Cash Buyers

trulysaintly

tgon wrote: »

A time waster and doubtful cash buyer unless your EA has had sight of her bank statement.

Cheers,

Apparently our agent has dealt with her recent house sale and has also dealt with her with previous transactions - so I have no reason to believe that she's not the real deal.

sdooley

But you are playing games too - you admitted yourself you were expecting her to come back with negotiations. If she is in private rental it may be because she had to sell her own property - possibly also well below what she expected. Once she finds a forced sale she'll be able to buy. As you say, you're not a forced sale, which means in this market you probably won't sell, unless you are lucky.

PasturesNew

From her perspective, the market's her oyster and she wants to make sure she buys the right house at a price she's happy with.

And your lowest price wasn't the price she was happy with.

I don't see anything wrong in what she did. You've had an offer. A house is worth what somebody wants for it and what somebody's prepared to pay for it and the money available (cash or mortgageability).

At the moment, with no buyer, your house is:
1] not worth what you want for it, because you've not got a buyer at that price
2] not worth what she's prepared to pay for it, because you won't go that low

Your house is not worth to her what it is worth to you.

trulysaintly

sdooley wrote: »

But you are playing games too - you admitted yourself you were expecting her to come back with negotiations. If she is in private rental it may be because she had to sell her own property - possibly also well below what she expected. Once she finds a forced sale she'll be able to buy. As you say, you're not a forced sale, which means in this market you probably won't sell, unless you are lucky.

If she would have made it clear that her offer was her FINAL offer, then I see your point.

As anyone who has bought and sold is aware, the first offer is usually the cheeky one to get the ball rolling.

That's why I was expecting her to come back for negotiations - not because I was playing games - as previously stated I am willing to drop my price or make other concessions to get a deal sorted.

However, I have a budget which I have to meet so that the remaining equity covers my moving costs, minimum deposit etc.

Sometimes things aren't so black and white as you paint them. BTW her last property sold, mortgage free, in the region of £500k, so I don't feel sorry for her.

Banderman

trulysaintly wrote: »

Hi all,

Just thought that I'd share my experience with a cash buyer - which I guess explains how the sale market is at the moment.

We have been on the market since February - then switched agents one month ago. New agents have marketed our property differently and viewings have increased as a result. We have also dropped asking price by £10k since Feb in order to move with decreasing market.

Last Thursday my wife gets a knock at the door from a 'drive-by viewer' - asks if she could look around the property as she saw our For Sale sign. We liase with our agent and they suggest (she has already declared that she is a cash buyer) that my wife shows her round.

After doing so, viewee declares her undying love for our house and asks for us to let her know 'what our lowest acceptable offer would be' - exact words. She is also apparently desperate to move because she is in temporary rented accommodation.

I'm at work, so I meet up with my wife at lunchtime to discuss. We go back to her (through our agent) with our lowest figure, bearing in mind we will make nothing out of the deal apart from covering our costs and being able to move - which is the main aim.

She thinks about it for 12 hours, comes back with offer £12K below the figure she asked for !!! :eek:

Needless to say that was declined, but we thought that negotiations were going to continue - we felt we could re-jig some other finances to make it happen....

What happened next? Nothing. She didn't even pick up the phone to the agent - yesterday we found out that she is now holding out for a particular street in an adjoining village - where properties only come up every 4-5 years.

We figure that she will return within a month to see if we will drop our price to meet her figure, but we can't do that. She did the same last month to someone else as well..:mad:

Just goes to prove that 'cash buyers' aren't always the most honourable buyers....

BTW anyone fancy moving to the New Forest - I'm willing to do a deal to make it happen!!!!

http://www.rightmove.co.uk/viewdetails-18069082.rsp?pa_n=1&tr_t=buy

A canny buyer IMHO. She doesn't want to lose out which is understandable given the current market.

Debt_Free_Chick

Some interesting replies.

I feel for you - I really do.

BUT .....

If the buyer had posted on here, I'm willing to bet that our response would have been for her to go in and lower her offer, in exactly the way that she has done (Banderman has it right, I'm afraid)

You can only do what is right for you. But remember that genuine cash buyers in today's market are worth their weight in gold! :T

Lotus-eater

trulysaintly wrote: »

As anyone who has bought and sold is aware, the first offer is usually the cheeky one to get the ball rolling.

I hate to mess around, I can perfectly see why someone would make an offer on a house and then walk away if its not accepted.
She's just waiting until someone does accept that low offer and who can blame her?

Face it, its a buyers market, the bottom has fell out of housing sales, in a years time you may be praying for someone else to offer you that price.

You say you won't make any money out of it? Where does it say that you are not allowed to lose money on a house? It will be happening to lots of homeowners.

Troubled_Joe

Your house is for sale.....she made an offer......you rejected it.

I'm really failing to see how she's acted in any way dishonourably.

Snooze

trulysaintly wrote: »

Hi all,

Just thought that I'd share my experience with a cash buyer - which I guess explains how the sale market is at the moment.

We have been on the market since February - then switched agents one month ago. New agents have marketed our property differently and viewings have increased as a result. We have also dropped asking price by £10k since Feb in order to move with decreasing market.

Last Thursday my wife gets a knock at the door from a 'drive-by viewer' - asks if she could look around the property as she saw our For Sale sign. We liase with our agent and they suggest (she has already declared that she is a cash buyer) that my wife shows her round.

After doing so, viewee declares her undying love for our house and asks for us to let her know 'what our lowest acceptable offer would be' - exact words. She is also apparently desperate to move because she is in temporary rented accommodation.

I'm at work, so I meet up with my wife at lunchtime to discuss. We go back to her (through our agent) with our lowest figure, bearing in mind we will make nothing out of the deal apart from covering our costs and being able to move - which is the main aim.

She thinks about it for 12 hours, comes back with offer £12K below the figure she asked for !!! :eek:

Needless to say that was declined, but we thought that negotiations were going to continue - we felt we could re-jig some other finances to make it happen....

What happened next? Nothing. She didn't even pick up the phone to the agent - yesterday we found out that she is now holding out for a particular street in an adjoining village - where properties only come up every 4-5 years.

We figure that she will return within a month to see if we will drop our price to meet her figure, but we can't do that. She did the same last month to someone else as well..:mad:

Just goes to prove that 'cash buyers' aren't always the most honourable buyers....

BTW anyone fancy moving to the New Forest - I'm willing to do a deal to make it happen!!!!

http://www.rightmove.co.uk/viewdetails-18069082.rsp?pa_n=1&tr_t=buy

Personally I think you were foolish to turn her down (I'm basing that statement on her being genuine and having the money ready). Too many seller's have their heads stuck in the sand at the moment and think their properties are worth what they say it is and aren't interested in any realistic offers. Granted, £12k off is no small amount but theoretically you should be able to offload the property a lot quicker than a buyer who needs a mortgage so you should take that into account.

You might be sitting pretty at the moment thinking you've got the upper hand but as the market continues to fall I wonder how long it will be before you're kicking yourself for brushing her off...

2p.

Rob

lincroft1710

Firstly, would love to move to NF - but OH is happy where she is. Your cash buyer seems to be playing a similar game as the guy who goes up to 100 women and asks them to sleep with him. In 99 cases he'll get his face slapped, but one will say yes. If she's patient one vendor is going to accept her offer. I've been to car boot sales, asked the price of an item, which to me is worth £2 and been told it's £5 and after some discussion paid £2.

Unfortunately for sellers it's a buyer's market and the overinflated prices of 12 months ago can't be sustained. As agent knows her, and if you're willing to drop your price, tell him to suggest to her that you might accept £6k above her offer.