As a chain-free cash buyer what is a realistic offer?

[WindUpBird]

I’m in the SE, about to offer on a £450k house, EA says ‘overs over’ the asking price.

Is it worth putting in an offer as a cash buyer with no chain? If so, what, £440k?

many thanks 🙏

That's not how negotiating works.

@Tracker1234 yes, definitely no property to sell, no mortgage, cash buyer 😊

Yes it is. I'm proof it does (or our house is)

There is not specific amount that you should offer.
Ignore the offers only. It is irrelevant. What matters is what you think the house is worth.

You need to thoroughly investigate your local market (not asking prices) but sold prices, how quickly homes are moving, etc. You usually need to do this over several months. How long has the property been on the market? Are there are v recent comparables? How rapidly are homes selling in this price bracket? How much do you love this property as opposed to others?

Would you be devastated if you offered 400k and someone else got it for 450k or would you feel uncomfortable if you offered 450k and the sellers accepted?

I think 440k is extremely reasonable, and I would highlight that you are a cash buyer and chain free as this is advantageous and speeds up the buying and selling process!

p.s. I also live in the SE and I’m in the process of buying a similarly priced property 👋 but we are only chain-free and not (fortunately) cash buyers.

best of luck with it!

Pay what you think its worth. And thrn hopefully have a smooth sale.

Express to the EA you are both a cash buyer and chain free. Try with £440k but expect to go up as the seller clearly wants no less than £450k. Unless they really need to sell and quickly they will still need what they need to buy the next house up the ladder, which in the SE can be a huge jump. But theoretically they can now look for houses themselves and make offers stating they have a strong buyer and will be a “safe” chain, which could help them make a low offer too.

What the actual fuck is this advice? You're suggesting opening at nearly a hundred grand below asking!

Houses where I live are slow to sell at the moment, but sell for around asking price (£20k under at most but that's 5%) when they do. Someone offering 20% under would be laughed at and barred from offering further. Heck, I'd consider doing that if they started from 10% below. My experience in my area is that asking prices are already taking into account the slow market.

OP, this person is absolutely mental, don't listen to them. Being a cash buyer is an advantage and would make me choose you over someone else, but I don't think it merits a huge reduction. I'd maybe knock £5k off what I'd expect from other buyers just for the convenience (if I could) but not any more than that.

I agree with this. Being a cash buyer doesn't outweigh making an insulting offer.