Buying a house for cash

thegambler_2

Very useful information thank you very much. Would you recomend buying building & contents insurance from the same company OR shop around to get the best deal ie not just price but the type of cover offered. It may all seem like daft questions but I would rather get this right time than pay out for the mistakes due to arrogance .

huntersc

thegambler wrote: »

Very useful information thank you very much. Would you recomend buying building & contents insurance from the same company OR shop around to get the best deal ie not just price but the type of cover offered. It may all seem like daft questions but I would rather get this right time than pay out for the mistakes due to arrogance .

No, there's no need to buy from the same company, choose the deal on each that best suits you, standardising on one company is often a false economy. As you say find the best deal in terms of both price and cover.

monkeymaster

thegambler wrote: »

The house was only sold once in 2006. An old lady used to live in there and then was in a res home where she died. She left it to a relative who sold it on to make a bit of cash. You can tell by some of the features that not much might have been done. So I shall put my off in today and see where we go from there.

What is the current asking price and what did it sell for in 2006? Have any other similar houses on the road sold in the last 3 or 4 years? If you're a cash buyer you're in a great position to negotiate.

thegambler_2

monkeymaster wrote: »

What is the current asking price and what did it sell for in 2006? Have any other similar houses on the road sold in the last 3 or 4 years? If you're a cash buyer you're in a great position to negotiate.

Sold in 2006 for 210k. Was originally on market for 270k but now at 250k.

thegambler_2

domcastro wrote: »

The people who bought my house were cash buyers. They didn't bother with a valuation - they paid what they thought the house was worth. If the house is old, maybe you get a survey just in case. You only need to think about things like this AFTER your offer has been accepted. You are in a brilliant position - go in 50k (or 30k if the 20k is already off) under the asking price and work your way up. They are probably desperate - be cheeky - be brave. All they can say is No and there's plenty of other houses if it doesn't work out

Made the offer 70k of their 1st asking price and they said they were looking for more. I told them that was the best I would offer as I felt it was more than a good offer. They have accepted my offer.
:j :beer: :T Just goes to show how overpriced the market is be it buying cash or on a mortgage. Had a look on zoopla.co.uk to see what they reckon the property is worth & its 6k less than what we have agreed on, so I can't complain much.

monkeymaster

thegambler wrote: »

Made the offer 70k of their 1st asking price and they said they were looking for more. I told them that was the best I would offer as I felt it was more than a good offer. They have accepted my offer.
:j :beer: :T Just goes to show how overpriced the market is be it buying cash or on a mortgage. Had a look on zoopla.co.uk to see what they reckon the property is worth & its 6k less than what we have agreed on, so I can't complain much.

Congratulations. I think you've overpaid though.

parisjordana

well done Im very happy for you,congratulations and I hope it all goes smoothly for you.......

Sailor_Sam

We did a cash purchase of an old terrace house years ago for my sister, because we were already over our limit we never did a survey. A couple of years later when we tried to sell, we found out we had subsidence. We had to sell to a builder at a knock-down price, so lost thousands.
You should definitely get a survey done.

Bf109

If we were to buy for cash we would insist on a complete structural survey and full solicitors report regardless.

If you're spending your life saving you dont want to end up with a 3-legged dog.

star1_2

I've read this posting with interest - as I’m poised to potentially purchase at auction.

my "two penny's worth" for "what it's worth" .... everyone has referred to getting a surveyor to check the property structurally - please don't trust this alone as a guarantee for (a) the soundness of the property/services or (b) believe that the report provides you with automatic compensation if something goes wrong!

I've been buying and selling property over the years (via agents) - this will be my first auction purchase. I've heard a handful of stories where (a) a structural report has so many exclusions it risks not covering the key points that a would be purchaser would want checked (b) they do not actually provide any financial guarantee/compensation if problems arise.

Structural surveys are worth considering - but don't consider them to be a failsafe/option that guarantees/insures you - should problems occur.