How advantageous is a good deposit and no chain?

p00hsticks

lookstraightahead said:

You need to find out for sure why it fell through. Has the vendor changed the property they want to buy?

OP says there is no forward chain - property is an empty probate property

lookstraightahead said:

it seems strange that they have recently put on for more after it fell through especially if they are in a hurry - why would anyone risk it taking longer / being undervalued after hiking the price up, if they are in a rush. Unless they just can't see past the extra money, which they probably won't get based on buyers knowing it was on for less just a little while ago, and the uncertainty for vendors going forward. 

If the vendor (executor) is not also the sole beneficiary, then there may be pressure form the other beneficiaries to obtain the best price for the property.

TheJP

HotPantsCruiser said:

TheJP said:

Brodel said:

My partner and I started looking in August '21. We saw a house we liked so we put an offer in but didn't feel comfortable increasing it at the time because we hadn't viewed any other houses and so it went to someone else. Now that we've looked at quite a few it's clear it was the best by quite a distance.

Fast forward 6 months and it's back on the market for £25k more because the buyer couldn't meet the deadline set by the owner.

We know that the owner would like to sell it to someone local who is looking to start a family (which is our situation) and can move fast as the house has gone through probate and is sitting empty. We are renting so have no chain and have a deposit that is almost 50% of the asking price.

Interest on mortgage rates have gone from 0.99% when we were looking in August, to 1.59% today, which means offering at the new asking price would stretch us to our limit.

It's probably difficult to say, but how much of an advantage do we have with our deposit and no chain, is it enough to put a cheeky offer in, or does it not count for much given how crazy the market is right now?

Thanks in advance.

Id say the £25k hike is due to the market increase and not deadlines, could be a host of reasons why this fell through.

High deposit and chain free will make you attractive but wont change the price you pay.

Why not ?

Its a formality that doesn't affect the worth of the property unless the seller needs the sale to go through ASAP. Id happily wait an extra couple of weeks to get the price the house is worth. Money is money at the end of the day.

HotPantsCruiser

Brodel said:

My partner and I started looking in August '21. We saw a house we liked so we put an offer in but didn't feel comfortable increasing it at the time because we hadn't viewed any other houses and so it went to someone else. Now that we've looked at quite a few it's clear it was the best by quite a distance.

Fast forward 6 months and it's back on the market for £25k more because the buyer couldn't meet the deadline set by the owner.

We know that the owner would like to sell it to someone local who is looking to start a family (which is our situation) and can move fast as the house has gone through probate and is sitting empty. We are renting so have no chain and have a deposit that is almost 50% of the asking price.

Interest on mortgage rates have gone from 0.99% when we were looking in August, to 1.59% today, which means offering at the new asking price would stretch us to our limit.

It's probably difficult to say, but how much of an advantage do we have with our deposit and no chain, is it enough to put a cheeky offer in, or does it not count for much given how crazy the market is right now?

Thanks in advance.

Red flag, and the seller sounds a bit deluded about price TBH, find somewhere else to buy IMO.