No chain v higher offer

[ferociouslychristmas]

We have found a house that we love and suits our needs perfectly. The seller has been very upfront that they have a deadline they need to sell by or their next property could fall through, we are cash buyers with no chain however cannot afford to offer the asking price.

Does anybody have any experience of either being the cash buyer or the seller in this situation that could shed some light on how strong a position we are in to put in a low offer? Did you prefer a cash buyer with no chain etc?

Are you in England OP, or maybe Scotland if it is offers over? I think being a cash buyer to a seller on a deadline puts you in a fabulous position. Have you had a chat with the their agent> That would be my first point of contact.

How much lower than the asking price can you afford? 2-5% lower is a lot different to 20% lower!

They obviously have a time constraint but there may also be a bottom line they need to achieve in order to be able to purchase their desired property.

So despite what ‘experiences’ people can tell you here, your sellers situation is likely unique to them.

I agree with PP. It depends how much lower than the asking price you are talking about here. There is a big difference in 5-10K off to 20K off.

Being cash buyers will make you a more attractive proposition, especially if they are in a rush to sell, but it doesn't mean that they are able to accept a ridiculous price. Some people need a certain figure for them to be able to move on.

As for your low offer, you can all but try, but like I said, it doesn't mean they will be in a position to accept it.

In Scotland, apologies I should have noted that.
We can afford 8% lower. Ofcourse the sellers position will be unique however they could also incur a large LBTT charge or their next property falling through should they not be able to sell within the timeframe.
Bloody Scotland.

But is it 8% lower than the "offers over" price, or 8% lower than a fixed price? It also matters enormously where it is, as some areas consistently sell for a lot more than asking, some not so much. (But 8% under sounds a bit optimistic).

I think the market in this area is pretty slow, fingers crossed!

Just offer what you can realistically pay and see what happens.

I sold very recently in Scotland. We ended up in a chain of four. Everyone wanted a cash buyer who could pay a sound price. You could be lucky . Give it your best shot . Good luck

@Mum5netthis is what I thought the seller would want to avoid. Thank you.

OP, not my house or my area, but one I know that happened just before turn of year. Seller told by EA to expect 15-20% over survey. Early offer came in cash -11% over survey -and they took that even though they would have got more at closing. The seller wanted certainty despite being in very hot area still holding its own. I’m sure that will play out to your favour in places where market slightly cooler.

Oops my dashes might not make that clear; it was 11% over survey. Not a negative figure.

Thanks @Mum5net property in the area is selling for significantly less than the ‘offers over’ price. I’ll update how this goes for anybody else interested 😊

Yes to an update! Good luck.

@Advocodoare you in a similar situation?

I've just made an offer on a property in similar circumstances. I was very frank with the seller and said this is what I can afford and I am looking to complete in the shortest timeframe possible. He had his house on the market for 7 months at that point and reduced the asking price twice already so was only too happy for someone to take it off his hands.

Just offer the best you can afford, the worst that happens is they say no.

Good luck!

You get 3 years to sell now so I don't think they'll worry about that.

Our house will be coming on the market soon unless someone who approached to buy it privately is able to do so soon ish.
We are also in Scotland.
We would pick someone chain free if the difference wasn't huge but would not accept 8% under asking unless the house just wasn't selling at all.

Gosh no! I haven’t moved in almost 36 years and have no intention of doing so. So stressful!

I guess it depends how desperate they are to move and what their finances are on the next place.

Which no one on here can possibly know and is something you need to find out.

@Highlandtownyes you get 36 months to sell your main residence and claim your ADS back, you still have to pay it however if you own two homes at once.

Unfortunately we didn’t even get a chance to offer and I have noticed a few properties go under offer quite quickly near us, ?possibly due to the increase in interest rates people are trying to secure sales now but I’m no expert, clearly 😭

So it’s gone? @ferociouslychristmas

@ferociouslychristmas sorry about that.
Hope something else will come up soon, lots going under offer where we are now, too.

Speak to the estate agent and ask them to let you know if it falls through.

I’m so sorry, OP. Even though you will have made it known to the EAs you are a cash buyer, be sure to tell the sellers directly once you walk across their threshold. When we sold in Oct we had 20 viewers and only 2 were cash buyers so you really are a bit of a rarity. Interestingly the cash buyers were first and fourth to view.