Cash buyer, who cares?

redskyatnight_2

Well it sounds like you've made up your mind and appear to be full of disdain when it comes to cash buyers. So you must instruct the mortgage lenders to not send these scam merchants/ peasants/ wideboys etc .... Say, you will NOT accept any viewings from 'cash buyers' as they grate on you and get under your skin with their nerve and arrogance.

As a few here have said, I would grab the offer with open arms if it was me. As someone said earlier, I also know someone who will not BUDGE from their £145K asking price, as they 'need' it, to pay their mortgage and £30,000 debts, and fees and suchlike. 18 months later, the house is still for sale, and four similar properties nearby have been sold - in the SAME kind of condition, for between £130K and £137K, so he is asking WAY over the odds.

As so many are offering so much less; I reckon you are over charging. Your property may be 'better' than some others, but some people prefer to pay less, and do it up in their own time, when they can afford it.

redskyatnight_2

bodmil wrote: »

Lou- if your land lady is in negative equity, does she have permission to be renting to you?

What does the amount of equity that is in the property have to do with anything? the landlady presumably has a mortgage for the house (according to what Lou says,) and is paying it with the rent Lou pays. Not sure how or why the equity (or lack of it,) would have an impact on any tenants, as long as the payments for the mortgage borrowed are kept up.

cr1mson

tabbyfish wrote: »

My house is in the mid range price for where I am. There are houses up for sale same 2 up 2 down that are on for we'll less but they have been trashed and full of damp so the extra funds needed to bring up to standard would equal the asking price of mine. So if some one is a cash buyer why would they buy it cheap and have to spend more when they can have mine with no work to do.

I don't mind cheeky offers, I will be making one myself when we sell but I won't be using the 'I'm a cash buyer' line to sway any one to sell.

If I sold £5k less than I need I would have to use my deposit money and therefore not be able to buy what I have planned. Raising 5k is not easy.

I'm happy to wait until the right buyer found, I will have,more equity to play with too.

I just get frustrated by these 'cash buyers' wasting my time.

One guy said its too small, wrong location.........but I'm a cash buyer will you take £65k. I said it won't get any bigger or move no matter how cheap you get it mate.

Most people expect to make changes when they move in anyway decoration to their taste etc.. So I don't think you can make it as simple as the other properties need 10k work therefore my house is worth 10k more.

Lou67

redskyatnight wrote: »

What does the amount of equity that is in the property have to do with anything? the landlady presumably has a mortgage for the house (according to what Lou says,) and is paying it with the rent Lou pays. Not sure how or why the equity (or lack of it,) would have an impact on any tenants, as long as the payments for the mortgage borrowed are kept up.

Yes, I wondered that too. The mortgage company do know she rents it out.

Lou67

cr1mson wrote: »

Most people expect to make changes when they move in anyway decoration to their taste etc.. So I don't think you can make it as simple as the other properties need 10k work therefore my house is worth 10k more.

I agree. As was mentioned earlier. Someone isn't necessarily going to pay £10,000 more for a house just because it's decorated a bit better and has less damp and has had a new bathroom. People will often take the cheaper property and then do what needs doing sometime in the future.

To be honest, when we had a house in the mid 1990s, we spent some £16-18K on a new kitchen and a new bathroom, new doors, new windows, new flat roof for the garage, and a new boiler. And we sold it around late 1990s..... And the house 2 doors away which had not had anything renewed for 20 years, sold for just FIVE AND A HALF THOUSAND less than ours!

So if someone thinks that spending money on the upkeep is going to mean they get that amount back that they have spent, (when they sell up; ) they are very much mistaken.

Slinky

We sold to a 'cash' buyer. She had previously lived in the house next door, so didn't bother with any surveys as she knew the area. Came round for a second viewing to measure up for new carpets (she didn't like the colour of the ones we'd replaced only a year before) on the Sunday, said she'd go into her solicitors on Monday to pay her deposit over, we only found out on Friday when we phoned up to enquire about the exchange which was due to have taken place that day, that she hadn't paid the deposit. Took until the following Tuesday to discover she'd changed her mind and hadn't bothered to tell anybody (she'd been away visiting her mother - apparently they don't have phones in Devon).

Fortunately we sold to somebody else in a short chain for more money a few weeks later.

Lou67

Slinky wrote: »

We sold to a 'cash' buyer. She had previously lived in the house next door, so didn't bother with any surveys as she knew the area. Came round for a second viewing to measure up for new carpets (she didn't like the colour of the ones we'd replaced only a year before) on the Sunday, said she'd go into her solicitors on Monday to pay her deposit over, we only found out on Friday when we phoned up to enquire about the exchange which was due to have taken place that day, that she hadn't paid the deposit. Took until the following Tuesday to discover she'd changed her mind and hadn't bothered to tell anybody (she'd been away visiting her mother - apparently they don't have phones in Devon).

Fortunately we sold to somebody else in a short chain for more money a few weeks later.

Ooops, bad experience. Glad it worked out though The line I bolded made me laugh though! :rotfl:

Davesnave

Sometimes the boot is on the other foot.

As cash buyers who'd taken the step of going into rented, we tried to view only property where the sellers were motivated to sell quickly at a good price.

We weren't always successful. Some of the properties we saw were still on the market years later. Often, if we asked about flexibility for a quick sale, we were met with frowns & folded arms.

Oh, and we do have phones in Devon, but not always in the deeper valleys or on the coast....Sometimes the tins can be a bit rusty, or the string a little frayed too.

richards123

ognum wrote: »

I seldom disagree with you but I would add that I have been a cash buyer many times and cash buyers can walk at any time.

If you have invested time and effort in getting a mortgage you are less likely to walk unless you have too. As a cash buyer if a better house comes up you can just move on.

This!

plus, estate agents prefer buyers that use their mortgage services....

so as a cash buyer I'm not sure it has the power people think it has...

LisaLou1982

In my experience, cash buyers are ALWAYS harder work than those purchasing with a mortgage.

They swing the line that they are a cash buyer and can therefore move quickly. My experience of these cash buyers, is, with the exception of one (who was an investor who had bought many properties off me in the past, although always below market value to those that were desperate to sell) they always end up messing about, uming and arghing over something trivial and then usually pull out.

OP - the buyer in the best position, not only can afford the house, but also WANTS it. That might sound simple but its amazing how many people "change" their minds