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Original poster

Asking price over from a cash buyer - do I accept now or wait for second viewings from others tomorrow?

40 replies

Hoop148 · 10/04/2021 20:41

Selling in SE London in a very hot market! Property listed this week, today was the launch day and about 15 people came. One cash buyer came back right away (about an hour after viewing) with an asking price offer. Two asked for second viewings tomorrow.

Do we take the offer?! It was a “take it off the market now” type offer. Or should we do the second viewings tomorrow?

And, if we hang on, do we tell the viewers coming tomorrow we have an asking price offer already in advance?

(We also have a lot of bookings in for next week already - the bookings were taken before the offer.)

OP posts:
Polly99 · 10/04/2021 20:47

What is the position of the second viewing people?

If they are dependant on selling (and your cash buyer is genuinely a cash buyer) then I'd take the buyer you have. The others could match or exceed the offer but there if going to be more risks to getting the deal over the line. If they are cash buyers too and they seem keen (your agent will be able to say how they were at the viewing) it may be worth waiting.

Changingwiththetimes · 10/04/2021 20:48

Did the buyer give a deadline? Like accept in 24 hours or offer is off the table?
What is the position of the other viewers? Are they proceedable? In a chain?
You could get looking at a best and final situation. What fies the agent say?
Persinallt, if they are keen and have offered your ask, then I'd be inclined to accept, however risky that us after just one viewing But it's late now and no harm in letting the others back to view, you can always accept tomorrow if they don't show interest to buy. Sound out your agent if they really are a cash buyer (I had to show proof of funds before offer was put forward).

Original poster
Hoop148 · 10/04/2021 20:59

We didn’t get any more info from the agent - it was a phone call and now I can’t properly remember what he said about the two tomorrow who want to view again, apart from the fact that they were desperate to view at the soonest. I have a feeling one is a first time buyer, not sure about the other. He booked those in, but later told us about the offer.

I am kind of itchy to accept - but then, maybe that’s because I don’t want to clean up again tomorrow morning (Grin) - also, getting asking price is amazing!

We weren’t given a deadline by the cash buyer, but we were told that we’d have to take it off the market straight away if we accept, which of course we’d do. And that they wanted to complete by the June deadline, which is also good for us as we’re not in a chain.

OP posts:
Original poster
Hoop148 · 10/04/2021 21:00

Good call about asking for proof of being a cash buyer. But, to be honest, just want someone who would actually follow through and buy, love it here, and not mess us about!

OP posts:
PowerslidePanda · 10/04/2021 21:02

Are you selling with no onward chain, or looking to buy somewhere yourself?

If you're going to be buying somewhere, I'd take the offer. You said yourself - very hot market at the moment, and when it comes to competing for properties yourself, having only one link in the chain behind you will stand you in better stead than having had a bit more money from a buyer in a worse position.

PowerslidePanda · 10/04/2021 21:03

Ah sorry - cross posted!

Zampa · 10/04/2021 21:03

Let the viewings go ahead and ask for best and final offers after a set period of time; on Monday if you want to wrap it up quickly. You can ask about the bidders ability to proceed as part of the offer.

fellrunner85 · 10/04/2021 21:05

On the basis that you're very unlikely to complete before the June deadline, and may therefore lose your buyer if they're adamant on that front, I'd let the other viewings go ahead.

Even though nobody needs to wait for a mortgage approval, and there's no onward chain, at the moment it would be very difficult to get the surveys and searches done in time; and then of course there are enquiries to deal with too. There are huge delays in the system at the moment and every part of the process is taking longer.

BackforGood · 10/04/2021 21:10

I'd let the viewings tomorrow go ahead, and ask the EA what the knew about the cash buyers. Let the viewers tomorrow know you've got a asking price offer from a cash buyer on the table and that you need to have all offers in by Monday at 5pm (or whenever you want to set).

MangosteenSoda · 10/04/2021 21:12

I’d take your EA’s advice. I was a cash buyer a couple of years ago and don’t think it made much difference. We went to best and final and I had to offer over the asking price.

IF you are happy with asking price, accept the offer and be done with it. Otherwise, see what happens tomorrow and balance offer with ability to proceed.

Original poster
Hoop148 · 10/04/2021 21:15

That’s interesting about the June deadline being unlikely.

We are selling with no onward chain, so we can be as fast or slow as the buyer needs to be.

Okay I will let the viewings go ahead tomorrow and, if they’re interested, go to best and final on Monday.

Honestly didn’t know the market was this hot. The estate agent casually said before we listed: “yeah, it’s fairly healthy right now, yeah you’ll probably get an offer around what you want at some point”, so I thought we’d have weeks of viewings. I spent a fortune on flowers that would last at least a week Grin

It must be stressful for buyers. (I have been a buyer in a market like this before and it was awful!)

Well, I shouldn’t get too excited. It could all fall apart yet!

OP posts:
sskanky · 10/04/2021 21:19

Most people who say they are cash buyers miraculously seem to need a mortgage and then end up being super slow to sort it out. Proof of funds before you accept definitely.

Saltyslug · 10/04/2021 21:21

Make a decision tomorrow after all viewings and offers in place. You can lay out all the offers on the table and have an out line of each persons position.

mayneedabiscuit · 10/04/2021 21:27

Take the other viewings.
This cash buyer could call back in the morning and cancel their offer or be viewing another place themselves tomorrow.
Until they have spent money on solicitors and surveys they could pull out anytime without any loss to them but leaving you in the lurch.
Very exciting though.
Ask for proof of funds and make sure the offer is not dependant on a final deadline that you have no control over. If they know the right professionals though they could complete before June.

CrotchetyQuaver · 10/04/2021 21:56

@sskanky

Most people who say they are cash buyers miraculously seem to need a mortgage and then end up being super slow to sort it out. Proof of funds before you accept definitely.
Definitely get the cash buyer checked out by the EA. It appears definition of what cash buyer means can vary widely. To me it means money sat there in the bank and ready to be transferred. I got messed about a few years ago by a so called cash buyer who wasn't really and was too polite to ask blunt questions about her finances until I was frustrated by all the stonewalling/delays on their side.
cerealgamechanger · 10/04/2021 22:15

Just echoing what's been said above, whoever you decide to go for, make sure they're actually proceedable and ask for evidence. Our 'cash buyer' ended up messing us around for ages until it was revealed he was still waiting for a MIP to come through. Dickhead.

mummabubs · 10/04/2021 22:23

@Hoop148

Good call about asking for proof of being a cash buyer. But, to be honest, just want someone who would actually follow through and buy, love it here, and not mess us about!
This is definitely why you want to be sure they're a true cash buyer! As if they aren't they're unlikely to be able to follow through anyway!

Another factor might be their own timescale if you need to find somewhere. We sold our house 5 weeks ago, we had 2 asking price offers on the first day of viewings, one from a confirmed cash buyer and the other from FTBs who needed a mortgage. We didn't want to ask for more money (and are so glad we didn't as our house was later down valued as is increasingly commonly at the moment due to to madness of the current market), but we actually ended up going with the FTBs as the cash buyer was clear that he would want us to go into rented if we weren't able to complete within 8-10 weeks. Given at the time we hadn't found anywhere to move to and I'm in my third trimester we decided against this option!!

ChateauMargaux · 11/04/2021 09:07

Real life is not like Location Location Location... best offer take it off the market

Let the rest of the viewings go ahead and then perhaps take it off the market when your buyer has instructed a solicitor.

It sound like you have very saleable property which is well priced. Good luck!

lljkk · 11/04/2021 09:10

Wait Wait Wait

nomdeguerrrr · 11/04/2021 09:36

15 viewings on day? One asking price offer on the same day and two second viewings booked in?

Let viewings go ahead. No need to rush anything. 8 wouldn't rush to final offers by Monday either.

Soontobe60 · 11/04/2021 09:43

My dd is currently moving house. They have viewed about 10 properties all have gone to best and final offers. She had an offer on hers from the first 3 viewers and accepted the highest from a FTB. Eventually she got an offer accepted on best and final basis and offered 10% over asking price. She was worried that she’d only get a mortgage on a valuation equal to the asking price but she’s actually got one based on her offer, so at least she knows she’s not paying over the odds for it.

Dogsandbabies · 11/04/2021 09:44

I don't think June is that unlikely. We are in a chain of 4. We are in rental so the bottom of the chain. We offered mid Feb. Exchanged 2 weeks ago and we are due to complete in a week.

We had to keep pushing the solicitor and we were quick arranging survey etc. But we will still be completing a whole chain in 2 months.

WorkingItOutAsIGo · 11/04/2021 09:46

Just to say...I paid six figures over asking for a property recently so don’t rush to accept the first offer!

YippieKayakOtherBuckets · 11/04/2021 09:49

Yes, let the EA earn their fee by checking that they really are a cash buyer. We sold to ‘cash buyers’, who were technically telling the truth insofar as they didn’t need a mortgage to buy our house. However, they did need to sell a probate property in order to raise said cash, so we ended up in a chain after all.

user1471538283 · 11/04/2021 09:55

Do the viewings. Your cash buyer may be genuine, may not be.

I would say you've had an offer to the other viewers and then get the EA to follow them all up with their offers and position. You can then make a transactional decision.