has anyone ever had a cash buyer pay what they agreed to?

cloo

So we have an alleged cash buyer in the picture. Not likely to go with him though as everything we've heard suggests a cash buyer will, without fail, drop their offer to rock bottom the last possible minute before exchange. Has anyone ever had a sale go through with a cash buyer without being messed around? Not that anything's likely to change our minds - I'd just be interested to know.

liuhutOz

I did! They offered 180k with a 6 weeks turn around. After 7, i said that i would pull out if it didn't go through within 2 days, and it went through. Just don't let them get the upper hand!

PasturesNew

I was a cash buyer. I paid what I said, no messing about during the process either.

Cheeky_Monkey

It hasn't happened to me but I think you need to be very careful about rejecting the offer on that basis.

Not only will it mightily pee off your EA (if you're using one), it could also mean that, depending on the wording of your contract with them, you would be liable for their fee as they have produced a buyer who is 'willing, able and ready to proceed' with the purchase.

I would have thought that the chances of a buyer reducing their offer just before exchange is a risk that most sellers have to take.

A possible solution could be that you stipulate that your property will remain on the market until exchange although a cash buyer is unlikely to agree to that.

davidmcn

If anything I would have thought those buying with a mortgage are more likely to mess you around - "we'd love to still pay x but our lender now says they'll only give us y..." (or have genuine problems getting enough funding).

Cash buyers can't (reasonably) argue that they didn't have the money in the bank to begin with.

duchy

I offered full asking on a property as a cash buyer conditional on 28 days completion. I t was a scramble but it all got done 2 days ahead of deadline.

It depends on why they are buying it. I was buying it as a home to live in - someone buying as a BTL may be more prone to.

The worst I've found over the years are first time buyers - they have unrealistic expectations and haven't budgeted properly for extras like legal fees or make unrealistic demands.

Cheeky_Monkey

duchy wrote: »

I offered full asking on a property as a cash buyer conditional on 28 days completion. I t was a scramble but it all got done 2 days ahead of deadline.

It depends on why they are buying it. I was buying it as a home to live in - someone buying as a BTL may be more prone to.

The worst I've found over the years are first time buyers - they have unrealistic expectations and haven't budgeted properly for extras like legal fees or make unrealistic demands.

I totally agree with that!

eddddy

cloo wrote: »

So we have an alleged cash buyer in the picture. Not likely to go with him though as everything we've heard suggests a cash buyer will, without fail, drop their offer to rock bottom the last possible minute before exchange. Has anyone ever had a sale go through with a cash buyer without being messed around? Not that anything's likely to change our minds - I'd just be interested to know.

Wow... that's really unusual logic for rejecting an offer!

Is it a cash-buyer with no property to sell?

If so, I think the risk of the sale falling through (due to gazundering or any other reason) is much smaller than if you had a buyer who needed a mortgage and possibly had chain underneath them.

Marktheshark

Just say the offer is accepted in principle but the house stays on the market until funds are completed.
Thats how everything else you buy with cash works.

Old_Git

I bought as a cash buyer ,I didnt need to sell my previous house .
I paid the agreed price ,the vendor was moving to rented accommodations.I organised a survey within a week ,sale went through in 6 weeks

nobblyned

cloo wrote: »

So we have an alleged cash buyer in the picture. Not likely to go with him though as everything we've heard suggests a cash buyer will, without fail, drop their offer to rock bottom the last possible minute before exchange. Has anyone ever had a sale go through with a cash buyer without being messed around? Not that anything's likely to change our minds - I'd just be interested to know.

There is a significant difference between a cash buyer and a 'we buy your house quickly for cash' company. The latter definitely likely to drive a hard deal as they know they have you over a barrel, the former is just a buyer unencumbered by the need for a mortgage, or being on a chain.

Totally agree would prefer to deal with a cash buyer than a ftb or someone in a long chain.