Cash buyers and gazunder'ing

InquisitiveMind

I'm in a position to pay cash for a property. If there are properties that have had an offer made, am I in a strong position as a cash buyer if I gazunder?

mrginge

So to clarify, you are suggesting finding a property that is under offer and then offering a lower price to the seller on the basis that you have cash.

i wouldnt hold out too much hope tbh.

Landofwood

I don't think he knows what gazunder means.

I think he means gazump.

Daerve

A cash buyer is not necessarily an attractive proposition to a seller.

You may find if you try and gazump you'll be told to get lost let alone gazunder.

somethingcorporate

gazunder? no chance.

gazump possibly, but when properties are under offer most vendors won't allow viewings from new people.

InquisitiveMind

Daerve wrote: »

You may find if you try and gazump you'll be told to get lost let alone gazunder.

Why is this so?

Daerve

InquisitiveMind wrote: »

Why is this so?

Because some people believe that when a deal is agreed it should be stuck to.

I wouldn't sell to anyone else now even if they offered more money, especially as cash buyers are often investors and at the slightest whiff of trouble will pull out.

InquisitiveMind

Interesting. I always thought it's a case of "nothing personal, it's only business"!

I understand your sentiment regarding cash buyers though. As a FTB I'm naive to it all!

Daerve

InquisitiveMind wrote: »

Interesting. I always thought it's a case of "nothing personal, it's only business"!

I understand your sentiment regarding cash buyers though. As a FTB I'm naive to it all!

It is nothing personal to most cash buyers which is exactly the problem.

We initially accepted a (good) offer from a cash buyer and then had an offer accepted on our onward purchase only for the cash buyer to decide a week later he didn't want it because he'd found something else.

It messed us and our vendors around no end along with all the stress of potentially losing a house we liked very much.

goodwithsaving

Willing to gazump? That's lovely of you. If the shoe was on the other foot.....
Thankfully some vendors stick to deals they've made.
If it works, it works but I'd question your morals.

InquisitiveMind

Buying a house is essentially a business transaction. One party walks away with money, the other a house. If someone comes along offering more money for something, why wouldn't anyone accept it? That's what I meant by "it's nothing personal, it's only business". I wouldn't think about if I was on the other end because I'm not.

People don't become lovey friends after the transaction. It's only business.