Any chance against a cash buyer?

[MrsJ28903]

We like a house but before we went to view the agent told us there had been an offer after our viewing was booked. At the viewing the seller mentioned it was an asking price cash offer. We can go above the asking price (to a limit!) but is there much point competing with a cash buyer? What % extra would make you take a buyer who needs a mortgage over a cash buyer?

There's nothing to stop you making your offer direct to the seller. In fact that would be sensible, as the EA can't then delay them receiving it. Do understand though that what you are effectively talking about is gazumping the other buyer, whose offer has now been accepted and who may have instructed solicitors.

The EA is obligated to find the best buyer for their vendor. That isn't necessarily the highest offer. They seem to be doing the decent thing in discouraging you from starting a bidding war.

In the end, though, it's the seller's decision, the EA can only advice.

You should definitely put a letter through the door & email the agent a formal offer. It may be that the cash buyer is known to the agent & they are showing favouritism so they get the property...this has happened with two people I know..!

@Myimaginarycathasfleas but the agent should have at least wanted me to put in my offer, no?

Yes, they ought to have put the offer forward.

sounds like the buyer is agent's chum or a regular investor who offers agent higher commision! def put the offer through the door. The seller would have to still go via the agent with your offer, but so what - they will have to do what seller wants whether they like it or not.