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Cash Buyers Only
mad_gemma
Posts: 3,902 Forumite
Hi all, new to posting on the board, bit of a lurker as I'm looking to buy my first house within the next year and looking for a bit of advice.
Been trying to keep my eye on the local market the past 6 months to get an idea of prices, and have found a lovely little 3 bed in my area for £125k. But it says cash buyers only.
Is this a warning sign that somethings wrong with it?
and I take it this means I wouldn't be able to get a mortgage to get it (I can't afford it without some sort of mortgage (don't worry, I have a deposit
)) so should I just forget it?
I'm willing to move early if needs be to get the "right" place and it looks nice, but I dont want to waste people's times arranging viewings and whatnot if I wont be able to even have it..
TIA
also: how much of a mortgage, roughly, could I expect to get with a rough deposit of currently £22k? I'm saving about 500-700 a month towards it still, so every month it goes up but, as a FTB, I don't know an awful amount about it. I know a mortgage adviser will give a much more accurate figure, but is a £125k house out of my range anyway?
Been trying to keep my eye on the local market the past 6 months to get an idea of prices, and have found a lovely little 3 bed in my area for £125k. But it says cash buyers only.
Is this a warning sign that somethings wrong with it?
and I take it this means I wouldn't be able to get a mortgage to get it (I can't afford it without some sort of mortgage (don't worry, I have a deposit
)) so should I just forget it?I'm willing to move early if needs be to get the "right" place and it looks nice, but I dont want to waste people's times arranging viewings and whatnot if I wont be able to even have it..
TIA
also: how much of a mortgage, roughly, could I expect to get with a rough deposit of currently £22k? I'm saving about 500-700 a month towards it still, so every month it goes up but, as a FTB, I don't know an awful amount about it. I know a mortgage adviser will give a much more accurate figure, but is a £125k house out of my range anyway?
Best wins since June 08: 2xNikonD60, 2xBrothers Cider, £330 SwanJackpot, £100 Garden Vs, £50 Espirit V, £750 BigSnap2, Wiifit, zoo tix, 7xCadburys, 5xGlamour, IOWTix, Dell Laptop, 3xIpodNano, £100 Highstreet Vs, Digi VideoCamera and more small bits, REAL DEAL £2400! :jRIP Dad 1943-2009
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Comments
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Cash buyers only will usually mean it is unmortgageable. It could be one of many reasons. Perhaps it is structurally unsound, maybe it has a mineshaft under it, it might be built in a non standard construction method (a lot of ex-HA houses are built out of pre-cast panelling), or if it were in Cornwall it could suffer from a concrete cancer called Mundic which means it is literally crumbling to pieces.0
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Also: how much of a mortgage, roughly, could I expect to get with a rough deposit of currently £22k? I'm saving about 500-700 a month towards it still, so every month it goes up but, as a FTB, I don't know an awful amount about it. I know a mortgage adviser will give a much more accurate figure, but is a £125k house out of my range anyway?
It depends how much you earn, rather than how much deposit you have. Very roughly you can usually borrow about 3.5 times your annual salary.
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Be careful, Pasturesnew is almost certainly correct.0
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PasturesNew wrote: »Cash buyers only will usually mean it is unmortgageable. It could be one of many reasons. Perhaps it is structurally unsound, maybe it has a mineshaft under it, it might be built in a non standard construction method (a lot of ex-HA houses are built out of pre-cast panelling), or if it were in Cornwall it could suffer from a concrete cancer called Mundic which means it is literally crumbling to pieces.
ah, thanks a lot.
I was wondering if it was just because they wanted the money faster or something..
booo.. it was such a nice looking place too..Best wins since June 08: 2xNikonD60, 2xBrothers Cider, £330 SwanJackpot, £100 Garden Vs, £50 Espirit V, £750 BigSnap2, Wiifit, zoo tix, 7xCadburys, 5xGlamour, IOWTix, Dell Laptop, 3xIpodNano, £100 Highstreet Vs, Digi VideoCamera and more small bits, REAL DEAL £2400! :jRIP Dad 1943-20090 -
I would ask the EA the reason.Pawpurrs x
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That would be my first interpretation. But it could also be that the house is OK and the vendors want a chain free buyer and express this as 'cash buyer only'. OP: check with the agent to make sure. They probably won't be too forthcoming if you ask if it is mortgageable, but they will be pretty straight about wanting a chain free buyer.PasturesNew wrote: »Cash buyers only will usually mean it is unmortgageable. ...After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0 -
There is nothing wrong with you getting a full building survey done of the property, and also your solicitor should come across "underlying" problems too.My suggestion and/or advice is my own and it is up to you if you follow it, please check the advice given before acting on it.0
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As PN said, cash buyers only normally means the property is not mortgageable. Another indication of this is if it is priced well below expectation.
Feel free to ask the EA for an explanation. They will certainly explain if it is mortgageable or not. They won't want to waste anyones time if any offer you make is dependant on a mortgage if there's no chance of getting one.
Often they will give the reason why too which could be useful when looking at other properties in the area. e.g. if it has a mineshaft underneath, the chances are the one next door has too, if it is suffering from subsidence, the neighbouring properties will be too (unless already underpinned) etc. One other potential reason is that it is leasehold and the remaining lease is too short. All good knowledge to have if looking around that area."Now to trolling as a concept. .... Personally, I've always found it a little sad that people choose to spend such a large proportion of their lives in this way but they do, and we have to deal with it." - MSE Forum Manager 6th July 20100 -
got a url?0
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As PN said, cash buyers only normally means the property is not mortgageable. Another indication of this is if it is priced well below expectation.
In the current market it may simply be that the owners are not interested in being messed about by gazundering FTB timewasters.
.Especially as the price puts it in exactly that ball park.
Ask the EA - though since you're not cash buyers, it's probably a waste of your time.Trying to keep it simple...0
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