How difficult can it be to buy with cash?

fellwalker09

Have been searching for the right house for 6 months - due to specific requirements in my family relating to disabilities it has been a very difficult search.
Found a fab house the other day, viewed it earlier today and discovered there were block viewings -2 others after us and more tomorrow and no doubt at the weekend. The house is empty, old fashioned and I can't find any previous sale for it so presumably it has been in the same hands for many years.
Have made an offer for full asking price to EA. They turned around and said that there was a lot of interest in the property (it's new to market) and informed me of the viewings lined up. She said it was an external company managing the sale for the previous owners and she would get back to me later. Having spoke with her later, she informs me that although she's left messages for this company, they haven't got back to her and they may not tomorrow either.
Is this bull? Either she's telling the truth, which helps them all out as viewings continue, or it's bull. Either way they get the chance to see if they can get any more offers. I'm not prepared to go higher -the house is old and needs modernisation -also has some damp issues. From today I see it's also advertised with Home Search Direct, so dual agency. Any tips on how I should play this? Any advice appreciated, thanks.

mrcow

If you've offered the full asking price and don't wish to go any higher, then there is your answer.

You just need to wait and see if your offer is accepted.

G_M

The only other action you could take would be
a) to increase your offer - but this is clearly premature as your current offer has not yet been rejected or
b) put your offer in writing together with the fact that you are a cash buyer (I asume)

Then you just have to be patient.

If there are other people viewing it is not surprising the seller (or their agent) is waiting till all interested partiies have viewed - after all, they want the maximum number of interested buyers in order to get the maximum price.

fellwalker09

Yes, I understand. It is ironic though - houses are stagnating, minimal sales, prices being reduced almost every week now and here I am, and it looks as though I could be priced out. I wouldn't offer more -to be honest, I think there's a chance it could be valued at less anyway. So, as you say, be patient. I guess something else will come along eventually if I'm not successful. Thanks.

equus

Fellwalker, taking a guess you are in Cumbria? User name and Home Search Direct reference. All I can say is there are not enough derogatory words I can use when discussing Cumbrian EA! Good luck and hope you have your offer accepted. Why not see if you can find owners details or if any mention of the other company involved from Land Registry and send the offer in writing direct to them?

fellwalker09

Thanks for replying. I checked out zoopla and there's no date on the property at all but then they only go back to 1995. So, I don't know if the house has been bought by one of those shark companies that buy houses for cash, or what. Still, I can't imagine anyone else would be pleased about having to wait for days to see if their offer for full price is accepted. It's ridiculous. I spoke with the Cumberland EA recently, and she informed me that the majority of offers now are well below asking price, with a lot of tough negotiating going on. She also said that some offers are as much as 50k below asking price, but that would be on the higher priced ones I guess, late 200k+. Anyway, have decided to ring them tomorrow afternoon, early and express my dismay if no further forward. Thanks again.

Strapped

fellwalker09 wrote: »

She said it was an external company managing the sale for the previous owners and she would get back to me later. Having spoke with her later, she informs me that although she's left messages for this company, they haven't got back to her and they may not tomorrow either.

It's possible that it may be a repo, in which case the EA is probably telling the truth - the offer would need to be submitted to the client in writing and then they're a nightmare to get hold of. (Was the property particularly low priced?)

fellwalker09

I never thought of it being a repo -you may be right, but then surely I should be informed as usually even if they accept the offer, they will continue marketing -also some even advertise your offer in order to attract a higher bid, ie gazumping! In which case I won't be happy and it may not be worth the hassle, after all, I don't wish to lose cash on surveys & solicitor and then lose the house to a higher bidder. I do have a 2nd property which is good, in a lovely spot, its just that it's a higher cost and it doesn't feel like 'the one', if you get my meaning. But, if needs be, I'll go after that instead. It's being sold in the 'usual way', no repo, no company. Thanks again. I am one very frustrated buyer -imagine that in today's market -not even the buyers have it easy.

sham63

Been in a similar situation. First to view, offered full asking (as a cash buyer) EA says 'loads of interest', 30 viewings later it goes to sealed bids, we win at £20k above asking (we then pull out after dodgy survey!)

fellwalker09

Hi, thanks for the reply. Have just phoned the 2nd EA who is also marketing the house. They were nice and informative, telling me it's a probate sale and the company, even if my offer is accepted, will continue to market the house until exchange. They said that this means there is a chance we could lose to another higher bidder, but that's the chance you take. I guess it could also go to sealed bids as you said. Question is do I take the chance? I'm surprised that our own EA could not give me that info yesterday when I made the offer. Going to ring them now and tell them what I know.

sham63

Yes, ours was a probate sale as well. Hope yours doesn't go to sealed bids - it's a nightmare!

If there is alot of interest in the house it will drag on - however you are in a strong position as a cash buyer.

If it needs modernisation, you will also be able to outbid the developers!