Deluded vendor

tim123456789

laidbacklou wrote: »

Really disappointed as the vendor of the house has refused to negotiate a lower price after our survey came back 15% lower than agreed. He has put the house back on the market and is apparently waiting for a cash buyer. I know there is nothing we can do but i feel so frustrated with us being a week from exchange and have been so patient while he sorts the JK problem out (which is another story!). I mean what person in their right mind would want to pay 15% more than what a house is worth, with JK in the garden, and repairs to do, and pay in cash as well! Surely it will be a rare find for such a buyer to come along?! Feeling upset.

there are lots of vendors who think that cash buyers will overpay

the reality is, they are the ones most likely to want to leverage their position to get a bargain.

tim

moneyistooshorttomention

tim123456789 wrote: »

there are lots of vendors who think that cash buyers will overpay

the reality is, they are the ones most likely to want to leverage their position to get a bargain.

tim

Dunno. A cashbuyer was also after mine at the time it sold and my estate agent told me that they would be more likely to "try it" to get a reduction on agreed price than the homebuyer that also wanted it.

Their suggestion was to try and get things done as fast as possible (whichever buyer I chose) to minimise the chances of "dirty games trying to reduce the price subsequently" and to warn all buyers along the line that they would be thrown out by me the second they tried anything like that on (true- I would:T).

So, I tend to think from that that its possible to take on a cashbuyer without there being a risk of them "trying it on" if they have it made crystal clear to them at the outset that it seriously wouldn't be worth their while to "try it on" and don't even think of proceeding any further if they had that in mind to have a go at later on in proceedings.

tim123456789

moneyistooshorttomention wrote: »

Dunno. A cashbuyer was also after mine at the time it sold and my estate agent told me that they would be more likely to "try it" to get a reduction on agreed price than the homebuyer that also wanted it.

Their suggestion was to try and get things done as fast as possible (whichever buyer I chose) to minimise the chances of "dirty games trying to reduce the price subsequently" and to warn all buyers along the line that they would be thrown out by me the second they tried anything like that on (true- I would:T).

So, I tend to think from that that its possible to take on a cashbuyer without there being a risk of them "trying it on" if they have it made crystal clear to them at the outset that it seriously wouldn't be worth their while to "try it on" and don't even think of proceeding any further if they had that in mind to have a go at later on in proceedings.

For the avoidance of doubt I was not suggesting that a cash buyer would be more likely to gazunder the vendor.

I'm suggesting that they will properly value a property before offering and make a lower offer due to the lack of risk of pulling out because the buyer can't get a mortgage.


tim

phoebe1989seb

moneyistooshorttomention wrote: »

Dunno. A cashbuyer was also after mine at the time it sold and my estate agent told me that they would be more likely to "try it" to get a reduction on agreed price than the homebuyer that also wanted it.

Their suggestion was to try and get things done as fast as possible (whichever buyer I chose) to minimise the chances of "dirty games trying to reduce the price subsequently" and to warn all buyers along the line that they would be thrown out by me the second they tried anything like that on (true- I would:T).

So, I tend to think from that that its possible to take on a cashbuyer without there being a risk of them "trying it on" if they have it made crystal clear to them at the outset that it seriously wouldn't be worth their while to "try it on" and don't even think of proceeding any further if they had that in mind to have a go at later on in proceedings.

Sorry Money, but I don't understand your concept of *cashbuyer* v *homebuyer* here - we've been cash buyers twice (although whilst not needing a mortgage, we did still have a house to sell to fund our onward purchase, so I guess maybe that's not the type of *cashbuyer* to which you refer) but are still homebuyers.

Being a cash buyer doesn't automatically move you into the realms of an investor/property developer IMHO

Maybe you meant to use the term *investor*

Our current house was offered on by a couple that desperately wanted to buy it, but being in such a deplorable state they were unable to obtain a mortgage to buy it. We came along - relatively short chain of three behind us - after they had reluctantly walked away, offered *slightly* under AP and completed within five weeks.........