if they are a cash buyer, how long should the process take?

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Hi all,
The title says it all really. We are selling my aunts house after her death, and the buyer is apparantly a cash buyer. What does this mean exactly, and how will effect the whole process?
Just the fact he wont have to go for a mortgage? how long should the whole thing take compared to normal?
Thanks
The title says it all really. We are selling my aunts house after her death, and the buyer is apparantly a cash buyer. What does this mean exactly, and how will effect the whole process?
Just the fact he wont have to go for a mortgage? how long should the whole thing take compared to normal?
Thanks
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in theory it could take a week, but it won't.
cash buyers don't need searches and don't need surveys. In practice both would be advised. The only thing you are saving is the time for a mortgage offer to arrive.
Each party faxes their solicitor giving consent for the solicitor to sign on their behalf. The buyer TT's the money to their solicitor and hey presto....
But this is rare, and if searches and a survey are going to be done then it will take as long as the slowest of the two (plus a couple of days for the buyer to digest survey info).
Any longer than 2 weeks and they are likely to be lying and have applied for a mortgage, with out telling you.
I hate liars and will pull out on principle if the sale takes longer than 3 weeks.
A mortgage can take 4 to 8 weeks despite the buyer's assurance otherwise.
For cash you are safe to stipulate a maximum 3 weeks, without being seen as unreasonable.
It probably knocked off three weeks from the process, which as a whole took 8-9 weeks to completion.
couldnt agree more
my buyer was a "cash buyer" and wanted to exchange & complete within 2 weeks. We said fine, and started looking for somewhere new to live ( moving to rented ) 2 weeks later I get a call from the abbey they need to do a valuation survey - for a mortgage.
Q- When is a cash buyer not a cash buyer?
A - when your estate agent takes thier word for it, and doesnt check and do the money laundering processes. if my ea had done that sooner ( actually, at all :wall:) we woulnt be still waiting exchange now.
Theres no dollar sign on piece of mind
This Ive come to know...
So if you agree have a drink with me, raise your glasses for a toast :beer:
As herb says it only needs take 2 days (faxed contracts and money transfers) oddly/annoyingly it is usually the vendors solicitor who will slow the process up.
For them to take 2 days, they'd be very, very confident that they were getting a good deal (which means that you aren't, lol!). They'd also be a professional investor, which many cash buyers aren't! So I think the 2 day thing is pretty misleading for the OP as I presume they'd know if the buyer wanted to complete in 2 days!
I think 4 weeks is still realistic for a genuine cash buyer.
My advise is instruct a property lawyer and sit back and let them do the work! The most chilled out clients seem to have an easier transaction in my experiance.
Goodluck