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Original poster

Which offer?

42 replies

nameychange · 06/08/2021 08:22

We have three offers:

  1. £370k - already in a chain SSTC
  2. £366,500 - FTB with a £60k deposit and AIP for a 10% mortgage
  3. £361k - cash buyer (funds confirmed by EA)

Which would you take? House was on market for offers in the range £325-£345k

OP posts:
tanstaafl · 06/08/2021 08:27

How urgently do you need to move?
How much do you need to make as much profit as possible?

Original poster
nameychange · 06/08/2021 08:30

We’ve not found anywhere yet to buy and who we buy from are likely to need to find somewhere too

Buyers 2&3 have said happy to wait for us to find somewhere

We have a healthy amount of equity over £300k plus other savings so no we don’t need to make a huge profit

Will add we were happy with getting £345k and dream offer would have been £360k

OP posts:
Willwebebuyingnumber11 · 06/08/2021 08:31
catfunk · 06/08/2021 08:35

If be tempted to go cash buyer on the condition that they know you've had offers over 370 so no haggling for 10k off for silly reasons after the survey and you won't hesitate to put it back on the market if they do that

catfunk · 06/08/2021 08:35

But honestly seeing the stress that chains are causing my friends and colleagues who are selling atm cash buyer looks incredibly attractive

Original poster
nameychange · 06/08/2021 08:37

Catfunk - that’s what the Ea said she’d say to them.

I’m thinking 3 too

OP posts:
BlackLambAndGreyFalcon · 06/08/2021 08:39
  1. We were all FTBs once and it looks like they've got their finances in place.
Silkiecats · 06/08/2021 08:40

Would be tempted to go with 3 though would also see what EA recommends as they may have more information like if they have pulled out of previous offers. Would avoid ftb unless a property in perfect condition for a survey, they tend to panic more easily. Also depends how long and how advanced chain is, if its just one other and survey done and financing in place maybe OK.

Fruityfriday · 06/08/2021 08:42
GrumpyMiddleAgedWoman · 06/08/2021 08:43

The least flakey buyer (voice of bitter experience).
Failing that, cash offer.

Rosegoldfan · 06/08/2021 08:48

FTB no chain and a few k more.

OldTinHat · 06/08/2021 08:55

I'd go with 2 but 3 is very tempting if you could maybe push them up a bit, say you have higher offers??

Original poster
nameychange · 06/08/2021 08:57

Old time- we went to best and final so can’t go back to the cash buyer

I think we will go with the FTB and the extra cash, what we know of the cash buyer if the FTB falls through I think they may still be around to go back to.

OP posts:
ineedanewnameplease · 06/08/2021 09:05

3 or if you want to do the right thing go with the people who offered first.

eightlivesdown · 06/08/2021 09:42

2 for the reasons you give.

surreygirl1987 · 06/08/2021 10:10

I'd go 2. But make clear there was a higher offer and that you're going with them due to being chain-free and for an easy process.

Rainbowqueeen · 06/08/2021 10:14
  1. They sound organised, no chain and happy to wait until you find something
Original poster
nameychange · 06/08/2021 11:57

We’ve gone for the FTB buyer.
Thanks for the advice and somewhere to have impartial opinions

OP posts:
Sprig1 · 06/08/2021 12:04

How well progressed is the chain for option 1? A friend of mine recently accepted an offer from a buyer who was in a chain of 5. Her buyers previous purchase had fallen through so the chain was v advanced and committed. The sale went through in 5 weeks, without a hitch. Can either of your other offers be tempted to increase their offers?

kizkiz · 06/08/2021 12:11

Given how far over your offers were, be aware that 1 and 2 will need a mortgage, and if surveyor prices down your stuck. Cash buyer in a much better position in that regard

Subbaxeo · 06/08/2021 13:38

@kizkiz

Given how far over your offers were, be aware that 1 and 2 will need a mortgage, and if surveyor prices down your stuck. Cash buyer in a much better position in that regard
That’s a very good point.
Starseeking · 06/08/2021 14:30

I'd have gone with cash buyer as far less risk (no need for survey, which may come with potential downvalue, and speed of transaction would be a bonus).

surreygirl1987 · 06/08/2021 15:15

@starseeking why would cash buyer not have a survey done? Thanks.

StrongArm · 06/08/2021 15:18

Our cash buyer changed his mind and moved to a mortgage and slowed our entire chain down terribly. His solicitor let slip by accident that he had never intended to be a cash buyer - he told us that to persuade us to take his offer as we wanted to move quickly.

He did show the EA proof of funds - just that he never intended to use them to buy a house!

DramaAlpaca · 06/08/2021 15:20

I'd go with the FTBs.