How soon can selling process be if offered cash

hotuk

Hi,

We have been offered a cash offer for our house, how much quicker will this be as opposed to some who is selling their house/applying for a mortgage?

Would they still have a surveyor come out and do all checks or does that only apply when with a mortgage?

Also, they have said we need to take the house off the market asap and cancel all viewings, what should we do in this instance? Shall we ask for a deposit?

It has only been a week so I really want to continue with the viewings, all the others who came are those who will sell their house or apply for a mortgage.

I had a different person yesterday who I thought was a bit dodgy, he asked can we agree the sale at a lower price and I will give you the balance in cash. I completely refused and replied I want to go through the correct channels. I didn’t understand why he wanted to do this.


Thanks for your help

epz_2

probably an attempt to avoid stamp duty but its still well dodgy, how do you get the money if he has completed and then doesnt pay up.

hotuk

Thanks epz, that could be the reason.

Eyesparky

Often a cash buyer is just someone who sold their house already and are in a position to proceed as the cash is in the bank. As for the bloke who offered you a split ... they are trying to avoid stamp duty and you should avoid them at all costs.

hotuk

So on average how long would it take approximately, the conveyancing side. I know it all depends on how long the solicitors take and how efficient they are on both sides but a rough guess will do. Am I asking 'how long is a piece of string'

This would cut out the financial side.

Thanks

Eyesparky

It all depends on the eagerness of the people to get the deal done and drive the solicitors along. In addition, sometimes people claim to be cash buyers when in effect they are not. I have heard of a case of a house being offered, exchanged and completed in a day. It was an unoccupied house though with a cash buyer who ran the documentation around the solicitors