What is the advantages of a cash buyer? 19 May 2015 at 6:34PM edited 19 May 2015 at 6:37PM in House Buying, Renting & Selling 18 replies 13.8K views

goodmorningsunshine

Have put up house for sale on friday, had someone view monday and an offer quickly followed.

Offer states cash buyer and wants entry for end of this month.


Can anyone advise if there are any advantages to accepting a cash offer, apart from being a very quick sale?


I take it most folk go in with a low offer 1st, then can re-offer if necessary. Also put on market for o/o, but offer is not over, just the figure it was advertised for.


Should we hold out as its only been 2 working days and 1 viewer?


Thanks for comments and advice.

G_M

If your buyer has to sell an existing property before they can buy yours, it can take a lot longer.

Cash buyer can buy as soon as the legals/surveys etc are done.

goodmorningsunshine

Any other advantages to accepting a cash offer?

littleredhen

They don't need to borrow through a building society/bank who may turn them down so they are a guaranteed buyer

moneyistooshorttomention

Do check they really ARE a cash buyer.

There are still a lot of people around who (whether by accident or design) say they are cash buyers when they aren't at all (ie don't have the money sitting there as cash in their bank account).

agrinnall

Cash buyer or not, the chances of the legal work being done in the next 7 working days are almost non-existent.

kaflinkle

I was sceptical about my cash buyer until he turned up in a car that cost more than my house!

It was very fortunate that the EA found him as my original buyer pulled out near exchange so I needed to find another one fast so the people I'm buying from wouldn't get cold feet.

That was the advantage for me, the speed in which my buyer could move (and I don't mean his car).

goodmorningsunshine

They are cash buyers got the offer in writing through their lawyers, and are both professional people, which I would imagine would both have a car the same as "kaflinkle" s buyers.:D

goodmorningsunshine

kaflinkle wrote: »

I was sceptical about my cash buyer until he turned up in a car that cost more than my house!

It was very fortunate that the EA found him as my original buyer pulled out near exchange so I needed to find another one fast so the people I'm buying from wouldn't get cold feet.

That was the advantage for me, the speed in which my buyer could move (and I don't mean his car).

Did you accept their 1st offer or did you hold out for another offer?

richy999

I assume that by 'entry by the end of the month' you mean he wants to complete by then?... if so, are you in a position to accommodate that... as in, do you have somewhere to move to?

If you want to accept the offer you should get the buyer to qualify his offer by proving he has the funds readily available (i.e. a bank statement) and provide solicitors details.

In the meant time... keep marketing your property.

Some people have very funny ideas of what a cash buyer is. We supposedly had one but it turned out that they could afford to buy our house without a mortgage... only after selling their current house, which only under offer at that stage.

jjlandlord

Note to cash buyers who don't have a fancy car: Rent a fancy car to drive to viewings.