Cash buyers ruining it for everyone

duggan1

o_johnston said:

I'm only aware of a 260k cash bid. The EA just said if the cash bidder pulls out I'll be the highest bidder. That's what made me suspicious if this buyer even exists 

They do:) It seems expensive but it's probably the nicest house in Rushfield, that side of Sunnyside St. Better value for your money elsewhere in the city though.

ssparks2003

By bidding against other potential buyers you are guilty of pushing the price up, which is in turn making the market in your eyes unaffordable. Perhaps you need to stop bidding, become the start of the change and whilst you wait for this to happen, realise that the world does not owe you anything and there is no particular right to own your own home other than the fact you offered the most 

rik111

Help to buy is to help people get on the property ladder, not help those who can afford it buy their dream house ! If you want your dream house and you can clearly afford it, pay for it yourselves and stop moaning about a government scheme that wasn’t designed for the likes of yourselves.

steve866

OP - do you mean investors / buy to let landlords are pushing prices up or do you really have an issue with cash buyers?

o_johnston

steve866 said:

OP - do you mean investors / buy to let landlords are pushing prices up or do you really have an issue with cash buyers?

My experience of Belfast is landlords buying houses / flats in cash, then renting them to students. A house opposite us went for 230k a few months back, then a month later it's to let apartment A, apartment B.
Happens quite a lot.

o_johnston

rik111 said:

Help to buy is to help people get on the property ladder, not help those who can afford it buy their dream house ! If you want your dream house and you can clearly afford it, pay for it yourselves and stop moaning about a government scheme that wasn’t designed for the likes of yourselves.

I'm not rich, I've been saving for 13 years and have a deposit of 45k myself and my partner has 30k. Our dream house would be something over a million. This is the best we could afford if the asking price was the selling price.

babyblade41

Just thank your lucky stars that for that sort of price in my neck of the woods it wouldn't buy a shed ... 

I've paid more for a house because it was going to be my home for a couple of years.. it's what it's worth to you and how much you really want it... a few grand over the odds isn't going to make much difference 

youth_leader

Can you buy without HTB instead so you aren't limited in this way?  You have managed to save such a large deposit.   My daughter moved to Belfast to be with her boyfriend in August, thinks it's a great place - they are moving in together into a small rented house soon.  I am surprised the rent is so cheap there.

o_johnston

youth_leader said:

Can you buy without HTB instead so you aren't limited in this way?  You have managed to save such a large deposit.   My daughter moved to Belfast to be with her boyfriend in August, thinks it's a great place - they are moving in together into a small rented house soon.  I am surprised the rent is so cheap there.

We could buy without HTB, but anything over 250k is really 6k extra because of the loss of bonus. For this house, I would still be very tempted.

geoave1

My understanding of a cash buyer is actually having the money in the bank, no mortgage involved. We were up against a ‘cash buyer’ for the first dream home we found. we offered more but the seller still went with the cash buyer.
Ultimately cash buyers are less risky. Don’t have to worry about applying for mortgage, house being de-valued, don’t actually have to carry out searches. The reasons for chains breaking practically disappear when you have a cash buyer.
The only advice I can give is when you find ‘the one’ you have to put all your cards on the table. Don’t try to offer below the asking and send the EA your AIP even if they don’t ask for it when you make your offer and ask for an exclusivity agreement to be drawn up to show you are serious and to stop you from getting gazumped. We managed to find another dream home and I was adamant not to lose it again, we were up against a cash buyer who was offering more but we made it clear to the EA we were not going to get into a bidding war,  offered to pay a deposit to sellers solicitor (via our solicitor) by way of agreeing to an exclusivity agreement. The seller went with us but also they just preferred us so that can also work in your favour when you’re not a cash buyer! The market has so many actual cash buyers atm and it’s so saturated at every price point!