When is a cash buyer not a good thing?

gwynlas

I have a BTL for sale and have received an ok offer from a cash buyer however the money is not in this country but must be transferred from Malaysia and she says this could take 3 months. The EA is requesting a holding deposit but believes sale should go through. Does anyone have any experience of this type of situation and the terms on which deposit should be held, ie non returnable?

moneyistooshorttomention

"3 months". Oh really?:cool:

DRP

Default When is a cash buyer not a good thing?

It doesn't sound like a good thing in this instance.

It is like having an offer from someone who hasn't sold their house yet... worthless atm.

If you want to keep several irons in the fire, you could 'accept' in principle but keep marketing.

tim123456789

I think that this buyer will have great difficulty passing the money laundering tests

Seller beware is the order of the day here

Mallotum_X

Wire transfers take a few days at most, so 3 months smells fishy.

LisaLou1982

I suppose it depends if the money is tied up in an account that needs 90 days notice?

Id accept the offer but keep it on the market until you have confirmation that legals are going through and funds are available.

Ask your EA to see proof of cash

ognum

Even though I have been a cash buyer and sold to cash buyers I do not think they are all they are cracked up to be.

The standard mortgaged buyer has a deep commitment to a house and has commuted cash to a house before purchase, they have gone through the detail of obtaining finance on a particular property and would have a long haul to change their minds. They are therefore held into the deal.

My thought on your buyer would be that I would accept the offer but keep the house on the market until there was a definate indication that the money was in the country. keep marketing!

ValHaller

Me too. I would keep the property on the market. I probably would not formally accept the offer until and unless the money was shown to be available in this country. A change in exchange rate or some economic sneeze somewhere might well trigger a gazunder.

Cisco001

A normal buyer with mortgage and chain probably takes two months?

I don't see why not taking their deposit and give them a deadline.

Mobeer

As other have said, why not accept the offer on the understanding that you will continue to market the property in case another offer arrives with an earlier completion.