Guzumped by a BTL buyer something dodgy?

jjlandlord

You're going to make offers on properties and they are going to be rejected, or accepted they you'll be gazumped, or the sale will fall through later, etc.

That's life.

As soon as you think it is not going to happen there is no point wasting time on it any longer: just move on.

Okydoky25

AdrianC wrote: »

In what way "dodgy"?



For whatever reason they like. Maybe that buyer talked to their cat and laughed at their bad jokes? Remember, the fact that you're an FTB and they're a BtL might be relevant to _you_, but they couldn't care a toss what happens to the house next. They just want to get to exchange and completion in the fastest, most hassle-free time possible, with the maximum amount of money reaching their pocket. Neither of you have a chain. Both require a mortgage - BUT you're clearly struggling at the upper end of your affordability, and you've already thrown a potential spanner at them, with the damp retention request. The other buyer is just happy to hand them money, and is clearly more flexible on the affordability. It all points towards an easier sale.

Please read again. We have had no retention request that was the last buyers who had to pull out. We are not struggling either. Rather than hold the sale up to raise a new mortgage offer for the higher price we have said we will pay the extra £6k in cash.

Batchy

Okydoky25 wrote: »

I was in the process of purchasing a Repo. Full asking price.
The vendors would not accept my offer until we had a mortgage offer as the previous sale had fallen through as the buyers could not afford a retention for Damp work on the property.

The Morning we get our full offer with no retention (good deposit) we get told the venders have accepted an offer from someone else. We assumed a cash buyer as ours was not accepted until we had mortgage in place.

We upped our offer but again they said they wanted to see the mortgage offer in writing 1st (but not from the other buyer who outbid us!)

I have since found out it is a BTL and they do require a morgage.

I am happy to raise my offer again but I know the property is only valued at what the other buyer is now willing to pay.

I have also offered to go with the original mortgage offer and pay the rest in cash to save time however they are still insisting that our lender needs to send an amended offer to show the new purchase price. Does not make sense to me. Why does it matter?

Am I being paranoid something dodgy is going on. Why accept an offer from a BTL needing a mortgage but not a 1st time buyer?

I guess the agent is doing everything possible to put you off, so other vendor doesnt pay too much more. Maybe a brown paper bag with a few ££££ in saves even more ££££'s in the long run, good value.

Old school, never trust the Agents ... the idea is, to play the game better than others!

kingstreet

Okydoky25 wrote: »

Rather than hold the sale up to raise a new mortgage offer for the higher price we have said we will pay the extra £6k in cash.

You'll still need a new mortgage offer, as there's been a change in the purchase price.

Okydoky25

kingstreet wrote: »

You'll still need a new mortgage offer, as there's been a change in the purchase price.

But so will they and they are accepting their offer which is now lower than the one they won't accept from us?