cash buyer advantage and how to bid?

[sweetie]

We are pre-approved with BOI for a home purchase. The mortgage advisor tells is that BOI mortgage approval is the only bank on the market considered 'a cash buyer' due to the conditions we have met.
A particular house we are looking it has gone from asking price plus 2% to asking price + 10% over asking. We had planned on going no higher than 5% over asking.
Does this 'cash buyer' status apply to us (or is it poppycock they are feeding us) and how would one address it in a lower bid to an estate agent if we were to bid the asking + 5%. My hope would be that the extra 'certainty' of our bid would negate the reduction in the property price and give us some small chance. Advice appreciated.

 

[mf1]

You are not a cash buyer. A cash buyer is someone with cash. Not someone getting a loan.

By all means, put in your lower offer but it looks as if this house is out of your reach.

mf

 

[Guns N Roses]

Does this 'cash buyer' status apply to us (or is it poppycock they are feeding us)

You are not a cash buyer and yes they are feeding you poppycock.

 

[sweetie]

fair enough, I smelled BS. Is there any advantage to bing pre-approved for that particular property or is everyone bidding in the same boat? Can/do people have bids accepted before they have mortgage approval?

 

[Bronte]

. The mortgage advisor tells is that BOI mortgage approval is the only bank on the market considered 'a cash buyer' due to the conditions we have met.

. Advice appreciated.

Advice - get a new advisor. Is this a broker, a reputable one? Any other gems from them?