Tired of house hunting

Locornwall

Yes, as the title suggests, I’m getting tired of the cat and mouse game that is house buying.

We have found a nice house we both really like. It’s up for £440k. The sellers are older and one of them is losing their sight, therefore they wish to sell this one. I’m in the process of selling my home, so will become cash ready within the next 6 weeks. My thought process is that they would probably take money off the house, given the current situation seems to be it’s a buyers market. Therefore, they may go down to £420k for a normal chained buyer. Given I’m a cash buyer, do you think I’m being offensive to offer £400k? I get I can make an offer as I like, however I don’t want to get into the game of up and down offers.

eddddy

Why are you thinking they will accept a lower offer from a cash buyer?

It sounds like you're suggesting that they would essentially pay you £20k, (i.e. take £20k less) because you might be able to complete more quickly.

If I were the seller, I'd happily wait a few weeks, if it gave me an extra £20k in my pocket.

Are the sellers particularly keen to move quickly? Have they found a place to move to? Is there a chain above them? If they're not in a special hurry, your offer of a fast completion may be of no value to them.

Having said that, it's worth mentioning when you make your offer that your sale is well advanced.

(Where will you move to if the sale on your current place completes, before you complete a new purchase?)

Locornwall

We will be abroad almost all August, so I’d need to organise something for when we got back, hopefully a purchase will be progressed by then if not almost completed.

I’m not sure if they are desperate to move on. The house was on the market for 3 months and after that they put the price down 20k. Therefore, I think they must want to move on, maybe not urgently, not sure. It’s been at the new price for 3 weeks.

My personal feeling in my area anyway is that house prices have fallen approximately 10% on average. I’ve even been looking at new builds, which the agent hinted they’d take an offer on the asking price.

mollycat

Locornwall wrote: »

Yes, as the title suggests, I’m getting tired of the cat and mouse game that is house buying.

We have found a nice house we both really like. It’s up for £440k. The sellers are older and one of them is losing their sight, therefore they wish to sell this one. I’m in the process of selling my home, so will become cash ready within the next 6 weeks. My thought process is that they would probably take money off the house, given the current situation seems to be it’s a buyers market. Therefore, they may go down to £420k for a normal chained buyer. Given I’m a cash buyer, do you think I’m being offensive to offer £400k? I get I can make an offer as I like, however I don’t want to get into the game of up and down offers.

Yes. 100%

You obviously feel entitled to get a £440K valued house for £400K....want to run why that is feasible past me again; i didn't get it the first time.

babyblade41

In my experience after many many house moves, whenever I've been in a no chain, cash buyer scenario it hasn't been any quicker and twice has taken longer ...or is it possibly because they are in their prime you might be able to make a few quid??

If you offered what you hope to , you wouldn't be buying it at all.... hopp it whipper snapper !!

Smodlet

babyblade41 wrote: »

In my experience after many many house moves, whenever I've been in a no chain, cash buyer scenario it hasn't been any quicker and twice has taken longer ...or is it possibly because they are in their prime you might be able to make a few quid??

If you offered what you hope to , you wouldn't be buying it at all.... hopp it whipper snapper !!

Agree 99%... babyblade41, whippersnapper is one word.

Locornwall

Ok, if I end up buying I’ll let you know how much it cost me.

Thrugelmir

Locornwall wrote: »

so will become cash ready within the next 6 weeks. .

If I was the vendor I'd leave the property on the market. Absolutely no guarantee that you will proceed nor that a better offer might be made in the meantime.

Locornwall

I’d be happy to go along with that scenario, as we would move quickly.

Smodlet

Locornwall wrote: »

I’d be happy to go along with that scenario, as we would move quickly.

You move at the pace of the slowest link in the chain...

Locornwall

No upwards or downwards chain.