First time buyer - all cash, any benefit?

ThemeOne

As a cash buyer you might find a low offer is accepted if you can find a buyer who's in a hurry to sell.

DanJKelly

Think you are already getting the best deal out there! haha! but yes i see what you mean alot of people do like cash buyers as it speeds up the process for them potentially. First time buyers and cash buyers seem to be looked at positively and you are both so you are in a good position if you are in a bidding war. However if other people offer more then most buyers may go for the higher offer even if the funds come from a mortgage.

AnotherJoe

newbie84 wrote: »

I was secretly hoping an all cash buyer might have some small benefits like being able to get a better deal with the price

You might. But as said it depends on the sellers circumstances, its not a given, someone who hasn't found a place to go to yet, or needs every penny to afford the house they are buying, won't be interested in a reduction as it's of no benefit to them. It might (as said) give the edge over a buyer who needs a mortgage but the price might be the same for both.

Pixie5740

Not everyone prefers cash buyers because some cash buyers have been known to try and gazunder.

Pixie5740

DanJKelly wrote: »

Aside from the hundreds of thousands of pounds you will save in interest over the years by not having a pay a mortgage?!!!

Yes the OP would save on mortgage interest but (s)he could be missing out on investment opportunities. If the OP purchased with a low LTV mortgage and the low interest rates that go with those mortgages (s)he could invest the remainder of their money in something that would return more than they pay in mortgage interest. Horses for courses.

martindow

You can end up with a shorter chain with a cash buyer which may appeal to a vendor, particularly if they have just experienced a sale collapsing because of someone a few links down pulling out.