Which buyer to go for dilemma??

tetrarch

My advice would be to leverage your new "relationship" with the £265 people

I would ask them what they would do if their mortgage application or valuation comes in lower. Do they have other funds if things don't go as planned?

Tell them you have another offer, if they really love it as much as they say then they will pull out all the stops to secure it and keep you on board

Regards

Tet

koalakoala

I always go with the highest bidder and hope for the best !

Ramouth

If the mortgage free buyer actually had the cash in the bank their offer would be very attractive.  Otherwise, unless you know something terrible will turn up on the survey, the chain free buyer is definitely preferable.  The shorter the chain the better.

danlightbulb

Please go with the couple offering £265k. What else can these people do? They have made the best offer and got themselves into the best possible mortgage position they can. Give people a chance over cash buyers who already got lucky before.

This market needs kind sellers who are willing to give people a chance in their lives if they have done the best they possibly can.

Ive been and am in the same position right now. Chain free, normal honest person with normal honest job, offered £10k over a house didn't get it, have found another and offered £20k over. Willing to go £30k over but if someone comes in with cash and throws silly money at it what can I do?

Please go with the couple not the cash buyer.

Okey00001

bambi1980_2 said:

Well we put our house up for sale last Thursday for £250k and were inundated with requests for viewing. We had 15 viewers, 3 of which offered asking price and one slightly over. It went to best and final offers and the result is, £255, £258,555, £262 and £265.

From the top two offers;

The £262 couple are cash buyers from the sale of their own property. 10th June has been agreed by their parties for sale of their house although contracts have not yet been  exchanged. They can move in with family once their sale completes.

The £265 couple are living in rented after selling their property and with finance with 25% deposit and 75% mortgage. They have a DIP in place. They have paid 6 months advance on their rent up to October. There is always the issue that their full mortgage application won't be successful or the mortgage valuation may be lower.

We are unsure whether to take a chance that there won't be a lower mortgage valuation or go with guaranteed cash buyer. 

We also feel bad as the £265 couple are in love with our house and posted a lovely note through saying how much they loved it and wanted to bring up their kids there.

What do people advice? Is is common for the valuation to be lower?

Thanks in advance

I havent read the other posts ..but deciding which one .... You must check they have the finances ready.  The estate agent needs to do this and the buyer that has PROVED that they have finance ready for purchase ..is the buyer you choose.

- Buyers can offer higher just to secure the sale and then let you down later.

- Buyers do tend to say they have "cash" but actually do not have enough.

- Buyers also do not have their mortgage ready.

Both need to have evidenced this before you decide.

Slinky

danlightbulb said:

Please go with the couple offering £265k. What else can these people do? They have made the best offer and got themselves into the best possible mortgage position they can. Give people a chance over cash buyers who already got lucky before.

This market needs kind sellers who are willing to give people a chance in their lives if they have done the best they possibly can.

Ive been and am in the same position right now. Chain free, normal honest person with normal honest job, offered £10k over a house didn't get it, have found another and offered £20k over. Willing to go £30k over but if someone comes in with cash and throws silly money at it what can I do?

Please go with the couple not the cash buyer.

We've already established the 'cash' buyer isn't a cash buyer.

sheramber

The OP hasn't said what their position is.

Do they have an onward purchase?