Cash buyers - would you pay way over houses worth?

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If your a cash buyer would you buy a house regardless of its real worth?

For us if we offer on an overpriced house, we would likely have to pull out when mortgage valuation down values it.

There is a house we like about 40k overpriced at £450. It is Devon and has a sea view though that is a gap between two houses - so not a guarantee long term.
We think it’s overpriced based on similar sold properties and friends that live on same street with better sea view that have had remortgage valuation in line with what we think it’s worth.

I really hope they don’t get asking price because it will put that whole street up in value and price families out.

Flipped house, done up cheaply, bought 2017 for 450k put on market £575k 2019.
Basically we want the house but are competing with cash buyers who have offered 535k and i’m hoping they pull out when they realise it’s so overpriced.

It’s in Devon and does have a sea view between two houses.

Sorry, didn’t realise that end bit was on there, trying not to out my location by changing some of the details!

If it was the house of my dreams and I had the money I might
If I had other plans for it, such as redevelopment I might.
Wouldn't really worry about competition from me though.i int have the proverbial two happenies atm
I hope you get it

Nobody likes to overpay whether they are a cash buyers or not. I wouldn't pay over the odds when I could buy a similar house down the road for cheaper.

Having said that, a house is worth what someone is willing to pay for it. If they sell it for that, it wasn't overpriced.

But there is no ‘real worth’, it’s worth what someone is prepared to pay. If they have the cash and want to pay a certain price then they can and will.
I’m slightly confused at what price it is though - 450k or 575k?

What Winebottle said.

It may affect what later sellers ask for - but if their potential buyers won't pay it then down goes the 'value' again.

Thanks everyone.
It was on at 475k. They reduced recently to 450k. Cash buyers offered 435 - so EA says. They were apparently turned down.

It’s hopeless. I need to move on! Someone slap me!

Its gutting, I know.
I once made the mistake of going to view house I absolutely could not afford.
It was empty so minimal annoyance to vendor, but still.
I spent weeks trying to convince myself I could afford it before reality finally kicked in
15 years later I still think of that as 'my' house every time I drive past

Typically cash buyers get homes for less than the asking price because they're a quick, smaller effort sale. No mortgage valuations, no messing about with deposits and monetary transactions for the solicitors. Just a cash transfer.

Cash buyers tend to be in a much stronger bargaining position

Frankola, you would think that however did not find that to be the case when I was a cash buyer last year.

I can understand why you would think a cash buyer would be willing to pay over the odds.

I've twice bought houses as a cash buyer and there is no way I would pay £40,000 more than the house was worth.

Just because it's a cash buyer doesn't mean they have money to throw away.

In my case I was able to pay cash because the houses were within my budget. If I'd had to find something like £40,000 more I would have to have taken out a mortgage, something I didn't want to do.

*That should be, I can't understand why you would think a cash buyer would be willing to pay over the odds.

Valuing houses is hardly an exact science, people will only pay the asking price if it’s worth it to them. How have you come up with “£40k overpriced” calculation?
If they’re getting offers; it’s not over priced