Hi quick question re potential buyer

rosalyn1978

Hi all.

We had a viewing today. It was a couple that are cash buyers and buying a holiday home. They "cant proceed for a while yet" was what I have been told today. Does that mean they cant make an offer or that they wouldn't be able to exchange and complete for a few months? I believe they are realising some assets in order to purchase.

I dont understand the lingo!!

Thanks

Ros

BitterAndTwisted

Why don't you ask them?

GAH

If they haven't even made you an offer, I wouldn't even worry about these people.

evoke

Agreed. Ignore them. They sound the property equivalent of tyre-kickers. And have a go at your EA for not qualifying viewers properly.

DannyboyMidlands

Ignore them until they have the funds in place and have presented you with an offer.

I agree with the above. The EA is wasting your time with this kind of viewing. Better to have a low but honest number of viewings than loads of people who aren't in a position to buy.

sonastin

Its not necessarily a complete waste of time but I agree that you shouldn't get yourself excited about these people. Some folks do view houses before they are in a position to buy - for any number of reasons. For me, it was to check that there was something "better" to move to, so it was worth putting my house on the market and then later, that I could still get something worth having if I dropped my asking price.

So buyers who aren't in a position to proceed when they view your house could come back later and make an offer once they have done whatever it is they need to do - sell their own, get probate on granny's house so they can sell it to be able to afford yours, retire and spend the pension lump sum on your house, win the lottery, who knows.

Not proceedable usually means "can't make an offer" but even if they do offer, it should be taken with a pinch of salt until they can proceed. For the time being, forget about this couple because right now they aren't going to buy your house but don't view it as a complete waste of time because they might just come back later to buy it. But in the mean time, you might find someone else to sell it to.

kingstreet

A lot of people call themselves cash buyers as they don't need a mortgage. However they may have a property to sell first, which makes them a "dependent cash buyer" which is often worse than a FTB needing a mortgage.

These people may simply have to give notice on the accounts where they keep their investments. Just sit back and see what happens. It costs you nothing to smile and nod for the time being.

Jeffrey_Shaw

evoke wrote: »

And have a go at your EA for not qualifying viewers properly.

Yes. EA usually asks any newly-interested party, "Show me the money!" [= please prove your ability to fund at least the 10% deposit due on exchange of contracts, e.g. by showing BSoc. passbook with enough money in the account].

rosalyn1978

thanks everyone. I will ask the agents what their actual position is. Seems a bit daft to be viewing if not proceedable to me really!

Ros

Werdnal

rosalyn1978 wrote: »

thanks everyone. I will ask the agents what their actual position is. Seems a bit daft to be viewing if not proceedable to me really!

Ros

A lot of people view without any intention of proceeding further - haven't you ever heard of window shopping? They are likley just testing the water to see what they can get for their money, or maybe even just being nosey. Maybe they have a few hours to kill - after all, agent's don't charge them for their time in viewing, and must get just as cheesed off in wasting their time, but you never know who the genuine viewers are do you?