Urgent House Cash Offer

vicky242a

Hi,

I'm looking for a really quick answer as I am trying to decide whether or not to take an offer on our home?

The house is on the market for £280k, and we have had 3 offers, £275k, £265k and £250k Cash?

I have never dealt with a cash buyer before? And I know it's a lot less but we are in the position of not worrying to much about losing the additional £30k or so.

My questions is, would the house sale go through alot faster with the cash buyer? Obviously they is no mortgage company involved, but do they still need to have any other searches etc done? Or is it just like selling a car?

Hope someone can help!

Thanks
V

SouthCoast

Be aware that some buyers claim to be cash buyers but in reality it is very far from the truth.

Get your solicitor to verify the claim.

silvercar

A cash buyer is just as likely to want a survey as a mortgaging buyer - after all its his money at stake.

Annisele

A cash buyer doesn't need to have searches done - in that he's not legally or contractually obliged to - but he'd be an idiot if he didn't do them. Mortgage lenders demand them for a good reason!

A cash buyer who really is a cash buyer can indeed push things along quite quickly. However, if you later find out that your "cash buyer" isn't really a cash buyer, you may find that the people who offered £275k aren't interested any more.

You know your own position, but I'd be surprised if the advantages a true cash buyer can bring are worth £25k to you.

GDB2222

Searches aren't all they are cracked up to be. If you know the local area well, you can probably do without most of them. You can check the council website to see if there are any planning applications for the neighbourhood. You'll know if there's a motorway due to plough through your back garden, etc.

As others have said, you'll need to check that the cash buyers really have cash, so copy of bank statement is needed.

I'm surprised that people are really offering just over the £250k mark because of stamp duty. Stand by for gazundering!

GDB2222

One thought: If you care more about a quick sale than the extra money, then run a contract race with all three at £250k. That will sort the men from the boys.

inmypocketnottheirs

Cash? Cash in the bank, or cash from the sale of a property? Ask your solicitor to verify.

Fire_Fox

Accept the higher offer and give the TWENTY FIVE THOUSANDS POUNDS to the charity of your choice.

ManicMum

Take the 275k. The charity donation is good idea. Wish I could get an offer like that on my place!

Doozergirl

Cash buyers are just as likely to mess you around. It might be a guaranteee of available funds but it's no guarantee of honest straight forward people, nor that they won't find something wrong with your house. They are certainly not worth £25k over a genuine proceedable buyer with a mortgage, nor are they necessarily a great deal quicker if there is no chain below any other of your offers.

How many days at work would you have to do for £25k?

I'd check the deposit sizes of your other offers, how proceedable they are and then smell the coffee.

theGrinch

cash buyers can walk away easier as they usually havent paid mortgage fees which can tie and committ buyers into a transaction.