Selling to Cash Buyer... Timescales?

LDO

Ok so a quick update on this.

Received an acceptable offer from the buyer a couple of days ago and we accepted it. Estate Agent confirmed they were cash buyers and had already instructed a surveyor to make arrangement to access the property. We're waiting for them to phone us to arrange a time.

Spoke to estate agents today and asked about viewings we had booked in this weekend and next week. They've cancelled them, they say, because we're in receipt of an offer. Is that normal practice? They say they're collating names of anyone that asks to view our property in the interim so that they can get back to them if anything goes wrong with this sale.

I don't mind this, but then I'm told that this cash buyer doesn't have he funds available until early February so can't prove his cash is in place until then.

Struggling to see how the estate agent could let this offer stick if the buyer doesn't have the funds available. This guy is on about moving in within 7 weeks of making the offer, but unless he has instructed a solicitor already, that's not going to happen is it?

kirkbyinfurnesslad_2

So he's Not a cash reast buyer then

LDO

No. Apparently not.

He is calling the est. agent on Monday with details of his solicitor - presumably so they can complete the memorandum of sale.

I think I need to pop in tomorrow to find out properly what is going on. I'm happy to give the bloke time, but want to be clear on his situation. At present I have viewings cancelled and interested parties being batted away.

Last offer we accepted was from a first time buyer. Est. agent wouldn't entertain their offer until they had gone in with their AIP. They were very anal about it which I think is a good thing.

This time around though, unless I'm not being told the full story, they are happy to let the offer stick and cancel future viewings on his say-so that he will have the cash early Feb to complete the sale in full.

He has instructed a solicitor, he says, so is it possible that he has given proof of the funds, or proof that the funsd WILL indeed be there, to them?

Maybe I just need to chill out and let the relevant people do what they need to do before asking too many questions.

ethank

I would leave it on the market until the survey takes place and a solicitor is instructed. You need to put him under some pressure to spend some money on the property and demonstrate commitment.

EDIT: Post saved just after your update - which I did not see until I saved!

thesaint

Cash buyers are rarely that in my limited experience.

I know a "cash buyer", who tries to secure funding once he has had an offer accepted.
By the time the buyer has had enough of the messing around, it's not worth trying to remarket the property, and waits for the "cash" to come through.

They then get offered a lower amount than they agreed. Take it or leave it.

DRP

So, potentially you have a buyer who has:
No solicitor yet (?)
No money yet
No proof of having booked the surveyor (?)

I would be looking at getting at least one of those things in writing before cancelling viewings.

I would chat to your EA about this and get the full facts - they are not usually quite so blase about cancelling viewings unless they have something a bit more solid...

spender717

Where's the funds coming from in February? Sounds odd to me...

Our buyer came round and showed us their statement from their solicitor with the money sitting in a secure account.

Hominu

I bought my last house as a cash buy but I still had a valuation survey carried out to make sure they agreed with me that it was worth the money I was going to spend on it.

In your case I would be saying to the buyer "I accept your offer, but the property remains on the market and I will still accept viewings until I have at least seen your surveyor or received notification from my solicitor.".

There's too many time wasters - some try to "reserve" a property by constantly coming up with excuses until they can get funds together or sell their house. Had one couple which were apparently chain free, then after 8 weeks I found a property for sale on Rightmove with the same address as that on the memorandum of sale!

ViolaLass

We were cash buyers and took about 4 weeks, as I recall. We could have been quicker if the seller hadn't been a bit of a git.

LDO

I've been into the estate agent this weekend. The buyer is calling on Monday with their solicitors details and will apparently be chasing their surveyor to ask why no contact has been made yet.

Apparently the estate agent is happy the funds are not an issue following their discussions but have a protocol where they must see the proof in person. It can not be emailed. Buyer lives a few hundred miles away so can not get back down here til at least third week of Jan.

Buyer says he has confirmed funds to proceed with his solicitor.

I'll happily give it time to come together but will be watching things closely over the next week or so.