not be able to get it.

Original poster
Frevera · 07/09/2020 13:23

Vendor has said they won’t accept our increased offer unless we can do cash... there wasn’t much point in allowing us to view in the first place Hmm

OP posts:
LizzieMacQueen · 07/09/2020 13:24

You could always offer the extra £5k with a condition that they must accept by 4pm.

LizzieMacQueen · 07/09/2020 13:26

That's crazy, unless they mean your £5k in used notes, brown paper envelope.

IndecentFeminist · 07/09/2020 13:27

It is worth what someone is prepared to pay at this stage. Which it sounds like is more than £300k.

AnnieMaul · 07/09/2020 13:29

Continuing viewings with full asking price offers is normal in my experience. We've bought and sold several houses over the years and had cash buyer offers at full price and above.

Viewings have always continued until the conveyancing process is underway or until a survey has been done at least. There are too many time wasters to take a house off the market and stop viewings just off the back off an offer alone. We had multiple offers made (and subsequently) withdrawn on our last property as in a busy market people think making an offer is a way of securing the house for a bit longer whilst they're still looking/deciding.

To be honest, unless you want to up your bid quite a bit, i'd be looking elsewhere. If they believe they're genuine, an agent will 9 times out of 10 advise a client to go with a cash buyer over a non cash buyer, even if the non cash buyer offers a little extra.

Original poster
Frevera · 07/09/2020 13:30

I guess there’s no point going back now with our increased offer. Just wish they had said only cash buyers after they had that offer!

OP posts:
Original poster
Frevera · 07/09/2020 13:41

Thank you !

OP posts:
wowfudge · 07/09/2020 13:43

The only thing I would suggest you do is reiterate your non cash final offer and leave it on the table until the end of this week should the vendor not be able to reach a suitable agreement with one of the two potential cash buyers. And keep looking.

Original poster
Frevera · 07/09/2020 13:46

Yeah we called up again and said ask if they even want to consider an offer from us, agent said she would ask.

I’ve kind of gone off it now though...the whole thing seems very much like they will do whatever for the money and don’t seem like very nice people to buy from! I get it’s cut throat but already feel a bit messed about... at the viewing the vendor said they didn’t care about a chain because they were planing on moving back to their family home. Now suddenly they are in a rush

OP posts:
rottiemum88 · 07/09/2020 13:53

the whole thing seems very much like they will do whatever for the money and don’t seem like very nice people to buy from

I'm afraid you're in for a rough ride trying to buy a house OP. No seller is out to consider your feelings or whether you'll think them a nice person or not. All sellers are out to get as much money for their property as they can; it's probably the most valuable asset they own, so why wouldn't they? Sellers also get messed about plenty by buyers, everyone in the process just has to learn not to take it personally. People on both sides also pull out of sales all the time, even when money has been invested and there's absolutely nothing you can do about it. It just is what it is 🤷🏼‍♀️

Original poster
Frevera · 07/09/2020 13:54

I understand that...we need to get more robust!

But it’s more the different messages we’ve had not the fact they want more money. Well aware that’s what it comes down to!

OP posts:
ureterr1blemuriel · 07/09/2020 14:06

Just something else to consider - if you put a higher offer in and it’s accepted but the mortgage valuation comes in lower it could affect your LTV and what mortgage you can get (higher LTV could mean a higher rate)

Original poster
Frevera · 07/09/2020 14:22

Thanks. Think we might offer and just leave it there and see what happens. I’m sure something else will come up, it’s just emotionally stressful!

OP posts:
IndecentFeminist · 07/09/2020 21:56

How have they messed you about?! This is your issue, not theirs. They don't sound remotely unusual in their behaviour so far.

FaffingForEngland · 07/09/2020 23:13

I do think you need to bear in mind that the vendor will want the most money possible, but also the most robust buyer. And maybe having a cash buyer offering a little less will be seen as more attractive than someone who needs a mortgage, particularly in the current climate. I've spoken to a couple of estate agents today and they both said how much stronger our position will be as cash buyers.

I don't see them as messing you about, they are just looking at the offers and deciding what's most important for them.

CasuallyMasculine · 07/09/2020 23:24

We’re in the process of buying - there were six offers on the house. According to the EA, ours wasn’t the highest offer. But we’re cash buyers and we’re assuming the higher offers than ours weren’t.

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