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Original poster

Can i win dream house against cash buyer despite being least proceedable

26 replies

redshoes22 · 31/08/2021 19:31

My family of four have been squeezed in to two upto down all lock down but now the baby is walking it's a nightmare. My dream house came up (no parking and massive do-oer upper but a room each, big garden, near school and within budget) and i got nod from mortgage provider and estate agent said mine would sell in no time so i stood a good chance. I was really excited because this house just felt right.

Today the estate agent told me that two other offers are being put to the family, one lower from a family who have an offer on their house, and one slightly lower cash offer and basically said game over because they have nursing home fees to pay. She suggested selling my house so i'm ahead next time, but i love this one and three bedroomed houses never come up here.

Any tips?

OP posts:
TheHouseILiveIn · 31/08/2021 19:36

I'd wait and see what happens. I'm assuming you've offered asking? They might still accept you if you're the highest offer, you never know. If you dont get it, can you increase your offer? Would you want to?

ShingleBeach · 31/08/2021 19:41

The EA knows that any high offer you make will be dependent on how much you get for your house, unless you could get more / enough mortgage to cover it?

Put yours on the market fast and tell the EA you want a house exactly like this one. Your dream house might end up not proceeding with the offer they go with.

flashbac · 31/08/2021 19:48

Don't give up. Sometimes cash buyers are anything but. It's all smoke and mirrors in order to win the sale.

Divebar2021 · 31/08/2021 19:52

Is your house on the market?

pegasussy · 31/08/2021 19:55

It sounds like your house isn't even on the market yet, so I'm not sure there's much chance, I'm sorry. Around here, you're not even allowed to attend viewings unless you're already under offer yourself.

You should wait and see anyway. And if they choose the cash buyer, you can always up your bid.

Original poster
redshoes22 · 31/08/2021 20:09

Thanks all :-)

I phoned the estate agent and asked if it would be a problem that mines not up and she said not put if for sale with us and it will be gone in weeks ... then the cash buyer appeared :(

I offered over asking.

Our house would sell very fast but i don't want to sell it and be homeless because houses ever come up. Such an awful bind.

I wish she'd told me it'd be a problem because i'd have had it up in the weeks i was waiting for viewing :(

My family aren't homeowners and i'm finding it a real struggle knowing what i'm doing without advice

OP posts:
ComtesseDeSpair · 31/08/2021 20:14

It doesn’t particularly make any difference to me whether somebody is a cash or mortgage buyer. But if you haven’t sold or even begin to market your own house then you aren’t a buyer, you’re a speculator. You need to get on the market or no vendors are going to take you seriously.

CinnabarRed · 31/08/2021 20:42

I refuse to even view possible purchases until I have an offer on my property. Get yours on the market ASAP.

Original poster
redshoes22 · 31/08/2021 20:49

really good advice, thank you

OP posts:
JaneKing75 · 31/08/2021 20:50

Yours will sell like lightening get it on at offers over, see what happens and then you'll be ready. Ask the estate agent if they've seen actual evidence of this "cash". The number of times it's a cash purchase using the cash coming from a 6 month notice account or even bloody cash coming from the sale of a house is unbelievable. Sow the seeds of doubt in the agents mind and point out if she gets them to accept your offer that's two lots of commision in her pocket not one. That should seal the deal.

MadMadMadamMim · 31/08/2021 20:50

I wouldn't entertain you, I'm afraid.

What you are in effect saying is I'll offer you so much and you can have it as soon as I've sold my house which isn't yet on the market.

I'd be taking an offer from someone who was good to go.

ChateauMargaux · 31/08/2021 20:54

You won't be homeless, if the chain doesn't complete, you will not go ahead with selling your house. You will buy and sell on the same day or wait until you are ready to do so.

Original poster
redshoes22 · 31/08/2021 21:02

Ah that’s what is meant by chains failing Blush

OP posts:
Saz12 · 31/08/2021 21:26

OP, try getting agent in to value yours etc.
But if it’s being sold to fund carehome fees, the vendor (or their representative) doesn’t benefit much from an increased offer - they’ll not see much of the ££ anyway.
So they’re likely to choose an “easy” sale or POSSIBLY the person they like the most.

It’s very difficult in a situation where there’s hardly ever anything you want to buy coming up. If you sell before you e found something then you’re buyers are likely to get bored waiting & sale falls through.

Fleurty · 01/09/2021 06:36

Everyone always thinks their house will sell quickly, most sensible vendors won't accept an offer until you have a buyer. Why would they stop marketing their house when you aren't in a position to buy it. Chains are generally formed from the bottom up so you'll need to sell if you want to make offers on houses.

@janeking75 how do you know their house will sell like lightening? Also why would the EA tell you anything about the other party's financial situation? I hate to break it to you but you're not going to sow seeds of doubt by questioning the EA about the cash buyer, EAs deal with this kind of thing on a daily basis so it isn't like it wouldn't have occurred to them!

readytosell · 01/09/2021 07:10

Echo the above. As a seller I want someone who is ready to go now, not possibly at some unspecified time in the future. Your house may sell within days, it may not - at the moment nothing is certain.

Sorry, but I wouldn't even let you be viewing my house if you aren't on the market - buying and selling is stressful enough without at least some committment.

Bluntness100 · 01/09/2021 07:12

Op you need to put it on the market, not just declare it will sell fast. You will struggle to buy anywhere if you continue like this.

DespairingHomeowner · 01/09/2021 09:18

@redshoes22: in your position, I would market your house ASAP as that actually tells you if it will sell easily or not. If you then take several weeks/couple of months to find a house you want to move to, then you ask your buyers to wait (if you want to be nice, you ask them not to spend money on the survey before you have found your next place).

As PPs have said, you would not be homeless, as your buyers just have to wait for your purchase (or they can chose to pull out & you find different buyers)

Re the dream house: this is the only way to get it. The 'cash buyer' might be genuine or a chancer. If you have actually got a sale agreed on your house you are then in a different position & you will get different treatment from EAs - ie. you may get shown houses which have had chain broken etc (this is how I bought my 1st place, also got shown lots this time around). If the sale on the house you want breaks down, you will be ready to step in fast

I get your point re not knowing what to do without advice - this board was really helpful to me in selling & buying

Original poster
redshoes22 · 01/09/2021 09:29

Thank you everyone, i really wish i'd checked on here when i spotted the house three weeks ago, two of my neighbours sold within two weeks this summer so i could be in a different position all together.

But glad i know what i need to do going forward. My house is getting valued tomorrow so i will ask them to put it for sale and hope for a miracle .

OP posts:
Fleurty · 01/09/2021 11:15

August through to December is the hardest time to sell a house and the stamp duty holiday meant that a lot of people who wanted to move did so in the first half of the year so you may struggle more than your neighbours did. With the way the market was moving near me earlier this summer 2 weeks to sell would have actually been really slow - top properties weren't even making it onto rightmove before they were sold and most houses were gone within a couple of days.

Get it on the market ASAP!

JudgeRindersMinder · 01/09/2021 11:17

We were in a chain of 3 earlier this year, we were no 1, our buyer no2 and a cash buyer no3.
It was the cash buyer who caused all the issues!!

lastqueenofscotland · 01/09/2021 19:27

Everyone thinks theirs will sell in five minutes. The reality can be different.
I’d not let someone who didn’t have teir house on the market even come for a viewing. It almost sounds like a marketing ploy to get you to sign up with them tbh

Original poster
redshoes22 · 01/09/2021 21:13

"I’d not let someone who didn’t have teir house on the market even come for a viewing. It almost sounds like a marketing ploy to get you to sign up with them tbh"

That's an interesting thought.

The estate agent called today and said best and final offer but in a way that implied don't bother when i said shall i just leave it and move on she said noooooo.

Shall i even bother, i'm starting to feel a bit of an idiot like they'll be laughing at me in the estate agents for even trying.

OP posts:
ChateauMargaux · 01/09/2021 22:26

Make the offer... they can choose based on knowing your situation.. you loose nothing by trying.

maofteens · 02/09/2021 08:20

I sold a house about ten years ago to best and final. Three bids - one under ask so discounted, one £45k above who had house under offer with same agent and one £80k over but had just started to market their house. No brainer I took the middle one. The highest I felt were trying to dazzle me with a high figure to make up for not bring under offer, but quite likely my house would have been valued for less by mortgage valuer and even though I wasn't in a hurry to sell, the purchaser being able to proceed was as Important as the sale price in my decision.