Cash buyer claims not getting survey done!

brodawel

It baffles me why the word "cash buyer" makes some people think you're some sort of dealer out to rob them of their property and have no morals. My grandmother could be a cash buyer if she downsized.

We sold last year, moved into rented and are looking for something smaller. We have nothing to sell, don't need a mortgage and the money from our last house is in the bank. We are not out to play a game and haggle the price down later on, or back out for no reason and buy something else.

I'm not attacking OP. We have actually had an estate agent tell us we won't get it cheaper JUST because we are cash buyers! I was fuming and insulted. We are not looking to rob anyone, we just want to pay the going rate like anyone else. The only advantage to us that I can see is that we can buy something straight away without waiting to sell.

societys_child

No surveys here, I always buy property that needs renovating anyway. A surveyor telling me what's wrong with it would be a waste of time . . . and money.

pinkshoes

We had a large deposit and didn't bother with a survey.

having watched our buyer's surveyor refuse to lift rugs or look behind things, then hide behind ridiculous t&Cs, we felt the £1000 was paying for a pile of excuses.

Their survey highlighed that the fuse box was outdated (obvious), there was no fensa certificate for the new back door and kitchen window (we did tell them this already) and that the extension had a flat roof and a damp patch on the ceiling (just had it reroofed and had not bothered to sort the old damp patch out - already told them this too!)

We downloaded a list of things to look for, and did our old survey. One year later, other than a bit of dodgy wiring that the survey would not have picked up, no surprises.

SevenOfNine

brodawel wrote: »

It baffles me why the word "cash buyer" makes some people think you're some sort of dealer out to rob them of their property and have no morals. My grandmother could be a cash buyer if she downsized.

We sold last year, moved into rented and are looking for something smaller. We have nothing to sell, don't need a mortgage and the money from our last house is in the bank. We are not out to play a game and haggle the price down later on, or back out for no reason and buy something else.

I'm not attacking OP. We have actually had an estate agent tell us we won't get it cheaper JUST because we are cash buyers! I was fuming and insulted. We are not looking to rob anyone, we just want to pay the going rate like anyone else. The only advantage to us that I can see is that we can buy something straight away without waiting to sell.

Just as well, given that we inherited this house on the death of our son in January, definitely NOT to be recommended, it's truly devastating.

We are from an era of gazumping/gazundering & just want reassurance that our fears that early indications that the buyer may be more likely than not to drop out/reduce offer further down the line are the lack of a survey. Seems not, much to our relief many here don't get surveys nowadays & it's clearly a whole lot more common than we thought.

Thanks everyone

AnotherJoe

SevenOfNine wrote: »

We are from an era of gazumping/gazundering & just want reassurance that our fears that early indications that the buyer may be more likely than not to drop out/reduce offer further down the line are the lack of a survey. Seems not, much to our relief many here don't get surveys nowadays & it's clearly a whole lot more common than we thought.

I'd say they are less likely to drop out than someone with a mortgage as they dont have all the cruft associated with that and the associated reasons for it to fall through, nor a chain to go wrong, nor the time delays.

Whilst they have less invested and could pull out because of that, they should be able to get to the exchange of contracts stage as quickly as someone with a mortgage would get to the survey valuation stage (maybe quicker) so you are no more exposed until then, and there's less to go wrong on the way.

brodawel

As long as they instruct a solicitor/conveyancer straight away or fairly soon then you will know they are committed buyers. If they don't then I would be concerned that they could be buying time and dilly daddling while keeping yours as a back up. This first stage, I feel, is the worst bit and I remember feeling anxious at this stage when we sold ours last year, especially when all other potential viewers are told it's SSTC.

garryselby

Not sure why you are worried they haven't got a survey ,If the house is standard construction then its the buyer who as one or not in real terms got nothing to do with you and if their is something wrong its their problem no come back unless things you know about are not saying ie dry rot wood worm , so as long as you dont know and are not deceiving then you sell in good faith ,
Why do people have surveys because the borrow money and they want to know its not a dog pile .
second reason you think problem but how bad ,3 reason you have no experience and want reassurance .
But serious or experienced buyers don't think there worth the paper there written on I gave never had one and I own lets say one or two .
Your the seller if your agents seen the cash then suggest you stop !!!!! footing around and exchange contracts and last thing you want is mortgage and a chain buyer , get it sold .
Sorry if bit blunt for you as when I buy I buy ,as you seem little ill informed or inexperienced see your solicitor say get on with it if they start to piddle around then back on the market .

SevenOfNine

The buyer changed their mind about having a survey, there are several 'historical' cracks in the property (walls & across ceilings), confirmed as such in the 3 yr old survey we had, so I assume they wanted to be 'on the safe side' & have it confirmed as not being subsidence maybe? They got it done really fast, within 3 days & we were also advised they had instructed a solicitor.

Relaxed more when I knew they had started parting with cash.

We've only had 1 query regarding the small conservatory which did not need planning consent & we had a letter the previous owner who erected it had from the Council confirming it wouldn't.

It may have breached a restrictive covenant & our solicitor suggested getting retrospective permission (at an extra cost), we said no as 7 other covenants include "no satellite dishes, no parking of works vehicles, no linear things (hedges/fences) to the front of property etc. So if anyone wants to enforce any of the covenants they'll be very busy!

That was accepted, we heard no more & we received the contract yesterday.....though I thought it would be more impressive! Only 1 double sided page & our completed Fittings & Contents form.

Thank you all for your reassurances here. We've only bought 3 homes in 40 years & lived in this one for over 20 of those, so yes, 'inexperienced' would be correct.

mcpitman

@SevenOfNine - I think you have had all the advice you need, just wanted to offer my condolences.

Wish you a smooth and trouble free transaction.

ancientofdays

So sorry to hear that you have had such a terrible loss.

We're househunting and are cash buyers, we prefer older properties and will decide, when we have found the house for us, if we want a survey or not. But that will be to make sure that there isn't stuff to do that we simply cannot afford. We've no intention of messing a vendor about, that would make me feel horrible.

I hope all goes well with this sale.