Had a cash offer, what to do next?

Doozergirl

bina72, it would be very unusual for a first offer to also be the last. I am sure they will come back with another offer. debt_free_chick's advice is good.

Even if they don't up their offer then you can always go back and change your mind. Most people don't lose interest simply because you say no.

It's a shame that people have to call you a dimwit on another board rather than offer you their own respectful form of advice, but that is the nature of some, I'm afraid.

The privet thing is quite funny though

EDIT: Do ask the agent to ask for proof of funds if you ever get to the point of accepting an offer from them. Too many people think they are cash buyers when they aren't!

dolce_vita

iainkane wrote: »

Talk of house price crashes make me laugh, aint never gonna happen. Unless you possibly live in central london. However if there is I'll be waiting, withy some buy to let mortgages and wait for it to go back up as it will do, and besides the outlook for interest rates in down in the short - medium term.

If house prices crash it will be accompanied by all sorts other problems,
eg massive unemploment, even tighter lending and all sorts of other economic nasties that I'm sure sure someone like the Gen will explain.

One thing I do know is that BTL mortgages will be hard to come by and cash will be king.

You obviously have no experience of the last crash and I would guess you haven't got the cash to launch your property empire either.

good luck.

SquatNow

I hate to burst you bubble by stating the obvious, but your flat is only worth what someone is prepared to pay for it.

You think it's worth £119k, the market thinks it's worth £109k. The market is never wrong. You need to drop your price. The estate agent may tell you it's worth £119k. They may tell you it's worth £125k. They could say it's worth £46bn... it really doesn't matter, they're talking out of their @rse, it's only worth what someone will pay you.

If you hold out you might get lucky, the market may up it's offer... or it could walk away and buy different flat. Every second that buyer isn't spending handing you their cash they could be spending looking at other flats. You should be asking yourself one question: Do I feel lucky? Well... do you?

If you sell now you know you'll get £109k. If you hold out for a better price, in the current market, you might only get £99k

Basic economics: Until the buyers cash is in your bank account, your flat is worth exactly £0.

Gorgeous_George

dolce_vita wrote: »

One thing I do know is that BTL mortgages will be hard to come by and cash will be king.

That is probably one of the few things that you don't know.

Tighter lending criteria will not impact BTL mortgages very much IMHO as these are provided on the security of the likely yield. Any lender providing a BTL usually has two potential properties that any losses could be recovered from - the BTL itself and the borrower's own home.

Thinking about it, BTL mortgages should be cheaper than residential mortgages as they are more secure PROVIDING THE NUMBERS STACKED UP IN THE FIRST PLACE!

PS. OP, snap their hands off but say you want to exchange within 3 weeks or so.

GG

Cardiffborn

Make sure it is cash - my liars, sorry I mean estate agents (no liar estate agents is the truth) said it was cash but it wasnt.

Debt_Free_Chick

SquatNow wrote: »

I hate to burst you bubble by stating the obvious, but your flat is only worth what someone is prepared to pay for it.

Agreed. It's just a more expensive car boot sale ....

Me: What do you want for that mirror?

You: £10

Me: Will you take a fiver for it (:rolleyes: )

You: I'll not settle on less than £7.50

Me: Done deal

So you see .... I was only "willing" to pay a fiver for it, but you (silver-tongued shyster you) talked me up to £7.50!!!

Now then .... who's the mug?

And, more importantly, who set the price???? :rotfl:

Nationalist

Five months, no offers? I'd be inclined to take the £109K. But you could also go back with £114,995 and remember to emphasize it's already reduced from £125K.

bigjoe

Debt_Free_Chick wrote: »

I reckon it's a cheeky offer and I don't blame them (they didn't have Phil or Kirsty standing next to them, did they?)

If they had of done Krusty would have had the buyer offer 150k. She's a nutter.

Anyway check out what other flats have been selling for and see what they are worth really at the moment. Then you will know if the offer was cheeky or not.

Also there are no stupid questions on here. Only stupid people. :rotfl:Ignore the other forum.

bigjoe

iainkane wrote: »

Talk of house price crashes make me laugh, aint never gonna happen. Unless you possibly live in central london.

:T I hate londoners too.

SquatNow

Debt_Free_Chick wrote: »

Agreed. It's just a more expensive car boot sale ....

Me: What do you want for that mirror?

You: £10

Me: Will you take a fiver for it (:rolleyes: )

You: I'll not settle on less than £7.50

Me: Done deal

So you see .... I was only "willing" to pay a fiver for it, but you (silver-tongued shyster you) talked me up to £7.50!!!

Now then .... who's the mug?

And, more importantly, who set the price???? :rotfl:

No, you were willing to pay £7.50 for it, else you would have told them where to stick their 7.50...