whats happening on this property

Jack2015

Hi

I have a property in mind where I can be a cash buyer. The property has been marketed since early autumn last year (only become aware of it in March) and according to the estate agents hasn't had much interest. The price has also come down and is now an "offers over".

So, i put in an offer which admittedly is below the offer over figure by 5k but reflects the value of the local properties. The estate agent takes the offer and said they will pass it on to the vendor.

A few days go by and we hear nothing so phone the estate agent up to see whats happening. They state there is another offer and the vendors of going with that one pending a survey.

As the price cash is right at the top of our budget. Whilst wanting for a response from the estate agents we managed to secure and be approved for a loan if we required cash to secure the property. So we up'd the figure to just above the overs offer.

It;s been a week since we put the offer in and have heard nothing. I would like to know what's going on but on the other hand not be too demanding or pestering.

Thanks for your help

dimbo61

There maybe another offer from another buyer but you do not know and the only people who do are the estate agents.
It is up to you to offer what you think the property is worth and what you can afford.

G_M

Ask.

And believe 50% of what you are told.

Or wait.

Or look elsewhere.

warehouse

Cut out the middle man and go and put a letter through the sellers door, (or knock if brave enough).

ambioni

In theory being a cash buyer should make you much more attractive to a seller than someone who has to sell their own place and/or raise a mortgage- did the EA tell the sellers this when you put in an offer?

Mallotum_X

A cash buyer is perhaps not more desirable to an agent with mortgage advice to sell.

If you are not being badgered to increase the offer then perhaps there really is another offer, rather than a fictitious one.

Maybe try a different approach and ring the agent asking about other similar properties. If they were stringing you along they will react to your question, but if they are more than happy to show others then there's probably a buyer lined up on that house.

moneyistooshorttomention

Jack2015 wrote: »

Hi

I have a property in mind where I can be a cash buyer.

As the price cash is right at the top of our budget. Whilst wanting for a response from the estate agents we managed to secure and be approved for a loan if we required cash to secure the property.

This is confusing me.

Are you a cash buyer OR do you need a loan? Its not possible to be both. Cash buyers don't need a loan - because they have the money physically sitting there in the bank.

If you need a loan (ie ARENT a cash buyer) then maybe that is where this issue is arising from???

Hoploz

They already told you they are proceeding with another offer. Maybe they still are. The EA ought to be keeping you informed regarding your offers though, so ask whether they have put it forward and what the reply was. Maybe the other buyer is not a great buyer and they will wait to see whether they secure their mortgage then come to you if they don't, but you need to ask where you stand right now