Competing with a cash buyer - help!

quantic

Sounds very much like what the estate agents told us. Property was up for £129,995... They refused our offer of £120,000 so we walked away and then 6 months later accepted £110k from us ... all of the other parties where the estate agents imaginary friends it seems.

poppy10_2

LOL, the old"cash buyers ready to purchase" con trick. Ignore the estate agent, they are pulling the oldest scam in the EA book, it's highly unlikely there is anyone else interested in the property at all, it's a complete fiction designed to get you to up your offer.

[Deleted User]

Two more viewing tomorrow? This seems to indicate that the vendor hasn't actually accepted the 'offer' of £185K (yet anyway). "Think twice and act once".

GDB2222

poppy10 wrote: »

LOL, the old"cash buyers ready to purchase" con trick. Ignore the estate agent, they are pulling the oldest scam in the EA book, it's highly unlikely there is anyone else interested in the property at all, it's a complete fiction designed to get you to up your offer.

Or ...... it's a genuine bid. Who knows? That's the point. FUD.

Thrugelmir

poppy10 wrote: »

LOL, the old"cash buyers ready to purchase" con trick. Ignore the estate agent, they are pulling the oldest scam in the EA book, it's highly unlikely there is anyone else interested in the property at all, it's a complete fiction designed to get you to up your offer.

There are plenty of people who offer low cash bids. Just the one offer in my experience then they walk away. No interest in negotiating. As normally they've costed in what they want to do the property.

Thrugelmir

quantic wrote: »

Sounds very much like what the estate agents told us. Property was up for £129,995... They refused our offer of £120,000 so we walked away and then 6 months later accepted £110k from us ...

If the vendor received a similar reduction in price on the property they moved to. Then they haven't lost anything.

phoebe1989seb

Regarding the 'unmortgageable or not?' aspect, we bought a house earlier this year that was unmortgageable although it did have a rudimentary kitchen and bathroom. As a period renovation project that had been abandoned half-way through by the vendor it required (and still does, lol as we are taking our time to get things right!) masses of work, but I'm not quite sure what exactly renders a property 'unmortgageable'........

In this case we were the cash-buyers (although we were dependent on our house selling but this had almost reached the exchange stage by the time we offered on our purchase) and the other couple had been trying for months to get finances together to buy, but ultimately the vendors grew fed-up with waiting and remarketed. We viewed the day after it was remarketed, offered a couple of days later and moved in a month later.

Admittedly our offer was not much below asking price, but as we had lost out on another similar house that sold the day before we accepted an offer on our own and period projects were hard to find in that neck of the woods that weren't listed, we felt it was worth paying a little more.......

Smilver

quantic wrote: »

Sounds very much like what the estate agents told us. Property was up for £129,995... They refused our offer of £120,000 so we walked away and then 6 months later accepted £110k from us ... all of the other parties where the estate agents imaginary friends it seems.

Very true, EA's are in desperate times. They will make anything up. If someone told me I am competing with a cash buyer I would ask "well why is a chash buyer interested in this place?" Is there something wrong with the house and it has been hard to get a mortgage in the past? I should lower my offer.

jackieb185

I would say you are as good as a cash buyer (poss better depending on how they are getting their cash). You have a mortgage in place, and a deposit I assume, you don't have anything to sell, so you are in a position to move as quickly as the legal process allows you, which is more or less the same legal process a cash buyer has to go through.
If a cash buyer is depending on a sale of other property to buy this, then they are not a cash buyer, they are in a chain which could collapse at any time.
Hold your nerve, DO NOT pay more than you want to, believe in the old saying "whit's fur ye'll no go by ye!" (translated if this is the house for you then you will get it)

jackieb185

oh, and how you can make a serious offer without knowing what the survey says - if this house has been empty for years you might find more problems that you could ever imagine!