We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Cash or first time buyer - which is better?
Options
Don_Cornetto
Posts: 4 Newbie
Have had my flat on the market for under a week, and already have 3 offers...
Best two are either 119k from a first time buyer, or 116k from a cash buyer
Obvious benefits to both, but which is really better? How much is a cash offer "worth" for the added security etc?
Any advice welcome!
Best two are either 119k from a first time buyer, or 116k from a cash buyer
Obvious benefits to both, but which is really better? How much is a cash offer "worth" for the added security etc?
Any advice welcome!
0
Comments
-
Don_Cornetto wrote: »Have had my flat on the market for under a week, and already have 3 offers...
Best two are either 119k from a first time buyer, or 116k from a cash buyer
Obvious benefits to both, but which is really better? How much is a cash offer "worth" for the added security etc?
Any advice welcome!
Cash every time. If it's really cash then no chance of a mortgage company valuing lower and buyer unable to raise money!0 -
Cash buyer, it's only 3K difference and you don't have to worry that transaction will fail on the way.0
-
It depends which is more important to you; a quick sale or an extra £3000 (more than enough to cover solicitors fees etc). IS your cash buyer "legit"? Can you be sure they won't gazunder? Because if you have a keen FTB who is offering more, I would personally go with the FTB. From my experience (as an EA), those people who offer cash are more likely to change their minds and/or gazunder 1 day before exchange, particularly if it is an investor. If I was your agent I would advise the FTB-as long as you think they are keen. Hope that helps!Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
Cash always better the 3k loss will save loads of hassle
Looking for the perfect home and saving to make becoming a MFW easier
MFiT3 48103/50000 Saved So Far :j0 -
lots of people are saying they are cash buyers when they aren't really 100% cash though.... just shorthand for they've already sold their last house and have a fair bit of equity . Also if they really are a cash buyer they'll still instruct surveyors - if they value it lower won't the cash buyer agree?0
-
The 'cash' buyer is relocating from the south to the north east, so are in a FTB position as well - and are buying a home rather than an investment. From that perspective I'm relatively happy they won't start messing with the price along the line (as happy as you ever can be when selling...).
That said, they might still instruct a surveyor - and possibly even get a more detailed survey done than the mortgage buyer...
Hence the dilemma really!
Other question is: will either position make me a more appealing buyer when I'm looking for somewhere else.
Nothing's ever simple...... !0 -
Neither will make you a more appealing buyer because either way you still have a chain attached. If you're happy they won't mess about, then go with them as it will be quicker for you-this is only good if you have found somewhere to live though!Scar tissue that I wish you saw, sarcastic mister know it all, close your eyes and I'll kiss you cause with the birds I'll share this lonely view.0
-
Bear in mind some who say they are 'cash buyers' are so thick they think their deposit and loan from the BS makes them a cash buyer.
And yes I really mean it as it happened to us a number of times so make absolutely sure your EA gets the cash available fully verified.A retired senior partner, in own agency, with 40 years experience in property sales & new build. In latter part of career specialising in commercial - mostly business sales.0 -
Cash buyers are getting more and more rare. Most houses I have seen go under offer, tend to go back on the market a week later assuming that the bank has withdrawn the mortgage offer. I would not risk the FTB offer as most will not have checked at the bank anyway before offering on houses,0
-
Don Cornetto,
It does seem that the cash buyer is in business. I would put a high chance they gazunder. If it doesn't work with you there are plenty of properties on the market for them to move on to.
If the FTB does gazunder you still get a price you can accept.
The prospect of a quick sale is a sucker punch to get you reeled in I think.Then they will whack you.
Given what you have said, it's a no brainer. Go with FTB.
Best of fortune.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards