selling first house to cash buyers

clairelindy

we put our house on the market and about three weeks ago now and we had a cash buyer make us a offer for only £500 under asking price we said yes, we are moving to rented as husband is newly self employed and cant get a new mortgage yet,

we can move in with my inlaws until we find a rented house so no real problem if it does happen fast i just feel out of my depth and not sure what a cash buyer actually means to us as sellers?
This is our first house to sale how long does it take for a cash buyer to buy?

What difference does a cash buyer and non cash buyer make?



hope that makes sense

KiKi

I had a cash buyer - it made no difference other than they didn't have to sort a mortgage! The same searches needed to be done, the same paperwork, the same contracts. The only difference was that they didn't need to get a mortgage - but to be honest, so many people have mortgages sorted before they purchase so it's not that different from being a non-cash buyer!

I don't know if there are any other differences legally, or things you should look out for - but it made no difference to me. The sale took 16 weeks because their solicitor was very slow in responding to information.

KiKi

eddddy

You should check with your EA whether they mean:

1) the buyer requires no mortgage, or
2) the buyer requires no mortgage and the purchase is not linked to the sale of another property.

Mortgages can sometime be refused when lenders check credit reports, take up employer references etc.

If buying without a mortgage, the buyer may decide not to have a survey, which could speed things up.

If they are not selling another property (option 2 above), that removes all the risk of delays in the chain below, and the risk of the chain falling apart.


So overall, there are slightly fewer risks of problems, and the process may be faster.

getmore4less

Everyone is a cash buyer, from the sellers view.

Where the cash coming from is the key to how quick the process can be.

A true cash in the bank buyer can skip most steps but many won't.

Davesnave

As above, check what cash buyer really means before assuming they won't need mortgage finance.

We were true cash buyers on a property that needed a quick sale. In our case, the seller requested no survey, but as we do our own, we just looked very carefully.

As it turned out, their paperwork wasn't in order, which really slowed things down. Our discovering this seemed to upset the vendors' solicitors, which was ridiculous, but they sorted it out and we completed in 10 weeks; probably 2 weeks more than everyone anticipated.

So, all sorts of things may slow the process.