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@Trunkie
I feel for you. We've been outbid 4 times now and yesterday got gazumped again by a cash buyer. It's such a gamble it's ludicrous. Even if I knew what the cash buyer offered, if I was to try and match it my bank could very well tell me I'd overvalued. The market is insane and I'm hating it!
Although I realise in practice such an idea wouldn't work - it's almost like there needs to be a tiering system. First time buyers in tier 1, developers in tier 2, thereby giving FTB a 'fair' chance of securing anything.